Seniors Housing

Arcapita, MorningStar Acquire Three Seniors Housing Communities in Colorado for $85M

by Nellie Day January 18, 2016

DENVER and COLORADO SPRINGS, COLO. — A joint venture of Arcapita, a global investment management firm, and MorningStar Senior Living, an owner/operator based in Denver, has acquired a three-community seniors housing portfolio in Denver and Colorado Springs for $85 million. The portfolio totals 196 units of assisted living and memory care. The communities were built in 2013 and 2014. The names of the communities were not disclosed. MorningStar will operate the communities. Arcapita, which is based in the small middle-eastern island country of Bahrain, plans on many more U.S. seniors housing acquisitions in the near future. The investment firm previously acquired, managed and sold a $1.5 billion seniors housing portfolio in the U.S. and U.K. Colorado was specifically targeted because its seniors population is projected to grow at twice the national average over the next five years, according to Martin Tan, Arcapita’s chief investment officer.

January 18, 2016

California Loans Multifamily Seniors Housing Western

CBRE Provides $32.3M Fannie Mae Loan for Seniors Housing Community in Chico

by Nellie Day January 18, 2016

CHICO, CALIF. — CBRE Multifamily Capital has originated a $32.3 million loan for The Terraces Senior Living, a 138-unit independent living and assisted living community in Chico, approximately 90 miles north of Sacramento. The community is part of a master planned age-restricted community. The borrower, California-based owner/operator Westmont Living, will use the money to convert assisted living units into memory care units. The non-recourse, 10-year, fixed-rate loan includes four and a half years of interest-only payments. CBRE secured the loan through its Fannie Mae program. Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, and Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.

January 18, 2016

Loans Maryland Seniors Housing Southeast

Congressional Bank Closes Three Seniors Housing Loan Transactions Totaling $11.6M

by John Nelson January 14, 2016

BETHESDA, MD. — Congressional Bank, a Bethesda-based community bank, has closed five loans in three transactions for three seniors housing communities. The loans total roughly $11.6 million. The transactions include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a 107-bed skilled nursing facility in New Bedford, Mass.; a $2.6 million bridge to HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, W.Va.; and a $4 million revolving line of credit in connection with the acquisition and operations of a 118-bed skilled nursing facility in Tucson, Ariz. Following its merger with American Bank with more than $800 million in assets, Congressional Bank becomes one of the 10 largest banks headquartered in Maryland, and one of the 15 largest banks headquartered in the metropolitan Washington, D.C., area.

January 14, 2016

Arizona Multifamily Seniors Housing Western

Watermark, Freshwater, Weitz Break Ground on $21M Seniors Housing Community in Arizona

by Nellie Day January 13, 2016

TUCSON, ARIZ. — The Weitz Company, a design and construction firm based in Phoenix, has broken ground on Hacienda at the River, a $21 million seniors housing community in Tucson. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community, which Watermark will manage upon completion. The new community will feature a 74,000-square-foot, two-story health care center offering short-term, long-term and hospice care. Hacienda at the River will include a 50-bed rehab unit, 12 long-term nursing care beds and 12 hospice beds. Also included are 69 assisted living and memory care units spread over a 43,000-square-foot village of single-story homes. The property will also house a 1,600-square-foot stable to offer equine therapy to residents.

January 13, 2016

California Multifamily Seniors Housing Western

American Healthcare Investors Hires Former Brookdale Regional President Christopher Belford

by Nellie Day January 13, 2016

IRVINE, CALIF. — American Healthcare Investors, an Irvine-based investment firm specializing in the acquisition and management of healthcare-related properties, has hired Christopher Belford as executive vice president, asset management. Belford joins American Healthcare Investors from Brookdale Senior Living, the largest owner and operator of seniors housing communities in the United States, where he served as the president of the western division. While with Brookdale, Belford managed 269 senior living and retirement communities, representing 24,400 units and over 14,000 employees in 11 Western states. In his new role, Belford will oversee all seniors housing, skilled nursing and hospital properties within American Healthcare Investor’s $8 billion portfolio of assets under management. Christopher Rooney, who holds the same title as Belford, will continue to oversee all medical office buildings within the portfolio. Prior to Brookdale, Belford worked as senior vice president of operations for Emeritus Assisted Living from January 2001 until its merger with Brookdale in July 2014. With Emeritus, he was responsible for the operation of 270 communities in 18 states across the Western U.S. He also previously served in executive capacities with BPM Assisted Living/Regent Assisted Living and ERA Care Inc., where he began his healthcare career in 1991. Belford received …

