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Seniors Housing

Affordable HousingDevelopmentLoansMarylandMultifamilySeniors HousingSoutheast

Enterprise Community Development Secures $116.4M Financing for Three Affordable Housing Properties in Maryland

by John Nelson

BALTIMORE — Enterprise Community Development Inc. has secured $116.4 million in financing for three affordable housing communities in Maryland. The properties include College Parkway Place in Annapolis and The Greens at Irvington Mews II and Park Heights Place, both located in Baltimore. Built in 1978, College Parkway Place features 170 apartments and will undergo extensive renovations to unit interiors. The property will serve households earning 50 percent or less of the area median income (AMI) and all apartments will receive federally funded rental assistance. The rehabilitation financing for College Parkway Place totals $74 million, with financing from the Maryland Department of Housing and Community Development and equity generated through the sale of federal Low Income Housing Tax Credits (LIHTC) and gap financing from the State of Maryland. The Greens at Irvington Mews II is a new construction project that will add 59 apartments for independent seniors, including 47 apartments for residents earning up to 50 percent of AMI and 12 apartments for those earning up to 30 percent AMI. The property, set to come on line in October 2025, represents Phase II of the existing Irvington Mews development. The total development cost for the Greens at Irvington Mews II is approximately …

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AcquisitionsMultifamilyNortheastPennsylvaniaSeniors Housing

ESI Negotiates Sale of Continuing Care Retirement Community in Somerset, Pennsylvania

by Taylor Williams

SOMERSET, PA. — Evans Senior Investments (ESI) has negotiated the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a nonprofit organization. The CCRC features 100 licensed skilled nursing beds, 47 personal care units and two independent living units. At the time of sale, the skilled nursing component of the property was 77 percent occupied, and the personal care beds were 47 percent occupied.

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LoansMultifamilySeniors HousingUtahWestern

EBSC Lending Closes $14.5M Refinancing for Seniors Housing Property in Bountiful, Utah

by Amy Works

BOUNTIFUL, UTAH — EBSC Lending has arranged the closing of a $14.5 million loan to refinance an assisted living and memory care community in Bountiful, a suburban community between Salt Lake City and Ogden, Utah. The undisclosed sponsor acquired the facility in 2019 and has expanded the property’s memory care capacity to capture more of the market demand for high-quality memory care and increased the allowable density by obtaining a zoning amendment allowing up to 73 beds. The sponsor increased occupancy, improved operations and hired a new management company to oversee the property. Additional amenities offered at the property include personalized care, healthcare coordination, chef-prepared meals, housekeeping and secure courtyards.

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CaliforniaDevelopmentLoansSeniors HousingWestern

EBSC Arranges $31.2M in Construction Financing for Luxury Los Angeles Seniors Housing Facility

by Amy Works

LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new luxury senior living community under development in Los Angeles. The undisclosed borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The 172,163-square-foot facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor and a variety of luxury amenities. “This deal had tremendous headwinds, given the rising interest rates,” says David Palmer, vice president, special assets at EBSC Lending. “Working together with the sponsor, we were able to structure the deal with favorable terms and sizing parameters that allowed us to preserve millions of dollars. We regard healthcare as highly strategic. We are committed to the future of this growing sector and to supporting our healthcare clients.” Based in Irvine, Calif., EBSC is a private lender that offers customized solutions to real estate investors and developers. The company has emerged as a provider of senior financing to alternative real estate bridge lenders.

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Valley-Pride-Village-Sylmar-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

Hunt Provides LIHTC Financing for Rehabilitation, Expansion of Seniors Housing Project in San Fernando Valley

by Amy Works

SYLMAR, CALIF. — Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corp. (CBCDC), has provided $37 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village. The affordable seniors housing property is located in Sylmar, a city northwest of Los Angeles in the San Fernando Valley. The development project will preserve its 88 existing homes and introduce 92 new housing options. Valley Pride Village’s rehabilitation and expansion will help alleviate the need for affordable housing as the senior population in Los Angeles is projected to increase by 24 percent and surpass 1 million by 2030, making up nearly one in four Los Angeles residents. The project qualified for a density bonus under the City of Los Angeles’ Executive Directive 1, which is the city’s latest move to advance affordable housing within the county.  Valley Pride Village will offer a mix of studio, one-, and two-bedroom homes for seniors who earn up to 30 to 80 percent of the area median income (AMI). The existing buildings within the community will undergo extensive renovations, including upgrades to cabinetry, countertops, …

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Blossom-Valley-Wenatchee-WA
AcquisitionsMultifamilySeniors HousingWashingtonWestern

