Seniors Housing

Frampton Construction Delivers 100-Unit Seniors Housing Community Near Charleston

by Camren Skelton August 16, 2017

SUMMERVILLE, S.C. — Frampton Construction Co. LLC has finished development of The Blake at Carnes Crossroads, a 100-unit seniors housing community in Summerville, roughly 25 miles northwest of Charleston. The 84,000-square-foot building will include assisted living and memory care suites. The Blake is situated on 3.7 acres within the master-planned Carnes Crossroads community, developed by Daniel Island Co. The development features medical offices, retail, restaurants, a school, parks and a church. Frampton Construction partnered with Cardinal Ventures, along with its management company Blake Management Group, to develop The Blake.

August 16, 2017

Colorado Loans Multifamily Seniors Housing Western

Love Funding Secures $5.2M Refinancing for Affordable Seniors Housing Community Near Denver

by Nellie Day August 15, 2017

BROOMFIELD, COLO. — Love Funding has closed a $5.2 million refinancing for Town Centre Senior Apartments, an affordable seniors housing community in the Denver suburb of Broomfield. Town Centre Senior Apartments consists of 88 affordable one-bedroom and two-bedroom units restricted to individuals aged 55 and older. The units are housed within one three-story building originally constructed in 2001 with the assistance of low-income housing tax credits. The property sits between Boulder and Denver, in the foothills of the Rocky Mountains. Love Funding’s Jonathan Camps secured the financing through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. The non-recourse financing will pay off two existing loans. Part of the proceeds will be used to complete repairs and fund a reserve account.

August 15, 2017

Michigan Midwest Multifamily Seniors Housing

Greystone Arranges $33M Sale of Two Seniors Housing Properties in Metro Detroit

by Kristin Harlow August 11, 2017

SOUTHFIELD AND WESTLAND, MICH. — Greystone Real Estate Advisors has arranged the sale of two seniors housing properties in the Detroit metropolitan area for $33 million in a single transaction. Ashford Court, located in Westland and built in 1986, consists of 143 independent living, assisted living and memory care units. Sterling Place, located in Southfield and built in 1987, consists of 156 independent living units. The portfolio is almost fully occupied and consists of approximately 250,000 square feet. Amenities include libraries, lounge areas, hair salons and landscaped grounds. Cody Tremper and Mike Garbers of Greystone represented the seller, New Senior Investment Group. Chevalier International Holdings Ltd. purchased the properties.

August 11, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

NHI Provides $10M Acquisition Loan for 40-Unit Memory Care Community in New Hampshire

by Amy Works August 10, 2017

RYE, N.H. — National Health Investors Inc. (NYSE: NHI) has financed the acquisition of a 40-unit memory care community in Rye, located along the coast near the Maine border. The investment totaled $10 million. The borrower is Evolve Senior Living, a first-time partner for NHI. The property was built in 2013. The loan is secured with a first mortgage with an initial term of five years, renewal options and an interest rate of 8 percent. NHI funded the investment through its revolving credit facility. NHI has an option to purchase the property after 24 months if certain performance goals are achieved.

August 10, 2017

Midwest Minnesota Multifamily Seniors Housing

Dominium Breaks Ground on 194-Unit Affordable Seniors Housing Community Near Minneapolis

by Kristin Harlow August 10, 2017

SPRING LAKE PARK, MINN. — Dominium has broken ground on the Legends of Spring Lake Park, a 194-unit affordable seniors housing community in Spring Lake Park, which is located 12 miles north of Minneapolis. The property will be situated on the former site of Goony Golf at 1066 County Highway 10 NE. The community will feature two- and three-bedroom units, along with amenities such as a community room, kitchen, craft room, beauty salon, library and fitness room. Completion is slated for fall 2018. Residents age 55 and older making less than 60 percent of the area median income will qualify for living at the community.

