Tuesday, July 1, 2025
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Seniors Housing

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CaliforniaLoansSeniors HousingWestern

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Madison Pettway

ROLLING HILLS ESTATES, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built  87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story 65,000-square-foot seniors housing community to be operated by Cadence Living. The financing was provided by a large regional bank.

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LoansMultifamilyNew YorkNortheastSeniors Housing

Axiom Capital Arranges $17.4M Loan for Refinancing of Independent Living Property in Upstate New York

by Taylor Williams

SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse loan, which was structured with a 10-year term and a fixed interest rate. The locally based borrower has owned and operated the facility since its construction.

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Northstar-Georgetown
Conference CoverageFeaturesMultifamilySeniors Housing

Design of Active Adult Properties Must Appeal to Multiple Generations, Say InterFace Panelists

by Taylor Williams

By Taylor Williams As a concept, the term “active adult” supports the notion that age is just a number. As an evolving subcategory of seniors housing, active adult is a property type that means different things to different people. For that reason, designers and builders of this asset class face the unique challenge of visualizing and delivering communities that appeal to a broad range of renter profiles. Effective, consistent branding is one of the biggest challenges within the active adult sector, which is very much in its infancy relative to other commercial property types. As such, it’s critical that these properties, from their ambiances to their amenity packages, have a sense of versatility, a feel of a community in which 30- and 60-year-olds would feel equally at home. The ways and means through which that wide-ranging appeal can be achieved accounted for much of the discussion among a panel of architects, designers and a builder who spoke at the inaugural InterFace Active Adult conference on Aug. 4. Held at the Westin Galleria hotel in Dallas and hosted by Seniors Housing Business and the InterFace Conference Group, two business units of Atlanta-based France Media, the event drew more than 300 attendees …

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LoansMultifamilyNortheastPennsylvaniaSeniors Housing

HJ Sims Arranges $47.6M Financing for Two Seniors Housing Properties in Pennsylvania

by Taylor Williams

ERIE AND MECHANICSBURG, PA. — HJ Sims has arranged $47.6 million in financing for Bethany Village Retirement Center and Springhill, two seniors housing properties that are respectively located in Mechanicsburg and Erie. Bethany Village includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill features 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. The borrower was Asbury Communities Inc.

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WestgateVillage-Glendale-AZ
AcquisitionsArizonaMultifamilySeniors HousingWestern

SLIB Arranges Sale of 129-Unit Westgate Village Seniors Housing Property in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Westgate Village, a 129-unit independent living community in Glendale. Located approximately nine miles northwest of downtown Phoenix, the property was built in 2017. It totals 112,000 square feet on approximately eight acres of land. A regional developer sold the community to an unnamed REIT for an undisclosed price. The new owner plans to keep the existing operator in place. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. “This was a great opportunity for the new owner to acquire a high-quality asset and the current operator to stay in place,” says Punzel. “The seller will be recycling the capital into other senior living projects.”

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Conference CoverageFeaturesMultifamilySeniors HousingSingle-Family Rental

Despite Brand Ambiguity, Active Adult Properties Gain Favor With Investors, Says InterFace Panel

by Taylor Williams

By Taylor Williams While the product’s definition and brand identity can be obscure and subjective and the amount of data available on it is limited, the asset class known as active adult is experiencing healthy growth in development and resident demand. In turn, those positive vital signs are making both institutional and private investors increasingly comfortable with the property type. This is particularly the case among investors with significant allocations of capital in the multifamily sector and that are seeking yield within that highly competitive space. The amount of available data on the asset class is minimal — at least according to lenders that dabble in the space and researchers that track it. But there is enough statistical information on occupancy and lease-up rates to appeal to institutional players, industry professionals say. For starters, the property has some major demographic tailwinds. According to a February 2021 report from CBRE, by 2030, the 65-plus age cohort will comprise 21 percent of the total U.S. population, a 50 percent increase from the 2020 proportion. The report also found that the average occupancy rate of 95 percent across the active adult sector is higher than other subtypes of seniors housing. In addition, active …

