Seniors Housing

Mountain-View-Terrace-Stoneham-Massachusetts

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

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Blueprint Brokers Sale of 48-Unit Memory Care Community in Connecticut

by Taylor Williams August 17, 2020

CLINTON, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Shoreline of Clinton, a 48-unit memory care community in Clinton, located on Long Island Sound east of New Haven. The community was renovated in 2015, but due to high levels of competition was still marketed as a value-add opportunity. A New York-based owner-operator acquired the property. The seller and price were not disclosed.

August 17, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of 112-Bed Skilled Nursing Facility in Athens, Texas

by Taylor Williams August 14, 2020

ATHENS, TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 112-bed skilled nursing facility in Athens, approximately 80 miles southeast of Dallas. Built in 1987, the property is located near the University of Texas Health East Texas campus. An undisclosed REIT sold the asset to a Fort Worth-based owner-operator. The sales price was undisclosed.

August 14, 2020

Arizona Company News Development Multifamily New Mexico Seniors Housing Western

Link Senior Development, Insight Senior Living Launch Ativo Senior Living Brand with Three Communities Planned

by Amy Works August 14, 2020

PORTLAND, ORE. — Link Senior Development and Insight Senior Living have launched the Ativo Senior Living brand, with three upcoming communities currently announced in the Southwest. The first property, Ativo Senior Living of Yuma, Arizona, is currently under construction with a planned opening in early 2021. The Portland-based company also has communities planned in Prescott Valley, Arizona; Buckeye, Arizona; Albuquerque, New Mexico; and other projects in various design phases throughout the Southwest. “This relationship between Insight Senior Living and Link Senior Development was forged based on our mutual enthusiasm for the health, well-being, and happiness of our vibrant senior population,” says Ron Ziebart, president and CEO Link Senior Development. Insight Senior Living specializes in new-development senior living communities, providing consulting during development and pre-opening and management services after opening. Link Senior Development focuses exclusively on the development and management of seniors housing.

August 14, 2020

Arizona Development Multifamily Seniors Housing Western

Gardner Capital Opens Affordable Seniors Housing Community with On-Site Food Pantry in Phoenix

by Amy Works August 13, 2020

PHOENIX — Gardner Capital has completed construction of El Caro Apartments, a 102-unit affordable senior apartment complex in Phoenix. The property also features a food pantry on-site. Gardner Capital worked with the City of Phoenix Housing Department and the Arizona Department of Housing, as well as financial partners Citibank and Enterprise Community. Kitchell served as the general contractor. “We recognized the dual needs for seniors housing and food pantries when developing this site with the aim of creating comfortable, flexible living spaces while reducing food insecurity in the Phoenix area,” says Michael Gardner, president and CEO of Gardner Capital.

August 13, 2020

Colorado Loans Multifamily Seniors Housing Walker & Dunlop Western

Walker & Dunlop Provides $16.4M HUD Financing for Colorado Skilled Nursing Portfolio

by Amy Works August 13, 2020

ROCKY FORD, PAONIA AND GLENWOOD SPRINGS, COLO. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado. The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs. Kevin Giusti led the origination team. The HUD loans will refinance existing debt. Renovated in 1964, Pioneer Health Care Center is the only Veterans Affairs-contracted facility within 80 miles. Paonia Health Care Center is a skilled nursing and memory care facility built in 1984. Glenwood Springs Health Care is the sole skilled nursing facility in its area, located less than a mile from its local medical center, Valley View Hospital.

August 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Housing Trust Group Breaks Ground on $22M Affordable Seniors Housing Community in Central Florida

by Alex Tostado August 13, 2020

EUSTIS, FLA. — Housing Trust Group (HTG) has broken ground on Valencia Grove II, a 110-unit affordable seniors housing community in Eustis, approximately 30 miles northwest of Orlando. Development costs for Phase II were estimated at $22 million. The project is scheduled for completion in May 2021. The project is the second phase of Valencia Grove, which has already delivered 144 affordable apartments. Units are reserved for residents over 62 years old who earn 22 percent, 35 percent and 60 percent of the area median income (AMI). Rents range from $286 to $937 per month. HTG has partnered on the project with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning. This marks HTG’s third collaboration with AM Affordable Housing. Fifth Third Bank provided an $11.2 million construction loan, and Truist Bank provided a $7.2 million Freddie Mac loan. Additionally, Raymond James is providing $7.2 million of 4 percent Low-Income Housing Tax Credit (LIHTC) equity. Florida Housing Finance Corp. is providing a $5.8 million State Apartment Incentive Loan (SAIL), a $600,000 Extremely Low-Income (ELI) loan and a $742,000 National Housing Trust Fund (NHTF) loan. The project and design team …

August 13, 2020

Development Multifamily Northeast Pennsylvania Seniors Housing

Kendal Completes 60-Unit Seniors Housing Expansion Project in West Chester, Pennsylvania

by Taylor Williams August 7, 2020

WEST CHESTER, PA. — Pennsylvania-based Kendal Corp. has completed construction of Preston, an expansion of its Barclay Friends seniors housing community in West Chester, approximately 25 miles west of Philadelphia. Preston features 60 new apartments, including 20 for memory care services, across 61,000 square feet. The building was named after Dr. Ann Preston, a 19th century Quaker activist who was one of the first women in America to become a medical doctor.

August 7, 2020

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