August 10, 2017

Loans Multifamily Seniors Housing Texas

Hunt Mortgage Secures $27.6M in Refinancing for Eight Nursing Facilities in Texas

by Taylor Williams August 10, 2017

FORT WORTH, TEXAS — Hunt Mortgage Group has secured $27.6 million in refinancing for eight skilled nursing facilities located throughout Texas. HUD’s Fort Worth office provided the funds to the borrower, Senior Living Properties LLC, which owns and operates 31 skilled nursing facilities in Texas. Proceeds from the loans will also be used for capital repairs and improvements.

August 10, 2017

Arizona Multifamily Seniors Housing Western

Cathedral Development Completes $33M Conversion of Historic Hotel to Affordable Community for Seniors

by Nellie Day August 9, 2017

PHOENIX — Cathedral Development Group has completed the $33 million conversion of a historic luxury hotel in Phoenix into The Historic Westward Ho Apartments, an affordable seniors housing community. Originally built in 1928, the hotel hosted famed guests such as President John F. Kennedy, President Ronald Reagan, Jackie Gleason and Paul Newman throughout its history. Cathedral purchased the property in 1978 and has spent 40 years trying to preserve and restore the property. Cathedral Development Group utilized public/private programs to help fund three separate renovation projects. The renovations included new energy efficient heating and cooling features, a new plumbing system throughout the property to enhance water efficiency, new features in select units such as kitchen cabinets, floors, bathroom fixtures, energy efficient windows, a lightning protection system for the building and the restoration of the historic courtyard fountain. In a related but separately funded project, the first floor commercial space was remodeled and a long-term lease signed with Arizona State University. The property can now host up to 289 elderly and disabled residents. Based in Providence, R.I., Cathedral Development Group is working on projects in Rhode Island, New York, Maine, Connecticut, Arizona and Delaware.

August 9, 2017

Multifamily Oregon Seniors Housing Western

Granite Investment Group Acquires Two-Property Memory Care Portfolio in Portland

by Nellie Day August 7, 2017

PORTLAND, ORE. — Granite Investment Group has acquired Tabor Crest, a two-property memory care company in East Portland, for an undisclosed price. One of the facilities was completed in 2016 and was leased up in six months. The second was acquired by the sellers in 2004 and underwent improvements to the facility and operations. Avalon Health Care Group will operate the 60-unit portfolio. Congressional Bank provided a bridge loan as part of the transaction. Housing and Healthcare Finance will process the permanent HUD loan. Based in Irvine, Calif., Granite is a privately held investment management firm.

August 7, 2017

Iowa Midwest Multifamily Seniors Housing

Darland Transforms Former School Into Affordable Seniors Housing Property in Council Bluffs, Iowa

by Kristin Harlow August 7, 2017

COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a renovation of and addition to Gunn School, transforming the 90-year-old building into an affordable seniors housing property in Council Bluffs, a suburb of Omaha, Neb. Known as Linden Place, the 42,265-square-foot complex consists of 36 units. Sixteen of the apartment units are located in the renovated school, while the remaining 20 units are part of a new, two-story addition built on what was once the school’s basketball courts and playground. Gunn School was originally built in 1880 and then rebuilt on the same site in 1924. The school was originally slated to be torn down before Seldin Co. showed interest in rehabbing the building. The project was made possible through a series of community and economic development grants. Architecture One provided architectural services.

August 7, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $13M Acquisition Loan for Seniors Housing Community in Tulsa

by Taylor Williams August 4, 2017

TULSA, OKLA. — KeyBank Real Estate Capital has arranged a $13 million Freddie Mac loan for the acquisition of Legend at Tulsa Hills, an 86-unit seniors housing community located at 701 W. 71st St. S in Tulsa. Built in 2014, the property comprises of 68 assisted living units and 18 Alzheimer’s care units. Monique Bimler of KeyBank structured the loan, which features a 10-year term and 30-year amortization schedule.

August 4, 2017

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