Seniors Housing

Ziegler Arranges $71M Bond Financing for Seniors Housing Community in Winchester, Virginia

by John Nelson July 28, 2022

WINCHESTER, VA. — Ziegler has arranged $71 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a continuing care retirement community (CCRC) in Winchester, approximately 75 miles west of Washington, D.C. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living unit expansion project known as the Hackwoods, the first phase of which will include 48 new independent living unit apartments. To fund the first phase of the project, SVWC issued two tranches of drawdown bank loans that Atlantic Union Bank and Pinnacle Financial Partners purchased. The first portion of the financing was $51 million in bonds via a 12-year bank commitment, with a variable interest rate. The second portion, totaling $20 million, features a 4.5-year final maturity to be repaid from initial entrance fees to the new independent living units.

July 28, 2022

Connecticut Loans Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Refinancing of 104-Unit Seniors Housing Property in Stamford, Connecticut

by Taylor Williams July 27, 2022

STAMFORD, CONN. — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of The Residence at Summer Street, a 104-unit seniors housing property in Stamford. The five-story, newly built facility offers assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone of Cushman & Wakefield arranged the financing through VIUM Capital and its affiliate Merchants Bank of Indiana. The borrower was a partnership between Virtus and LCB Senior Living.

July 27, 2022

Loans Michigan Midwest Multifamily Ohio Seniors Housing Wisconsin

Lument Provides $87M in HUD-Insured Loans for Refinancing of Midwest Skilled Nursing Portfolio

by Kristin Harlow July 26, 2022

OHIO, MICHIGAN AND WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin. The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate. HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.

July 26, 2022

Development Multifamily New York Northeast Seniors Housing

Sunrise Senior Living Opens 130-Unit Community on Staten Island

by Taylor Williams July 26, 2022

NEW YORK CITY — Sunrise Senior Living has opened Sunrise of New Dorp, its second seniors housing community on Staten Island. The 85,000-square-foot, four-story property features 130 units of assisted living and memory care and proximity to the Staten Island Expressway and some of the borough’s various shops, restaurants and beaches. Moseley Architects designed the project. Other partners included KBE Building Corp. and PWC Cos.

July 26, 2022

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $7M in Bridge Financing for Assisted Living Community in Wellsville, New York

by Taylor Williams July 26, 2022

WELLSVILLE, N.Y. — Greystone has provided a $7 million bridge loan for the refinancing of a 137-bed assisted living facility in Wellsville, located in the southwestern part of the Empire State. The financing retires the acquisition debt of the borrower, Willow Ridge Senior Living LLC, which acquired the facility in August 2021. Formerly known as Manor Hills, the property also includes 22 memory care beds in a separate wing. Greystone intends to pursue HUD-insured financing as a long-term permanent exit of the bridge financing. The nonrecourse, interest-only bridge loan includes an initial 24-month term with two six-month extensions.

July 26, 2022

Loans Multifamily Seniors Housing Washington Western

JLL Capital Markets Arranges $29.6M Refinancing for Mirror Lake Village Seniors Housing Community Near Seattle

by Amy Works July 26, 2022

FEDERAL WAY, WASH. — JLL Capital Markets has arranged a $29.6 million refinancing for Mirror Lake Village, a Class A seniors housing community situated on three acres at 3100 9th Place in SW in Federal Way. Mirror Lake Village features 30 assisted living units, 66 memory care units and 18 independent living cottages averaging 378 square feet. The community also features an outdoor courtyard with covered patio, common dining room, commercial kitchen, hair salon, theater, library and exercise room. Alanna Ellis of JLL Capital Markets represented the borrower, Mirror Lake Village LLC, in securing the financing through a regional bank together with retroactive C-PACE financing.

July 26, 2022

Features Multifamily Seniors Housing Western Feature Archive

Universal Design Strategies Foster Intergenerational Living in Multifamily Communities

by Jeff Shaw July 26, 2022

By Carol Cole, director of interior design, DAHLIN Group Architecture AT Intergenerational households are growing at a faster pace than they were pre-pandemic. Generations United, a nonprofit dedicated to supporting intergenerational programs and policies, estimates that 66.7 million U.S. adults live in a multigenerational household, with nearly 57 percent of this statistic spurred by COVID. Even after the immediate impacts of the pandemic subside, intergenerational living will remain prevalent for a variety of reasons. These can range from the need for child and/or elder care to cultural expectations and economic-related factors, such as loss of a job, high educational expenses or housing availability. Considering this trend and recognizing that more than 16 million Americans are currently over the age of 65, the movement toward incorporating universal design strategies on residential projects is key for creating aesthetic living spaces that are usable by everyone to the greatest extent possible. Already a standard in the healthcare community, universal design is the design and composition of a space set up to meet the needs of all users, not as a special requirement to benefit only a small fraction of a population. The practice results in inclusive environments that support high-functioning, independent living for …

July 26, 2022

Development Multifamily Oregon Seniors Housing Western

Anthology, Formation Plan 206-Unit Seniors Housing Community in Beaverton, Oregon

by Amy Works July 25, 2022

BEAVERTON, ORE. — Anthology Senior Living, the dedicated seniors housing platform of CA Ventures, has entered a joint venture partnership with Formation Development Group to build Anthology of Beaverton, a 207,169-square-foot senior living community in Beaverton. Situated on a 5.5-acre parcel outside of Portland, Anthology of Beaverton will feature 206 luxury independent living, assisted living and memory care units. The community is located near the Tanasbourne shopping district, which includes a Whole Foods, Starbucks and Macy’s, in addition to other shopping and dining locations. Major employers within close proximity include Nike World Headquarters and Intel. While development costs were not disclosed, CBRE arranged a $49.7 million construction loan for the project. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing led the team on the floating-rate financing, which features partial interest-only payments through a national bank. The transaction marks the beginning of Anthology’s strategic alliance with Formation as a general partner investor. Anthology and Formation plan to further bolster their partnership through the co-sponsorship and development of future projects together. In addition to serving as development partner, Anthology will manage the property, expanding its owned/operated portfolio to 39 senior living communities across the U.S. Anthology expects to …

July 25, 2022

California Loans Multifamily Seniors Housing Western

Meridian Capital Group Arranges $40M Financing for Seniors Housing Property in Simi Valley, California

by Amy Works July 21, 2022

SIMI VALLEY, CALIF. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley. The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living and 27 memory care units.

July 21, 2022

California Development Multifamily Seniors Housing Western

Belmont Village Opens 17-Story Seniors Housing Community in La Jolla, California

by Amy Works July 20, 2022

LA JOLLA, CALIF. — Belmont Village Senior Living has opened Belmont Village Senior Living La Jolla. The property rises 17 stories along the Pacific Coast just north of San Diego, featuring 180 units of independent living, assisted living and memory care. It is Belmont’s 15th community in California and 33rd overall. Partners on the project include Greystar, UC San Diego Center for Healthy Aging and the Stein Institute for Research on Aging. James Arp is the executive director.

July 20, 2022

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