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Seniors Housing

Parkview-Christian-Retirement-Portland-OR
AcquisitionsMultifamilyOregonSeniors HousingWestern

Ziegler Negotiates Sale of 177-Unit Parkview Christian Retirement Community in Portland, Oregon

by Amy Works

PORTLAND, ORE. — Ziegler, as exclusive financial advisor to the seller, has arranged the acquisition of Parkview Christian Retirement Community in Portland. Founded by members of the Columbia Baptist churches, the nonprofit Oregon Baptist Retirement Home Society opened its doors in 1944. The community expanded several times over the next 40 years. In 1987, the organization moved to its current location in northeast Portland and expanded again 10 years later. Today, the campus consists of 115 rental independent living apartments and 62 assisted living units spread over approximately six acres of land. The buyer is a for-profit owner-operator. The price was not disclosed. The Ziegler investment banking team included Humair Sabir, Stephen Johnson, Marie Carlson, and Ryan Anders.

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LoansMichiganMidwestMultifamilySeniors Housing

Colliers Mortgage Provides $21.6M Loan for Construction of Seniors Housing Complex in Michigan

by Kristin Harlow

MICHIGAN — Colliers Mortgage has provided a $21.6 million construction loan for an independent living, assisted living and skilled nursing property in Michigan. The project will feature 105 units in a variety of studio, one- and two-bedroom units. Amenities will include a main dining room, bistro, lounge and large community spaces. The loan features a 48-month term with one 12-month extension option. Christopher Fenton and Catherine Eby of Colliers Mortgage, along with Nick Skarich and Kevin McMahon of Colliers Funding, originated the loan on behalf of the undisclosed borrower.

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LoansMidwestMinnesotaMultifamilySeniors Housing

JLL Arranges $18.7M HUD-Insured Loan for Refinancing of Minnesota Senior Living Community

by Kristin Harlow

ELK RIVER, MINN. — JLL Capital Markets has arranged an $18.7 million HUD 232/223(f) loan for the refinancing of Elk River Senior Living. The 108-unit senior living community offers independent living, assisted living and memory care services in Elk River, about 34 miles northwest of Minneapolis. Built in 2018, the property offers amenities such as lounges, activity rooms, dining areas and outdoor courtyards. Jeff Lepley and Alex Sheaffer of JLL arranged the financing, which consolidated five different debt obligations that were associated with the construction of the project. The borrower was undisclosed.

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AcquisitionsGeorgiaSeniors HousingSoutheast

CBRE Brokers Sale of 146-Unit Arbor Terrace Peachtree City Seniors Housing Community in Metro Atlanta

by John Nelson

PEACHTREE CITY, GA. — CBRE has arranged the sale of Arbor Terrace Peachtree City, a 146-unit independent living and assisted living community in Peachtree City, a suburb south of Atlanta. GEM Realty Capital purchased the asset for an undisclosed price. John Sweeny, Aron Will and Garrett Sacco of CBRE arranged the transaction on behalf of the undisclosed seller. Will and Michael Cregan, also with CBRE, secured a Freddie Mac acquisition loan on behalf of the buyer.

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DevelopmentSeniors HousingSoutheastVirginia

Focus Healthcare Completes $67M Renovation at The Virginian Seniors Housing Community in Fairfax, Virginia

by John Nelson

FAIRFAX, VA. ­— Focus Healthcare Partners has completed a $67 million renovation project at The Virginian, a 32-acre continuing care retirement community (CCRC) in the Washington, D.C., suburb of Fairfax. LCS operates the property. This remodel included adding an array of advanced technology, sustainability initiatives, lifelong learning opportunities and healthcare services. Amenities now include multiple dining venues, a wine cellar, sports bar, indoor golf simulator, theater, entertainment venues, three full-service salons, technology areas and a spa under development. Outdoor areas include a pickleball court, bocce ball court, putting green, a dog park and a fire pit area. In addition, renovations added an exclusive fifth-floor concierge level that offers its own dining room and bar. The one, two- and three-bedroom apartments were upgraded to include California closet design, electronic blinds, smart thermostats and smart lights that connect to a smartphone. The seven-story, 367,000-square-foot property now boasts four wings, offering 155 independent living apartments, 56 assisted living residences, 36 memory care units and 53 skilled nursing units.

