Seniors Housing

City Lights Atlanta Old Fourth Ward Wingate Columbia Residential

Wingate Cos., Columbia Residential Break Ground on Seniors Housing Facility in Atlanta

by John Nelson January 23, 2015

ATLANTA — Wingate Cos. and Columbia Residential have broken ground on City Lights, an 80-unit affordable seniors housing development located at 430 Boulevard in Atlanta’s Old Fourth Ward district. The project is the first phase of the redevelopment of the Village of Bedford Pine. The property’s one-bedroom apartments will be made available to qualifying seniors aged 62 or older. The project’s financial partners include Community Affordable Housing Equity Corp., Sugar Creek Capital, HUD, the Georgia Department of Community Affairs and Atlanta’s Office of Housing. Prudential Huntoon Paige is providing construction financing for the project, which is slated for a summer 2016 completion. Amenities at City Lights will include a fitness center, TV and movie room, community kitchen, sundeck, covered garage, Wi-Fi access and a business center.

January 23, 2015

California Loans Multifamily Seniors Housing Western

Thunderbird Retirement Resort in Glendale Receives $21.2M Loan

by Nellie Day January 22, 2015

GLENDALE, ARIZ. – The 345-unit Thunderbird Retirement Resort in Glendale has received $21.2 million in financing. The seniors housing community is located at 5401 West Dailey Street. The fixed-rate, non-recourse loan was provided to ROC Seniors for the acquisition of the community. It features a three-year term with two, one-year extensions. The initial term is interest-only, with amortization beginning in the extensions. The loan includes about $5 million for renovations and repurposing. Financing was originated by Richard Thomas and Meredith Davis of the Seniors Housing and Healthcare Finance team at Grandbridge Real Estate Capital. It was provided through BB&T Real Estate Funding’s Structured Loan Program.

January 22, 2015

Indiana Midwest Multifamily Seniors Housing

Mainstreet, Trilogy Health Services to Open $14M Transitional Care Facility

by Danielle Everson January 16, 2015

LAFAYETTE, IND. – Mainstreet and Trilogy Health Services will open The Springs at Lafayette, a 66,786-square-foot transitional care (short-stay rehabilitation and therapy) and assisted living facility in Lafayette. The property is located at 2402 S. St. Construction started on The Springs at Lafayette in April 2014 and the property is tentatively scheduled to open by the first week of February. The Springs at Lafayette will include 100 beds and will provide hospitality-oriented care with amenities such as a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa, an on-site chef and more. The project, which represents a total investment of $14 million in the community, created more than 350 construction jobs and 120 part-time and full-time jobs. Mainstreet is the developer and owner of The Springs at Lafayette and Trilogy will operate the facility.

January 16, 2015

Loans Multifamily New York Northeast Seniors Housing

HHC Finance Secures $47M in Acquisition Financing for Brooklyn Seniors Housing Facility

by Amy Works January 15, 2015

NEW YORK CITY — Housing & Healthcare Finance (HHC Finance) has closed and funded a $47 million loan for the acquisition of The Phoenix Center for Rehabilitation and Nursing, formerly Atlantis Rehab Center, in Brooklyn’s Fort Greene section. CareRite Centers purchased the 11-story, 400-bed skilled nursing facility, which overlooks Fort Greene Park and is adjacent to Brooklyn Hospital. The facility provides short-term rehab, respiratory care, IV therapy, wound care, long-term healthcare and hospice care services. The acquisition financing comprised a $41.6 million first mortgage and a $5.2 million mezzanine loan provided by HHC Finance. Additionally, the overall financing package included a $4 million accounts receivable line of credit.

