Seniors Housing

Griffin Fine Living Opens 95-Unit Assisted Living Community in Metro Atlanta

by John Nelson October 18, 2016

ROSWELL, GA. — Griffin Fine Living has opened The Georgian Lakeside, a 95-unit assisted living and memory care community in the Atlanta suburb of Roswell. KTGY Architecture + Planning designed the project, which Griffin manages. Canyon Partners Real Estate LLC provided the investment capital. The Georgian is a resort-style community featuring 70 assisted living and 25 memory care units. Amenities include multiple dining options, a private dining room, theater, hair salon, library, physical therapy and private doctors’ examination rooms, along with numerous activity rooms and an exercise facility. Griffin Fine Living provides design, construction, development, marketing and operational management services for seniors housing and multifamily communities. Canyon Partners Real Estate is the real estate direct investing arm of Canyon Partners. The Los Angeles-based company provides debt and equity capital for commercial real estate in primary and secondary markets across the U.S. KTGY Architecture + Planning is an architecture firm with offices in Chicago, Denver, Irvine, Los Angeles, Oakland, Pune and Tysons.

October 18, 2016

California Multifamily Seniors Housing Western

Evans Senior Investments Negotiates $6.5M Sale of Memory Care Community in Costa Mesa

by Nellie Day October 17, 2016

COSTA MESA, CALIF. — Evans Senior Investments has arranged the sale of Villa Rose Memory Care, a 98-bed memory care community in the Los Angeles suburb of Costa Mesa, for $6.5 million. Pacifica Senior Living acquired the property from Sorenson Capital. The purchase price equates to $130,000 per unit. The 31,900-square-foot community underwent a $1.7 million renovation in 2011.

October 17, 2016

Multifamily New Jersey Northeast Seniors Housing

Pennrose Breaks Ground for Residence at Roosevelt Park in Edison, New Jersey

by Amy Works October 17, 2016

EDISON, N.J. — Pennrose and Middlesex County officials have broken ground for Residence at Roosevelt Park, an affordable seniors housing complex overlooking Roosevelt Park in Edison. The $24.9 million project will restore and convert the historic Roosevelt Hospital — which was built as part of the New Deal through Federal Public Works Administration — into 84 one- and two-bedroom apartments with modern amenities for residents who are 62 and older. The apartment units will be equipped with Energy Star appliances, carpeted bedrooms, tiled bathrooms, cable/internet hookups and air conditioning. Six of the units will serve individuals with physical disabilities, and five will be reserved for homeless households. The property will also offer supportive services to all residents, an on-site management office, community room, fitness room, common laundry rooms, a resident site superintendent, security cameras and card/FOB entry systems, an outdoor patio and resident gardening area. The New Jersey Housing and Mortgage Finance Agency, an affiliate of the New Jersey Department of Community Affairs, awarded the project 9 percent federal Low Income Housing Tax Credits, which will generate nearly $14 million in private equity.

October 17, 2016

Loans Multifamily New York Northeast Seniors Housing

Housing & Healthcare Finance Secures $27M for Seniors Housing Community in Yonkers, New York

by Amy Works October 17, 2016

YONKERS, N.Y. — Housing & Healthcare Finance (HHC Finance) has arranged $27 million in refinancing for an assisted/independent living community in Yonkers. Located on 10 acres, the 195-bed property is the only facility in the area with the Medicaid Assisted Living Program. HHC Finance arranged the financing with an interest rate below 3 percent through HUD for the undisclosed borrower.

October 17, 2016

Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Nears Completion of $24M Conversion of Historic Hospital to Independent Living in Illinois

by Amy Works October 14, 2016

AURORA, Ill. — Evergreen Real Estate Group, a Chicago-based developer of market-rate multifamily properties, is nearing completion of its St. Charles Senior Living independent living development. The 60-unit, $24 million project is a redevelopment of St. Charles Hospital, a historic Art Deco building in the Chicago suburb of Aurora. The renovations began in February, and move-ins are scheduled to begin in December. Designed by Wybe J. Van der Meer, the former hospital was completed in 1932, with additional renovations made to the interior of the structure in the decades that followed. Until the redevelopment, the building had stood vacant since 2010, the year it was named to the National Register of Historic Places. Evergreen Real Estate Group collaborated with Invest Aurora, the Northern Lights Development Corp., the City of Aurora, the Illinois Housing Development Authority (IHDA) and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, created in 2006 to incentivize riverfront development in several Illinois cities. The balance of the project’s development cost was covered by a combination of …

