Seniors Housing

DOWNERS GROVE, ILL. — Lifespace has completed renovations to the independent living building at Oak Trace, a continuing care retirement community in Downers Grove, about 20 miles west of Chicago. The renovations were part of a $112 million full-campus redevelopment. The first phase of the project occurred in 2019 with the opening of Oak Trace’s Health and Wellness Center offering assisted living, memory care rehabilitation and skilled nursing. The latest phase, completed last week, features renovated shared spaces of the independent living building. Highlights include the Oak Room, a formal restaurant-style dining room; the Lounge, a casual gathering space offering cocktails and small-plate items; a newly furnished library; an outfitted art studio; and a lobby. Oak Trace’s full redevelopment is scheduled for completion in spring 2024 with its independent living expansion. The final phase will add 140 new independent living apartments, a fitness center and aquatic center, multiple dining venues, a spa and performing arts center.

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GARFIELD HEIGHTS, OHIO — Ziegler has negotiated the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. The sales price was undisclosed. Built in 1952, the property is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. Ziegler represented the undisclosed seller. The buyer, a privately held owner and operator based in Lakewood, N.J., assumed approximately $16 million of HUD debt as part of the transaction.

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CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California.  The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities.  The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed.  Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one set of loan documents and one monthly mortgage payment.

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CHICAGO — Life Care Services has opened Clarendale Six Corners, a 258-unit seniors housing community in the Portage Park neighborhood of Northwest Chicago. Rising 10 stories at the intersection of Milwaukee Avenue and Irving Park Road, the property features 114 independent living units with one-, two- and three-bedroom layouts, 98 assisted living units and 46 memory care apartments.

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GARY, IND. — JLL Capital Markets has provided a $7 million Freddie Mac loan for the refinancing of Gary Manor, a 198-unit age-restricted community in Gary, a city in Northwest Indiana. All the units are secured under a Housing Assistance Payments (HAP) contract. Built in 1980 and renovated in 2011, Gary Manor consists of a 12-story building for seniors age 62 and above as well as four walk-up buildings for families. Leif Olsen and Kristian Lichtenfels of JLL worked on behalf of the borrower, Monroe Group Limited and Steele Properties. The 10-year loan features a fixed interest rate.

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CLEVELAND HEIGHTS, OHIO — KeyBank Community Development Lending and Investment has structured $9.9 million in Low Income Housing Tax Credit (LIHTC) equity to finance the conversion of the Margaret Wagner Senior Apartments in Cleveland Heights into 80 low-income seniors housing units. The project will create 20 new units through the adaptive reuse of the first floor of Margaret Wagner House and preserve 60 units on the upper floors. Built in 1960 as a nursing home by the Benjamin Rose Institute on Aging, the facility features a HUD 202 Project Rental Assistance Contract subsidy for all of its units. In addition to creating 20 new units, the project will also renovate existing units with updated kitchens and bathrooms, improved accessibility, central air conditioning, elevator modernization, new roofing and site improvements. The project’s total cost is $18.7 million. Additional funding comes from a HUD 202 Capital Advance, Cuyahoga County HOME and Affordable Housing Gap funding, Affordable Housing Program Grant funding through the Federal Home Loan Bank of Boston and seller financing. CHN Housing Partners and Benjamin Rose, both of which are Cleveland-based organizations, are co-developing the project. Derek Reed of KeyBank structured the LIHTC tax credit equity investment and Tara Miller served …

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CHICAGO — Greystone Monticello, a bridge lending platform serving as a one-stop-shop provider of capital finance products and services for the multifamily and seniors housing sectors, has provided bridge financing for the $150 million acquisition of a portfolio of eight supportive living facilities in Illinois. The portfolio was financed with a two-year bridge loan and is intended to transition to long-term, fixed-rate financing with Greystone. Comprising 921 beds, the facilities are located in Elk Grove Village, Melrose Park, Country Club Hills, Bartlett, Vernon Hills and Chicago. The supportive living program in Illinois is an alternative to nursing home care for low-income persons requiring mid-range care needs. Eric Rosenstock of Greystone worked with both the buyer and seller and originated the bridge financing.

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BROKEN ARROW, OKLA. — JLL has arranged the sale of Prairie House, a 105-unit seniors housing property located in the Tulsa suburb of Broken Arrow. Prairie House was built in 2016 and features 73 assisted living units, ranging from studio to two-bedroom units, and 32 studio memory care units. Charles Bissell, Zach Brantley and Hope Brunner of JLL represented the seller, Prevarian Senior Living, in the transaction and procured the buyer, an entity doing business as TUL ALF 3 LLC. Legend Senior Living, an affiliate of the buyer, will operate the community. The price was not disclosed.

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Fountain-View-at-Logan-Square

PHILADELPHIA — Marquis Health Consulting Services has launched the first phase of a $25 million renovation at Fountain View at Logan Square, a 420,000-square-foot seniors housing community in Philadelphia’s Center City district. The three-year repositioning follows an ownership change and rebranding at Fountain View, formerly known as The Watermark. Designed by ML Group, the project will upgrade the lobby, hallways, apartments and dining room, as well as reconfigure amenity spaces. New features will include an auditorium with space for live entertainment, a makers’ room, theater, piano bar and a sky lounge. Lastly, the development team will add a juice bar and fitness center with a sauna and is exploring possible additions of a pool, outdoor deck and pickleball courts.

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The-Apsley-Manhattan

NEW YORK CITY — Sunrise Senior Living, in partnership with Hines and Welltower (NYSE: WELL), has completed The Apsley, a 156-unit project on Manhattan’s Upper West Side. Designed by SLCE Architects, the 19-story building is located at 2330 Broadway between 84th and 85th streets and features 80 assisted living and 76 memory care units. Rents start at $15,000 per month for studios, $21,500 for one-bedroom suites and $24,000 for two-bedroom suites.

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