Seniors Housing

Highgate Capital, Aurora Health to Buy 300-Property Healthcare Portfolio in Deal Valued at $3.2B

by Katie Sloan September 9, 2021

BOCA RATON, FLA. — DigitalBridge (NYSE: DBRG) has agreed to sell its entire wellness portfolio, consisting of 300 seniors housing, skilled nursing, medical office and hospital properties, in a deal valued at $3.2 billion. The buyers are Highgate Capital Investments and Aurora Health Network. Before announcing its rebrand to DigitalBridge in June, the Boca Raton-based real estate investment trust (REIT) was formerly known as Colony Capital. The sale is the final step of the company’s conversion of its portfolio to all digital infrastructure properties, such as cell towers and data centers. The $3.2 billion includes $226 million in cash, a $90 million seller note and the assumption of $2.9 billion in debt. “Having completed our digital transformation in less than two years, this final step will allow us to emerge as the pure-play, fast-growing digital infrastructure REIT we envisioned from day one,” says Marc Ganzi, president and CEO of DigitalBridge. The portfolio includes DigitalBridge’s equity interest in and management of its sponsored, non-traded REIT, NorthStar Healthcare Income Inc. The company merged with NorthStar in 2016, with the combined REIT valued at a total capitalization of $17 billion at that time. The sale is expected to close in early 2022, subject …

September 9, 2021

Acquisitions Kentucky Multifamily Seniors Housing Southeast Tennessee

Strawberry Fields REIT Acquires Six Nursing Facilities in Kentucky, Tennessee for $81M

by Julia Sanders September 7, 2021

SOUTH BEND, IND. — Strawberry Fields, a South Bend-based owner of long-term acute care hospitals, skilled nursing and assisted living facilities, has acquired six skilled nursing facilities located in Kentucky and Tennessee for $81 million. The properties include: • Landmark of Kuttawa, a 65-bed skilled nursing facility located at 1253 Lake Barkley Drive in Kuttawa, Ky., that was built in 1968. • Agape Rehabilitation & Nursing Center, an 84-bed skilled nursing facility located at 505 North Roan St. in Johnson City, Tenn., that was built in 2005. • Waters of Sweetwater, a 90-bed rehabilitation and nursing center located at 978 Highway 11S in Sweetwater, Tenn., that was built in 1966. • Waters of McKenzie, a 72-bed rehabilitation and nursing center located at 14510 Highway 79 in McKenzie, Tenn. • Waters of Memphis, a 90-bed rehabilitation and nursing center located at 6500 Kirby Gate Blvd. in Memphis, was built in 2015. • Waters of Bristol, a 120-bed rehabilitation and nursing center located at 2830 Highway 394 in Bristol, Tenn., was constructed in 2017. Some of the facilities offers physical, speech and occupational therapies for short-term rehab clients as well as long-term care residents. These facilities also feature a Department of Nursing, …

September 7, 2021

Development Florida Multifamily Seniors Housing Southeast

Origin Construction to Build $75M Seniors Housing Community in Port St. Lucie, Florida

by Julia Sanders September 7, 2021

PORT ST. LUCIE, FLA. — Miami-based Origin Construction will build America Walks, an active adult rental community in Port St. Lucie spanning 60 acres and more than 400 residences. The project is expected to cost $75 million to develop and deliver in the third quarter of 2023. Ohio-based America Walks is the developer for the gated community. America Walks will feature both a residential and recreational component, including two four-story apartment buildings with 115 units, as well as 300 villas in 60 buildings surrounding four lakes with walking and biking trails. Each of the 60 buildings will include four to six villas, each with its own garage. The recreational space will include a two-story clubhouse encompassing over 26,000 square feet with a restaurant, exercise facilities, sports bar and a salon. Community amenities will include a pool, spas, pickleball court, bocce, fire pits and an outdoor dining facility.

September 7, 2021

Harbour-Pointe-Senior-Living-Mukilteo-WA

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $19.5M Financing for Harbour Pointe Senior Living in Mukilteo, Washington

by Amy Works September 7, 2021

MUKILTEO, WASH. — CBRE Senior Housing has arranged $19.5 million in financing for Harbour Pointe Senior Living, a 106-unit assisted living and memory care community in Mukilteo, approximately 25 miles north of downtown Seattle. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living operates the community. The community, originally acquired by the owners in 2015, sits directly adjacent to Paine Field, a once-commercial airfield that is now primarily used as a Boeing assembly plant. Home to generations of former Boeing employees, the Harbour Pointe neighborhood is an affluent pocket of Mukilteo with numerous local amenities, including the nearby Harbour Pointe Golf Club. CBRE Senior Housing originated a seven-year, floating-rate loan with four years of interest-only payments through its Freddie Mac Optigo lending program.