American Healthcare REIT Acquires Four Seniors Housing Communities in Washington State

by Amy Works

BATTLE GROUND, PORT ORCHARD AND WENATCHEE, WASH. — Cogir Management USA Inc. and American Healthcare REIT (AHR) have expanded their relationship to 14 communities with AHR’s acquisition of four communities in the state of Washington. AHR acquired Mallard Landing in Battle Ground, Orchard Pointe in Port Orchard and Blossom Valley and Blossom Creek in Wenatchee. This portfolio includes a total of 207 assisted living and memory care units. With this acquisition, Cogir now operates communities in Washington, California, Utah and North Carolina for AHR. Cogir also now manages 22 communities in Washington and 84 communities across the United States.

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Conference CoverageFeaturesGeorgiaSeniors HousingSoutheastSoutheast Feature Archive

Expect Seniors Housing Liquidity Issues to Persist Into 2025, Says InterFace Panel

by John Nelson

As a bridge lender across the full spectrum of seniors housing, Live Oak Bank has been able to capitalize on the limited liquidity in today’s market that has resulted in stalled transactions and refinancing challenges in this niche property sector.  “Trust me, I have a certain advantage right now with the lack of lenders [active in the space], and I enjoy that because it enables me to be very strategic on relationships and the people that I choose to partner with and grow. But having liquidity back in our market is necessary for a healthy seniors sector,” believes Chad Borst, managing director of seniors housing at Live Oak Bank, headquartered in Wilmington, North Carolina. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Borst would like to see banks that moved to the sidelines in recent years due to the disruption in the capital markets return to the playing field. “I want the permanent financing market to open up more broadly. I want other banks to come back because it will help the overall health of our …

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

WinnCos. Breaks Ground on $51M Seniors Housing Redevelopment Project in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — WinnCos. has broken ground on Residences on Lincoln Square, a $51 million seniors housing redevelopment project in the central Massachusetts city of Worcester. The project will transform the historic Worcester Boys Club property, which was originally built in 1930 and has been vacant since 2006, into an 80-unit, age- and rent-restricted complex. The existing building will be redeveloped to house 16 units, and a new building will be constructed to house the remaining 64 units. Residences will come in studio, one- and two-bedroom units, with 11 units to be set aside for residents with disabilities. Full completion of the project is slated for 2026. F.W. Madigan Co. Inc. is serving as the general contractor, and Maugel DeStefano Architects is the project architect.

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Bayview-Retirement-Community-Seattle-WA
LoansMultifamilySeniors HousingWashingtonWestern

Ziegler Arranges $13.3M Financing for Bayview Retirement Community in Seattle

by Amy Works

SEATTLE — Ziegler has arranged $13.3 million in bond financing for Bayview Retirement Community in Seattle. The Washington State Housing Finance Commission issued the bonds. Bayview Manor Homes, which owns and operates Bayview Retirement Community, is a Washington nonprofit corporation and 501(c)(3) organization that was established in 1961 to care for the elderly residents of Seattle’s Queen Anne neighborhood and beyond. The community features 133 independent living apartments and 44 assisted living apartments, which includes 10 memory care units. Bayview also operates an intergenerational childcare center located at the community for up to 42 children. The proceeds of the Series 2024 Bonds, together with other available funds of the corporation, will be used to pay or reimburse costs incurred by Bayview in connection with the installation of new exterior windows across the majority of the community, as well as to make improvements to unit balconies, fund predevelopment costs of a future project and undertake routine capital improvements as determined by management.

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LoansMultifamilySeniors HousingWashingtonWestern

Ziegler Arranges $62.4M Financing for Parkshore Juanita Bay Seniors Housing Property in Kirkland, Washington

by Amy Works

KIRKLAND, WASH. — Ziegler has arranged $62.4 million in bond financing for Parkshore Juanita Bay, a 50-unit independent living community in the Seattle suburb of Kirkland. The borrower was originally founded in 1932 to provide housing and care for German seniors. In 1977, the organization constructed an assisted living retirement home known as The Gardens at Juanita Bay in Kirkland’s historic Juanita Bay neighborhood on the shores of Lake Washington.  In December 2018, the community affiliated with Presbyterian Retirement Communities Northwest, now known as Transforming Age. In 2021, management announced plans to develop and convert the existing community into a 50-unit independent living community to be named Parkshore Juanita Bay. The property represents a concept as a satellite community consisting solely of independent living with residents receiving a healthcare benefit through the broader Transforming Age network of communities or another community of their choosing. The Washington State Housing Finance Commission issued the bonds, which will mostly be used to pay for the acquisition, development and construction.

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