Seniors Housing

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

Iowa Midwest Multifamily Seniors Housing

SLIB Brokers $3.1M Sale of Skilled Nursing and Independent Living Communities in Iowa

by Christina Cannon January 11, 2016

SIOUX CITY, IOWA — Senior Living Investment Brokerage has arranged the sale of Countryside Nursing & Rehab, a 222-bed skilled nursing facility, and Four Seasons Countryside Estates, an independent living community, for a combined $3.1 million. The two properties are located a half mile from each other in Sioux City, near the Nebraska border. The buyer was Ide Management Group, an Indiana-based owner-operator expanding its footprint in Iowa. The seller was a public REIT looking to divest the non-core asset. Countryside Nursing & Rehab is 68,457 square feet and sits on 8.5 acres. It was originally built in 1965 and most recently renovated in 2003. Four Seasons Countryside Estates includes 45,553 square feet of space and sits on 5.4 acres. It was built in 1936 and renovated in 1986. Ide will invest in updates to the skilled nursing portion of the portfolio to help improve a low occupancy rate of 35 percent. Ryan Saul and Jeff Binder led the SLIB team in the deal.

January 11, 2016

Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges $43.6M in Bond Financing for Construction of Seniors Housing Facility in Ohio

by Christina Cannon January 8, 2016

NEW ALBANY, OHIO — Lancaster Pollard has arranged $43.6 million in bond financing for the construction of Wesley Woods, a new continuing care retirement community in the Columbus suburb of New Albany. The recipient of the proceeds is Methodist ElderCare Services, an affiliate of the West Ohio Conference of the United Methodist Church that provides housing, healthcare and services to seniors in central Ohio. Wesley Woods will be located on 37.8 acres alongside a nature preserve. The size of the community and number of units were not disclosed. The bond financing will also be used to add a wellness center to Wesley Ridge, another Methodist ElderCare development in Ohio that offers assisted living and independent living. In addition to providing new funds for the construction projects, the debt structure will refinance Methodist ElderCare’s existing 2005, 2010 and 2011 tax-exempt bonds. The Series 2015A and Series 2015B bonds were privately placed with two regional banks. The first 50 percent of entry fee receipts are earmarked and estimated to pay down the Series 2015B bonds of $6 million over a four-year period. Kass Matt led the transaction for Lancaster Pollard.

January 8, 2016

Maryland Seniors Housing Southeast

Mid-Atlantic Health Care Acquires Four Skilled Nursing Facilities in Maryland

by John Nelson January 6, 2016

BALTIMORE — Mid-Atlantic Health Care LLC, a Baltimore-based healthcare provider, has purchased four skilled nursing facilities in western and central Maryland for an undisclosed price. The four facilities include Northampton Manor Health Care Center in Frederick, Devlin Manor Health Care Center in Cumberland, Julia Manor Health Care Center in Hagerstown and Moran Manor Health Care Center in Westernport. The seller is The Magnolia Group, a skilled nursing owner/operator in Maryland and Pennsylvania. The company will continue to provide services to the facilities through its affiliate, Magnolia Rehabilitation Services LLC. With these acquisitions, Mid-Atlantic will now operate the largest group of facilities in western Maryland and become one of the region’s largest employers, according to the company. Adding the Magnolia facilities will increase Mid-Atlantic Health Care’s total number of locations from 17 to 21.

January 6, 2016

Midwest Minnesota Multifamily Seniors Housing

LCS, Weitz Open $161M Seniors Housing Community in Minneapolis Suburb

by Christina Cannon January 6, 2016

PLYMOUTH, MINN. — Design and construction firm The Weitz Co. and developer LCS have opened the doors to Trillium Woods, a 46-acre continuing care retirement community in the Minneapolis suburb of Plymouth. The 500,000-square-foot community cost $161 million to develop. The buildings are split into a 50,000-square-foot commons building, a 58,000-square-foot health center and three independent living buildings totaling 392,000 square feet. The three-level health center building contains 44 memory care and skilled nursing units. The independent living buildings contain 195 apartments. In addition, there are 14 detached townhome residences in seven separate buildings. Life Care Services, a subsidiary of LCS, will operate the new community.

January 6, 2016

Loans Multifamily Seniors Housing Washington Western

Lancaster Pollard Closes $4.5M Refinancing for Seniors Housing Community in Washington

by Nellie Day January 5, 2016

CLARKSTON, WASH. — Lancaster Pollard has closed a $4.5 million refinancing for Evergreen Estates Retirement & Assisted Living Community, a seniors housing community located in Clarkston along the southeast border of Washington State. The FHA loan will be used to refinance existing debt and fund the community’s replacement reserve account. The loan features a 30-year term at a lower interest rate than the previous bank loan. Matt Lindsay led the transaction for Lancaster Pollard.

January 5, 2016

California Multifamily Seniors Housing Western

LTC Adds Doug Korey, Mandi Hogan to Management Team

by Nellie Day January 5, 2016

WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare REIT based in the Los Angeles suburb of Westlake Village, has added industry veterans Doug Korey and Mandi Hogan to its management team. Doug Korey joins LTC as senior vice president of business development, a newly created position. Korey brings 25 years of experience in the seniors housing and care industry, most recently as president of Lancaster Pollard Finance Co. He is a member of the board of directors of the National Investment Center for Seniors Housing & Care (NIC) and holds a master’s degree in real estate finance and investment from New York University. Mandi Hogan has been named LTC’s director of marketing, succeeding Mark Hemingway, vice president of marketing, who is retiring as a full-time employee effective Feb. 29, 2016. Hemmingway will remain with LTC on a part-time basis. Hogan joins LTC with more than 20 years of marketing experience, most recently as national director of marketing for National Health Investors. She holds a bachelor’s degree in business administration from the University of Colorado, Boulder.

January 5, 2016

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