Seniors Housing

Cushman & Wakefield Brokers Sale of 97-Unit Assisted Living Community in Silicon Valley

by Nellie Day December 12, 2017

FREMONT, CALIF. — Cushman & Wakefield Senior Housing Capital Markets Group has arranged the sale of Fremont Hills, a 97-unit assisted living and memory care community in the Silicon Valley city of Fremont. The price was not disclosed. A joint venture between Kayne Anderson Real Estate Advisors and Watermark Communities acquired the property from Capitol Seniors Housing. Watermark will operate the community following the sale. Originally built in 2004, Fremont Hills features 76 assisted living units and 21 memory care units in a three-story building. The 63,000-square-foot community has been fully occupied since 2015. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Alex Petrosian.

December 12, 2017

White-Plains-Institute-Nursing-White-Plains-NY

Multifamily New York Northeast Seniors Housing

Congress/Consigli Starts Construction of $60M Skilled Nursing Facility Near New York City

by Amy Works December 11, 2017

WHITE PLAINS, N.Y. — Congress / Consigli, a joint venture between Congress Building Corp. and Consigli NY, has started construction of White Plains Institute for Nursing and Rehabilitation and Skilled Nursing, a skilled nursing facility in the New York City suburb of White Plains. Development costs for the 110,000-square-foot building are estimated at $60 million. When completed, the property will feature 160 skilled nursing beds, including 76 for specialized rehabilitation, 42 for memory care and 42 for long-term care. In addition to its part in the joint venture, Congress has also been selected as the developer. The Architectural Team is the architect for the project. The project is scheduled for a mid-2019 completion.

December 11, 2017

Maryland Multifamily Seniors Housing Southeast

Capitol Seniors Housing Breaks Ground on $27.5M Assisted Living Community in Maryland

by Camren Skelton December 11, 2017

FULTON, MD. — Capitol Seniors Housing has broken ground on Arbor Terrace Maple Lawn, an assisted living and memory care community in Fulton, approximately midway between Baltimore and Washington, D.C. The $27.5 million, 73,000-square-foot community will feature 86 apartments. Baltimore-based BCT Architects designed the structure, while Dallas-based Faulkner Design Group designed the interiors. The Arbor Co. will operate the community upon completion, which is scheduled for fourth-quarter 2018. Capitol Seniors Housing is a D.C.-based, private equity-backed acquisition, development and investment management firm. The company has acquired or developed more than 90 seniors housing communities since its inception in 2003.

December 11, 2017

Colorado Multifamily Seniors Housing Western

Avenida Partners Starts Construction of 230-Unit Active Adult Community Near Denver

by Nellie Day December 8, 2017

LAKEWOOD, COLO. — Avenida Partners has started the construction of Avenida Lakewood, a 230-unit age-restricted community in the Denver suburb of Lakewood. KTGY Architecture + Planning designed the project, which is located six miles from downtown Denver. The four-story community is located on 6.1 acres and is restricted to residents age 55 and older. Avenida Lakewood is part of the Oak Station Marketplace mixed-use development serving the newly-constructed W Light Rail Oak Station. The apartments at Avenida Lakewood range in size from 793 square feet to 1,238 square feet and include a mix of 92 one-bedroom apartments and 138 two-bedroom apartments. The presale office is slated to open in May 2018. The community grand opening is planned for spring 2019. Avenida Partners LLC is a real estate development, investment and property management firm focused solely on building active adult, market-rate rental communities. Headquartered in Newport Beach, Calif., the company has current developments in Oklahoma, Tennessee, Colorado and Illinois.

December 8, 2017

Multifamily New Jersey Northeast Seniors Housing

Erickson Opens New Independent Living Building at CCRC in New Jersey

by Amy Works December 8, 2017

NEW PROVIDENCE, N.J. — Erickson Living has opened the doors on Maple Glen, an independent living expansion at Lantern Hill, a continuing care retirement community in New Providence, approximately 30 miles west of New York City. The residential community is part of a phased expansion of the 20-acre community. Maple Glen is part of Phase II, which also includes a second building — Oakwood Court — scheduled to open in February. Phase II will add a total of 114 independent living apartments. Phase I, which opened in June 2016, added 161 independent living apartments, all of which sold out in 10 weeks, according to Erickson. A climate-controlled walkway connects Maple Glen to Union Square where the community’s restaurants, medical center and amenities are located.

December 8, 2017

Hawaii Loans Multifamily Seniors Housing Western

Lancaster Pollard Closes Two Refinancings Totaling $57.1M for Seniors Housing Communities in Hawaii, Arizona

by Nellie Day December 7, 2017

HONOLULU AND GREEN VALLEY, ARIZ. — Lancaster Pollard has arranged two Fannie Mae loans totaling $57.1 million for seniors housing communities in Honolulu and the Tucson suburb of Green Valley. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki in Honolulu. MW Group owns the property, which was built in 2015. The community has been named Hawaii’s best senior living facility by The Honolulu Star Advertiser for three consecutive years. Jason Dopoulos, Doug Harper and Casey Moore led this transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard assisted Frontier Management with the $5.85 million refinancing of a 52-unit memory care community in Green Valley. The 15-year loan refinanced maturing debt. Harper and Moore led the effort for Lancaster Pollard on the second closing.

December 7, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates $29.8M Loan for 144-Unit Seniors Housing Community Near San Diego

by Nellie Day December 7, 2017

ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National Senior Housing and Andrew Behrens of CBRE Multifamily Institutional Group arranged the 10-year, fixed-rate loan with 60 months of interest-only payments through Freddie Mac. The use of the funds was not disclosed. Westmont currently owns and/or operates 11 seniors housing communities located throughout California and Oregon.

December 7, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Negotiates $25.5M Bridge-to-HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works December 6, 2017

WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.

December 6, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $16.5M Loan for Two Assisted Living Facilities in California

by Nellie Day December 5, 2017

TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds. The use of the funds was not disclosed.

December 5, 2017

Multifamily New Mexico Seniors Housing Western

National Healthcare Development Completes 50-bed Skilled Nursing Facility in Las Cruces

by Nellie Day December 5, 2017

LAS CRUCES, N.M. — National Healthcare Development, an affiliate of National Healthcare Realty, has completed the development of Welbrook Las Cruces, a 50-bed skilled nursing facility in Las Cruces, approximately 40 miles north of El Paso, Texas. The 37,000-square-foot facility is located near Mountain View Medical Center. Welbrook Senior Living, a Utah-based provider, operates the property. This will be Welbrook’s first facility to open in New Mexico, while a second facility is also now under development in Farmington. National Healthcare Development is currently working on additional nursing facilities for Welbrook in Arizona and Colorado.

December 5, 2017

Newer Posts

Older Posts