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Seniors Housing

North-Chandler-Place-Chandler-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

SLIB Negotiates Sale of 198-Unit Seniors Housing Property in Chandler, Arizona

by Amy Works

CHANDLER, ARIZ. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of North Chandler Place, a 198-unit seniors housing property located in the Phoenix suburb of Chandler. Built in 1966 on 15.2 acres and expanded in 2002 and 2007, the property consists of 119 independent living units, 16 assisted living units, 28 memory care residences and 35 skilled nursing residences. The seller was a group of investors that will reinvest the proceeds in other core assets in the portfolios. The buyer is a national, publicly traded company that plans to implement capital improvements. Both parties requested anonymity. Jason Punzel, Nick Cacciabando, Ryan Saul and Brad Goodsell of SLIB handled the transaction.

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

Lupe Development Opens $52M Wirth on the Woods Seniors Housing Campus in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Lupe Development has opened Wirth on the Woods, a $52 million seniors housing campus near Theodore Wirth Park in Minneapolis. The project includes 100 units of affordable seniors housing in a six-story building named The Theodore and 100 units of market-rate seniors housing in a six-story building named The Eloise. The development also includes a new regional storm pond, outdoor classroom and play area for the adjacent Anwatin Middle and Bryn Mawr Elementary schools. The two seniors housing buildings feature shared amenities such as an outdoor courtyard, garden and greenhouse. The affordable housing component was made possible with the Livable Communities Demonstration funds from Metropolitan Council, as well as loans, grants and funding participation from the City of Minneapolis, Hennepin County and the Minnesota Housing Finance Agency. Investors in the project included Great Southern Bank and Raymond James Investments. The Eloise was privately funded, and Great Southern Bank served as the senior lender. Frana Cos. was the general contractor. Wirth on the Woods is the result of master planning between Lupe Development and Swervo Development Corp. The master plan created more than 200 additional market-rate units in a combination of lofted units and townhomes called the Pennhurst Collective. …

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LoansMichiganMidwestMultifamilySeniors Housing

EBSC Lending Provides $26.2M Loan for Refinancing of Affordable Seniors Housing Community in Michigan

by Kristin Harlow

MICHIGAN — EBSC Lending has provided a $26.2 million loan for the refinancing of a 41-unit affordable seniors housing community in Michigan. The borrower, a nonprofit owner-operator, will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 units will be reserved for low- and moderate-income seniors, with 13 units reserved for households earning below 30 percent of the area median income (AMI), 11 for those below 60 percent of AMI, and 17 for households below 80 percent of AMI. The borrower was an experienced hospitality owner and operator. The fixed-rate debt was structured at an 85 percent loan-to-value ratio with a five-year term, including 36 months of interest-only payments.

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AcquisitionsMidwestMultifamilyOhioSeniors Housing

Phorcys Capital Partners Acquires 160-Unit Assisted Living Community Near Cleveland for $13M

by Kristin Harlow

WICKLIFFE, OHIO — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe in Wickliffe, about 15 miles northeast of Cleveland. The assisted living facility features 160 units. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Negotiates Sale of 78-Unit Seniors Housing Property in Katy, Texas

by Taylor Williams

KATY, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 78-unit seniors housing property in the western Houston suburb of Katy. Opened in 2018, the unnamed property consists of 70 short-term rehab beds and 34 assisted living beds across 78 units. The seller was a privately held investment and development firm. Ignite Medical Resorts acquired the property for an undisclosed price. Amy Sitzman, Michael Segal and Giancarlo Riso of Blueprint brokered the deal.

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Village-on-the-Park-Plano
AcquisitionsMultifamilySeniors HousingTexas

CBRE Arranges Sale of 366-Unit Seniors Housing Portfolio in Dallas Area

by Taylor Williams

DALLAS — CBRE has arranged the sale of a portfolio of four seniors housing properties in the Dallas metro area. The names of the recently rebranded properties in the portfolio are Village on the Park Plano, Village on the Park Denton, Village on the Park Stonebridge Ranch and Village on the Park McKinney. All properties were built between 2014 and 2017 and offer assisted living and memory care services. The buyer is a joint venture between Artemis Real Estate Partners and Bridgewood Property Co. The seller and sales price were not disclosed. John Sweeny, Aron Will and Garrett Sacco of CBRE brokered the deal.

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DevelopmentMichiganMidwestMultifamilySeniors Housing

REDICO Opens 132-Unit Independent Living Community in Haslett, Michigan

by Kristin Harlow

HASLETT, MICH. — REDICO has opened American House Meridian, a 132-unit independent living community in Haslett, an eastern suburb of Lansing. The project team included Cunningham-Limp Development Co. and Banko Design. The four-story property is located at 1673 Haslett Road. Amenities include a fitness center, movie theater room, café, game room and Paul Mitchell salon. The Therapy Institute, a physical, occupational and speech therapy company, is moving into the lower-level retail space in June. Prior to opening, 50 of the community’s units were leased.

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DevelopmentMultifamilySeniors HousingWashingtonWestern

Emerald Communities Delivers $63M Expansion at Emerald Heights Seniors Housing Community in Redmond, Washington

by Amy Works

REDMOND, WASH. — Emerald Communities has completed a $63 million expansion project at Emerald Heights, a continuing care retirement community in Redmond, a suburb east of Seattle. The Courtyard building concept was first introduced in 2017 and construction began in September 2022. Emerald Heights is welcoming 34 residents to their new homes this week and eight units are still available. The three-level Courtyard building offers six apartment designs including one-bedroom, one-bedroom with a den, two-bedroom and two-bedroom with a den that range in size from 826 to 1,764 square feet. The Courtyard building encompasses an underground parking structure, an entry plaza, shared outdoor spaces and meeting areas on each floor for social gatherings. Architectural firm of Rice Fergus Miller designed the project under the direction of Dean Kelly. GLY Construction was the builder. In addition to the newly opened Courtyard, Emerald Heights is also working on a new $55 million assisted living project, FirView. This 67,555 square-foot expansion will bring 54 one-bedroom apartments of assisted living along with a new dining space, activity rooms, outdoor patio, underbuilding parking and a sky-bridge connection the main buildings.  Dean Kelly of Rice Fergus Miller and GLY Construction will also be involved in the …

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Affordable HousingDevelopmentGeorgiaLoansMultifamilySeniors HousingSoutheast

Benoit Group, Atlanta Housing Secure Financing for Englewood Senior Development

by John Nelson

ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site. Funding for Englewood Senior includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing. Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space. Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, …

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IllinoisLoansMidwestMultifamilySeniors Housing

Cambridge Provides $15.5M HUD-Insured Loan for Refinancing of Assisted Living Facility in Suburban Chicago

by Kristin Harlow

ALGONQUIN, ILL. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan for the refinancing of The Pointe at Eastgate in Algonquin. The assisted living facility is designed for residents age 65 and older who are transitioning from independent living to a more supportive environment. The property offers private apartments and a variety of services, including weekly housekeeping, optional laundry service, medication set-up and reminders, assistance as needed with personal care, grooming and bathing, plus transportation to medical appointments and group outings. Brent Holman-Gomez of Cambridge originated the 35-year loan on behalf of the borrower, an Illinois-based limited liability company.

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