Seniors Housing

Oakmont Opens 87-Unit Assisted Living Community in Torrance, California

by Amy Works October 5, 2020

TORRANCE, CALIF. — Oakmont Senior Living has opened Oakmont of Torrance, an assisted living and memory care community in the South Bay region of Los Angeles County. Oakmont of Torrance is the first of several Oakmont communities to open during the 2020 pandemic. Guests at the grand opening event were required to RSVP, wear masks, social distance and follow safety precautions. The 106,613-square-foot community sits on nearly two acres and features 55 assisted living units and 32 memory care units.

October 5, 2020

Development Loans Multifamily North Carolina Seniors Housing Southeast

Ziegler Arranges $47.8M Financing for Seniors Housing Expansion in High Point, North Carolina

by Alex Tostado October 2, 2020

HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently offers 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to the buildings and exteriors throughout the existing campus. The project team includes borrower and developer ActionPact Development LLC, architect ActionPact Design Group LLC, general contractor Thomas Construction Group LLC, construction manager NewBanks Inc. and Dixon Hughes Goodman as feasibility consultant.

October 2, 2020

Development Florida Multifamily Seniors Housing Southeast

Summit Contracting Breaks Ground on 163-Unit Seniors Housing Community in Central Florida

by Alex Tostado October 1, 2020

DAVENPORT, FLA. — Summit Contracting Group has broken ground on Siena Pointe, a seniors housing community in Davenport. Siena Pointe will be a four-story, wood-frame building situated on a seven-acre site. The property will feature 163 units of seniors housing in a 194,127-square-foot building. The community will be situated near Interstate 4 and U.S. Route 27, 33 miles southwest of downtown Orlando. Construction is slated for completion in fall 2021. The developer is Eastwind Development LLC, and the architect is Forum Architecture & Interior Design Inc.

October 1, 2020

Features Multifamily Seniors Housing

Survey: Independent Living Residents, Staff Feel Safe During Pandemic

by Jeff Shaw October 1, 2020

SOUTHFIELD, MICH., and CHARLOTTE, N.C. — A national survey of independent living community residents, staff and prospective residents showed that those in the community overwhelmingly felt safe so far during the COVID-19 pandemic. Additionally, respondents said they were confident that communities had taken appropriate precautions to keep them safe. Plante Moran Living Forward, the Southfield-based senior living development consulting division of Plante Moran Cresa and an affiliated entity of Plante Moran, partnered with Retirement Dynamics, a Charlotte-based senior living consulting firm, to complete the research. In June and July of this year the companies surveyed more than 23,000 residents and staff at senior living communities across the country, along with prospective future residents. While prospects worried about social isolation, shopping and other daily tasks when living in their own homes, survey results showed only a slight decrease in their likelihood to move into an independent living community as a result of the pandemic. The survey also revealed: 92 percent of staff felt the community where they worked responded well to the COVID-19 pandemic. 93 percent of residents felt their community took all precautions to keep them safe. 85 percent of staff agreed residents “are safer in their community than in …

October 1, 2020

Loans Multifamily Seniors Housing Washington Western

Cambridge Provides $3.2M HUD Refinancing for Kadie Glen Assisted Living in Wenatchee, Washington

by Amy Works October 1, 2020

WENATCHEE, WASH. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.

October 1, 2020

Development Loans Multifamily Seniors Housing Texas

Hunt Capital Partners Raises $11M in LIHTC Financing for Seniors Housing Development in Waco

by Taylor Williams September 30, 2020

WACO, TEXAS — Hunt Capital Partners, in collaboration with co-developers Mears Development & Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for the construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50 and 60 percent of the area median income. Crossroads Housing Development Corp. is the general contractor, and Brownstone Architects & Planners Inc. is the project architect. Construction of the development began in August 2020 and is scheduled for completion in January 2022.

September 30, 2020

Loans Montana Multifamily Seniors Housing Western

Monticello Provides $2M in Working Capital for 338-Bed Skilled Nursing Portfolio in Montana

by Amy Works September 30, 2020

MONTANA — Monticello has provided a $2 million working capital loan to the operating companies of two skilled nursing facilities totaling 338 beds in Montana. Monticello’s asset-based lending group, Monticello Commercial Capital LLC, provided the financing. No further details were disclosed.

September 30, 2020

Loans Multifamily Seniors Housing Washington Western

Greystone Provides $13.9M HUD Refinancing for Savoy at Lake Center Seniors Housing in Seattle

by Amy Works September 29, 2020

SEATTLE — Greystone has provided a $13.9 million HUD loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Shana Daby and Lorie Hanson of Greystone originated the transaction on behalf of the borrower, Lake City Project Associates. The non-recourse loan features a fixed interest rate and a 40-year term and amortization. As a green-certified and energy-efficient HUD housing project, The Savoy at Lake City also qualifies for a reduction in mortgage insurance premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake City is a four-story building on Seattle’s north side that consists of 80 one- and two-bedroom units.

September 29, 2020

California Development Loans Multifamily Seniors Housing Western

Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California

by Amy Works September 28, 2020

LA VERNE, CALIF. — Truist Financial Corp. has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The borrower was not disclosed. The funding will be used to refinance existing debt and support the construction of a new independent living component named Hawthorne Homes. The 24,000 square-foot addition will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, clerestory windows and energy-efficient appliances. Construction is scheduled to begin this week, and completion is set for summer 2021. Upon completion of the new units, the Hillcrest campus will consist of 240 independent living units, 48 assisted living units, 24 memory care beds and 59 licensed skilled nursing beds.

September 28, 2020

District of Columbia Seniors Housing Southeast

Nursing Homes Urge Congress to Provide Additional COVID-19 Funding for Health and Long-Term Care Providers

by John Nelson September 28, 2020

WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) has warned Congress that if the federal government doesn’t pass another COVID-19 funding package, public health agencies and healthcare providers could find themselves less than completely prepared heading into the cold and flu season, as well as underfunded to handle another major spike in COVID-19 cases. The Washington, D.C.-based organization represents more than 14,000 nursing homes and assisted living communities across the country that provide care to approximately 5 million people each year. About 70 percent of the $175 billion Provider Relief Fund provided by the CARES Act is already distributed, and remaining funds are likely to be allocated by early October. Healthcare providers, including long-term care facilities, will need additional funds to continue their response to the pandemic heading into the cold and flu season, which provides new challenges, the organization stated in a press release on Monday. Mark Parkinson, president and CEO for AHCA/NCAL, says that Congress needs to end the partisan logjam and prioritize frontline healthcare workers and residents, particularly vulnerable elderly populations. “With the cold and flu season adding a real complication to the ongoing COVID-19 pandemic response, the need for …

September 28, 2020

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