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Seniors Housing

IdahoMultifamilySeniors HousingWestern

SLIB Brokers Sale of 48-Unit Assisted Living Community in Idaho

by Nellie Day

RATHDRUM, IDAHO — Senior Living Investment Brokerage has arranged the sale of Generations Assisted Living and Wellness, a 48-unit assisted living community in Rathdrum, for an undisclosed price. Rathdrum is located in the panhandle of Northern Idaho, 12 miles northwest of Coeur d’Alene and 25 miles east of Spokane, Wash. The community was originally built in 2005 with expansions in 2007 and 2013. It now totals 28,472 square feet on just over two acres of land. The seller is a local owner/operator and this is their only facility. The buyer is an investment group located in Northern California and has leased the facility to Senior Services of America. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

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MultifamilySeniors HousingTexas

KWA Begins Construction of 154-Unit Seniors Housing Community in Garland

by Taylor Williams

GARLAND, TEXAS — KWA Construction has begun construction on Firewheel Senior Living Residences, a 154-unit, 171,572-square-foot seniors housing community located at 5151 N. President George Bush Highway in Garland. The property will feature a resort-style pool, grilling stations and a dog park. Construction is expected to be complete by the end of 2018. Seneca Investments is serving as the developer of the project.

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ColoradoMultifamilySeniors HousingWestern

Blueprint Arranges $5.4M Sale of 120-Bed Skilled Nursing Facility in Aurora

by Nellie Day

AURORA, COLO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sable Care and Rehabilitation Center, a 120-bed skilled nursing facility in the Denver suburb of Aurora, for $5.4 million. A publicly traded REIT based in California sold the property to a New York-based investor. The seller was looking to divest a non-core asset as a value-add opportunity. The new owner will lease to facility to a prominent regional operator with an existing footprint in Colorado. The facility is located near the University of Colorado Hospital and CU Anschutz Medical Campus. At the time the property was put on the market, the trailing 12-month operational performance yielded $6 million in total revenue with overall occupancy at 56 percent. The outgoing operator took over the building at a time of operational challenges, but was able to change course towards regulatory compliance and improved operational performance. Blueprint’s Christopher Hyldahl and Gideon Orion were lead advisors on the transaction. The sale price equates to $45,000 per licensed bed.

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CaliforniaMultifamilySeniors HousingWestern

Cadence Senior Living Acquires Assisted Living Community in Orange

by Nellie Day

ORANGE, CALIF. — Cadence Senior Living has acquired Kirkwood Orange, an assisted living and memory care community in Orange, just southeast of Los Angeles. The seller was HumanGood, the recently merged and rebranded combination of Califonia nonprofits ABHOW and be.group. The sale price was not disclosed. Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Ariz. Kirkwood Orange is the company’s first California community, joining its portfolio of two Phoenix-area properties.

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ColoradoLoansMultifamilySeniors HousingWestern

Walker & Dunlop Arranges $28.2M Construction Loan for 137-Unit Assisted Living Community in Monument

by Nellie Day

MONUMENT, COLO. — Walker & Dunlop Inc. has structured a $28.2 million construction loan for Jackson Creek Senior Living, a 137-unit assisted living facility in Monument, located between Denver and Colorado Springs. The borrower is the project’s developer, an affiliate of CSI Construction. Scheduled to open in late 2018, Jackson Creek Senior Living will include a three-story, 128,600 square-foot building with 80 assisted living, 30 memory care and 27 independent living units. The asset is located on 6.4 acres of land. Ralph Lowen arranged the HUD loan at 90 percent of total replacement cost. The financing features 18 months of interest-only payments during the construction period, followed by a 40-year, fully amortizing permanent loan.

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MultifamilySeniors HousingWashingtonWestern

Koelsch to Break Ground on $24M Memory Care Community Near Seattle

by Nellie Day

KIRKLAND, WASH. — Koelsch Communities will break ground July 19 on Jefferson House, an 80-bed memory care community in the Seattle suburb of Kirkland. The three-story project will be located adjacent to Madison House, another Koelsch community, which offers independent living and assisted living. Development costs for Jefferson House are estimated at $24 million. Madrona Point Development partnering with RJ Development, both based in Olympia, are developing the new project. Koelsch Construction will serve as general contractor. Jefferson House is scheduled to open in the winter of 2018. Koelsch Communities operates 23 communities in seven states and has nine further communities in development.

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ColoradoMultifamilyNew MexicoSeniors HousingWestern

Confluent Sells Two MorningStar-Operated Seniors Housing Communities in Southwest

by Nellie Day

WHEAT RIDGE, COLO., AND ALBUQUERQUE, N.M. — Confluent Senior Living, a subsidiary of Denver-based Confluent Development, has sold two of its seniors housing communities, MorningStar of Wheat Ridge and MorningStar of Albuquerque. Denver-based MorningStar Senior Living co-developed and will continue to operate both communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the buyer, Harbert Seniors Housing Fund I LP. The price was not disclosed. Located in the Denver suburb of Wheat Ridge, MorningStar of Wheat Ridge was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care units. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied. Located in northwest Albuquerque, MorningStar of Albuquerque opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care units. The project is currently 95.6 percent occupied. The communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. Ryan Maconachy and Chad Lavender led the HFF investment sales team. Sarah Anderson led HFF’s debt placement team.

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IdahoMultifamilySeniors HousingWestern

Lancaster Pollard Fund Acquires 38-Unit Memory Care Community in Idaho for $9.3M

by Nellie Day

COEUR D’ALENE, Idaho — Lancaster Pollard’s Propero Seniors Housing Equity Fund II has acquired Creekside Inn, a 38-unit, 65-bed memory care facility in Coeur d’Alene, approximately 30 miles east of Spokane, Wash., for $9.3 million. Koelsch Communities built the property in 2008, and will continue to operate it under a sale-leaseback transaction. Koelsch currently operates 23 communities with 1,974 beds in Arizona, California, Colorado, Idaho, Illinois, Montana, Texas and Washington. The sale-leaseback allows Koelsch to recapture some of its investment costs and retire the existing debt on the facility that was due to mature in the near term. The deal includes a purchase option schedule, beginning in the second year of the lease, at predetermined prices at specific time periods.

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LoansMultifamilyNew YorkNortheastSeniors Housing

Greystone Provides $29M Loan for Skilled Nursing Facility in Queens

by Amy Works

NEW YORK CITY — Greystone has provided a $29 million HUD-insured permanent loan for Sapphire Center for Rehab & Nursing of Central Queens. Located in the Flushing neighborhood of Queens, the skilled nursing facility offers 227 beds. Sapphire Care Group, the borrower, originally acquired the property in 2015 and rebranded and improved the facility. Fred Levine of Greystone’s Monsey, N.Y., office originated the loan.

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MultifamilyNevadaSeniors HousingWestern

Chicago Pacific Founders Acquires 160-Unit Seniors Housing Community in Las Vegas

by Nellie Day

LAS VEGAS — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Acacia Springs, a 160-unit seniors housing community in Las Vegas. This is CPF Living’s third property in the state of Nevada. Grace Management will take over operations of the community. The property is near the Red Rock Casino and 13 miles from the Las Vegas strip. The sale price was not disclosed, but Aron Will of CBRE National Senior Housing arranged $13.5 million in Fannie Mae acquisition financing for the deal. The seven-year, non-recourse loan features 3.5 years of interest-only payments.

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