January 15, 2015

Loans Multifamily New Hampshire Northeast Seniors Housing Vermont

Cushman & Wakefield Senior Housing Arranges $49.6M Construction Financing for LCB Senior Living

by Amy Works January 7, 2015

SALEM, N.H., AND SOUTH BURLINGTON, VT. — Cushman & Wakefield Senior Housing Capital Markets has arranged $49.6 million in construction financing and joint venture equity for two senior housing developments in New England. The projects are LCB Senior Living’s seventh and eighth senior housing developments since it began its development program in 2013. The properties are The Residence at Salem Woods in Salem and The Residence at Quarry Hill in South Burlington. The Salem property will offer 84 apartments with 88 beds for independent, assisted and memory-care living. Wells Fargo provided $15.6 million in construction financing while the joint venture equity was provided by an institutional investor. The project broke ground in November 2014 and is expected to open in early 2016. The South Burlington property features 102 apartments with 104 beds for independent, assisted and memory-care living. PNC Bank provided $18.4 million in construction financing, while Virtus Real Estate Capital provided $8.5 million in joint venture equity. Construction is slated to begin in January 2015 with a planned summer 2016 opening. Rick Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield negotiated the transactions.

January 7, 2015

Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires Burnt Tavern Skilled Nursing Facility in New Jersey

by Amy Works December 23, 2014

BRICK, N.J. — Tryko Partners has acquired Burnt Tavern Rehabilitation and Healthcare Center in Brick for an undisclosed price. Located at 1049 Burnt Tavern Road, the center includes 148 skilled nursing beds with expansion potential and an assisted living component that can accommodate 23 clients. The company plans to launch a $1 million renovation program to upgrade the property, which has been renamed Willow Spring Rehabilitation and Healthcare Center. Planning renovations include a state-of-the-art sub-acute care unit, expanded rehabilitation facility with cutting-edge equipment and technology, and updated common areas, patient rooms and assisted living accommodations. Tryko Partners purchased the asset from the original developer, NuVision Management. Additional terms of the transaction were not released.

December 23, 2014

Loans Multifamily Seniors Housing Texas

CBRE Arranges $40.3M Loan for Seniors Housing Property in San Antonio

by Haisten Willis December 22, 2014

SAN ANTONIO — CBRE Capital Markets’ Senior Housing Debt & Structured Finance group has arranged $40.3 million in acquisition financing for a joint venture between Franklin Development Properties and Harrison Street Real Estate Capital. The financing will be used to acquire Franklin Park Stone Oak, a Class A assisted living and memory care community in San Antonio. CBRE negotiated an $18.2 million, five-year, 36-month interest-only, floating rate mortgage loan at a 70 percent loan-to-value ratio for Phase I, which was built in 2011. The company also negotiated a $22.1 million, five-year, 48-month interest-only, floating rate construction loan at a 70 percent loan-to-cost ratio to develop Phase II, which will be adjacent to the existing campus. The completed property will consist of 162 independent living units, 66 assisted living units and 33 memory care units.

December 22, 2014

Multifamily New Jersey Northeast Seniors Housing

Tryko Partners Acquires Burnt Tavern Skilled Nursing Facility in New Jersey

by Amy Works December 22, 2014

December 22, 2014

Multifamily Seniors Housing Texas

Red Capital Provides Construction Loan for Senior Housing Complex in Metro Houston

by Haisten Willis December 15, 2014

CYPRESS, TEXAS — Red Capital Partners LLC has provided a $13.5 million balance sheet construction loan to an affiliate of Avanti Senior Living. Avanti on Towne Lake will be a 90-unit assisted living and memory care facility located in Cypress near the Avanti headquarters in The Woodlands. The community will consist of 50 assisted living units and 40 memory-care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States.

December 15, 2014

Colorado Multifamily Seniors Housing Western

Villagio Senior Living in Broomfield Breaks Ground

by Nellie Day December 15, 2014

BROOMFIELD, COLO. – The 51-unit Villagio Senior Living has broken ground in Broomfield. The memory care continuum community is located at 5866 West 120th Ave. Common-area amenities include 24-hour care, a gourmet dining experience and community programs. The new community is expected to open next fall. The community will be designed by Van Tilburg, Banvard & Soderbergh and built by Pinkard Construction. It is being developed by Blackwood Development and Choice Capital Partners.

December 15, 2014

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