Seniors Housing

Cushman & Wakefield Arranges Acquisition Financing for Seniors Housing Portfolio in New Jersey

by Taylor Williams January 14, 2021

CHERRY HILL, VOORHEES AND STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield has arranged an undisclosed amount of acquisition financing for a three-property seniors housing portfolio in New Jersey. The borrower was a joint venture between Chicago-based Harrison Street and LCB Senior Living. The communities, which are all operated under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield arranged the nonrecourse financing through Synovus Bank, with portions of the proceeds earmarked for capital expenditures. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Bailey Nygard of Cushman & Wakefield handled the transaction.

January 14, 2021

Acquisitions California Nevada Seniors Housing Top Stories Washington Western

Aegis Living, Blue Moon Capital Buy Seniors Housing Portfolio in Western US from Healthpeak for $350M

by John Nelson January 12, 2021

BELLEVUE, WASH. AND BOSTON — Aegis Living, a seniors housing owner and operator based in Bellevue, has acquired 10 properties from Healthpeak Properties Inc. (NYSE: PEAK). Aegis already operated the communities under a lease agreement with Healthpeak Properties, a Denver-based real estate investment trust (REIT). Aegis’ joint venture partner on the $350 million acquisition is Blue Moon Capital Partners LP, a Boston-based private equity investor in the seniors housing sector. The portfolio is located in Washington, California and Nevada, totaling 702 units of assisted living and memory care. The acquired communities include: • Aegis Living Callahan House (Shoreline, Wash.) • Aegis Living Shoreline (Shoreline, Wash.) • Aegis Living Kirkland (Kirkland, Wash.) • Aegis Living Las Vegas (Las Vegas) • Aegis Living Dana Point (Dana Point, Calif.) • Aegis Gardens Fremont (Fremont, Calif.) • Aegis Living Granada Hills (Granada Hills, Calif.) • Aegis Living San Francisco (San Francisco) • Aegis Living Pleasant Hill (Pleasant Hill, Calif.) • Aegis Living Ventura (Ventura, Calif.) The transaction is the largest in Aegis’ history. The acquisition is the next step in the company’s growth strategy, which includes doubling its ownership portfolio by 2030, according to Aegis’ founder and CEO Dwayne Clark. “At a time when …

January 12, 2021

Acquisitions California Multifamily Net Lease Seniors Housing Western

Ensign Group Acquires 297-Bed Skilled Nursing Portfolio in Southern California

by Amy Works January 7, 2021

SAN DIEGO, FULLERTON AND HAWTHORNE, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Southern California on a triple-net lease basis. The properties include Golden Hill Post Acute, a 99-bed facility in San Diego; St. Catherine Healthcare, a 99-bed facility in Fullerton; and Camino Healthcare, a 99-bed facility in Hawthorne. This acquisition brings Ensign’s growing portfolio to 231 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.

January 7, 2021

Acquisitions Multifamily Seniors Housing Texas

Draper & Kramer Acquires 121-Unit Seniors Housing Community in Metro Dallas

by Taylor Williams January 4, 2021

MCKINNEY, TEXAS — Chicago-based Draper & Kramer has acquired Adriatica Senior Living, a 121-unit community located in the northern Dallas suburb of McKinney. The property was built in 2017 and features one- and two-bedroom units that range in size from 806 to 1,370 square feet. Amenities include a community dining room, resident lounge for socializing, beauty salon, business center, movie room, wellness studio and a game room. The seller was not disclosed.

January 4, 2021

Features Multifamily Seniors Housing

Seniors Housing Struggles Will Continue Through Mid-2021, Say InterFace Panelists

by Jeff Shaw January 4, 2021

With two approved vaccines to combat COVID-19, the end of the pandemic is visible on the horizon. However, some seniors housing experts say it may be the third quarter of 2021 before the sector starts to see the turnaround take hold. “We have a much clearer picture of what the post-COVID world will look like,” said Adam Heavenrich, managing director of Heavenrich & Company. “The COVID world of 2020 will hopefully look drastically different from the post-COVID world of 2021.” The comments came during a panel titled “Investment Update: Should Today’s Investor Buy, Sell or Hold?” during France Media’s InterFace Seniors Housing Investment, Development & Operations conference, held virtually in early December. Heavenrich moderated the panel, which included Kevin Carden, senior vice president of acquisitions, REDICO/American House; Joe Weisenburger, senior vice president and relationship manager, Welltower; Isaac Dole, founder and CEO, Birchwood Health Care Partners; and Curtis King, senior vice president, HJ Sims. King noted that, while the vaccine is certainly good news, turnaround properties and new construction can expect occupancy woes to continue for the near future. “We’re saying 2021 is still going to be a very tough year,” said King. “Pre-vaccination news, we were out there lending, looking …