September 7, 2021

Affordable Housing Development Indiana Midwest Multifamily Seniors Housing

TWG Opens $11M Affordable Seniors Housing Project in Indianapolis

by Kristin Harlow September 7, 2021

INDIANAPOLIS — TWG has opened Line Lofts Apartments, an $11 million affordable seniors housing project on the east side of Indianapolis. Located at 1145 E. Washington St., the property features 63 two-bedroom units. One-fifth of the units are designed and reserved for seniors with visual impairments, as part of a partnership between TWG and local nonprofit Visually Impaired Preschool Services (VIPS). The property includes specific features to aid visually impaired residents, including oversized elevator buttons, tactile markings, dedicated ride sharing pickup spots and a park area for service animals. Line Lofts will also serve as the new home for the VIPS Simon and Estelle Knoble Family Resource Center, a 6,000-square-foot center that will offer services for blind or visually impaired children such as early intervention, orientation and mobility, preschool transition assistance, advocacy training and parent events. Low-income housing tax credits from the Indiana Housing and Community Development Authority helped fund the project.

September 7, 2021

Acquisitions Multifamily New York Northeast Seniors Housing

SLIB Negotiates $8M Sale of Manor Hills Assisted Living Facility in Wellsville, New York

by Taylor Williams September 7, 2021

WELLSVILLE, N.Y. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Manor Hills Assisted Living for $8 million. Located in Wellsville, near the New York-Pennsylvania border, the asset features 89 assisted living and memory care units and was built in 1989. The seller was a private owner that previously divested its skilled nursing portfolio. The privately held buyer was an Albany, N.Y.-based seniors housing owner-operator. Dave Balow from SLIB handled the transaction.

September 7, 2021

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

After 18 Months, Seniors Housing Operators More Adept at Handling COVID-19 Crisis, Says InterFace Panel

by John Nelson September 7, 2021

ATLANTA — Seniors housing operators have been grappling the past 18 months with how to maintain their properties and keep occupancy high while also protecting their staff and residents, who are the most vulnerable population for infections and death from the COVID-19 outbreak. With the rise of the Delta variant in recent weeks, owners and operators are having to make tough decisions to care for their residents, although now they have built some muscle memory on how to operate effectively amid the pandemic. “We are better at dealing with COVID-19 now than before,” said Joe Jasmon, CEO and managing partner of American Healthcare Management. Jasmon added that alleviating the fear of COVID-19 and the Delta variant is a big part of an operator’s job, and bringing residents into their social programs is a major point of emphasis, even if it can only be done virtually. “There’s been a huge insurgence of Zoom calls,” said Jasmon. “Before it was once in a blue moon, and it would be a son or daughter who lived in Belize or somewhere. Now the entire family and friends are calling in. We have to cultivate that activity and encourage it.” Jasmon’s comments came during the …

September 7, 2021

Acquisitions Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $10M Financing for Emerald City Senior Living in Seattle

by Amy Works September 2, 2021

SEATTLE — CBRE Senior Housing has arranged $10 million in financing for Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle. The community sits six miles north of downtown Seattle within the Maple Leaf neighborhood, a burgeoning and affluent residential area of Seattle. Built in 2006 by a seniors housing architect, the community features high-end amenities. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing, arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living is the operator. The two-year, $10 million, floating-rate bridge loan features full-term interest-only payments and extension options through CBRE’s multifamily bridge lending program, MF1 Capital LLC.

September 2, 2021

Affordable Housing Development Multifamily Nevada Seniors Housing Western

Volunteers of America Breaks Ground on Desert Oasis Affordable Seniors Housing Expansion In Las Vegas

by Amy Works August 30, 2021

LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas. Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden. Desert Oasis will be built with energy-efficient systems using green building techniques and including solar panels and photovoltaics. The entire development will be Energy Star rated. Funding partners include Nevada Housing Division’s Low Income Tax Credit program, City of Las Vegas- and Clark County-provided HOME funds and United Health Care. The building is scheduled for completion in fall 2022. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.

August 30, 2021

Features Multifamily Seniors Housing Southeast

In Seniors Housing, Investment Decisions Should Be Based on Trusted Partners, Say InterFace Panelists

by Julia Sanders August 27, 2021

ATLANTA — The beginning of the COVID-19 pandemic made everyone question the future, and for investors and owners in the seniors housing business sector, things were rocky. The National Investment Center for Seniors Housing and Care reported the occupancy rate in seniors housing facilities decreased 680 basis points in 2020 to record lows. In 2021, there has been a renewed confidence in the economy as people return to working in an office and many Americans have been fully vaccinated against COVID-19. Additionally, occupancy rates in seniors housing properties have continued to rise. Now that things seem to be getting marginally better, the question many investors may be asking themselves is if they should buy, sell or hold assets in the current market? At the InterFace Seniors Housing Southeast conference in Atlanta, Ga. on Wednesday, Aug. 18, a group of industry-related leaders discussed the tips and tricks to survive in today’s market, as well as their predictions for the seniors housing sector in the future, during the “Investment Panel.” In a discussion lead by Marcus Van Ameringen, vice president of business development at 12 Oaks Senior Living, many of the investors in the panel mentioned the importance of making deals with …

August 27, 2021

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