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Seniors Housing

Conference CoverageFeaturesMultifamilySeniors Housing

Perception Is Paramount in Active Adult, Say InterFace Panelists

by John Nelson

DALLAS — What’s in a name? Plenty, according to the industry professionals that operate and market active adult communities.  Jane Arthur Roslovic, co-founder and CEO of Treplus Communities, says that “if anybody called [her] a senior” she’d “smack them.” Roslovic’s quip came during a panel discussion — titled “Operating and Marketing: Best Practices in Lease-Up, Sales and Programming” — at the 5th annual InterFace Active Adult conference. The daylong event took place Wednesday, May 7, at The Westin Las Colinas in Dallas.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Roslovic and her fellow panelists argued that the same reluctance to be branded as a “senior” extends to prospective residents of active adult communities. The key to attracting and retaining residents, the panelists insisted, is to not only provide excellent product but also understand and cater to the public’s perception of age-restricted properties. Active adult communities are age-eligible, market-rate multifamily properties with enhanced lifestyle programming, according to the National Investment Center for Seniors Housing & Care (NIC). Unlike independent living communities, active adult properties do not …

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AcquisitionsMultifamilyOregonSeniors HousingWestern

Merrill Gardens Adds Three Seniors Housing Communities in Metro Portland

by Amy Works

PORTLAND, ORE. — Merrill Gardens, a senior living owner and operator, has added three communities to its Oregon portfolio. Located in metro Portland, the properties include Merrill Gardens at Cedar Mill, Merrill Gardens at Sherwood and Merrill Gardens at Hillsboro. Merrill Gardens acquired the communities as part of a joint venture with PGIM.  An ownership group led by Rembold sold the Cedar Mill and Sherwood properties. Built in 2016, Merrill Gardens at Cedar Mill in Portland totals 163,975 square feet with 147 independent living, assisted living and memory care units.  Merrill Gardens at Sherwood, which is located in Sherwood, was built in 2019. The 147,657-square-foot community features 137 apartments with independent living, assisted living and memory care options.  Pilar Properties, a sister company of Merrill Gardens that is part of the joint venture with PGIM, developed Merrill Gardens at Hillsboro in Hillsboro. Opened in 2024, the property encompasses 171,732 square feet with 141 independent living and assisted living units.  Merrill Gardens will manage and operate each of the communities. The company’s portfolio now comprises 61 seniors housing properties across 16 states. 

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DevelopmentFloridaLoansSeniors HousingSoutheast

JLL, HJ Sims Secure $134.3M Bond Financing for Seniors Housing Development in Orlando

by John Nelson

ORLANDO, FLA. — JLL and HJ Sims have arranged $134.3 million in tax-exempt bond financing for a seniors housing development currently underway in Orlando. Dubbed Millenia Moments Orlando, the community will feature 151 independent living, 78 assisted living and 32 memory care units. Trinity Community Development Foundation, a nonprofit formed by Trinity Broadcasting Network (TBN), is the developer and borrower. Completion of the facility, which will total 316,900 square feet, is scheduled for 2027. The community will feature floorplans in one- and two-bedroom layouts. Memory care residences will include 26 private and six companion units. Amenities at the community will include a fitness center, theater, library, business center, art studio, dog park, game rooms, a beauty salon and an outdoor pool area. Vitality Senior Living will operate the community. JLL Securities and HJ Sims, in collaboration with JLL Capital Markets’ seniors housing team, acted as co-underwriters and arranged the fixed-rate financing, which comprises tax-exempt senior series 2025A bonds with a final maturity of 40 years.

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AcquisitionsKentuckySeniors HousingSoutheast

Blueprint Brokers Sale of 49-Unit Assisted Living Community in Richmond, Kentucky

by John Nelson

RICHMOND, KY. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 49-unit assisted living community located in Richmond, roughly 35 miles southeast of Lexington, Ky. A Midwest-based private equity group acquired the property, which was built in 2009, for an undisclosed price. Kyle Hallion, Connor Doherty and Ryan Kelly of Blueprint represented the seller, a New York-based owner-operator, in the transaction. Both parties requested anonymity.

