Seniors Housing

Lancaster Pollard Provides $25M Refinancing for Chaska Heights Senior Living in Minnesota

by Kristin Harlow August 28, 2020

CHASKA, MINN. — Lancaster Pollard Mortgage Co. has provided a $25 million loan for the refinancing of Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included tax-increment financing from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the community. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction. The fixed-rate financing, which carries a 35-year term, also funds renovations.

August 28, 2020

Loans Multifamily Seniors Housing Washington Western

M&T Realty Capital Corp. Provides $13.8M in Financing for Assisted Living Facility in Spokane, Washington

by Amy Works August 28, 2020

SPOKANE, WASH. — M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property.

August 28, 2020

Development Florida Multifamily Seniors Housing Southeast

Greystar to Develop 180-Unit Seniors Housing Community in Metro Orlando

by Alex Tostado August 26, 2020

WINTER GARDEN, FLA. — Greystar Real Estate Partners LLC will develop Overture Hamlin, a 180-unit active adult seniors housing community in Winter Garden. The Charleston, S.C.-based developer expects to deliver the property in summer 2021. The Central Florida property will offer one- and two-bedroom floor plans. The community will feature a clubhouse with a private wine room, covered patio, pool, sun deck, dog park, community-friendly golf cart trails, fitness center, yoga studio, craft room, theater room and an activity lounge. The asset will be situated within Hamlin Town Center, 20 miles west of downtown Orlando.

August 26, 2020

Delaware Development Multifamily Northeast Seniors Housing

J.G. Petrucci Completes $20M Seniors Housing Project in Harbeson, Delaware

by Taylor Williams August 26, 2020

HARBESON, DEL. — Developer J.G. Petrucci has completed PeachTree Health Group Rehabilitation Center, a $20 million seniors housing project in the southern Delaware city of Harbeson. The property features 78 assisted living units that will serve patients that are recovering from brain injuries. Cerminara Architect designed the project. Iron Hill Construction, J.G. Petrucci’s in-house construction firm, served as the general contractor

August 26, 2020

Bethesda-Cornerstone-Village-Victoria-MN

Development Midwest Minnesota Multifamily Seniors Housing

Bethesda to Open 52-Unit Age-Restricted Community in Minnesota on Sept. 1

by Amy Works August 21, 2020

VICTORIA, MINN. — Bethesda, a national Christian organization that provides homes and other services for people with intellectual and developmental disabilities, is opening Bethesda Cornerstone Village Victoria, located at 1519 82nd St. in Victoria, on Tuesday, Sept. 1. Offering apartments and villas, the community is restricted to adults age 55 or older and independent adults with intellectual and developmental disabilities. Bethesda Cornerstone Village Victoria will feature 37 apartment homes and 15 villa homes, with up to 20 percent of the residences serving people with a disability who live independently. Homes will feature granite countertops, stainless steel appliances, in-unit laundry, soundproofing and patios or balconies. Villa homes offer attached one- or two-car garages and apartment homes feature an underground parking garage. Community amenities will include a community center for events and activities and a fitness center with an array of exercise machines and classes. Lutheran Church Extension Fund provided financing for the housing community, which was designed by New York-based QPK Design. Kraus-Anderson served as general contractor and construction manager for the development.

August 21, 2020

Development Multifamily Nevada Seniors Housing Western

Investcor, Integral to Build 90-Unit Seniors Housing Community in Sparks, Nevada

by Amy Works August 20, 2020

SPARKS, NEV. — Operator Integral Senior Living (ISL) and owner Investcor Development plan to break ground this month on an assisted living and memory care community in Sparks, a suburb of Reno. Spanning 74,000 square feet, the property will feature 66 assisted living units and 24 memory care units. While the development has not yet been named, it will be located within Kiley Ranch, 675-acre master-planned development that includes a business park, retail/commercial district and residential neighborhoods surrounding a village center. The seniors housing development is scheduled for completion in early 2022.

August 20, 2020

Acquisitions Colorado Loans Multifamily Seniors Housing Western

CBRE Arranges $14.4M Acquisition Financing for Two Seniors Housing Properties in Metro Denver

by Amy Works August 19, 2020

AURORA AND LAKEWOOD, COLO. — CBRE has arranged $14.4 million in financing for the acquisition of a seniors housing portfolio in Colorado. The borrower is a joint venture between Cadence Living and a private equity firm. The two communities, located in the Denver suburbs of Aurora and Lakewood, total 152 assisted living units and 35 memory care units. The joint venture plans to deploy $4 million for improvements to the two communities, the names of which were not disclosed. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing arranged the four-year bridge loan with 36 months of interest-only payments and a one-year extension option. The lender is a regional bank.

August 19, 2020

Mountain-View-Terrace-Stoneham-Massachusetts

Loans Massachusetts Multifamily Northeast Seniors Housing

MassHousing Provides $32.7M Refinancing Loan for Seniors Housing Community Near Boston

by Taylor Williams August 19, 2020

STONEHAM, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $32.7 million for the refinancing of Mountain View Terrace, a 194-unit seniors housing community in the northern Boston suburb of Stoneham. Built in 1981, the property consists of 128 one-bedroom apartments, 50 two-bedroom units, 10 three-bedroom residences and six four-bedroom apartments. The borrower was an affiliate of Atlantic Tambone Management LLC. The financing enables the property owner to extend affordability status for an additional 31 years.

August 19, 2020

Acquisitions Michigan Midwest Multifamily Seniors Housing

SLIB Arranges Sale of 90-Unit RidgeCrest Health Campus in Jackson, Michigan

by Amy Works August 18, 2020

JACKSON, MICH. — Senior Living Investment Brokerage (SLIB) has arranged the sale of RidgeCrest Health Campus, an assisted living and skilled nursing community in Jackson, approximately 75 miles west of downtown Detroit. Built in 2010, the community features 50 skilled nursing beds and 40 assisted living units. Totaling 54,696 square feet, the property was more than 90 percent occupied at the time of sale despite the ongoing COVID-19 pandemic. The seller was a regional owner-operator with communities across Indiana, Ohio, Michigan and Kentucky. The buyer was a Michigan-based company looking to grow its portfolio within the state. Ryan Saul of Senior Living Investment Brokerage (SLIB) facilitated the sale. The price was not disclosed.

August 18, 2020

Development Multifamily Seniors Housing South Carolina Southeast

Watercrest, Waypoint Deliver 107-Unit Seniors Housing Community Near Charlotte

by Alex Tostado August 17, 2020

INDIAN LAND, S.C. — Watercrest Senior Living Group and equity partner Waypoint Residential have opened Watercrest Fort Mill-Indian Land Assisted Living and Memory Care. The seniors housing community is located in Indian Land, 20 miles south of Charlotte just across the North Carolina-South Carolina border. The property features 75 assisted living units and 32 memory care units. General contractor Shiel Sexton built the community, which is the second senior living development partnership between Watercrest Senior Living Group and Waypoint Residential. The first project, Watercrest Newnan Assisted Living and Memory Care, recently opened in Newnan, Ga.

August 17, 2020

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