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Seniors Housing

DevelopmentMultifamilyNevadaSeniors HousingWestern

Blueprint Brokers Sale of 130-Unit Seniors Housing Development Site in Minden, Nevada

by Jeff Shaw

MINDEN, NEV. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a development site in Minden, approximately 50 miles south of Reno.  The five-acre parcel is fully entitled for construction of a seniors housing community totaling up to 130 units. The site is strategically located adjacent to Carson Tahoe Minden Medical Center, which Carson Tahoe Regional Health — the region’s largest healthcare provider — operates.  The buyer was a West Coast-based seniors housing developer that is affiliated with a seniors housing operator. Information on the seller and price were not disclosed.

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DevelopmentFloridaSeniors HousingSoutheast

HTG, AM Affordable Housing Begin Construction on $37.4M Seniors Housing Project in Bradenton, Florida

by John Nelson

BRADENTON, FLA. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. Located at 2116 9th St W, Astoria on 9th will be a five-story, mid-rise community offering a mix of one- and two-bedroom units reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin in summer 2024. Funding sources for Astoria on 9th include Fifth Third Bank, Capital One (via Freddie Mac), Bradenton CRA and Raymond James, as well as a State Apartment Incentive Loan (SAIL); a $713,400 National Housing Trust Fund (NHTF) loan; and a $600,000 Extremely Low Income (ELI) loan. Due to market volatility, Florida Housing Finance Corp. released the Construction Housing Inflation Response Program (CHIRP), and the property was allocated an additional $4.3 million of SAIL. The project team for Astoria on 9th includes general contractor Hennessy Construction Services engineering firm Hamilton …

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DevelopmentIndustrialMississippiMultifamilySeniors HousingSoutheast

Hunt Capital, Intervest to Convert Former Dairy Plant in Tupelo Into 33-Unit Seniors Housing Development

by John Nelson

TUPELO, MISS. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at market rates while the other 31 apartments will be restricted to seniors aged 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren Dunn Museum. Intervest is leading the adaptive reuse project and will serve as its property manager upon completion, which is set for July 2023. The design-build team includes general contractor Century Construction Group Inc. and Wallace Architects. Upon completion, Carnation Village will feature a clubhouse, exercise facility, central laundry facility, elevators, walking trails and a butterfly garden. Financing for the project includes $13.3 million in Federal Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) equity financing, as well as $2.5 million in Mississippi Historic Tax Credit equity financing, a $10.9 million loan from Cadence Bank and a $475,000 loan from Financial Institutions Housing Opportunity Pool.

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IllinoisLoansMidwestMultifamilySeniors Housing

Greystone Provides $13.7M HUD-Insured Loan for Refinancing of Supportive Living Facility in Crestwood, Illinois

by Kristin Harlow

CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

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Affordable HousingCaliforniaDevelopmentMultifamilySeniors HousingWestern

USA Properties Fund Plans $21M Vintage at Marja Acres Affordable Housing Community in Carlsbad, California

by Jeff Shaw

CARLSBAD, CALIF. — USA Properties Fund and The Pinyon Group plan to begin construction this summer on Vintage at Marja Acres, an affordable apartment community for residents over age 55.  The property is part of a larger mixed-use development in Carlsbad, approximately 35 miles north of San Diego. The 47-unit community will offer affordable housing in the new Marja Acres neighborhood that will include 248 townhomes, a community park and restaurant. Marja Acres is near the beach and the popular Carlsbad Village downtown area with restaurants, shops and live entertainment.  Construction on the $21 million apartment community is scheduled to start in the late summer, with leasing beginning in fall 2024. The City of Carlsbad, Riverside Charitable Corporation and WNC Inc. are partners in Vintage at Marja Acres. JP Morgan Chase is the construction and permanent lender for the project.  Residents at least 55 years old who earn 30 percent to 60 percent of the area’s median income for San Diego County — about $27,000 to $62,000 per year — are eligible to live in Vintage at Marja Acres. Rents for the one-bedroom apartment community will average about $1,200, depending on the income of residents.  IHP Capital Partners and KB …

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DevelopmentMultifamilySeniors HousingTexas

Watermark Opens 231-Unit Seniors Housing Community in Georgetown, Texas

by Taylor Williams

GEORGETOWN, TEXAS — Arizona-based owner-operator Watermark Retirement Communities has opened The Hacienda at Georgetown, a 231-unit luxury property in Georgetown, approximately 25 miles north of Austin. The apartments feature one- and two-bedroom options and offer independent living, assisted living, short-term stays or memory care. Amenities include a fitness center, salon/spa, courtyard and other various onsite dining and wellness programs.

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

Miami Jewish Health, McDowell Housing Break Ground on $137M Affordable Seniors Housing Project in South Florida

by John Nelson

PEMBROKE PINES, FLA. — Miami Jewish Health (MJH) and McDowell Housing Partners have broken ground on Douglas Gardens Residences, a 410-unit affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs for the project, which will combine healthcare and housing, are estimated at $137 million. Of the total units, 390 will be reserved for age- and income-qualified residents, while the remaining 20 will be market rate. The project team includes general contractor ANF Group; engineer and landscape designer Keith & Associates; REPRTWAR Architecture and Design; interior designer Jewel Toned Interiors; and law firm Nelson Mullins. Douglas Gardens Residences is scheduled for completion in late 2024. Financing for the project includes $77 million in tax-exempt bonds issued by Broward County Housing Finance Authority (HFA) via Citi Community Capital Bank, $50 million syndicated through affordable housing investment company CREA, a $14 million subordinate loan from Broward County’s Housing Trust Fund, $12 million in seller take-back financing from MJH and $12 million in developer equity contributions.

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DevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

IntegraCare Opens 130-Unit Seniors Housing Community in York, Pennsylvania

by Taylor Williams

YORK, PA. — Seniors housing owner-operator IntegraCare has opened The Residence at Fitz Farm, a 130-unit community in York. The 124,000-square-foot facility sits on a 16.5-acre site that was previously part of a family farm. The property houses 68 independent living units, 42 assisted living residences and 20 memory care units. Amenities include multiple onsite dining venues, fitness and therapy areas, a beer rathskeller, theater, hair salon, library, card room and various outdoor green spaces. IntegraCare developed The Residence at Fitz Farm in partnership with Indianapolis-based Avenue Development.

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DevelopmentMidwestMinnesotaMultifamilySeniors Housing

New Perspective Opens 146-Unit Senior Living Community in Arden Hills, Minnesota

by Kristin Harlow

ARDEN HILLS, MINN. — New Perspective has opened a 146-unit seniors housing community in Arden Hills, a suburb of Minneapolis-St. Paul. The 192,000-square-foot community offers independent living, assisted living and memory care services. The property is New Perspective’s 10th in the Twin Cities metro area. New Perspective Arden Hills will partner with Bethel University, the community’s next-door neighbor, in providing a variety of campus opportunities for those living in the building.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Negotiates Sale of Seven Skilled Nursing Facilities Totaling 564 Beds in Texas

by Taylor Williams

TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of seven skilled nursing facilities totaling 564 beds in Central and East Texas. The assets on average were built in 1969 and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire an established skilled nursing portfolio and integrate the facilities into an existing regional portfolio. The buyer was a regional owner-operator. The seller and sales price were not disclosed.

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