Seniors Housing

NAI Mertz Brokers Sale of Pennsylvania Development Site for Assisted Living Project

by Amy Works April 30, 2015

HUNTINGDON VALLEY, PA. — NAI Mertz has brokered the sale of a 4.45-acre development site located on Lieberman Drive in Huntingdon Valley. First Baptist Church of Huntingdon Valley sold the parcel to Artis Senior Living for $850,000. The buyer plans to develop a 72-bed memory-care, assisted living residence on the site. Groundbreaking for the assisted living facility is slated for early summer. This facility will be the company’s fourth Artis community under construction or in operation. Jeffrey Licht and Adam Lashner of NAI Mertz represented the seller in the deal.

April 30, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Health Services Open Transitional Care Facility in Carmel, Ind.

by Danielle Everson April 29, 2015

CARMEL, IND. — Mainstreet and Trilogy Health Services have completed construction on a transitional care facility in Carmel. Wellbrooke of Carmel is located at 12315 Pennsylvania St. The new facility will provide transitional care (short-stay rehabilitation and therapy) and assisted living. Construction on Wellbrooke of Carmel started in April 2014. The 68,590-square-foot property includes 94 beds. Amenities include a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 374 construction jobs and 120 permanent jobs. A community open house for Wellbrooke of Carmel will take place on May 3.

April 29, 2015

Loans Multifamily Seniors Housing Texas

Q10 KDH Arranges Financing for Retirement Community in Houston

by Haisten Willis April 29, 2015

HOUSTON —Larry Peters and Adam Unger of Q10 Kinghorn, Driver, Hough & Co. have arranged financing for a 100-unit seniors housing apartment community in Houston. The garden-style property is currently 97 percent occupied. The loan included a 70 percent loan-to-value ratio and an initial interest rate below 3 percent. The floating rate can be converted to fixed rate during the seven-year term at no cost. With this loan, the borrower also secured cash out for capital improvements.

April 29, 2015

Multifamily New York Northeast Seniors Housing

Incentives Approved for Assisted Living Facility in Patchogue, N.Y.

by Amy Works April 28, 2015

PATCHOGUE, N.Y. — Brookhaven Industrial Development Agency (IDA) has approved incentives for the development of an assisted living facility in Patchogue. Levittown, N.Y.-based D&F Patchogue A.L. LLC plans to develop a five-story 87,000-square-foot facility on 1.33 acres at 18 and 22 Maple Ave. and 131 E. Main St. in downtown Patchogue. Estimated to cost $31 million, the 128-unit facility will feature 46 memory care beds. The facility will be initially owned by D&F and managed by Des Moines, Iowa-based Life Care Services. The IDA financial package includes a Payment in Lieu of Taxes (PILOT) agreement and the developer was granted exemptions from sales tax on construction materials and equipment.

April 28, 2015

Seniors Housing South Carolina Southeast

Graycliff Capital Develops New South Carolina Assisted Living Facility

by John Nelson April 24, 2015

SIMPSONVILLE, S.C. — Construction is underway on Fairview Park Assisted Living Facility, developed by Graycliff Capital Senior Housing, across a 10-acre parcel near Hillcrest Memorial Hospital in Simpsonville. Planned to accommodate 80 total beds, Fairview was modeled on Graycliff’s Spring Park concept and will comprise two residential assisted living wings containing common areas and 56 beds, as well as a 24-bed memory care wing with private common areas. Development cost is $11.2 million, and Graycliff expects to complete construction by November 2015.

April 24, 2015

Multifamily Seniors Housing Texas

HFF Arranges Sale of 129-unit Houston Community

by Haisten Willis April 16, 2015

BAYTOWN, Texas — Dallas-based lender HFF has closed the sale of Remington Park at Baytown, a 129-unit independent and assisted living community. HFF marketed the property on behalf of the unnamed seller. Capital Senior Living purchased the asset for an undisclosed amount. Remington Park at Baytown is located at 901 West Baker Road in Baytown, a suburb approximately 25 miles east of downtown Houston. Expanded in 2008, the 95-percent-occupied property has a mix of nine independent living cottages and 120 assisted living units. The HFF team representing the seller was led by managing director Ryan Maconachy and director Chad Lavender.

April 16, 2015

Florida Multifamily Seniors Housing Southeast

Index Living to Develop Two Apartment Communities in Metro Orlando

by John Nelson April 10, 2015

ORLANDO, FLA. — Index Living plans to develop two apartment communities on Greenwald Drive near the northeast corner of Osceola and John Young parkways near Kissimmee. The combined development cost for the two properties is $47 million. The two properties, known as Monterey Pointe and Sonoma Pointe, will span a combined 366 units that feature nine-foot ceilings, wood plank flooring, stainless steel appliances, granite countertops, bedroom ceiling fans and energy and water conservation features. The properties’ community amenities will include community rooms, fitness centers, business centers and swimming pools with deck areas. Index Living, through its affiliate Index Investment Group and an unnamed developer based in Florida, plans to deliver Sonoma Pointe this September. No completion date has been announced for Monterey Pointe, which will be an independent living property for seniors over 55 years old.

April 10, 2015

Massachusetts Multifamily Northeast Seniors Housing

Boston Capital Closes $120M Tax Credit Fund

by Amy Works April 9, 2015

BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund LX, a nationwide portfolio of 21 affordable apartment properties in 13 states with a fund size of $120 million. The fund includes 17 properties for families and four seniors housing developments. This portfolio added 1,068 apartment units to Boston Capital’s holdings. Fund XL also will result in the creation of nearly 870 local jobs and will generate $54 million in local salaries. With the closing of Fund XL, the company has raised $538 million in equity in the past 12 months. Boston Capital also recently launched Corporate Fund XLI, a $160 million fund expected to close in October.

April 9, 2015

Illinois Midwest Multifamily Seniors Housing

American House Senior Living Communities Acquires Cedarlake Village in Plainfield, Ill.

by Danielle Everson April 8, 2015

PLAINFIELD, ILL. — A joint venture of American House Senior Living Communities and AEW has acquired Cedarlake Village in Plainfield. The seniors housing property is located at 14800 S. Van Dyke Road. Cedarlake Village includes 178 one-bedroom apartments in two buildings, Wheatland and Renwick. Currently, both buildings are independent living facilities. However, Renwick will be licensed and converted into assisted living. Beginning in late spring, the community will undergo renovations, including the addition of an Anytime Café, dining room, fitness center and game room. American House began managing the community on March 31. AEW acquired the property on behalf of AEW Senior Housing Investors II LP.

April 8, 2015

Multifamily Seniors Housing Texas

Stroud Cos. Arranges Sale of Four Assisted Living Facilities in Texas

by Haisten Willis April 7, 2015

HOUSTON, AUSTIN AND ODESSA, TEXAS —Dallas-based Stroud Development and Stroud Investments have finalized the sale of four assisted living and memory care communities in the Houston, Odessa and Austin Markets to ROC Seniors. The sale, valued at more than $70 million, was financed using the HUD 232 debt program and has been a joint venture project with Orchard Park Senior Living. Development began in 2011. Bedford, Texas-based Arrive Architecture Group designed the Orchard Park communities. Each community serves 57 assisted living residents and includes a separate secured wing serving 40 Alzheimer’s and/or dementia care residents. The Orchard Park communities also feature landscaped courtyards, private dining amenities, special events venues, fitness and wellness areas, therapy rooms and a salon. Additional services include transportation, wellness programs, weekly linen and housekeeping services and assistance with activities of daily living.

April 7, 2015

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