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DevelopmentMidwestMultifamilyOhioSeniors Housing

Sonida Senior Living Expands Community in Cincinnati with 82 Additional Units

by Kristin Harlow

CINCINNATI — Sonida Senior Living has expanded The Wellington at North Bend Crossing in Cincinnati with the addition of its new Vista building. The four-story building is now welcoming visitors for tours ahead of its anticipated summer opening. The Vista building adds 82 new assisted living and memory care apartments, supporting a maximum occupancy of 113 residents. The expansion will create nearly 65 new jobs in the area. The building features three outdoor spaces, a nearly 1,000-square-foot rehabilitation gym, fitness room, theater, game room, multiple dining venues, a salon and sunrooms on each floor. Responding to frequent requests from the community, Vista will introduce fully furnished assisted living apartments specifically available for temporary stays and respite care. This addition addresses a growing need among local families for flexible, supportive short-term living options. Vista also expands the community’s specialized memory care neighborhood, which utilizes Sonida’s Magnolia Trails program to provide engagement and purpose-driven experiences for individuals living with Alzheimer’s disease and other forms of dementia. With the addition of Vista, The Wellington at North Bend Crossing expands its continuum of care to include a total of 318 independent living, assisted living, memory care and temporary stay/respite care units.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

National CORE to Develop 144-Unit Affordable Seniors Housing Community in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — National CORE has announced plans to develop Oak Park Senior Living, an affordable seniors housing project in Fort Myers. Upon completion, the four-story community will feature 144 apartment units for residents age 62 and older earning between 30 and 65 percent of the area median income. Residences will include 124 one-bedroom apartments and 20 two-bedroom apartments. Amenities will include a community room, cybercafe, swimming pool, fitness room, community garden and a pickleball court. Residents will have access to computer training, daily activities and free assistance with light housekeeping, grocery shopping and laundry through AGPM, National CORE’s property management partner. KeyBank Community Development Lending and Investment has provided $16 million in low-income housing tax credit (LIHTC) equity. KeyBank’s Commercial Mortgage Group privately placed $22 million in tax exempt bonds for the construction and originated a $7.4 million Freddie Mac Forward commitment for permanent financing, which will be funded upon stabilization of the community. Florida Housing Finance Corp. has committed $22 million to the project in the form of a Multifamily Mortgage Revenue Note, as well as $9.5 million from the Rental Recovery Loan Program, $1.2 million of Extremely Low-Income funding and $1.9 million in 4 percent LIHTC …

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AcquisitionsMidwestMultifamilyNebraskaSeniors Housing

NHI Acquires Six-Property Seniors Housing Portfolio in Nebraska for $63.5M

by Kristin Harlow

NEBRASKA — National Health Investors Inc. (NHI) has acquired a portfolio of six Agemark memory care communities located in Nebraska for $63.5 million. The seller, Agemark Senior Living, will continue to operate the properties, which total 205 units, on a 15-year master lease with two five-year renewal options. Agemark operates the communities under the CountryHouse brand, which was established in 1997 exclusively for residents requiring personalized memory care.

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FeaturesLoansSeniors Housing

C-PACE Financing Hits Its Stride 

by Hayden Spiess

By Hayden Spiess Investment firm and asset manager Nuveen has a dedicated “What is C-PACE?” page on its website, outlining the basics of this unique type of financing. That the firm sees such a fact sheet as necessary is unsurprising, given that within the commercial real estate industry, Commercial Property Assessed Clean Energy (C-PACE) financing carries less familiarity relative to other financing products.  Anne Hill, senior vice president of Bayview PACE, says that “there are some misconceptions out there” and that there is “some confusion around the product.”  Lenders say that now though, despite the fact that some misinformation and lack of awareness persist, the tool is rapidly gaining favor among borrowers that recognize its exceptional utility, especially in the volatile environment of today.   Origins Originated in Berkeley, California, in 2008, commercial property assessed clean energy (C-PACE) financing is now available in 40 states throughout the country. C-PACE serves as an alternative funding source for commercial projects that qualify on the basis that they will result in reduced energy and water usage and greater building efficiency.  “When the program was created, the idea was that the government wanted to allow property owners an easier way to finance energy efficiency …

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DevelopmentLoansMidwestMultifamilyOhioSeniors Housing

Churchill Stateside Group Provides $7.9M in Construction Financing for Ohio Senior Living Project

by Kristin Harlow

LANCASTER, OHIO — Churchill Stateside Group LLC, a real estate and renewable energy financial services company, has provided a $7.9 million forward-committed permanent loan for The Reserve at Hunter Trace, a 95-unit affordable senior living development in Lancaster, about 30 miles southeast of Columbus. The financing, provided by Churchill Mortgage Investment LLC, supports the development of the three-story building. All units will be income-restricted at 60 percent of the area median income. Construction is slated for completion in 2026. The loan features a 40-year amortization and three years of interest-only payments after stabilization.

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HealthcareLoansMultifamilyOregonSeniors HousingWashingtonWestern

BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon

by Amy Works

KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …

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