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Seniors Housing

DevelopmentKansasMidwestMultifamilySeniors Housing

Hunt Midwest, Principal Senior Living Complete Memory Care Expansion at Benton House of Olathe in Kansas

by Kristin Harlow

OLATHE, KAN. — Hunt Midwest and Principal Senior Living have completed 21 new memory care residences at Benton House of Olathe in Kansas. The expansion project more than doubles the number of memory care apartments available in the community’s Beacon Neighborhood, an exclusive neighborhood within the Benton House community dedicated to seniors experiencing memory loss. The first residents are scheduled to move in to the new apartments in March. Benton House of Olathe now offers 76 total residences, including 35 memory care apartments and 41 studio and one-bedroom assisted living suites. The property features a variety of indoor and outdoor amenity spaces around three landscaped courtyards. The project team included Lamas Architects, Schlagel and Associates and Meyer Brothers Building Co. Hunt Midwest and Principal currently own and operate a portfolio of six assisted living and memory care communities in metro Kansas City.

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AcquisitionsMultifamilySeniors HousingTexas

ESI Arranges the Sale of a 119-Bed Seniors Housing Property in Dallas, Buyer Plans $9M Renovation

by Taylor Williams

DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow, a 119-bed seniors housing property located just north of downtown Dallas. Built in 2001 and renovated in 2018, the community offers assisted living, memory care and long-term care services. An undisclosed regional owner-operator sold the asset to Marcus Investments for an undisclosed price. Vitality Senior Living will take over as operator. The buyer plans to invest $9 million in additional renovations to the property.

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DevelopmentFloridaLoansMultifamilySeniors HousingSoutheast

Pearlmark Provides $33M Mezzanine Debt for Active Adult Development in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult residential development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ Glen Kernan Park is situated near the Mayo Clinic and St. Johns Town Center and is reserved for households age 55 years and older. Upon completion, the 30-acre project will comprise 236 residential units and 72 cottages. Amenities will include a clubhouse, fitness center, yoga and group fitness space, media lounge, resort-style pool, pickleball courts, dog park and a party room.

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Friendship-Village-Tempe-AZ
ArizonaDevelopmentMultifamilySeniors HousingWestern

Ryan Cos. Completes 142,000 SF Second Phase of Friendship Village Seniors Housing Redevelopment in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre seniors housing campus of Friendship Village Tempe.  The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both phases. The second phase includes 64 independent living apartments, four guest suites and 69 underground parking spaces. The one- and two-bedroom residences range from 743 square feet to 1,789 square feet. Phase III construction is scheduled to begin in second-quarter 2025. Details on that phase were not released.

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Clearwater-Newport-Beach-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Clearwater Living Opens 101-Unit Assisted Living Community in Newport Beach, California

by Amy Works

NEWPORT BEACH, CALIF. — Clearwater Living has opened its previously announced Clearwater Newport Beach, a 101-unit assisted living and memory support community in Newport Beach. Located at 101 Bayview Place, Clearwater Newport Beach features 70 assisted living and 31 memory support apartments in a mix of studio, one- and two-bedroom floor plans. The community includes an outdoor courtyard, creative studio, clubroom, fitness and wellness center, theater, housekeeping and laundry, salons, transportation and concierge services. Clearwater Newport Beach also offers a variety of dining options, including an on-site Savor Restaurant, CDM Café, wine vault, outdoor bar and private dining. The community provides residents with access to a licensed nurse on-site, 24-hour compassionate care partners, medication coordination, regular monitoring and other comprehensive care services, as well as physical therapy, occupational therapy and speech-language pathology through a collaboration with EmpowerMe Wellness.

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ColoradoDevelopmentLoansLumentMultifamilySeniors HousingWestern

Lument Arranges $27M Construction Financing for Seniors Housing Project in Durango, Colorado

by Amy Works

DURANGO, COLO. — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango.  Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent investment firm. C-PACE is an alternative financing mechanism used for the upfront costs associated with energy efficiency or renewable energy improvements. Founded in 2012, Mission Senior Living is an owner and operator of senior living communities in the Western U.S. with six communities totaling 639 units under management.

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IowaLoansMidwestMultifamilySeniors Housing

JLL Arranges $17.9M in Acquisition Financing for Two Seniors Housing Properties in Iowa

by Kristin Harlow

INDIANOLA AND MASON CITY, IOWA — JLL Capital Markets has arranged $17.9 million in acquisition financing for Vintage Hills of Indianola and Country Meadow Place in Iowa. The assisted living and memory care communities total 118 units. Jeff Lepley and Alex Sheaffer of JLL arranged two loans on behalf of the borrower, affiliates of Jaybird Senior Living. Jaybird managed both communities prior to the acquisition. JLL arranged one loan through a regional bank, while the other utilized the HUD 232/223(f) program. The loans represent greater than 80 percent of the total purchase price. Vintage Hills of Indianola is a 62-unit facility located in Indianola, a southern suburb of Des Moines. The building offers amenities such as a movie theater, beauty salon, spa, landscaped courtyard and community parlor. Country Meadow Place is a 56-unit property in Mason City, a city in northern Iowa. The community offers the same amenities as Vintage Hills of Indianola.

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AcquisitionsKansasMidwestMultifamilySeniors Housing

Blueprint Negotiates Sale of 58-Unit Assisted Living Community in Central Kansas

by Kristin Harlow

KANSAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 58-unit assisted living community in Central Kansas. Built in the early 1990s, the property was well maintained by current ownership, including a $400,000 capital expenditure investment to ensure the community remained competitive within the local market, according to Blueprint. The buyer was a Kansas-based owner-operator. Further details were not provided. Amy Sitzman, Giancarlo Riso and Kory Buzin of Blueprint brokered the sale.

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AcquisitionsConference CoverageFeaturesMultifamilySeniors Housing

Seniors Housing Investors Are Ready to Switch to Acquisitions Mode, Say InterFace Panelists

by Jeff Shaw

LOS ANGELES — In 2023, particularly in the second half of the year, a combination of forces slowed property sales to a crawl in the seniors housing sector. Amy Sitzman, executive managing director of seniors housing and care at Blueprint Healthcare Real Estate Advisors, laid out the laundry list of challenges. “The bid-ask spread conversation really has everything to do with what’s gone on in the market the past year and a half,” she said. “It has been trying for everybody dealing with interest rate hikes, inflation, operations, staffing challenges, expenses going out of control, the minimal lack of stabilized assets out on the market. We’re just trying to get our head around the value of assets today.” Sitzman made her comments as moderator of a panel titled “Investment Outlook: When Will the Bid-Ask Gap Narrow and Transactions Resume in Earnest?” at France Media’s InterFace Seniors Housing West conference, held Feb. 1 at the Omni Los Angeles. Speakers at the session included Michelle Kelly, senior vice president of investments, NHI; Darrin Smith, executive vice president of Investments, Sabra Health Care REIT; Bryan Schachter, chief investment officer, Watermark Retirement Communities; and Clint Malin, co-president and chief investment officer, LTC Properties. While …

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Arranges Sale of Two Skilled Nursing Facilities Totaling 320 Beds in East Texas

by Taylor Williams

TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities totaling 320 licensed beds in East Texas. The names of the properties, as well as the buyers and sellers were not disclosed. Giancarlo Riso, Amy Sitzman and Ryan Chase led the Blueprint team on the transaction. The deal closed via the buyer’s assumption of the seller’s outstanding loan, which carried an interest rate of 2.9 percent and a remaining term of over 25 years.

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