IOWA CITY, IOWA — NorthMarq Capital has finalized $7.1 million in refinancing for Legacy Pointe, an assisted living facility in Iowa City. Jason Kinnison of NorthMarq Capital’s Omaha regional office arranged the 35-year, fully amortizing loan through its FHA/HUD platform for the undisclosed borrower.
Higher income seniors are now more likely to occupy seniors housing in their elderly years than those with moderate and low incomes, according to a study conducted by the National Association of Real Estate Investment Trusts (NAREIT). This is a reverse from two generations ago, when higher-income seniors were more likely to age in place and those with lower incomes were more likely to move into subsidized seniors housing or an institution sponsored by a religious organization. Similarly, the percentage of elderly people entering seniors housing has increased compared to past times when most older Americans remained in their home for as long as physically possible. “The growth of the overall senior housing sector, the shift towards facilities that offer higher levels of services and amenities and the changing relationship between wealth and residency in a senior facility suggest that members of the Baby Boom generation may choose to live in senior housing at a higher rate than did earlier generations,” according to the study. The study examined the demographic and financial determinants of housing choices of older Americans, and how they have changed over the past several decades. NAREIT used information from the Panel Study of Income Dynamics (PSID), …
FRESNO, Calif. — Integral Senior Living (ISL), a seniors housing operator based in Carlsbad, will manage Kingston Bay Senior Living in Fresno, which recently started construction. ISL expects the community to open in spring of 2016. Quiring General, a seniors housing-focused construction company headquartered in Fresno, is building Kingston Bay. Sitting on four acres, the 86,467-square-foot community will have 107 units, which will consist of 61 one-bedroom and 22 bedroom assisted living apartment homes, as well as 24 memory care residences. This senior living community will provide an active and healthy lifestyle while promoting independence and upholding the dignity of the residents.
SHORELINE, Wash — Investment banking firm Evans Senior Investments (ESI) has arranged the sale of Shoreline Health and Rehab, a skilled nursing facility in the Seattle suburbs, for $6.6 million. Opened in 1968, the 106-bed facility underwent a $3 million renovation in 2012 which added 40 private rooms, accommodating more Medicare short-term rehabilitation patients. ESI represented the seller; the buyer was a publicly traded REIT.
DES MOINES, IOWA — Dougherty Mortgage LLC has closed a $7.7 million HUD 213 loan for the construction financing of Vintage Park Cooperative of Beaverdale, a senior cooperative property in Des Moines. The 40-year HUD 213 loan was arranged for borrower Vintage Park Cooperative of Beaverdale. The property will feature 54 market-rate units with one-level floor plans with nine-foot ceilings, outdoor decks or patios and large walk-in closets. Additionally, the property will feature a fitness center, workshop, multi-purpose room, clubroom and garden plots for gardening.
MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …
OKLAHOMA CITY — Senior Living Investment Brokerage Inc. has arranged the sale of Quail Springs, an 80-unit assisted living and memory care community located in Oklahoma City. The community features 68 assisted living units and 12 memory care units. Quail Springs was an operational outlier for the seller, Elmcroft/Ventas, and was not producing a positive EBITDA at the time of closing. Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction. Summit Senior Living purchased the seniors housing facility for an undisclosed price.
CUMMING, GA. — Atlanta-based contractor Juneau Construction Co. has entered the final phase of construction for The Villas at Canterfield in Cumming, which includes a 146,000-square-foot independent living apartment facility. The structure under construction is a four-story building housing 76 residential units, plus a pool, exercise facilities, multi-purpose activity rooms, a club area, country store, fully equipped communal kitchen, restaurant-style dining area and an outdoor courtyard. Juneau expects to complete construction of The Villas at Canterfield by November. The developer is Medical Development Corp., and the architect and engineer is The Corcoran Ota Group.
CHESTERTON, IND. — Mainstreet and Symphony Post Acute Network have broken ground on Symphony of Chesterton, a post-acute care facility located at 2775 Village Point in Chesterton. The 76,701-square-foot property will feature 106 bed and provide short-stay rehabilitation and therapy services, as well as senior living options. Mainstreet is developing the project, which will be operated by Symphony Post Acute Network. The $18.8 million project is expected to bring approximately 360 construction jobs and 150 permanent jobs to the area. The construction is expected to be complete by December.
MERRILLVILLE, IND. — McShane Construction Company has been selected to build Merrillville Memory Care, a 50-bed memory care community in Merrillville, a small town in the northwest corner of Indiana. Developers Whiteco Industries and Dete Development selected McShane for the 33,760-square-foot facility, which is planned for a 9.3-acre site at 7900 Rhode Island St. McShane will complete all site work, including landscaping and an on-site paved parking lot for 37 vehicles. Architectural Design Consultants will provide the architectural services.
