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Seniors Housing

Overlook-Anaheim-Hills-CA
AcquisitionsCaliforniaMultifamilySeniors HousingWestern

Avanath Capital Acquires Seniors Housing Community in Anaheim Hills for $87.5M

by Amy Works

ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety of capital improvements to the property, including renovating the clubhouse and community spaces, adding a dog park and implementing sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.

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Palladium-Garland
Affordable HousingDevelopmentMultifamilySeniors HousingTexas

Palladium Underway on 122-Unit Mixed-Income Seniors Housing Project in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Locally based developer Palladium USA is underway on construction of a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. Completion is scheduled for June 2022.

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AcquisitionsAffordable HousingMultifamilyNew JerseyNortheastSeniors Housing

Standard Communities Buys 169-Unit Affordable Seniors Housing Property in Atlantic City

by Taylor Williams

ATLANTIC CITY — Standard Communities has purchased Baltic Plaza Apartments, a 169-unit affordable seniors housing property in Atlantic City. The new ownership plans to invest about $10 million in capital improvements to the property, which was originally built in 1982. Standard Communities completed this transaction in partnership with the U.S. Department of Housing & Urban Development and the New Jersey Housing & Mortgage Finance Agency. The transaction was financed with Low-Income Housing Tax Credits arranged in partnership with PNC Bank, with additional financing provided by Citibank.

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LoansMidwestMinnesotaMultifamilySeniors Housing

Dwight Capital Provides $22.2M HUD-Insured Loan for Refinancing of Senior Living Community in Minnesota

by Kristin Harlow

RICHFIELD, MINN. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed borrower.

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Harry-S.-Truman-Apartments-Cambridge
AcquisitionsAffordable HousingDevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Taylor Williams

CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.

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LoansMidwestMultifamilyNebraskaSeniors Housing

Greystone Provides $11.9M HUD-Insured Loan for Refinancing of Assisted Living Facility in Omaha

by Kristin Harlow

OMAHA, NEB. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest rate.

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Affordable HousingDevelopmentMultifamilyNew YorkNortheastSeniors Housing

Olshan Properties, O’Connor Capital Break Ground on 221-Unit Senior Living Project in The Bronx

by Taylor Williams

NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has broken ground on Parkchester Gardens, a 221-unit affordable senior living project in the Parkchester area of The Bronx. Units will be reserved for renters earning 50 percent or less of the area median income. Wells Fargo is financing the project in conjunction with the New York City Housing Development Corp. and the Department of Housing Preservation & Development. Completion is slated for the middle of 2023.

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DevelopmentMassachusettsMultifamilyNortheastSeniors Housing

Salmon Health Prepares to Open 57-Acre Campus in Medway, Massachusetts

by Taylor Williams

MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.

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AcquisitionsColoradoMultifamilySeniors HousingWestern

The Ensign Group Acquires Three Skilled Nursing Facilities in Colorado

by Jeff Shaw

DENVER, BERTHOUD and BOULDER, Colo. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Colorado: Boulder Canyon Health and Rehabilitation, a 140-bed skilled nursing facility located in Boulder. Berthoud Care and Rehabilitation, a 76-bed skilled nursing facility located in Berthoud. South Valley Post-Acute Rehabilitation, a 106-bed skilled nursing facility located in Denver. These acquisitions are subject to a long-term, triple-net lease. The seller and price were not disclosed. This transaction brings Ensign’s portfolio to 235 healthcare operations, 22 of which also include assisted living operations, across 13 states. Ensign owns 94 real estate assets.

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Chesapeake Crossing
AcquisitionsAffordable HousingMultifamilySeniors HousingSoutheastVirginia

Standard Communities Acquires Affordable Seniors Housing Property in Chesapeake, Virginia

by Julia Sanders

CHESAPEAKE, VA. — Standard Communities, the affordable housing division of Standard Cos., has acquired Chesapeake Crossing, a 597-unit, mixed-income seniors housing community in Chesapeake. The property is located at 1921 Robert Hall Blvd., near the coast and the North Carolina border. Standard worked with NorthMarq in coordinating this transaction. The total capitalization was about $68 million, which includes renovation and other costs. The seller was not disclosed. Standard is rebranding the property as Starling Village and plans to invest $7.5 millions in renovations that include modernization upgrades to individual units, common areas, parking, leasing office and courtyards, as well as the fire and safety systems. Standard has acquired over 3,000 units in the Mid-Atlantic region, including approximately 1,500 in Virginia, according to Scott Alter, principal and co-founder of Standard Communities. The firm’s most recent acquisition in Virginia was The Commons at Princess Anne, a 186-unit seniors housing community in Virginia Beach.

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