Seniors Housing

Greystone Provides $78.4M HUD Loan for 510-Bed Skilled Nursing Facility in New York City

by Amy Works July 24, 2017

NEW YORK CITY — Greystone has provided a $78.4 million HUD-insured permanent loan to refinance Boro Park Center for Nursing & Rehabilitation in Brooklyn. Fred Levine of Greystone originated the financing for the borrower, Centers Health Care. The borrowers have invested more than $20 million in renovations to the property, which it acquired more than five years ago. Boro Park Center features a variety of clinical services, including amputee recovery and training; cardiac therapy; comfort care and palliative care; dental services; isolation rooms; occupational therapy; oxygen management; peripherally inserted central catheter management; physical therapy; pleurx management; post-surgical orthopedic care; respiratory management; speech therapy; stroke rehabilitation; and tracheostomy care.

July 24, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Sims Mortgage Funding Closes $6.4M HUD Loan for Affordable Community in New Jersey

by Amy Works July 21, 2017

MARGATE, N.J. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $6.4 million HUD loan for Margate Terrace, an affordable seniors housing community in Margate, a beach community near Atlantic City. The financing will provide cash for improvements and reserves. Margate Terrace Corp., which owns the property, can now preserve the Section 8 designation on the property. Community Realty Management is the operator. Margate Terrace Apartments was developed in the early 1990s under the HUD Section 202 Direct Loan Program. Its primary source of income is a Section 8 Housing Assistance Payment (HAP) Contract, which has a remaining term of approximately 16 years. The Section 8 subsidy is sufficient to fund operations and debt service obligations, but the project had growing capital needs that could not be financed from operations and current reserve balances. The project benefited from a PILOT (Pilot in Lieu of Taxes) and ground lease agreements from the City of Margate. The existing agreements did not meet HUD’s current loan program requirements and needed to be amended to recapitalize the project. Approximately $1.4 million in loan proceeds are escrowed for capital repairs, $350,000 was deposited into a replacement reserve fund and a 15 percent …

July 21, 2017

Arizona Multifamily Seniors Housing Western

Summit Healthcare REIT Acquires Assisted Living Community in Chandler for $13.4M

by Nellie Day July 20, 2017

CHANDLER, ARIZ. — Summit Healthcare REIT Inc. has acquired Pennington Gardens, a 90-bed assisted living and memory care facility in the Phoenix suburb of Chandler for $13.4 million. Summit will lease the property to Compass Senior Living, which already operates six communities in Summit’s portfolio. The acquisition was made through Summit Chandler LLC, which is a wholly owned subsidiary of Summit. Summit is a non-traded REIT with 32 long-term, triple-net-leased healthcare facilities in 12 states.

July 20, 2017

Multifamily Oregon Seniors Housing Western

MorningStar, Confluent Break Ground on 104-Unit Assisted Living Community Near Portland

by Nellie Day July 20, 2017

BEAVERTON, ORE. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Beaverton, a 104-unit assisted living and memory care community in the Portland suburb of Beaverton. The community is scheduled for completion in September 2018, with an information center opening onsite early in the year. Situated on 5.25 acres, the 97,653-square-foot development will offer 66 suites for assisted living and 38 suites for memory care. This will be MorningStar’s first community in Oregon. The project represents the 12th joint venture between affiliates of MorningStar, a Denver-based senior living developer, owner and operator, and Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development. Confluent is the project owner and MorningStar will serve as the operator. Local firms involved in the project include LRS Architects and LCG Pence Construction. Thoma-Holec Design, based in Mesa, Ariz., will serve as interior designer.

July 20, 2017

California Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $6.5M Refinancing for 95-Unit Independent Living Community in Riverside

by Nellie Day July 20, 2017

RIVERSIDE, CALIF. — Lancaster Pollard has arranged a $6.5 million refinancing for Magnolia Grand, a 95-unit independent living community in Riverside, located in the Inland Empire region of California. The borrower is BPM Senior Living Co., which owns and operates a portfolio of seniors housing communities in the Western United States. The Fannie Mae loan is non-recourse and restructures a permanent loan that was nearing maturity. In addition to refinancing existing debt, the loan will provide capital for upgrades and improvements to the property. Matt Lindsay led the transaction for Lancaster Pollard.

July 20, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

Sims Closes $93M Bond Financing for Construction of Seniors Housing in New Hampshire

by Amy Works July 20, 2017

KEENE, N.H. — HJ Sims has closed $93 million in tax-exempt bonds, which will be used toward the development of Hillside Village, a continuing care retirement community (CCRC) in Keene. The borrower, The Prospect-Woodward Home, is the nonprofit operator of an assisted living facility in Keene. The company recognized that there were no CCRCs in the area that would allow seniors to stay in Keene as they age. Eighty percent of the independent living apartments were already reserved at the time of bond closing. Prospect-Woodward expects to break ground this year on the 48-acre campus. New Hampshire Health and Education Facilities Authority issued the bonds. Sims immediately sold 20 percent of the bonds — $18 million — to individual investors. Sims created three series of Entrance Fee Principal Redemption Bonds to capture initial entrance fees from new residents and to reduce debt quickly. The lender expects the program to allow Prospect-Woodward to redeem 40 percent of the bonds within three years.

July 20, 2017

Loans Multifamily Seniors Housing Southeast Tennessee

Capital One Provides $27.2M in HUD Refinancing for Skilled Nursing Facilities in Tennessee

by Camren Skelton July 20, 2017

MCLEAN, VA. — Capital One has provided three loans totaling $27.2 million for the refinancing of three skilled nursing facilities in Tennessee. Joshua Rosen of Capital One originated the 35-year, fixed-rate loans through HUD 232/223(f) on behalf of the borrower, Strawberry Fields REIT. The portfolio includes the 109-bed Lakebridge, a Waters Community in Johnson City, Tenn., which received a $10.6 million loan; The Waters of Smyrna, a 91-bed facility that received an $8.4 million loan; and The Waters of Shelbyville, a 96-bed property that received an $8.2 million loan.

July 20, 2017

Idaho Multifamily Seniors Housing Western

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

by Nellie Day July 19, 2017

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.

July 19, 2017

Multifamily Seniors Housing Texas

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

by Taylor Williams July 19, 2017

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.

July 19, 2017

Colorado Multifamily Seniors Housing Western

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

by Nellie Day July 18, 2017

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.

July 18, 2017

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