Seniors Housing

Cardinal Ventures Hires Frampton Construction to Build New Seniors Housing Property in Columbia MSA

by John Nelson October 29, 2015

ELGIN, S.C. — Mississippi-based seniors housing developer Cardinal Ventures has hired Frampton Construction Co., a South Carolina-based construction firm, to build The Blake at Woodcreek Farms, an assisted living and memory care community in the Columbia suburb of Elgin. The Class A community will be a two-level, 100-unit facility when completed. This will be the first South Carolina location of The Blake, which has other locations in Alabama, Florida, Louisiana and Mississippi. Frampton Construction broke ground on the community in September, and expects to open The Blake in the fall of 2016.

October 29, 2015

Brightview Fallsgrove 9200 Darnestown Road Rockville

Loans Maryland Seniors Housing Southeast

Grandbridge Arranges $19M Refinancing of Seniors Housing Property in Maryland

by John Nelson October 29, 2015

ROCKVILLE, MD. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team in Atlanta has arranged the $19 million refinancing of Brightview Fallsgrove, a seniors housing property located at 9200 Darnestown Road in Rockville. The property features 70 assisted living units and the 24-unit Wellspring Village, which houses residents needing dementia care. Richard Thomas and Meredith Davis of Grandbridge arranged the loan through an agency lender of behalf of the owner.

October 29, 2015

Kansas Midwest Multifamily Seniors Housing

Mainstreet, Ensign Group Open $11.2M Skilled Nursing Facility in Kansas City

by Christina Cannon October 28, 2015

KANSAS CITY, KAN. — Indiana-based skilled nursing developer Mainstreet and California-based operator The Ensign Group Inc. have opened The Healthcare Resort of Kansas City, a brand new 100-bed skilled nursing facility in Kansas City. Construction started on The Healthcare Resort of Kansas City in April 2014 and was completed in September 2015. The 71,626-square-foot community cost $11.2 million to develop.

October 28, 2015

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $18.3M Loan for Construction of Community Near Chicago

by Christina Cannon October 27, 2015

LAKE ZURICH, ILL. — CBRE National Senior Housing has arranged an $18.3 million construction loan for a joint venture between Pathway Senior Living and Virtus Real Estate Capital. The joint venture will build Azpira Place of Lake Zurich, a 120-unit assisted living community in the Chicago suburb of Lake Zurich. The Class A, 105,000-square-foot, three-story community will be situated on a 5.8-acre parcel. Aron Will, executive vice president of CBRE National Senior Housing, arranged the four-year, floating-rate loan through a regional bank. The loan includes 36 months of interest-only payments. Pathway Senior Living is a Chicago-based firm founded in 1997. The company operates 20 seniors housing communities, primarily in the Chicago area. Virtus is a private equity sponsor based in Austin, Texas.

October 27, 2015

Georgia Multifamily Seniors Housing Southeast

Griffin, Canyon Break Ground on New Seniors Housing Community in Metro Atlanta

by Haisten Willis October 26, 2015

ROSWELL, GA. — California-based developer Griffin Real Estate Management and investment firm Canyon Partners Real Estate, in partnership with operator Thrive Senior Living, have started construction of The Georgian Lakeside Assisted Living and Memory Care, a 95-unit community in the Atlanta suburb of Roswell. Thrive will operate the community — which comprises 70 assisted living units and 25 memory care units — when complete.

October 26, 2015

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $24M Construction Loan for Assisted Living Community in Westmont, Illinois

by Christina Cannon October 26, 2015

WESTMONT, ILL. — CBRE’s debt and structured finance team has secured $24 million in construction financing for Pathway Senior Living and Virtus Real Estate Capital. The joint venture partnership will use the financing to construct Aspired Living of Westmont, a Class A assisted living and memory care facility in Westmont, a western Chicago suburb. The property will consist of 75 assisted living units and 34 memory care units. The 123,000-square-foot, three-story building will be situated on 3.5 acres. The loan was originated at 70 percent loan-to-cost and includes a four-year floating rate and 36 months of interest-only payments. Aron Will of CBRE arranged the financing provided by a regional bank. Chicago-based Pathway Senior Living is a privately held company. Austin, Texas-based Virtus Real Estate Capital is a real estate private equity sponsor.

