Seniors Housing

Pathway to Living Opens 107-Unit Assisted Living Community in Westmont, Illinois

by Kristin Harlow October 4, 2017

WESTMONT, ILL. — Pathway to Living has opened Aspired Living of Westmont in suburban Chicago. The 107-unit assisted living and memory care community is located on a three-acre site at 407 W. 63rd St. Aspired Living of Westmont is the first seniors housing community in the United States to provide residents with Spark of Life, a dementia care and support program. The property features 73 independent and assisted living apartments, including studio, one- and two-bedroom units ranging in size from 400 to 1,180 square feet, as well as 34 memory care studios. The community’s common areas include a restaurant and bistro, resident lounge with demonstration kitchen, cocktail lounge, library, technology center, movie theater, art studio, salon and spa. Residents also have access to fitness options including a yoga studio, gym with personal trainers and outdoor walking paths. In addition, an on-site therapy gym offers physical, occupational and speech therapy.

October 4, 2017

California Multifamily Seniors Housing Western

Killefer Flammang Architects Completes $12M Conversion of Historic Church to Affordable Seniors Housing

by Nellie Day October 3, 2017

LONG BEACH, CALIF. — Killefer Flammang Architects (KFA) has completed Immanuel Place, an affordable seniors housing community in the Bluff Heights Historic District of Long Beach. The $12 million project converted the 90-year-old Immanuel Church into a 31,000-square-foot, 25-unit community. Thomas Safran & Associates developed the property. The adaptive reuse project preserved the church’s stained-glass windows, pipe organ and three-story sanctuary. The development also moved an adjacent home to another area of Long Beach, making room for a parking lot. Immanuel Place was financed through a combination of Low Income Housing Tax Credit equity from Union Bank, an Infill Grant from the California State Department of Housing and Community Development, a loan from the U.S. Department of Housing and Urban Development (HUD), HOME Investment Partnership Program funds from the City of Long Beach/The Long Beach Community Investment Co., a loan from the Community Development Commission of the County of Los Angeles and funds from the Federal Home Loan Bank. KFA is an architecture and design firm specializing in urban infill and adaptive reuse projects. The company is based in Santa Monica, Calif.

October 3, 2017

Connecticut Loans Multifamily Northeast Seniors Housing

KeyBank Provides $12.9M in FHA Financing for Seniors Housing Property in Connecticut

by Amy Works September 29, 2017

NEW HAVEN, CONN. — KeyBank Real Estate Capital has provided $12.9 million in FHA financing to the Jewish Federation of Greater New Haven for Tower One & Tower East, a seniors housing property in New Haven. Built in 1969 and 1981, the apartment complex features 328 age- and incomed-restricted units. Ed Foulon of Key’s Commercial Mortgage Group arranged the financing, which features a 35-year amortization schedule, through the FHA 223(f) mortgage insurance program. Loan proceeds were used to refinance existing debt. The Jewish Federation of Greater New Haven is a non-profit, faith-based, service-oriented organization that provides continuing care and affordable housing to seniors.

September 29, 2017

California Multifamily Seniors Housing Western

Sabra Buys Skilled Nursing Portfolio for $430M, Seeks to Divest Genesis Properties

by Nellie Day September 27, 2017

IRVINE, CALIF. — Sabra Health Care REIT (NASDAQ: SBRA) has acquired 21 skilled nursing facilities in a sale-leaseback transaction with an undisclosed West Coast operator for $378 million. The Irvine-based, publicly traded REIT plans to buy the operator’s three remaining facilities before the end of the year for $52 million, for an expected total purchase price of $430 million. The acquisitions are one of several mega-deals for Sabra this year. In August, the company completed its acquisition of skilled nursing owner and former Ventas spinoff Care Capital Properties. Just last week, Sabra also announced it had agreed to buy minority interest in a 183-property portfolio of Enlivant-operated seniors housing communities for $371 million. Sabra plans to eventually acquire 100 percent interest in the portfolio. Sabra was the 21st largest owner of seniors housing in the U.S. with 74 communities and 7,624 units as of June 1, according to the American Seniors Housing Association’s 2017 tally. However, that ranking was before any of these three major acquisitions. Concurrent with the new sale-leaseback transaction, Sabra also announced that it has begun the process of marketing for sale the remaining 43 facilities that the company leases to Genesis Healthcare Inc. Sabra predicts the sales …

September 27, 2017

California Loans Multifamily Seniors Housing Western

CBRE Arranges Construction Financing for 157-Unit Seniors Housing Community in Aliso Viejo

by Nellie Day September 27, 2017

ALISO VIEJO, CALIF. — CBRE has arranged an undisclosed amount of construction financing for Belmont Village Aliso Viejo, a 157-unit assisted living and memory care community in Aliso Viejo, a master-planned community in the San Joaquin Hills between Los Angeles and San Diego. A joint venture between Houston-based operator Belmont Village Senior Living and Boston-based private equity firm Blue Moon Capital Partners is developing the Class A project. Belmont will operate the community once construction is completed. A development timeline was not released. Aron Will of CBRE National Senior Housing arranged the non-recourse, four-year, floating-rate loan through a regional bank.

