Seniors Housing

Anthology Plans 127-Unit Independent Living Community in Edmonds, Washington

by Amy Works October 11, 2022

EDMONDS, WASH. — Anthology Senior Living has unveiled plans for Anthology of Edmonds, a 127-unit seniors housing community in Edmonds, a northern suburb of Seattle. The community totals 162,872 square feet across six floors and is Anthology’s first community to exclusively offer independent living. This project marks the sixth senior housing development that Anthology has started in the past 12 months. Harrison Street is an investment partner on the project. The project is scheduled to open in late 2023. According to a recent report by the U.S. Census Bureau, almost 15 percent of the Snohomish County population has already reached age 65 and older, a number that will continue to climb as baby boomers age.

October 11, 2022

Affordable Housing Development Kansas Midwest Multifamily Seniors Housing

Rau Construction Completes Renovation of Affordable Seniors Housing Building in Kansas City

by Kristin Harlow October 7, 2022

KANSAS CITY, KAN. — Rau Construction has completed a significant renovation of Town House in downtown Kansas City. Formerly known as Cross Lines Tower, the property is now home to 130 units for seniors age 55 and older who earn between 30 and 60 percent of the area median income. The building originally opened in 1951 as a hotel and was converted into affordable housing in 1981. Amenities include a meeting room, tenant lounge, outdoor patio and garden area, community room and laundry facilities. UMB Bank provided $25.5 million in construction and equity bridge loans and, through Hunt Capital Partners, a $17.4 million low-income housing tax credit equity investment to fund and finance the $42 million project. KeyBank provided permanent financing. Additional financing partners included Commerce Bank, Kansas Housing Resource Corp., Kansas Development Finance Authority and the North East Economic Development Corp. The development team included Foutch Brothers as the architect, Hughes Development Co. and Tier 1 Development Group LLC as co-developers and Universal Management Inc. as property manager.

October 7, 2022

Loans Multifamily Oregon Seniors Housing Western

Ziegler Arranges $42.4M Refinancing for Rose Villa Seniors Housing Property in Portland, Oregon

by Amy Works October 7, 2022

PORTLAND, ORE. — Ziegler has arranged a $42.4 million Cinderella bank placement, as well as a $7 million taxable revolving line of credit, for Rose Villa, a continuing care retirement community in Portland. Situated on 21.5 acres, the community currently features 261 independent living homes, 16 nursing beds and 16 residential care beds. In addition, Rose Villa’s Phase III project adding 41 new independent living homes and a replacement supportive care neighborhood has come online, with move-ins beginning in July 2022. Phase III was fully presold. Truist Bank will provide a 12-year commitment on the financing and a five-year commitment on the taxable revolving line of credit.

October 7, 2022

Kansas Loans Lument Midwest Multifamily Seniors Housing

Lument Provides $21.6M Loan for Refinancing of Seniors Housing Community in Salina, Kansas

by Kristin Harlow October 6, 2022

SALINA, KAN. — Lument has provided a $21.6 million Fannie Mae loan for the refinancing of Eaglecrest Retirement Community in Salina, a city in central Kansas. Constructed in 2004, the independent and assisted living community features 102 units. Bill Wilson, Doug Harper and Casey Moore of Lument originated the loan. Midwest Health Inc. manages the property.

October 6, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Washington Western

PEF Advisors Acquires 75-Unit Rainier Vista Affordable Seniors Housing Property in Pacific, Washington

by Amy Works October 5, 2022

PACIFIC, WASH. — Preservation Equity Fund Advisors (PEF Advisors) has purchased Rainier Vista, an affordable seniors housing property in Pacific. Terms of the transaction were not released. Originally developed in 2003 with low-income housing tax credits, Rainier Vista offers one three-story building with 75 one- and two-bedroom units for affordable housing for seniors age 55 and older. Units offer refrigerators, self-cleaning ovens, microwaves, dishwashers, garbage disposals and storage lockers. The community includes 20 units designated for residents earning 30 percent of area median income (AMI), 25 units for residents at 50 percent AMI and five units for residents at 60 percent AMI. The remaining 25 units are market rate. At the time of sale, the property was 96 percent occupied. Community amenities include a leasing office, clubhouse, library, fitness center, salon, elevator service, three on-site laundry facilities, a knitting room, courtyard community garden and barbecue area.

October 5, 2022

Loans North Carolina Seniors Housing Southeast

KeyBank Provides $53.1M Agency Loan for Seniors Housing Community in Raleigh

by John Nelson October 5, 2022

RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $53.1 million Fannie Mae loan from Fannie Mae for Waltonwood Lake Boone, a 181-unit seniors housing community in Raleigh. The property offers independent living, assisted living and memory care units. Charlie Shoop of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Singh Development, a leading real estate developer with offices in Raleigh and West Bloomfield, Mich. The financing recapitalizes a loan that KeyBank’s Healthcare Group originated in 2019, a year after Waltonwood Lake Boone opened.

October 5, 2022

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $74.6M Financing for Heron’s Key Seniors Housing Community in Gig Harbor, Washington

by Amy Works October 4, 2022

GIG HARBOR, WASH. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located just across Puget Sound from Tacoma in Gig Harbor. Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond. Emerald Communities will use proceeds of the Cinderella bank placement will be used with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The loan was placed directly with Truist Bank with a 10-year bank commitment. “This average annual debt service savings of $1.1 million will benefit Heron’s Key and aid in building cash that will result in developing a Phase II sooner than later,” says Lisa Hardy, CEO of Emerald Communities.

October 4, 2022

California Loans Multifamily Seniors Housing Western

CBRE Provides $16.2M Refinancing for 97-Unit Seniors Housing Property in Nipomo, California

by Amy Works October 4, 2022

NIPOMO, CALIF. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, located approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and features 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan with five years of interest-only payments through the company’s Freddie Mac Optigo lending platform. California-based Westmont currently owns and operates 19 seniors housing communities throughout California and Oregon with two more communities under construction.

October 4, 2022

Affordable Housing California Development Multifamily Seniors Housing Western

Standard Communities Plans $55M Affordable Seniors Housing Development in San Ramon, California

by Amy Works October 3, 2022

SAN RAMON, CALIF. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business center and pet spa. “This is the first affordable development in San Ramon in more than 20 years. The site was originally intended for a luxury development, but we worked closely with the city to turn the site into affordable housing for seniors,” says Sean Carpenter, director of development at Standard Communities. “With the cost of living rising across the region and nation, adding more affordable housing in Contra Costa County and the city of San Ramon — one of the wealthiest communities in the Bay Area — is more important than ever.” Black Mountain Development sold the land parcel. The general contractor is Deacon and LCA Architects leads the …

October 3, 2022

Development Multifamily Nevada Seniors Housing Western

MorningStar, Confluent Break Ground on 168-Unit Seniors Housing Development in Las Vegas

by Amy Works September 30, 2022

LAS VEGAS — MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar Senior Living at The Canyons, the joint venture’s first development in Nevada. Located in Las Vegas, the four-story, 196,000-square-foot community will feature 95 independent living, 49 assisted living and 24 memory care units. Common areas will include indoor and outdoor dining venues, a pool and spa, fitness center and clubroom terrace with views of the Vegas Strip and mountains to the west. Additionally, the community will feature wellness programs that will meet residents’ social, intellectual, physical and spiritual needs. Completion is slated for summer 2024. Confluent Senior Living, a subsidiary of Denver-based Confluent Development, serves as project owner, and MorningStar Senior Living as operator. MorningStar at The Canyons is the 14th development for the co-developers and project partners.

September 30, 2022

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