CHICAGO — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $28.8 million loan for the refinancing of an assisted living and memory care community in metro Chicago. The borrowers were affiliates of a seniors housing-focused private equity firm. Ryan Stoll and Taylor Mokris of BWE arranged the loan through a regional bank with a national focus on seniors housing. The four-year loan features a 30-year amortization schedule.
PENNSYLVANIA — Evans Senior Investments (ESI) has arranged the $39 million sale of a portfolio of three seniors housing properties in Pennsylvania. The properties, the specific names and locations of which were not disclosed, total 395 skilled nursing beds and 32 units of private-pay seniors housing. The portfolio was approximately 64 percent occupied at the time of sale. The buyer was a regional owner-operator, and the seller was not disclosed.
TULSA AND OKLAHOMA CITY, OKLA. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a portfolio of two memory care communities totaling 54 units in Tulsa and Oklahoma City. The properties were built in 2015 and 2016. The buyer was a Texas-based owner-operator focused on standalone memory care facilities in the region. Blueprint also assisted the buyer with debt placement through an existing bank relationship. The seller was not disclosed.
CONROE, TEXAS — Grace Management has broken ground on The Lakes at Woodhaven Village, a 115-unit active adult complex in Conroe, located about 40 miles north of Houston. The project, which is being developed on a five-acre plot adjacent to the 2,000-acre Grand Central Park master-planned community, is slated for a spring 2024 completion. Project partners include developer Padua Realty Co. and affiliated construction company Dorado Builders, Investwell Architects, Lizabeth Jones Interior Design and Jordan & Skala Engineers.
ALEDO, TEXAS — Dallas-based development and investment firm Journey Capital has completed Harvest at Aledo, a 107-unit seniors housing project located about 20 miles west of Fort Worth. The property consists of 87 assisted living and memory care units and 20 independent living residences. In addition, Harvest at Aledo offers an all-day bistro, personalized care plans, leisure activities and restaurant-style dining options. Journey Capital has tapped Civitas Senior Living to operate the community.
ST. GEORGE AND LINDON, UTAH — 1031 Crowdfunding has acquired its first two seniors housing communities in Utah. Totaling 178 units of assisted living and memory care, the communities are in the Provo suburb of Lindon and St. George, which is located approximately 130 miles northeast of Las Vegas. Both properties total 156,473 square feet across 5.85 acres, offer seven-year leases, and are within a four-mile radius of local hospitals. “As 1031 Crowdfunding continues to grow, we plan to move into other regions of the country,” says Edward Fernandez, president and CEO of 1031 Crowdfunding. “Seniors housing facilities are needed throughout the country as the baby boomers continue to age, so we continue to look for opportunities to grow our real estate portfolio in targeted markets where we see seniors housing growth potential. The Utah market is attractive to us because the state offers an ideal environment for businesses, lower taxes and a mix of diverse and varied industries that draw people who want to live and work in the state.” The facilities, Spring Gardens St. George and Spring Gardens Lindon, were built in 2011 and 2016. Avista Senior Living is the operator.
SOUTH JORDAN, UTAH — Stellar Senior Living has acquired Anthology of South Jordan, a 103-unit seniors housing community in South Jordan, a suburb of Salt Lake City. The new owner has changed the name to Copper Creek Senior Living. The property offers independent living, assisted living and memory care services. Copper Creek is located near retail, entertainment, recreational and healthcare destinations. Utah-based Stellar Senior Living is a family-owned senior living provider operating 28 senior living communities in nine states in the Western United States.
HOUSTON — CBRE has negotiated the sale of The Village at River Oaks, a seniors housing community in the River Oaks neighborhood of Houston that offers independent living, assisted living and memory care services. A partnership between Harrison Street and Bridgewood Property Co. sold the asset to a fund affiliated with Blue Moon Capital Partners. The sales price and number of units were not disclosed. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE brokered the deal. CBRE also arranged a seven-year, floating-rate acquisition loan that carried 48 months of interest-only payments through a regional bank.
CHICAGO — Standard Communities led a public-private partnership that acquired two affordable seniors housing properties in metro Chicago. Standard plans to make $46 million in renovations. According to Crain’s Chicago Business, Standard paid $110 million for the communities, but the total cost of the deal adds up to $192 million including the renovations, fees, reserves and other expenses. The transaction extends and preserves the affordability of the communities for 30 years. The properties include the 145-unit Commonwealth Apartments at 2757 N. Pine Grove Ave. in Chicago’s Lincoln Park neighborhood as well as the 321-unit Greenleaf Apartments at 502 Kildeer Drive in Bolingbrook. Planned renovations include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each property. New amenities will include walking parks, pickleball courts, fitness centers, business rooms and meeting rooms. Greenleaf Apartments will receive solar panels on the roofs. Standard is financing the energy improvements in partnership with Commonwealth Edison’s Multifamily Energy Savings Program. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, utilizing the Low-Income Housing Tax Credit program and long-term Housing Assistance Payments contracts.
ANNAPOLIS, Md. — The national occupancy rate for private-pay seniors housing increased 90 basis points from 82.1 percent in the third quarter of 2022 to 83 percent in the fourth quarter of 2022, according to data from NIC MAP Vision. The occupancy rate has increased 520 basis points from a pandemic low of 77.8 percent in the second quarter of 2021. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. The seniors housing occupancy rate increased for the sixth consecutive quarter due to continued strong demand that outpaced inventory growth. Because new inventory has been added during the pandemic, however, the occupancy rate has not yet reached pre-pandemic levels, according to NIC. On the inventory side, about 3,300 units were added within the 31 NIC MAP Primary Markets during this quarter, while more than 8,600 units were absorbed on a net basis. This robust demand led to a new record high total number of occupied units: within the NIC MAP Primary Markets, the total number of occupied …