January 13, 2016

Midwest Missouri Multifamily Seniors Housing

Blueprint Brokers $54M Sale of 206-Unit Seniors Housing Community Near St. Louis

by Christina Cannon January 13, 2016

O’FALLON, MO. — Blueprint Healthcare Real Estate Advisors has arranged the $54 million sale of Park Place Senior Living at WingHaven, a 206-unit independent living and assisted living community in the St. Louis suburb of O’Fallon. Blueprint represented the seller, AEW Capital Management, which sold the property on behalf of AEW Senior Housing Investors to CNL Healthcare Properties. Originally built in 2006, a joint venture of AEW and First Capitol Group acquired Park Place in 2011. The venture expanded the community with the addition of assisted living units and by converting units to memory care. Blueprint’s Ben Firestone was lead advisor on the transaction.

January 13, 2016

Multifamily Seniors Housing Texas

NOVUS Brokers Sale of Land in Metro Dallas for Seniors Housing

by Haisten Willis January 12, 2016

CARROLLTON, TEXAS — John St. Clair of NOVUS Realty Advisors represented American Bank of Texas in the sale of 5.6 acres in north Carrollton for the development of a seniors housing community. Overlook at Prestonwood purchased the property, located at the northwest corner of the East Hebron Parkway and Marsh Lane intersection. The Overlook at Prestonwood project is a proposed 181-unit, four-story luxury multifamily residence with an additional five single-story cottages planned for independent seniors. The proposed unit mix consists of one-, two- and three-bedroom apartments and five one-bedroom cottages totaling 158,482 square feet. The development will feature elevators, an enclosed courtyard, swimming pool, an outdoor grilling area, fitness center and community room. Cross Architects is the architect for the project. Construction will begin in early summer.

January 12, 2016

Loans Multifamily New York Northeast Seniors Housing

Love Funding Secures $9.1M in Refinancing for Affordable Seniors Housing Property in Brooklyn

by Amy Works January 12, 2016

NEW YORK CITY — Love Funding has secured a $9.1 million loan for the refinancing of the Scheuer House of Coney Island, an affordable seniors housing property located in Brooklyn. Situated on 1.3 acres, the high-rise property features 197 age-restricted studio and one-bedroom apartments, 98 percent of which are Section 8 Units. Additionally, the property is within walking distance to the Coney Island boardwalk and amusement park. The borrower, JASA, will use the loan to renovate and upgrade the building. Planned enhancements include elevator upgrades, new kitchens, bathroom refurbishments, renovations of community common spaces and flood risk prevention measures. Laura Saull-Smith of Love Funding arranged the loan for the borrower through the U.S. Department of Housing and Urban Development’s 223(f) program.

January 12, 2016

Midwest Multifamily Ohio Seniors Housing

SLIB Arranges $6.3M Sale of Two Assisted Living Communities in Ohio

by Christina Cannon January 12, 2016

FINDLAY AND SPRINGFIELD, OHIO — Senior Living Investment Brokerage has arranged the sale of Fox Run Manor in Findlay, about 50 miles south of Toledo, and a second unnamed community in Springfield, about 50 miles west of Columbus, for $6.4 million. A private owner based in Kentucky purchased the assisted living communities, which have a combined 147 units, from an undisclosed seller. Fox Run was built in 1984, and comprises 52,591 square feet on approximately four acres. Occupancy at the time of sale was 78 percent. The Springfield community was built in 1989 and comprises 53,382 square feet on 5.4 acres. Occupancy at the time of sale was 82 percent. Ryan Saul led the SLIB team in the transaction.

January 12, 2016

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $20.1M Acquisition Financing for Assisted Living Community Near Seattle

by Nellie Day January 11, 2016

MUKILTEO, WASH. — CBRE National Senior Housing has arranged a $22.1 million loan for Capitol Seniors Housing, which will use the money to acquire and renovate Harbour Pointe Retirement & Assisted Living Community, a 107-unit independent living and assisted living community in the Seattle suburb of Mukilteo. Capitol, a Washington, D.C.-based owner and developer, plans to use $1 million of the loan to convert 31 assisted living units into a memory care wing for the 104,523-square-food community, among other improvements. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. A national bank is providing the capital. Capitol will lease the property to Milestone Retirement Communities, a Vancouver, Wash.-based operator of 30 communities in 10 states. Aron Will, executive vice president, led the CBRE team in the transaction.

January 11, 2016

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