October 26, 2015

Arizona Conference Coverage Multifamily Seniors Housing Western

InterFace On-Campus Housing Kicks Off in Tempe Near Arizona State

by Nellie Day October 23, 2015

TEMPE, ARIZ. — The third annual InterFace On-Campus Housing conference began yesterday in Tempe at the Tempe Mission Palms hotel, near Arizona State University (ASU). Wednesday, more than 60 attendees toured four on-campus properties at ASU that American Campus Communities (ACC) developed or re-developed in a public-private partnership with the university. Vista Del Sol, which opened in 2008, features more than 1,800 beds and was developed by ACC, while Hassayampa Academic Village, which opened in 2006 and was developed by Machado and Silvetti + GouldEvans LLC, features more than 1,900 beds. Representatives from ACC and ASU, as well as construction firm Hardison Downey Construction, were on-hand to talk about the projects and answer questions. Thursday began with a breakfast and speed networking session, as well as the keynote speech by generational expert Michael Wood of 747 Group. Wood spoke about the upcoming Gen Z, what its members’ interests are, what they expect of authority and what they may prefer in housing after entering higher education. Sessions and panels continue today at the Tempe Mission Palms.

October 23, 2015

Colorado Multifamily Seniors Housing Western

Lancaster Pollard Hires Rob McAdams to Open Office in Denver

by Nellie Day October 21, 2015

DENVER — Rob McAdams has joined Lancaster Pollard and will open a new office for the firm in Denver. McAdams will serve the lender’s clients in Colorado, Wyoming, Montana and Idaho and will oversee the structuring and funding of healthcare project financings for hospitals and senior living providers in those states. McAdams has been involved in investment sales and debt and equity structuring for the hotel and hospitality industry since 2005 and most recently served as a partner at U.S. Hotel Advisors in Denver. In that role, he oversaw all areas of hotel debt and equity financing transactions, including new business generation, negotiation of financing terms, selection of capital providers and orchestration of closing processes. He earned master’s degrees in finance, as well as real estate and construction management, from the University of Denver, Daniels College of Business. He received a bachelor’s degree in communications from the University of Colorado.

October 21, 2015

Loans Multifamily Nevada Seniors Housing Western

Lancaster Pollard Arranges $1.8M Bridge Loan for Community in Nevada

by Nellie Day October 19, 2015

RENO, NEV. — Lancaster Pollard has arranged a $1.8 million bridge loan for Reno Valley Assisted Living & Retirement Center (RVALRC), a 118-unit assisted living facility located in Reno. The community was acquired in 2013 and has undergone a turnaround process. The loan, provided by a local lender, has a five-year term and will fund further capital improvements, debt repayment and recapitalization. The improvements will also allow RVALRC to accept Medicaid residents, opening its doors to a wider range of customers. The community plans to refinance the loan within three years once improvements are implemented. Grant Goodman led the transaction for Lancaster Pollard.

October 19, 2015

Multifamily Seniors Housing Texas

Construction of New Seniors Housing Property Underway in Houston

by Haisten Willis October 19, 2015

HOUSTON — Whiting Turner has broken ground on Amarillo Terrace, a new 108-unit independent living property at the Eagle’s Trace continuing care retirement community in Houston. Amenities will include stainless steel appliances and granite countertops, while screened-in porches and patios will be options for a number of the residences. Residents will also have access to a new media room, fitness center and additional meeting space. Amarillo Terrace is scheduled to open in the fall of 2016. Texas-based JHP Architecture designed Amarillo Terrace to be connected by a climate-controlled walkway to the main clubhouse of Eagle’s Trace, which houses services such as the medical center, convenience store, salon and bank. Additionally, the continuing care neighborhood provides 112 residences offering assisted living, memory care, post-acute rehabilitation and nursing care services.

October 19, 2015

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