Seniors Housing

Immanuel Begins Expansion of Independent Living Community in Omaha

by Kristin Harlow September 16, 2020

OMAHA, NEB. — Immanuel has started construction of new assisted living and memory care units, as well as new common areas, at Pacific Springs, a seniors housing community in West Omaha. The expansion is scheduled to open in fall 2021. Pacific Springs is located adjacent to the Pacific Springs Golf Club and currently offers exclusively independent living. Renovation plans call for a fitness center and wellness studio; onsite restaurant and lounge featuring a golf simulator; outdoor areas and walking paths; and a chapel adorned with a locally designed stained glass window donated by residents.

September 16, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Blueprint Arranges Sale of Assisted Living Portfolio in Rochester, New York

by Taylor Williams September 15, 2020

ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors, a brokerage firm specializing in seniors housing and healthcare assets, has brokered the portfolio sale of two assisted living communities located in the Upstate New York city of Rochester. A REIT sold the communities to a regional investor in an all-cash transaction. Further details were not disclosed.

September 15, 2020

Development Midwest Minnesota Multifamily Seniors Housing

High Street Residential Completes Development of 168-Unit Active Adult Community in Minnetonka, Minnesota

by Kristin Harlow September 15, 2020

MINNETONKA, MINN. — High Street Residential, a subsidiary of Trammell Crow Co., has completed the development of Avidor Minnetonka in suburban Minneapolis. The active adult community is home to 168 units for residents ages 55 and older. Allegro Management Co. is the property manager. Amenities at the six-story property include a bistro bar, business center, activity center, pet spa, fitness center, private dining room and pool deck. ESG Architects served as project architect and Stevens Construction was the general contractor. Monthly rents start at $1,890.

September 15, 2020

Acquisitions Massachusetts Multifamily Northeast ORIX Seniors Housing Top Stories

Orix to Grow LIHTC Platform to $15B with Acquisition of Boston Capital’s Portfolio

by John Nelson September 15, 2020

BOSTON — Boston Financial Investment Management, a subsidiary of Orix Corp. USA, has agreed to acquire Boston Capital’s low-income housing tax credit (LIHTC) fund portfolio. The purchase of Boston Capital’s portfolio will nearly double Orix’s LIHTC platform to $15 billion in funds under management. (Boston Financial and Boston Capital are not affiliated.) Boston Financial is one of the leading syndicators in the LIHTC industry. The firm currently manages a $7.7 billion portfolio comprising more than 1,125 properties and 98,110 units. Boston Financial will service Boston Capital’s assets under management. According to a release from Orix, the firm views the LIHTC business as one that shows projected growth, even during the economic uncertainty of the COVID-19 pandemic. Because rent for LIHTC properties is often below comparable non-tax-credit properties and the government supports many LIHTC residents in the form of rental assistance, Boston Financial has seen occupancy rates remain stable during the pandemic. The closing of the transaction is subject to customary closing conditions and approvals. The acquisition price was not disclosed. Established by Congress in 1986, LIHTC is a tax incentive program designed to promote the supply of affordable rental housing for low-income households. LIHTC syndicators such as Boston Financial and …

September 15, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

University Partners Acquires Vertex Student Housing Community Near Arizona State University

by Amy Works September 14, 2020

TEMPE, ARIZ. — University Partners has acquired Vertex, a 600-bed student housing community located near Arizona State University in Tempe. The property was built in 2015 and offers a mix of one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include 7,700 square feet of retail space, a resort-style swimming pool, two-story fitness center with a rock-climbing wall, clubhouse, private study rooms and a cycle room. University Partners plans to upgrade and refresh community common areas and will oversee management of the property. The seller and terms of the transaction were undisclosed.

September 14, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $5.9M HUD Loan for Refinancing of Seniors Housing Property in Minnesota

by Kristin Harlow September 14, 2020

ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the loan.

September 14, 2020

Loans Multifamily Seniors Housing South Carolina Southeast

Cushman & Wakefield Arranges $37.1M Refinancing Loan for New Seniors Housing Community in Charleston

by Alex Tostado September 14, 2020

CHARLESTON, S.C. — Cushman & Wakefield has arranged a $37.1 million refinancing loan for Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. Truist Financial provided the loan to the borrower and owner, an affiliate of Maxwell Group. The Cushman & Wakefield Senior Housing Capital Markets team involved in the transaction included Richard Swartz, Tim Hosmer and Chris Remeika.

September 14, 2020

Development Multifamily Seniors Housing Texas

KWA Construction Tops Out Phase II of Senior Living Project in Fort Worth

by Taylor Williams September 9, 2020

FORT WORTH, TEXAS — Locally based general contractor KWA Construction has topped out Phase II of Columbia Renaissance Square in Fort Worth. The latest phase will add 123 seniors housing units to the local supply. Designed by JHP Architecture and developed by Columbia Residential, the property will feature a 95,015-square-foot building with units that are reserved for renters aged 62 and older. Amenities will include a catering kitchen, computer center with Wi-Fi, fitness center, central laundry facility and a theater for movie screenings. Completion of Phase II is slated for December.

September 9, 2020

Development Multifamily Seniors Housing Texas

Gardner Capital, City of Fate to Develop 185-Unit Seniors Housing Community

by Taylor Williams September 9, 2020

FATE, TEXAS — Private equity firm Gardner Capital has partnered with the City of Fate, located northeast of Dallas, to develop Gala at Fate, a 185-unit affordable seniors housing community. The city will lease the land to Gardner Capital, with plans for long-term ownership by the public-private partnership. CREA and Citibank are additional financial partners for the project, with Citibank providing both construction and permanent financing. Treymore Construction is the general contractor for Gala at Fate, which is expected to be complete in January 2022.

September 9, 2020

Development Multifamily Seniors Housing Texas

Greystar Underway on 180-Unit Active Adult Multifamily Community in Fort Worth

by Taylor Williams September 8, 2020

FORT WORTH, TEXAS — Greystar is underway on development of Album Keller Ranch, a 180-unit active adult apartment community that will be located at 5640 Keller Ranch Road in Fort Worth. The property will offer one- and two-bedroom residences with granite countertops, stainless steel appliances, tile backsplashes, walk-in closets and private balconies and pet yards in select units. Amenities will include an outdoor space with a lounge, kitchen, pool, dog park and walking paths, as well as an indoor fitness center, TV lounge, game room and a media room. Charleston, S.C.-based Greystar expects to open the community in spring 2021.

September 8, 2020

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