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Conference CoverageFeaturesHealthcareTop Stories

Stability, Yield Drive Healthcare Real Estate Investment Activity, Say InterFace Panelists

by Camren Skelton

DALLAS — Investor demand for healthcare properties throughout the country is soaring, driven by the recession-resistant nature of the asset class and its ability to consistently generate strong returns. Confidence in the property type also stems from the prevailing realization that legislation opposing the Affordable Care Act (ACA) has thus far been unsuccessful. After multiple failed attempts to repeal and revise the law, the Republican Party introduced a bill today that aims to cut overall funding for healthcare and give states more control over their individual healthcare budgets. Other demand drivers for the healthcare sector include a growing number of aging Americans, the tendency of healthcare tenants to sign long-term leases and an expectation that government spending on healthcare, as a percentage of gross domestic product (GDP), is set to rise above its current level of 15 percent. It all adds up to a remarkably healthy flow of capital into the healthcare sector from institutional, private and foreign investors alike. Five healthcare real estate panelists at last week’s InterFace Healthcare Real Estate conference discussed a variety of topics within the healthcare investment market, including the profiles of the investors, the pressures they face to deploy their capital in a timely …

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LoansMixed-UseMultifamilyNew YorkNortheastOfficeRetail

Stellar Management Refinances 13-Property Portfolio in New York City with $105M Loan Package

by Amy Works

NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the properties for more than 20 years. Loan proceeds will be used to fund upgrades to the properties, including lobby and elevator cab renovations, amenity space upgrades and landscaping improvements.

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MassachusettsNortheastOffice

CIM Group, Nordblom Co. Acquire 242,000 SF Office Building in Boston’s South End

by Amy Works

BOSTON — CIM Group and Nordblom Co. have purchased an office building located at 1000 Washington St. and an adjacent parking garage at 321 Harrison Ave. in Boston’s South End. The 11-story building features 242,000 square feet of office space, while the four-level parking garage features 309 stalls. Nordblom has been an owner and operator of 1000 Washington Street and will continue to manage the property. The name of the seller and acquisition price were not released.

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2750-Hartford-Ave-Johnston-RI
NortheastRetailRhode Island

New England Retail Properties Sells Tractor Supply and O’Reilly Auto Property in Rhode Island for $7M

by Amy Works

JOHNSTON, R.I. — Wethersfield, Conn.-based New England Retail Properties (NERP) has completed the sale of a retail property located at 2750 Hartford Ave. in Johnston. A combination of groups led by the Columbia Delaware Trust acquired the Tractor Supply/O’Reilly Auto property for slightly more than $7 million. NERP acquired and developed the Tractor Supply store in 2013 and constructed the O’Reilly Auto property in 2016. Matthew Darling of New England Retail Properties represented the seller and buyer in the deal.

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21-E-12th-St-NYC
MultifamilyNew YorkNortheast

CNY Construction Tops Out 22-Story Apartment Building in Manhattan

by Amy Works

NEW YORK CITY — CNY Construction, as general contractor, has topped out 21 East 12th, a 22-story apartment building being developed by William Macklowe Co. and Goldman Sachs. Located in Manhattan’s Greenwich Village, the building will feature 51 one-, two-, three- and four-bedroom units, a residents’ lounge, fitness room and garden. Additionally, the property will feature 19,487 square feet of retail space. The project team consists of SLCE Architects and Selldorf Architects. Completion is slated for fourth quarter 2018.

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Cornerstone-Toms-River-NJ
MultifamilyNew JerseyNortheastSeniors Housing

Walters Group Opens 102-Unit Age-Restricted Community in New Jersey

by Amy Works

TOMS RIVER, N.J. — The Walters Group has opened Cornerstone at Toms River, a 102-unit active adult community in Toms River, approximately 60 miles south of New York City. A grand opening was held Sept. 14 for the community, which is restricted to residents over the age of 55. The Walters Group developed the three-story property. Cornerstone at Toms River also features income-restricted units, and gives residency priority to seniors whose homes were impacted by Superstorm Sandy.

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CaliforniaMultifamilySeniors HousingWestern

Clearwater Living to Open 136-Unit Independent Living Community in Oxnard

by Nellie Day

OXNARD, CALIF. — Clearwater Living is preparing to open Clearwater at RiverPark, a 136-unit independent living community in Oxnard. Presales are currently underway, with a planned opening of January 2018. Residents who pre-select an apartment and move in within 30 days of the grand opening will pay less in “community fees” and also receive a discount on the first month’s rent. Apartments range in size from 610 to 1,040 square feet. The property is located near malls, art museums and beaches.

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ColoradoMultifamilyWestern

Continental Realty Advisors Buys 256-Unit Apartment Complex in Westminster

by Nellie Day

WESTMISNTER, COLO. — Continental Realty Advisors (CRA) has purchased the 256-unit Canyon Reserve at the Ranch Apartments in Westminster for an undisclosed price. The community is located at 2890 W. 116th Place. The property includes 16 two-story buildings with amenities like clubhouses, a resort-style pool, gym, dog park and business center. All apartments feature wood-burning fireplaces, vaulted ceilings, deep-bath garden tubs, and private patios or balconies. Canyon Reserve was built in 1984. CRA plans to upgrade both the common-area amenities and unit interiors as part of their value-add program. The firm partnered with GTIS on the acquisition. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabinetry, stainless steel appliances, plank flooring, modern lighting, hardware and paint.

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ArizonaMultifamilySeniors HousingWestern

HJ Sims Structures $3.8M in Equity Financing in Assisted Living Community Near Tucson

by Nellie Day

MARANA, ARIZ. — HJ Sims has completed a $3.8 million financing for The Watermark at Continental Ranch, a proposed 99-unit assisted living and memory care community in the Tucson suburb of Marana. Sims provided the financing to a joint venture between affiliates of Link Development LLC and Watermark Retirement Communities, which will also operate the property. Continental Ranch will be Link’s fourth seniors housing development in Arizona. Watermark manages 40 seniors housing communities in 21 states. Sims structured preferred equity on behalf of the joint venture owners, meeting regulatory requirements for the senior construction lender. A new entity, LW Development Funding I LLC, was formed to issue the $3.8 million of taxable bonds. High-net-worth accredited investors purchased the bonds. Sims then used to capital to fund the preferred equity investment.

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ColoradoRestaurantRetailWestern

Chipotle Reopens Flagship Location Following First Renovation in 24 Years

by Nellie Day

DENVER — Chipotle Mexican Grill has reopened its doors to the first-ever Chipotle restaurant in its hometown of Denver following a summer-long renovation. The original Chipotle location opened in the former Dolly Madison ice cream shop on East Evans Avenue across from the University of Denver, where founder, chairman and CEO Steve Ells prepared the food and served the very first Chipotle customers. Chipotle expanded the basement of the 850-square-foot restaurant to create additional storage and food prep space, allowing the small open kitchen — still a hallmark design element of all Chipotle locations — to be more efficient. Work in the dining room updated the style of the space, while preserving features of the first restaurant. Ells opened the second Chipotle in 1995 and the third in 1996. Today, Chipotle has more than 2,300 locations worldwide.

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