October 14, 2016

Multifamily Seniors Housing Texas

Caddis Opens 78-Unit Assisted Living Community Near Houston

by Katie Sloan October 14, 2016

CYPRESS, TEXAS — Caddis, a Dallas-based real estate developer, has opened Heartis Cypress, a 78-unit assisted living and memory care community in the Houston suburb of Cypress. Oregon-based Good Neighbor Care manages the 63,000-square-foot community, which Caddis owns. Development costs were not disclosed. A unique feature of the community is its main street, a stretch of the community featuring a movie theater, 1950s-style ice cream parlor, art studio, auto repair, planting nursery and other stores. Each establishment has its own storefront aligned complete with streetlights and park benches. Austin-based KATUS designed the community. The Dallas office of Amegy Bank provided financing.

October 14, 2016

Florida Seniors Housing Southeast

Lowe Enterprises Investors Buys Assisted Living Community in Tallahassee

by John Nelson October 14, 2016

TALLAHASSEE, FLA. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired St. Augustine Plantation, a 100-unit assisted living and memory care community in Tallahassee. The seller was Capital Health Group LLC. Although a purchase price was not disclosed, Berkadia’s Senior Housing and Healthcare Group arranged $23.8 million in financing for LEI in connection with the transaction. St. Augustine Plantation includes 75 assisted living units built in 1998, as well as a 25-unit memory care building that was added in 2012. The community was 97 percent occupied at the time of sale. The new owners plan to improve common areas, add 24 more memory care beds and build a wellness center for recreation and rehabilitation, which Florida State University will manage. The acquisition is part of LEI’s continued push into the Southeast. Other recent acquisitions by the Los Angeles-based investment firm include a Hampton Inn in Jacksonville, an apartment community in North Carolina and a portfolio of three Hilton Garden Inns in Georgia. John Gaghan led the LEI investment team in the transaction. Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and …

October 14, 2016

Multifamily New York Northeast Seniors Housing

Chelsea Senior Living, AVR Realty Plan $27M Assisted Living Community on Long Island

by Amy Works October 13, 2016

YAPHANK, N.Y. — A joint venture between Chelsea Senior Living and AVR Realty plans to develop a $27 million, 118-bed assisted living facility in the Long Island town of Yaphank. The joint venture is seeking governmental approval from the Yaphank Town Planning Board and economic incentives from the Town of Brookhaven Industrial Development Agency to build the community. If approved and built, it will be located within The Boulevard, a 322-acre mixed-use development. Phase I of The Boulevard is already approved, and includes a 240-unit multifamily community. Plans call for two buildings totaling 99,492 square feet, including a 77-bed building for special needs and memory care, and a 41-bed supportive care building. The developers purchased the site from Rose-Breslin Associates LLC and aim to begin construction in 2017. Based in Farnwood, N.J., Chelsea Senior Living owns and operates 13 seniors housing communities in New York and New Jersey.

October 13, 2016

Multifamily Seniors Housing Texas

Pioneer Realty Capital Arranges $7.2M Refinancing for Seniors Housing Community in Princeton

by Katie Sloan October 13, 2016

PRINCETON, TEXAS — Pioneer Realty Capital LLC, a Texas-based lender, has arranged a $7.2 million refinancing for Villa Asuncion Independent and Assisted Living Center in the Dallas suburb of Princeton. The 176-bed community opened in 1998. Pioneer Realty Capital used the government-backed SBA 504 refinance program to secure long-term financing. The new loan reduces the interest rate from 7.2 percent to a blended rate of 4.25 percent. The undisclosed owners plan to use the extra funds to expand the business.

October 13, 2016

California Multifamily Seniors Housing Western

JCH Arranges Sale of Six-Property Skilled Nursing Portfolio in Central California

by Nellie Day October 11, 2016

ANAHEIM HILLS, CALIF. — JCH Consulting Group has arranged the sale of six skilled nursing facilities in Central California for an undisclosed price. Riverside Healthcare sold the facilities to Meridian Management Services, which operates all six. The specific facilities and purchase price were not disclosed. Built between 1950 and 1975, the facilities range from 42 to 99 beds. The average occupancy rate at the time of closing was 80 percent. JCH represented the buyer while Marcus and Millichap represented the seller. Nick Stahler was JCH’s lead agent on the transaction. Anaheim Hills-based JCH Consulting Group is a brokerage firm focused on the seniors housing industry.

October 11, 2016

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