Seniors Housing

Contour Receives $31.6M in Acquisition Financing for Estancia Senior Living in Southern California

by Amy Works October 20, 2021

FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.

October 20, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

JLL Arranges $27.3M Sale of Active Adult Community Near Minneapolis

by Kristin Harlow October 19, 2021

MAPLEWOOD, MINN. — JLL Capital Markets has arranged the $27.3 million sale of Frost English Silver, a newly built, luxury apartment community for residents age 55 and older in Maplewood, a suburb of Minneapolis. The property’s 107 units average 876 square feet each. Amenities include a fitness center, outdoor patio, community room, salon, indoor pool and heated underground parking. Located at 1957 English St., Frost English Silver is within walking distance of parks, lakes, trails and golf courses. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the seller, Sherman Associates. Jeff Lepley of JLL arranged acquisition financing on behalf of the buyer, an affiliate of Axial Real Estate Advisors LLC. JLL is providing the seven-year, fixed-rate Fannie Mae loan.

October 19, 2021

Loans Multifamily Oklahoma Seniors Housing Texas

Hudson Realty Capital Provides Loan for Refinancing of Seniors Housing Community in Tulsa

by Taylor Williams October 18, 2021

TULSA, OKLA. — New York City-based Hudson Realty Capital has provided a bridge loan for the refinancing of Stonehaven Square, a seniors housing community in Tulsa that provides assisted living and memory care services. The amount of the loan was not disclosed, but the financing was secured as part of $37.7 million package for Stonehaven Square and a Florida property, The Landing at Lake Worth. Eric Johnson of Ziegler arranged the financing on behalf of the borrower, Columbia Pacific Advisors.

October 18, 2021

Development Multifamily New Hampshire Northeast Seniors Housing

Edgewood Senior Solutions Breaks Ground on 190-Unit Project in Londonderry, New Hampshire

by Taylor Williams October 13, 2021

LONDONDERRY, N.H. — Massachusetts-based Edgewood Senior Solutions Group has broken ground on The Baldwin, a 190-unit continuing care retirement community (CCRC) in Londonderry, approximately 45 miles northwest of Boston. Designed by DiMella Shaffer, The Baldwin will offer amenities such as an indoor pool, fitness center, art studio and gallery, library and a woodworking shop. Construction is scheduled for a summer 2023 completion.

October 13, 2021

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Avanath Buys 360-Unit Affordable Seniors Housing Community in Corona, California

by Amy Works October 12, 2021

CORONA, CALIF. — Avanath Capital Management has purchased River Run Senior, an affordable seniors housing property located at 863 River Road in Corona. With this acquisition, Avanath now owns 11 properties in Southern California with 2,187 units under management in the region. Built in 2004, River Run consists of six three-story, garden-style residential buildings totaling 216,684 square feet. The community offers a mix of 306 one-bedroom units and 54 two-bedroom units. Units feature air conditioning, dishwashers, vinyl plank flooring, walk-in closets and private balconies or patios. Residential amenities include a community center, leasing office, business center, pool, elevator service, laundry rooms in each building and a gated entry. Avanath will implement social programming at River Run, in addition to its Wellbeats partnership program that allows residents to exercise from home. The company also plans to upgrade the property’s mechanical systems; replace roofs, HVAC systems and boilers; add a maintenance shop; and install security cameras near access gates. Avanath Communities will manage the asset.

October 12, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Negotiates $17M Sale of Two-Property Seniors Housing Portfolio in Oregon

by Amy Works October 11, 2021

GRANTS PASS AND MEDFORD, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Bridge in Grants Pass and The Orchards in Medford. The properties are approximately 30 miles apart in the southwest corner of the state. The Bridge was constructed in 2001 and offers independent living and assisted living. The Orchards was built in 2000 and offers assisted living. The communities offer a total of 148 units in a combined 103,455 square feet across 3.6 acres of land. A local ownership group with only these two seniors housing properties sold the assets. An Oregon-based owner-operator acquired the communities for $17 million. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “The new owner-operator is continuing to expand their footprint and these communities fit in well with their long-term strategic plan,” says Punzel.

October 11, 2021

Acquisitions Connecticut Multifamily Northeast Seniors Housing

SLIB Negotiates Sale of 62-Bed Skilled Nursing Facility in Plainfield, Connecticut

by Taylor Williams October 8, 2021

PLAINFIELD, CONN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private investor, and the buyer was a New England-based owner-operator that now owns three communities in Connecticut. The price was not disclosed. Dave Balow of SLIB handled the transaction.

October 8, 2021

Development Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $91.9M Bond Financing for Eliseo Seniors Housing Expansion in Tacoma, Washington

by Amy Works October 6, 2021

TACOMA, WASH. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units (consisting of 50 apartments and 41 villas) and a new dining venue, as well as renovations to multipurpose and meeting rooms, administrative offices and the entrance to the health center. In addition to funding the project, the bonds will refinance bonds from 2013 and repay a loan used for pre-development expenses.

October 6, 2021

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Brokers Sale of 37-Unit Countryside Living Memory Care Community in Canby, Oregon

by Amy Works October 6, 2021

CANBY, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Countryside Living, a memory care community in Canby, approximately 21 miles south of Portland. The asset features 37 units and 55 beds. The community was originally built in 1959; gutted, remodeled and expanded in 2007; and had its most recent renovations and expansion in 2011. The facility is approximately 21,746 square feet and is situated on approximately 0.78 acres of land. The seller was a local owner that has multiple different business interests. The buyer is an Oregon-based owner-operator with extensive senior living development and operations experience. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “Countryside Living is a strategically located community in downtown Canby,” says Punzel. “The community has had historically high occupancy and overall did very well through COVID. The new owner-operator is expanding their Oregon portfolio.”

October 6, 2021

Development Multifamily Seniors Housing Texas

Cadence McShane Begins Renovation of Historic Seniors Housing Property in San Antonio

by Taylor Williams October 4, 2021

SAN ANTONIO — Cadence McShane Construction Co. has started renovations on the 12-story Granada Homes Senior Living Apartments, an age-restricted, low-income seniors housing property located in San Antonio’s RiverWalk area. The project will involve a complete revitalization of the 249-unit building, which was originally constructed in 1928. Renovations will include a restoration of levels one and 15 per historic guidelines to include updated unit amenities such as countertops and appliances, as well as the addition of 16 new apartment units, and community leasing and amenity space. Exterior improvements will also be made to the ground floor to restore historic features. CREO Architects is the project architect. Merchants Capital and the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) are providing financing for the project. Completion of the renovations is slated for late 2022.

October 4, 2021

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