January 4, 2021

Acquisitions California Multifamily Seniors Housing Western

Kisco Buys 139-Unit Seniors Housing Community in Irvine, California

by Amy Works December 23, 2020

IRVINE, CALIF. — Kisco Senior Living has acquired Atria Park of Woodbridge, a 139-unit seniors housing community in Irvine, approximately 40 miles southeast of downtown Los Angeles. Healthpeak sold the 103,000-square-foot property for an undisclosed price. The seller recently completed a $9 million renovation at the community that converted some assisted living units into a memory care neighborhood. In addition to taking over management duties from Atria Senior Living, Kisco plans to rename the community Woodbridge Terrace of Irvine as part of the results of a resident poll. The executive director will remain in place at the community, and Kisco Senior Living plans to hire two new sales directors to help increase occupancy. “We have a large presence throughout California, and we saw this as an opportunity to expand our footprint in Southern California,” says Andy Kohlberg, CEO of Kisco Senior Living. “We are committed to retaining staff at the community and working with Healthpeak and Atria Senior Living to make this transition as seamless as possible.” Kisco Senior Living owns and operates 20 additional communities in California, North Carolina, Florida, Virginia and Utah.

December 23, 2020

Affordable Housing Development Multifamily Northeast Pennsylvania Seniors Housing

Redevelopment Authority Selects Tryko Partners for Seniors Housing Project in Pittsburgh

by Taylor Williams December 23, 2020

PITTSBURGH — The Urban Redevelopment Authority of Pittsburgh has tapped New Jersey-based Tryko Partners to redevelop the former Fairywood School into a 46-unit affordable housing community for seniors age 62 and older. The majority of the units (39) will be reserved for renters earning 60 percent or less of the area median income. The new community will feature one-bedroom units surrounded by walkable green space. A community building will allow residents to take advantage of financial literacy, nutrition and exercise programs, health screenings and other support services. The Pennsylvania Housing Finance Agency provided 9 percent low-income housing tax credits for the project. A construction timeline was not disclosed.

December 23, 2020

California Hawaii Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Arranges $86M in Financing for Two Seniors Housing Communities in California, Hawaii

by Amy Works December 18, 2020

PALO ALTO, CALIF., AND HONOLULU — Walker & Dunlop Inc. has arranged a total of $86 million in financing for two seniors housing properties. The loans provided $45 million to EWS Real Estate Investment Co. for Palo Alto Commons, a 181-unit property in Palo Alto, and $41 million to The MW Group for The Plaza at Moanalua, a 160-bed community in Honolulu. Both properties offer assisted living, independent living and memory care. Palo Alto Commons, built in 1989 and 2010, is a three-story, two-building complex with a mix of studio, one- and two-bedroom units. The Plaza at Moanalua is a Class A seniors housing community built in 2011. Russell Dey led Walker & Dunlop’s team in structuring the financing for MW Group, while Dey and Jay Thomas worked together to complete the loan for Palo Alto Commons. Both transactions were arranged with Freddie Mac financing and featured fixed rates and an interest-only component.

December 18, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Colliers Brokers Sale of Prescott Lakes Age-Restricted Apartments in Arizona

by Amy Works December 18, 2020

PRESCOTT, ARIZ. — Colliers International has arranged the sale of Prescott Lakes, an age-restricted apartment community in Prescott. CA Prescott Lakes Owner LLC acquired the asset from BAZV Prescott Lakes LLC for an undisclosed price. Restricted to residents age 55 or older, the 99,972-square-foot Prescott Lakes features 128 condominium-style one- and two-bedroom apartments. Built in 2003 on four acres, the community includes a dog park, fitness center, game room, media center, pool, spa, outdoor entertainment veranda and fully furnished guest suites. Cindy Cooke, Brad Cooke, Matt Roach, Chris Roach and Tim Dulany of Colliers International handled the transaction.

December 18, 2020

Loans Multifamily Seniors Housing Texas

Cushman & Wakefield Arranges Loan for Refinancing of Seniors Housing Property in San Antonio

by Taylor Williams December 17, 2020

SAN ANTONIO — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Built in 2017 by locally based owner-operator Franklin Park, the property offers independent living, assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield arranged the loan through an unnamed regional bank on behalf of Franklin Park.

December 17, 2020

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