Seniors Housing

Fitness Centers, Outdoor Spaces and Units All Becoming Larger, Say Seniors Housing Development Panelists

by Kristin Harlow August 25, 2021

ATLANTA — Driven by the desire of a healthy lifestyle, two areas that senior living developers are currently focusing on are the fitness center and outdoor spaces, according to Scott Gensler, vice president of business development with Erickson Senior Living. “Every time I look at a plan, the fitness center gets bigger and bigger and bigger,” said Gensler. “Then we open it, and it’s still not big enough.” Not only is the fitness center becoming larger, but it’s also becoming more of a prominent feature in Erickson’s continuing care retirement communities. Additionally, the outdoor spaces have gone from a secondary focus to a primary emphasis. As Gensler put it, having healthy residents is a win-win situation. Gensler’s comments came during “The Development Outlook” panel at the eighth annual InterFace Seniors Housing Southeast conference, which took place at Atlanta’s Westin Buckhead on Wednesday, Aug. 18 and drew 250 registrants. Joining Gensler on the panel were Michael Hartman, principal of Capitol Seniors Housing’s active adult platform; Alan Moise, chief investment officer of Thrive; and Janet Meyer, principal with BCT Design Group. David Kliewer, director with Grandbridge Real Estate Capital, moderated the discussion. Another development trend today is multi-function space, which increases efficiencies. …

August 25, 2021

Acquisitions Maine Multifamily Northeast Seniors Housing

Knapp Group Brokers $10.2M Sale of Seniors Housing Community in Central Maine

by Taylor Williams August 25, 2021

MAINE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has brokered the sale of an unnamed continuing care retirement community (CCRC) in central Maine. The site of the 121,677-square-foot property spans an entire city block, totaling 3.6 acres. The occupancy rate has consistently been over 90 percent, according to the brokers. The sales price was $10.2 million, but details on the buyer and seller were not disclosed. The lead agent for this transaction was Jim Knapp.

August 25, 2021

Arizona Development Multifamily Seniors Housing Western

Link Senior Development, MedCore Partners Plan 202-Unit Seniors Housing Community in Buckeye, Arizona

by Amy Works August 24, 2021

BUCKEYE, ARIZ. — Link Senior Development and MedCore Partners have unveiled plans for Ativo of Sundance, a 202-unit senior living community inside the Sundance Active Adult master-planned community in the Phoenix suburb of Buckeye. The campus will offer 103 independent living, 75 assisted living and 24 memory care units on a 10-acre tract. Construction of the 211,000-square-foot, three story project is scheduled to begin in late 2021 for an anticipated opening in summer 2023. Insight Senior Living will manage the community, including oversight of all programs and resident services. This will be Insight’s third senior living project in Arizona. Ankrom Moison Architects designed the facility. Link and MedCore are collaborating on two other developments in Albuquerque, New Mexico and Tracy, California. The two firms previously worked together on the 2019 sale and acquisition of five senior living communities in Arizona and Utah.

August 24, 2021

Development Multifamily Seniors Housing Texas

LifeCare, ERG Enterprises to Develop 100,000 SF Seniors Housing Community in Tyler, Texas

by Taylor Williams August 23, 2021

TYLER, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment firm ERG Enterprises will develop The Blake at Tyler, a 100,000-square-foot community that will be located about 100 miles east of Dallas. The property, the number of units of which was not disclosed, will be situated within The Crossing mixed-use development. The Blake at Tyler will offer assisted living units in various floor plans and studio and one-bedroom memory care units. Blake Management Group will operate the property, which is scheduled to open in 2023.

August 23, 2021

Acquisitions Multifamily Seniors Housing Texas

Plains Commercial Brokers Sale of 115-Bed Skilled Nursing Facility in Benbrook, Texas

by Taylor Williams August 23, 2021

BENBROOK, TEXAS — Plains Commercial has brokered the sale of Benbrook Nursing & Rehab, a 115-bed skilled nursing facility in Benbrook, approximately 10 miles southwest of Fort Worth. The property was originally built in 1969. The seller was a regional owner-operator that decided to cull its portfolio and exit the Dallas-Fort Worth metroplex. The buyer was a regional owner-operator looking to expand its Texas portfolio via a 1031 exchange. Daniel Morris of Plains Commercial brokered the deal.

