Seniors Housing

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

by Amy Works August 6, 2021

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.”

August 6, 2021

Conference Coverage Features Multifamily Seniors Housing Single-Family Rental

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

by Taylor Williams August 6, 2021

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 …

August 6, 2021

Colorado Development Multifamily Seniors Housing Western

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

by Amy Works August 5, 2021

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.

August 5, 2021

Development Multifamily Seniors Housing Utah Western

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

by Amy Works August 4, 2021

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.

August 4, 2021

Connecticut Loans Massachusetts Multifamily Northeast Seniors Housing

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

by Taylor Williams August 2, 2021

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.

August 2, 2021

Features Multifamily Seniors Housing

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

by Jeff Shaw July 29, 2021

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 …

July 29, 2021

California Leasing Activity Multifamily Seniors Housing Western

JCH Negotiates Lease of 68-Unit Seniors Housing Community in Modesto, California

by Amy Works July 28, 2021

MODESTO, CALIF. — JCH Senior Housing Investment has arranged the triple-net lease of a 68-unit, 120-bed assisted living and memory care community in Modesto, approximately 80 miles south of Sacramento. The team at JCH led a marketing campaign for the landlords, a family-owned owner-operator that is seeking retirement. Throughout the pandemic, the facility struggled to maintain census and keep up with new requirements from licensing, ultimately leading to a licensing revocation hearing. A local operator seeking to convert the building to an adult residential facility was the successful bidder. The lease rate is $200,000 per bed. Jim Hazzard and Cindy Hazzard handled the transaction process for JCH.

July 28, 2021

Loans Multifamily Oklahoma Seniors Housing Texas

Berkadia Arranges $5.6M HUD-Insured Refinancing for Skilled Nursing Facility Near Tulsa

by Taylor Williams July 26, 2021

TULSA, OKLA. — Berkadia has arranged a $5.6 million HUD-insured loan for the refinancing of a 54-unit, 111-bed skilled nursing facility in Muskogee County, located southeast of Tulsa. The property was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent. Jay Healy of Berkadia originated the loan on behalf of the undisclosed borrower through HUD’s 232/223(f) program. The name and address of the property were not disclosed.

July 26, 2021

Acquisitions California Multifamily Seniors Housing Western

TMG Negotiates $7.2M Sale of Bernardine Senior Independent Living in San Bernardino, California

by Amy Works July 21, 2021

SAN BERNARDINO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Bernardine Senior Independent Living in San Bernardino, approximately 57 miles east of downtown Los Angeles. A Los Angeles-based private investment group sold the community for $7.2 million, which equates to $102,000 per unit and $206 per square foot. The buyer was a private investment group based in the San Gabriel Valley. Bryan LaBar and Otto Ozen of TMG represented the seller. “Due to the low price per unit and high-quality construction, the buyer pool was large,” says LaBar. “To maximize the value of this community, we aggressively marketed it to our robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.” Built in 1984, Bernardine Senior Independent Living is a four story, 71-unit apartment community. The property comprises 36,200 square feet of rentable space on a one-acre site.

July 21, 2021

California Loans Multifamily Seniors Housing Western

KeyBank Provides $10.2M HUD Financing for Livermore Healthcare Skilled Nursing Facility in California

by Amy Works July 20, 2021

LIVERMORE, CALIF. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a healthcare real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio of 35 skilled nursing properties, which included the Livermore Healthcare facility. Livermore Healthcare features 30 units and 83 beds. The property was originally built in 1966 and underwent minor renovations in 2019, including the installation of new vinyl flooring in several common area rooms and hallways. John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Group structured the financing.

July 20, 2021

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