September 27, 2017

Colorado Multifamily Seniors Housing Western

OZ Architecture Redesign of Community in Brush, Colorado Progresses to Next Phases

by Nellie Day September 26, 2017

BRUSH, COLO. — OZ Architecture has launched its design plan for phases two through four of the Eben Ezer Lutheran Care Center in Brush, located approximately 90 miles northeast of Denver. The new phases are part of a 10-step master plan for redesigning the 100-year-old seniors housing community. Phase II involves designing the new short-term rehabilitation and long-term skilled nursing facility, with the addition of two wings of 14 beds each. There will also be a small amenity node with a living room, dining room, country serving kitchen and physical therapy gym. Phase III includes the addition of a commercial kitchen, receiving areas and staff areas for maintenance and management. Phase IV will add 28 memory care units, each with access to a shared living space. Here, residents with a higher level of acuity will have access to a courtyard wandering garden and spa, with a more robust nursing component. The designs have also eliminated dead-end corridors, and increased security elements throughout. Last year, Eben Ezer selected OZ Architecture to complete the design of its two-story building. Spanning 54,000 square feet, the goal is to increase the overall capacity and elevate the design of the existing campus. The new assisted living …

September 26, 2017

Illinois Midwest Seniors Housing

Belmont Village Breaks Ground on 149-Unit Seniors Housing Community in Chicago’s Lincoln Park

by Kristin Harlow September 26, 2017

CHICAGO — Belmont Village Senior Living has broken ground on a 149-unit seniors housing community in Chicago’s Lincoln Park. Belmont Village Lincoln Park will feature 120,500 square feet of assisted living and memory care units. The property is being developed on a parcel of land that was originally part of the Children’s Memorial Hospital campus. The building was demolished earlier this year. The project, slated to open in summer 2019, is Belmont Village’s first property in the Chicago proper. The developer has previously completed properties in Buffalo Grove, Carol Stream, Glenview and Oak Park.

September 26, 2017

Multifamily Seniors Housing Texas

Greystar Nears Completion of 143-Unit Seniors Housing Development in San Antonio

by Taylor Williams September 26, 2017

SAN ANTONIO — Greystar is nearing completion of construction of Overture at Stone Oak, a 143-unit, 55-and-older community in San Antonio. The property offers one- and two-bedroom units ranging in size from 725 to 1,225 square feet and includes 185 parking spaces for staff and residents. Amenities include a pool, hair and nail spa , café and lounge and a private media room. Meeks + Partners served as the project architect.

September 26, 2017

Features Multifamily Seniors Housing Top Stories

Seniors Housing Executives Predict Increased M&A Activity, According to Capital One Survey

by Jeff Shaw September 26, 2017

BETHESDA, MD. — Seniors housing executives have a generally optimistic view for mergers and acquisitions activity heading into the fourth quarter of 2017, according to a survey by Capital One. Approximately 89 percent of respondents believe M&A activity will maintain its current pace over the next year, with about half of those believing the pace will increase. Bethesda-based lender Capital One conducted the survey in early September 2017. It asked professionals to provide their 12-month outlook on a number of issues in the seniors housing and skilled nursing space. Respondents included 157 senior executives from healthcare companies, including pharmaceutical and medical technology companies, hospitals, healthcare service providers and health systems, as well as other industry participants. In another survey question, respondents were asked to name the greatest financial challenge facing the industry. Labor cost pressure was the top concern at 33 percent, with supply and demand imbalances following close behind at 32 percent. The regulatory and reimbursement environment was the next largest concern at 21 percent. Further fueling the sentiment that M&A activity will be a focal point for the industry, just four percent cited availability or cost of capital as their top financial challenge. “The uptick in acquisition interest …

September 26, 2017

California Multifamily Seniors Housing Western

Living Care Lifestyles Breaks Ground on 120-Unit Community in Visalia

by Nellie Day September 25, 2017

VISALIA, CALIF. — Living Care Lifestyles has broken ground on Quail Park at Shannon Ranch, a 120-unit independent living and memory care community in Visalia, located in the San Joaquin Valley midway between Los Angeles and San Francisco. Navigator Development Group is developing the property. Living Care Lifestyles, Kaweah Delta Health Care District, Shannon Senior Care LLC and BTV Senior will be co-owners once the project is completed. Teter A+E and Fresno/Visalia are providing architectural and design services. The project is scheduled for completion in early 2019. Living Care Lifestyles was founded in 1999 and has senior living communities in California, Washington, Texas and Oregon.

September 25, 2017

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