BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower. The loan will be seasoned for two years before a planned refinancing under the U.S. Department of Housing and Urban Development’s 232 Program.
ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to turn the lights back on,” said Jennings. “Our industry will continue to grow, push forward and be innovative, and build relationships outside the normal REIT and private equity model that we’ve all grown accustomed to.” Jennings’ remarks came during the development outlook panel at the 10th annual InterFace Seniors Housing Southeast, a conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business on Wednesday, Aug. 16 at the Westin Buckhead in Atlanta. Todd Hudgins, senior vice president of senior living for Madison, Wisconsin-based ERDMAN, moderated the panel. Jennings went on to say that while it is tough to get a deal done right now, eventually it will get …
WILMINGTON AND NEWARK, DEL. —Life Care Services (LCS) has completed renovations at three seniors housing communities in Delaware: Foulk Living and Shipley Living in Wilmington and Millcroft Living in Newark. Renovations at Foulk Living included upgrades to the lobby, corridors, fitness center and dining room. In addition, Foulk Living’s independent living cottages are being updated as they become available with new kitchen cabinets, countertops, appliances, flooring, paint, blinds and carpeting. Shipley Living received a new roof, updated exterior, porte-cochère and grand entrance. Inside, the lobby, corridors, communal living room, dining room, bistro and bar were all updated. Millcroft Living’s entrance received a new concierge desk and lobby, as well as a new bar/lounge space, renovated dining room and card room and beautified corridors.
ALEXANDRIA, VA. — The Arlington Partnership for Affordable Housing (APAH), along with its development partners, has opened Oakwood Meadow Senior Residences in Alexandria. The affordable housing development features 150 one- and two-bedroom apartments for qualifying adults ages 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project is part of a public-private partnership between APAH and Fairfax County Redevelopment and Housing Authority (FCRHA). In addition to the contribution of public land, Fairfax County and the FCRHA invested $5.3 million in local Housing Blueprint funding, nearly $12.6 million in bond financing and an undisclosed amount in project-based vouchers. Additional financing includes both 4 and 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by Virginia Housing and nearly $30 million in equity investments from Bank of America.
ATLANTA — The demand metrics of seniors housing are extremely compelling, given the demographics of Americans aging into the product type. But that demand is not necessarily translating directly to occupancy at senior living properties. This disparity between leads and move-ins is just one of the gaps that the panelists highlighted throughout the “Power Panel” at France Media’s InterFace Seniors Housing Southeast conference that touched on marketing, generational differences and family expectations. Hosted Aug. 16 at the Westin Buckhead in Atlanta, the panel offered insight into the state of the industry, as seen through the eyes of C-Suite executives. Participants included Iyvonne Byers, CFO of Priority Life Care; Judd Harper, president of The Arbor Co.; Doug Schiffer, president and chief operating officer of Allegro Senior Living; Shelley Esden, president and CEO of Sonata Senior Living; and Terry Rogers, president and CEO of Westminster Communities of Florida. John Lariccia, CEO of WelcomeHome Software, served as the moderator. Follow the lead Esden said that the “big discrepancy between the rise in the number of leads and the rise in move-ins” can be partly accounted for by the prevalence of digital marketing and automation, particularly in the post-COVID landscape. For this reason, she …
BASALT, COLO. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults (age 55 and over) in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square feet.
LITTLE ROCK, ARK. — Arrow Senior Living has opened The Summit Senior Living at Chenal Valley in Little Rock. Built by O’Reilly Development, the property is situated in the West Little Rock area and sits on 12 acres near outdoor recreation, shopping and fine dining. The 163,000-square-foot property features 96 independent living units, 44 assisted living units and 18 memory care units. The Summit Senior Living at Chenal Valley is the first Arrow-operated community in Arkansas and the operator’s 35th in the nation.
ALBUQUERQUE, N.M. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities in Albuquerque. The communities were built in 1972 and 1982, with renovations in 2011 and 2015. The properties are 3,176 and 7,880 square feet and are situated on approximately 0.38 and 0.6 acres of land. The seller was a mom-and-pop owner divesting to retire from the industry. The buyer is an owner-operator expanding its presence in the West. This is the buyer’s first acquisition in New Mexico. The price was not disclosed. Vince Viverito and Matthew Alley of SLIB handled the transaction.
REDMOND, WASH. — Emerald Communities has broken ground on an assisted living expansion project in Redmond, approximately 10 miles east of Seattle. The development will add 54 one-bedroom units to Emerald Heights, a continuing care retirement community. The project also includes a dining space, activity rooms, an outdoor patio and a centralized courtyard across 67,55 square feet. Development costs are estimated at $55 million. Dean Kelly of the architecture firm Rice Fergus Miller is leading the design, and also recently managed Emerald Heights’ new 42-unit independent living building and earlier expansion projects, which were completed in 2014. GLY Construction has been named as the builder. The project is scheduled for completion in late 2024. Emerald Heights is situated on 38 acres in the Education Hill area of Redmond.
BROCKTON, MASS. — MassHousing has provided $12.9 million in financing for Bixby Brockton Apartments, a 106-unit affordable seniors housing complex located on the southern outskirts of Boston. The complex houses 88 one-bedroom apartments and 18 two-bedroom apartments, with two units occupied by maintenance and security staff. The borrower, Affordable Housing & Services Collaborative Inc., will use the proceeds to fund capital improvements and extend the property’s affordability status. Among the improvements slated for the property are unit repairs, two new heating systems, a new fence, security camera upgrades and the extension of a laundry room.