FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has completed construction on a 297-unit project within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork offers 214 independent living residences and 95 assisted living and memory care units. Residences come in one- and two-bedroom formats and range in size from 880 to 2,200 square feet. Residents have access to 24-hour concierge and valet services, secure parking and transportation options. Common areas include lounges, card rooms, a movie theater, fitness center, pool and other spaces for daily social activities and wellness programs. Jackson & Ryan Architects designed the project, and Rogers-O’Brien Construction served as general contractor.
HUMBLE, TEXAS — New York City-based Lument has provided a $13.4 million Fannie Mae loan for the refinancing of The Fordham at Eagle Springs, a 137-unit seniors housing complex in Humble, a northern suburb of Houston. The six-building, age-restricted community was built in 2020 within the Eagle Springs master-planned development and offers a pool, salon and a coffee bar. Tom Dixon of Lument originated the financing, which was structured with a 10-year term (four years of which are interest-only), fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
NEW YORK CITY — Locally based firm Douglaston Development has completed a 188-unit affordable seniors housing project in The Bronx. The 12-story building is adjacent to the New York Botanical Garden (NYBG) and represents Phase I of a larger development. Phase II will consist of 277 affordable seniors housing residences and 8,000 square feet of retail space. Units are reserved for households earning 50 percent or less of the area median income. Douglaston developed the project through a 99-year ground lease with NYBG. Stephen B. Jacobs Group designed the project, and Levine Builders served as the general contractor and construction manager.
JLL Arranges $43.2M Loan for Varenita of Westlake Seniors Housing Property in Thousand Oaks, California
THOUSAND OAKS, CALIF. — JLL Capital Markets has arranged $43.2 million in financing for Varenita of Westlake, an 86-unit assisted living and memory care community in Thousand Oaks, approximately 40 miles west of Los Angeles. JLL represented the borrower, Westlake Senior Living Center LLC, to secure the five-year loan from a regional bank. The Class A community consists of 58 assisted living units and 28 memory care units across three stories with surface and underground parking. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. Varenita of Westlake is located within walking distance of some of the nation’s largest retailers and less than four miles from The Oaks, an open-air and enclosed shopping center. Alanna Ellis and Ace Sudah led the JLL team.
TUSTIN, CALIF. — Confluent Senior Living and MorningStar Senior Living have entered into an Exclusive Negotiating Agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location provides direct access to the next phase of Tustin Legacy Park, which will ultimately connect all sections of Tustin Legacy. The developers plan to break ground in the first half of 2025 through a public-private partnership with the city. HPI Architecture designed the project. During the initial nine-month ENA period, the city, Confluent and MorningStar will negotiate a Disposition and Development Agreement (DDA) that will provide the price and terms of the transaction with the city. Confluent and MorningStar will pursue approval of entitlements for the project during the same ENA period.
WEST DUNDEE, ILL. — McShane Construction has completed The Woodlands at Canterfield, a 131-unit senior living community in West Dundee, about 41 miles northwest of Chicago. Built for Westbrook at Canterfield LLC, the development features 91 assisted living units and 40 memory care beds. Units are offered in studio, one- and two-bedroom configurations. The assisted living wing also features a guest suite for visitors. There are 16,000 square feet of amenity spaces, including a fitness center, two spas, a salon, theater, pub, clubrooms, onsite restaurants, patios, a bocce ball court and putting green. AG Architecture was the architect, and RDG Planning and Design was the interior designer. NAVIGATE Building Solutions served as the owner’s representative.
By Channing Hamilton ATLANTA — Today’s seniors housing market is a tough one, characterized by an inflationary environment and high operational costs. Amid the challenges the industry currently faces, owner-operators within the sector must focus on controlling expenses, such as labor and insurance, to maintain profitability — and earlier is better when it comes to planning to mitigate these expenses. Eric Mendelsohn, CEO and president of National Health Investors, a REIT that specializes in seniors housing, emphasized the importance of labor market analysis in the underwriting stage of operations. “Labor is a key element of expense structure in the building,” he said. “Before, we could give it a cursory look. Now, it’s important to really drill down into a market. “We pay closer attention to labor expense and availability,” he continued. “We’ll see what our competitors are paying, and then see what other industries such as retail and fast food in the area are paying. If Target and TGI Fridays are unable to find labor, that’s an indicator that you’re going to have a problem.” Mendelsohn’s remarks came during the keynote address at the 10th annual InterFace Seniors Housing Southeast, a networking and information conference hosted by France Media’s InterFace …
G Capital Markets Provides $9.6M HUD Refinancing for Trellis Chino Skilled Nursing Facility in California
CHINO, CALIF. — G Capital Markets, a new advisory firm launched this summer by Grant Goodman, has arranged a $9.6 million HUD refinancing for Trellis Chino, a skilled nursing facility in Chino. Built in 2018, the community comprises all private rooms and exclusively cares for short-term, high-acuity rehabilitation patients. After leasing up during COVID, the building has performed strongly with near 100 percent occupancy, according to G Capital. The borrower, Encore Capital Ventures, is a real estate investment and capital solutions firm with a portfolio of healthcare and other real estate holdings across California. Proceeds of the loan were used to pay off construction loan debt and fund replacement reserves.
BOERNE, TEXAS — Morningside Ministries has announced plans for an independent living expansion at Morningside at Menger Springs, a continuing care retirement community in Boerne, about 30 miles northwest of San Antonio. The project will add 86 new independent living terrace homes, an amphitheater, dining venue, fitness center, pickleball court and a covered pool. Units will come in one- and two-bedroom floor plans and range in size from 946 to 1,751 square feet. Construction is slated to start in November, with occupancy planned for summer 2025. San Antonio-based Metropolitan Contracting Co. is the general contractor for the project. Global firm HKS is the design architect.
BAKERSFIELD, CALIF. — Capital Funding Group (CFG) has provided a $43.4 million HUD loan for a 140-bed skilled nursing facility in Bakersfield. The transaction converts an existing bridge loan into a HUD loan following the property’s stabilization. The initial financing, also executed by CFG, allowed the nationally recognized borrower to acquire the property. Patrick McGovern originated the transaction for CFG.