August 23, 2021

Iowa Loans Midwest Multifamily Seniors Housing

Marcus & Millichap Capital Corp. Arranges $20.2M Construction Loan for Seniors Housing Project in Iowa

by Kristin Harlow August 23, 2021

DAVENPORT, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $20.2 million loan for the development of Meadowview of Davenport. The 106-unit senior living development in Davenport will include 43 independent living units, 35 assisted living units and 28 memory care units. Frank Montalto and Dean Giannakopoulos of MMCC arranged the five-year loan, which features a 3.75 percent interest rate. The undisclosed borrower has experience developing similar projects, according to Montalto.

August 23, 2021

Acquisitions Development Florida Multifamily Seniors Housing Southeast

Lloyd Jones Acquires 10.6 Acres in Port St. Lucie, Florida, Plans Seniors Housing Development

by Julia Sanders August 20, 2021

PORT ST. LUCIE, FLA. — Lloyd Jones LLC has acquired a 10.6-acre parcel in Port St. Lucie for the development of AVIVA Port St. Lucie, a 159-unit independent living community. The project developers plan to break ground next month, and occupancy is anticipated for January 2023. Located on Lake Whitney Road, AVIVA Port St. Lucie is located close to Interstate 95, a Super Walmart, restaurants and a medical office park. The floorplans will include one- and two-bedroom apartments with dens, balconies, full kitchens and closets. Community amenities will include a pool, putting green, bar, walking trails and multipurpose rooms for social activities. Independent living services include two meals per day, housekeeping, linen services and planned entertainment and activities. The property will operate under Lloyd Jones’ proprietary AVIVA brand, which caters to lifestyles ranging from active adult to independent living. AVIVA Port St Lucie will be operated by Lloyd Jones Senior Living Management, the senior housing management division of Lloyd Jones.

August 20, 2021

Colorado Loans Multifamily Seniors Housing Western

Colliers Mortgage Provides $15.9M HUD Loan for Multifamily Development in Grand Junction, Colorado

by Amy Works August 20, 2021

GRAND JUNCTION, COLO. — Colliers Mortgage, part of Colliers International | U.S., has closed a $15.9 million HUD 213 loan for the new construction of Village Cooperative of Grand Junction, an age-restricted cooperative project in Grand Junction. The 62-unit property will be age restricted to residents with heads of household 62 years of age or older. The community will include community decks, outdoor fire pits, interior bar areas and a fitness center. The 40-year, fully amortizing loan was arranged for the borrower, Village Cooperative of Grand Junction.

August 20, 2021

Residences-at-Reuten-Park-Closter-New-Jersey

Development Multifamily New Jersey Northeast Seniors Housing

Reuten Associates, Metropolis Unveil Plans for 195-Unit Seniors Housing Project in Closter, New Jersey

by Taylor Williams August 20, 2021

CLOSTER, N.J. — Reuten Associates and Metropolis Property Group have unveiled plans for a new 195-unit seniors housing community that will be located in the Northern New Jersey community of Closter. The property will be situated within Reuten Corporate Park and will offer independent living, assisted living and memory care in studio, one- and two-bedroom floor plans. Amenities will include private outdoor social spaces, an outdoor dining courtyard, multiple indoor dining areas, a café, pool, a spa/salon and fitness center, cinema, game room, community gardens, fire pits and walking trails. A tentative groundbreaking date was not disclosed, but construction is expected to last 14 to 16 months.

August 20, 2021

Hawaii Loans Multifamily Seniors Housing Western

Berkadia Provides $16.6M Refinancing for Assisted Living Community in Kailua-Kona, Hawaii

by Amy Works August 19, 2021

KAILUA-KONA, HAWAII — Berkadia Seniors Housing & Healthcare has provided a $16.6 million refinancing for a 123-unit assisted living community in Kailua-Kona, located on the west coast of the Hawaii Island. Jay Healy secured the 35-year loan through HUD’s 232/223(f) program. The financing retired an $11.7 million Berkadia bridge loan funded in August 2017 to facilitate the acquisition and subsequent $4.5 million renovation completed in early 2020. The borrower was also able to utilize HUD loan proceeds to pay off the remaining balance of the unsecured seller financing, as well as some outstanding partnership debt. The borrower, a Washington-based owner-operator, previously managed the building on behalf of the seller. At the time of purchase, occupancy was well below its potential due primarily to capital expenditure needs. As part of the remodel, the buyer addressed all deferred maintenance, updated the common areas and installed solar panels for both electricity and hot water. As a result, the new owner was able to push rents and bring occupancy up to 87 percent, a number which is expected to continue to increase as COVID-depressed occupancy improves across the sector.

August 19, 2021

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