Seniors Housing

CareTrust REIT Acquires Four Seniors Housing Properties in California for $126.1M

by Amy Works March 5, 2021

CAMARILLO, CARLSBAD, RANCHO MIRAGE AND SAN JUAN CAPISTRANO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in San Diego, will lease and operate the Rancho Mirage and Carlsbad campuses under an amendment to Bayshire’s existing master lease. Aspen Skilled Healthcare, based in Laguna Niguel, will lease and operate the San Juan Capistrano and Camarillo campuses under a new 15-year master lease with CareTrust. Aggregate annual cash rent for the first year is approximately $8.6 million, increasing to $9.4 million in the second year with CPI-based annual escalators thereafter. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Evans Senior Investment represented the seller, an institutional owner, in the transaction.

March 5, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

JLL Negotiates Sale of Nursing Home Near Boston for Conversion to Multifamily

by Taylor Williams March 4, 2021

WEYMOUTH, MASS. — JLL Capital Markets has arranged the sale of the former Colonial Nursing Center in Weymouth, a South Shore suburb of Boston. The buyer plans to convert the property into a workforce housing asset. The seller and sales price were not disclosed. Located on 2.1 acres and totaling 72,999 square feet, the current layout includes 93 units with various amenities, including a commercial kitchen, dining room, activity areas, outdoor courtyard, common gathering areas and outdoor walking trails. Jason Skalko, Zach Rigby, Brannan Knott and C.J. Kodani of JLL represented the seller in the transaction.

March 4, 2021

Matt Pipitone Fannie Freddie Seniors Housing

Features Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Western

M&T: Positives in Seniors Housing Include Rate Environment, Available Assistance

by Sarah Daniels March 4, 2021

The seniors housing industry has had a particularly challenging year. But the latest data from NIC MAP shows COVID cases are down in nursing homes and occupancies are expected to rebound from historic lows in the coming months, says Matt Pipitone, seniors housing platform manager with M&T Realty Capital Corp. (MTRCC). It remains to be seen how quickly leasing will ramp up and to what extent rents and incentives will be impacted long term. But in the meantime, Pipitone points to some positives on the financial side of the industry. Namely, the government has provided several rounds of stimulus money, which has helped operators, especially those who manage skilled nursing facilities. And Fannie Mae, Freddie Mac and HUD have offered assistance to borrowers in the form of forbearance programs and other debt service relief. The agencies also remain active, but are cautious when treading in the sector, Pipitone says. “Fannie and Freddie have pulled back. Overall leverage is down, and there are debt service reserves required on new deals. But the rate environment is still really good. HUD, on the other hand, has been really steady. Borrowers can still get up to 80 percent loan-to-value with 1.45 times debt service …

March 4, 2021

Development Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley Seniors Housing in Oregon

by Amy Works March 3, 2021

HAPPY VALLEY, ORE. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital. CBRE secured a five-year, floating-rate loan with four years of interest-only payments from a consortium of banks, including a regional bank and a national bank, in a participated loan format.

March 3, 2021

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of Seniors Housing Campus in Norton, Massachusetts

by Taylor Williams March 3, 2021

NORTON, MASS. — Cushman & Wakefield has brokered the sale of a seniors housing campus in Norton, located near Rhode Island in the southern part of the state. The campus houses Residences at Norton, a 72-unit assisted living facility, and Wingate at Norton, a 106-bed skilled nursing home. Richard Swartz, Jay Wagner, Dan Baker and Jack Griffin of Cushman & Wakefield represented the institutional seller in the transaction. The buyer was a joint venture between investment firm Harrison Street and regional operator LCB Senior Living. The new ownership plans to upgrade the existing assisted living building and convert the existing skilled nursing portion to memory care and increased common area space.

March 3, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

JLL Negotiates $5.5M Sale of Memory Care Facility in Suburban Minneapolis

by Kristin Harlow March 2, 2021

CHANHASSEN, MINN. — JLL Capital Markets has negotiated the $5.5 million sale of Olive Branch Estates in Chanhassen, a suburb of Minneapolis. The 24-unit, 28-bed memory care facility was constructed in 2015. The one-story property sits on 4.6 acres. John Klement of JLL represented the seller, a private owner and operator. The buyer, a limited liability company, has retained Elysian Senior Homes to operate the community. The sales price represents a cap rate of 8.75 percent.

March 2, 2021

Development Multifamily Oklahoma Seniors Housing Texas

Sparrow Partners Underway on 268-Unit Active Adult Community in Norman, Oklahoma

by Taylor Williams March 2, 2021

NORMAN, OKLA. — Austin-based Sparrow Partners is underway on construction of Sage Cobblestone, a 168-unit active adult community in Norman. The property will be located adjacent to the Cobblestone Creek Golf Course and 2.5 miles from the University of Oklahoma. The first residents are scheduled to move in to the six-acre property in the spring 2022. Sparrow Partners will build and own Sage Cobblestone, while its subsidiary Sparrow Living will manage the property. The project team includes architect Fugleberg Koch, landscape designer Norris Design and engineering firms Kimley-Horn, Integrity Structural and Joseph Lawrence & Co. Rents will start at approximately $1,400 and $2,055 a month for one- and two-bedroom units, respectively.

March 2, 2021

Loans Multifamily New Jersey Northeast Seniors Housing

Ziegler Arranges $114.8M Bond Refinancing for New Jersey Senior Living Community

by Taylor Williams February 25, 2021

WALL TOWNSHIP, N.J. — Ziegler has arranged $114.8 million in bond financing for Springpoint Senior Living, located near the Jersey Shore in Wall Township. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. In addition to refinancing all of the outstanding debt of the previous obligated group, the refinancing also reimbursed Springpoint for approximately $25 million in recent capital expenditures. The fixed-rate, tax-exempt bonds were underwritten simultaneously with $85 million of taxable bank financings with two regional banks. Marathon Capital Strategies LLC provided municipal advisory services to Springpoint in connection with the transaction.

February 25, 2021

Development Multifamily New Jersey Northeast Seniors Housing

Joint Venture Completes 35-Unit Multifamily Project in East Rutherford, New Jersey

by Taylor Williams February 25, 2021

EAST RUTHERFORD, N.J. — A joint venture between Diversified Properties and North Jersey Builders Group has completed construction of 480 Flatz, a 35-unit multifamily project in the Northern New Jersey community of East Rutherford. Units feature two- and three-bedroom floor plans and are furnished with granite countertops, stainless steel appliances and individual washers and dryers. Project partners included Thomas J. Brennan Architects, MCB Engineering Associates and Morris Construction Management. Kearny Bank provided construction financing.

February 25, 2021

Acquisitions Multifamily New York Northeast Seniors Housing

ESI Brokers $10M Sale of Seniors Housing Community in Rome, New York

by Taylor Williams February 22, 2021

ROME, N.Y. — Evans Senior Investments (ESI) has brokered the sale of The Terrace at Woodland, a 46-unit assisted living and memory care community in the Central New York city of Rome. An independent owner-operator sold the property to a regional owner-operator for $10 million, or approximately $217,000 per unit. Built in 2009, The Terrace at Woodland is licensed for 48 assisted living beds and 12 memory care beds. During the 12 months prior to sale, the community averaged 90 percent occupancy.

February 22, 2021

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