REBusinessOnline

Merrill Commercial Real Estate Negotiates $18M Seniors Housing Portfolio Sale in Redding, California

REDDING, CALIF. — Merrill Commercial Real Estate has arranged the sale of a two-property portfolio made up of 151 units of assisted living and memory care in Redding.The properties went under contract pre-pandemic. Since that time, the occupancy dropped nearly 20 percent as a COVID outbreak in one of the locations took a toll. Despite this, the buyers stuck with the deal.A private equity group looking to expand in California acquired the properties from an independent owner-operator …

Montrose Center Opens 112-Unit Law Harrington Senior Living Center in Houston

HOUSTON — The Montrose Center (TMC), a locally based owner-operator that offers health, mental wellness, education and housing services for Houston’s LGBTQ community, has opened Law Harrington Senior Living Center, a 112-unit independent living facility in Houston. The project, valued at $26.5 million, is currently the largest LGBTQ-affirming seniors housing community in the United States and the only one in Texas, according to TMC. Units are available in one- and two-bedroom formats and …

Chicago Pacific Founders Buys 107-Unit Seniors Housing Property in Tucson

TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates of Tucson, a 107-unit senior living community in Tucson.The property was previously known as Sage Desert Assisted Living and Memory Care. Grace Management will take over operations.The Ranch Estates of Tucson is located in North Tucson’s Casas Adobes community, near Oro Valley.The seller and price were not disclosed. The new owner …

Aegis Living Opens Bellevue Overlake Seniors Housing Community Near Seattle

BELLEVUE, WASH. — Aegis Living has opened Aegis Living Bellevue Overlake, located in the city of Bellevue where the company is headquartered.The community features 122 senior living apartments in the 106,000-square-foot-building. Its opening follows Aegis Living’s joint acquisition of 10 communities across California, Washington, and Nevada. Aegis has eight additional communities in development, including communities in Kirkland and the Eastlake neighborhood of Seattle.Aegis Living …

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Housing Property in Pomona, California

POMONA, CALIF. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona.Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL.The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing …

Merchants Capital Provides $18.2M Loan for Affordable Seniors Housing Property in Harlem

NEW YORK CITY — Merchants Capital has provided an $18.2 million loan for Mannie Wilson Towers, a 102-unit seniors affordable housing property in Harlem. The building was originally constructed in 1892 as the Syndenham Hospital and converted to a residential use after closing in 1980. Mannie Wilson Towers now consists of one- and two-bedroom units that are reserved for residents age 62 and above who earn 50 percent or less of the area median income. The borrower, West Harlem Group Assistance …

Capitol Seniors Housing Breaks Ground on 87-Unit Project in Evesham Township, New Jersey

EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has broken ground on Arbor Terrace Marlton, a project in Evesham Township near Philadelphia that will consist of 60 assisted living apartments and 27 memory care units. The 76,500-square-foot community will be located near several major medical facilities and will offer amenities such as a private dining area, theater, bistro, hair salon, lounges and outdoor amenity spaces with artwork and a pond. Meyer Senior Living Studio is designing the …

Alliance Residential Breaks Ground on 237-Unit High-Rise Seniors Housing Project in Downtown Portland

PORTLAND, ORE. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland.The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents.The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property …

Greystone Provides $24.9M HUD-Insured Loan for Refinancing of Skilled Nursing Facility in Yonkers

YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured loan for the refinancing of Adira at Riverside, a 120-bed skilled nursing facility in Yonkers, located north of New York City. Built in 2000, the property offers short-term rehabilitation, occupational, physical and speech therapy services, as well as amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, long-term skilled nursing care, dedicated Alzheimer’s and dementia care services. …

InterFace Panel: Seniors Housing Developers Continue to Build Projects Through Pandemic

The seniors housing industry has had a rough ride through the COVID-19 pandemic. First-quarter occupancy clocked in at a record-low 78.8 percent, a drop of 870 basis points from the year prior, according to the National Investment Center for Seniors Housing & Care (NIC).But seniors housing is a needs-based product, and most industry professionals expect a strong rebound. As a result, new construction projects are starting to make a comeback in preparation for pent-up demand.That was the …

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