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DevelopmentKansasMidwestMultifamilySeniors Housing

Hunt Midwest, Principal Senior Living Complete Memory Care Expansion at Benton House of Olathe in Kansas

by Kristin Harlow

OLATHE, KAN. — Hunt Midwest and Principal Senior Living have completed 21 new memory care residences at Benton House of Olathe in Kansas. The expansion project more than doubles the number of memory care apartments available in the community’s Beacon Neighborhood, an exclusive neighborhood within the Benton House community dedicated to seniors experiencing memory loss. The first residents are scheduled to move in to the new apartments in March. Benton House of Olathe now offers 76 total residences, including 35 memory care apartments and 41 studio and one-bedroom assisted living suites. The property features a variety of indoor and outdoor amenity spaces around three landscaped courtyards. The project team included Lamas Architects, Schlagel and Associates and Meyer Brothers Building Co. Hunt Midwest and Principal currently own and operate a portfolio of six assisted living and memory care communities in metro Kansas City.

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AcquisitionsMultifamilySeniors HousingTexas

ESI Arranges the Sale of a 119-Bed Seniors Housing Property in Dallas, Buyer Plans $9M Renovation

by Taylor Williams

DALLAS — Evans Senior Investments (ESI) has arranged the sale of Crystal Creek at Preston Hollow, a 119-bed seniors housing property located just north of downtown Dallas. Built in 2001 and renovated in 2018, the community offers assisted living, memory care and long-term care services. An undisclosed regional owner-operator sold the asset to Marcus Investments for an undisclosed price. Vitality Senior Living will take over as operator. The buyer plans to invest $9 million in additional renovations to the property.

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DevelopmentFloridaLoansMultifamilySeniors HousingSoutheast

Pearlmark Provides $33M Mezzanine Debt for Active Adult Development in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult residential development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ Glen Kernan Park is situated near the Mayo Clinic and St. Johns Town Center and is reserved for households age 55 years and older. Upon completion, the 30-acre project will comprise 236 residential units and 72 cottages. Amenities will include a clubhouse, fitness center, yoga and group fitness space, media lounge, resort-style pool, pickleball courts, dog park and a party room.

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Friendship-Village-Tempe-AZ
ArizonaDevelopmentMultifamilySeniors HousingWestern

Ryan Cos. Completes 142,000 SF Second Phase of Friendship Village Seniors Housing Redevelopment in Tempe, Arizona

by Amy Works

TEMPE, ARIZ. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre seniors housing campus of Friendship Village Tempe.  The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both phases. The second phase includes 64 independent living apartments, four guest suites and 69 underground parking spaces. The one- and two-bedroom residences range from 743 square feet to 1,789 square feet. Phase III construction is scheduled to begin in second-quarter 2025. Details on that phase were not released.

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Clearwater-Newport-Beach-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Clearwater Living Opens 101-Unit Assisted Living Community in Newport Beach, California

by Amy Works

NEWPORT BEACH, CALIF. — Clearwater Living has opened its previously announced Clearwater Newport Beach, a 101-unit assisted living and memory support community in Newport Beach. Located at 101 Bayview Place, Clearwater Newport Beach features 70 assisted living and 31 memory support apartments in a mix of studio, one- and two-bedroom floor plans. The community includes an outdoor courtyard, creative studio, clubroom, fitness and wellness center, theater, housekeeping and laundry, salons, transportation and concierge services. Clearwater Newport Beach also offers a variety of dining options, including an on-site Savor Restaurant, CDM Café, wine vault, outdoor bar and private dining. The community provides residents with access to a licensed nurse on-site, 24-hour compassionate care partners, medication coordination, regular monitoring and other comprehensive care services, as well as physical therapy, occupational therapy and speech-language pathology through a collaboration with EmpowerMe Wellness.

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