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Capstone-Centerra-Loveland-CO
ColoradoDevelopmentMultifamilySeniors HousingWestern

Hunt Midwest Breaks Ground on 102-Unit Seniors Housing Community in Loveland, Colorado

by Amy Works

LOVELAND, COLO. — Hunt Midwest has broken ground on The Capstone at Centerra, a 78,000-square-foot assisted living and memory care community in Loveland. Located within the 3,000-acre, master-planned Centerra development, the community is projected to open in late 2022. Integral Senior Living (ISL) will be the operator of the 102-unit property.

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DevelopmentMultifamilySeniors HousingUtahWestern

TWG Breaks Ground on $9.5M Residences at West Haven Affordable Seniors Housing Development in Utah

by Amy Works

WEST HAVEN, UTAH — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors age 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or suffering from homelessness. All units are reserved for seniors who earn between 30 percent and 80 percent of the area median income (AMI). The $9.5 million development marks TWG’s first property in the state of Utah and will feature numerous amenities such as a computer room, in-unit laundry, raised garden beds, on-site storage, bike racks and a community fitness center. Construction began this month, and the project is slated for completion in fall 2022. TWG was awarded low-income housing tax credits (LIHTC) from the Utah Housing Corp. to develop this project. Other partners include the Weber Housing Authority, Raymond James, Olene Walker Housing Loan Fund, Horizon Bank and Rocky Mountain Community Reinvestment Corp.

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ConnecticutLoansMassachusettsMultifamilyNortheastSeniors Housing

Ziegler Arranges $85.5M Bond Financing for Three Senior Living Properties in New England

by Taylor Williams

CHICAGO — Chicago-based Ziegler has arranged $85.5 million in bond financing for a trio of senior living properties in New England. The properties include the 147-bed Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Mass.; the 150-bed Lutheran Rehabilitation and Skilled Nursing Center in Worcester, Mass.; and the 120-bed Lutheran Home of Southbury (LHS) in Southbury, Conn. The borrower was Ascentria Care Alliance, a Worcester-based skilled nursing operator. Proceeds of the bonds issued through the National Finance Authority will be used to acquire the real estate assets of LHS, fund various capital expenditures across the LHS campus, fund a debt service reserve fund and pay costs of issuance associated with the financing. Proceeds of bonds issued through the Massachusetts Development Finance Agency will be used by Ascentria to acquire the Brookfield and Worcester locations, refinance existing debt obligations in connection with the acquisition and fund improvements to the properties.

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FeaturesMultifamilySeniors Housing

Seniors Housing Operators Adjust to Shifting Labor Landscape, Say Webinar Panelists

by Jeff Shaw

Hiring and retaining good employees was already one of seniors housing operators’ top challenges before the COVID-19 pandemic struck. Despite the many new problems that the outbreak presented, many in the seniors housing industry saw a potential silver lining: With so many losing jobs in the hospitality sector, among others, would this be a chance for operators to snatch up those workers? Unfortunately, it appears that did not come to fruition. “When the pandemic started and there were so many layoffs in the hospitality industry, I thought ‘Here we go. We’re going to have this influx of people into senior living. This is really going to help our staffing challenges,’” said Lisa Lacy of Discovery Senior Living. “A year-and-a-half later we’re seeing the opposite of that. We’re competing with organizations that we didn’t compete with before. It’s not the community down the street. It’s fast food, Amazon, companies like that.” Lacy’s comments came during a webinar titled “Invigorating the Seniors Housing Workforce: Strategies to Inspire, Engage and Retain Talent” held July 22. Other panelists included moderator Gary Pederson of MatrixCare, Candace Matsuura of Westmont Living and Julie Podewitz of Vitality Living. Pederson echoed Lacy’s concerns about new competition. “There are …

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