Seniors Housing

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

Acquisitions Multifamily Seniors Housing Texas

SLP Operations Acquires 118-Bed Skilled Nursing Facility in Orange, Texas

by Taylor Williams August 5, 2020

ORANGE, TEXAS — Skilled nursing owner-operator SLP Operations has acquired Pinehurst Nursing & Rehabilitation Center, a 118-bed facility in Orange, about 110 miles east of Houston. The facility also offers post-acute care, long-term care, respite care and memory care services. The seller and sales price were not disclosed.

August 5, 2020

Development Midwest Multifamily Ohio Seniors Housing

Gardner Capital Completes Development of 50-Unit Affordable Seniors Housing Community in Cincinnati

by Kristin Harlow August 5, 2020

CINCINNATI — Gardner Capital has completed development of Roselawn Gardens, a 50-unit affordable seniors housing community in Cincinnati. Eligible residents must earn 30 to 60 percent of the area median income. The unit mix features 11 one-bedroom apartments and 39 two-bedroom apartments. Amenities include meal service, a media room, health and wellness clinic, community room and public transportation. Project partners include the Cincinnati Metropolitan Housing Authority and the Ohio Housing Finance Agency. Financial partners include Fifth Third Bank and Stratford Capital. Arco Construction served as the general contractor. Wallick Communities will manage the property.

August 5, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Ensign Group Acquires 224-Unit Seniors Housing Campus in Tempe, Arizona

by Amy Works August 4, 2020

TEMPE, ARIZ. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of a post-acute care retirement campus located in Tempe. The acquisition includes Tempe Post Acute, a 62-bed skilled nursing facility, and Desert Marigold Senior Living of Tempe, a senior living center with 72 assisted living beds and 90 independent living units. These acquisitions bring Ensign’s growing portfolio to 226 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns the real estate at 92 healthcare operations.

August 4, 2020

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $29.3M in Financing for Independent Living Facility Near Pittsburgh

by Taylor Williams July 31, 2020

NORTH STRABANE TOWNSHIP, PA. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Partners on the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. The financing comprises $26 million of senior debt financing from First National with a 28-year maturity and $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.

July 31, 2020

Company News Multifamily Seniors Housing Southeast Tennessee

Ventas, Brookdale Restructure Seniors Housing Master Lease Amid Pandemic-Related Challenges

by Alex Tostado July 31, 2020

CHICAGO AND BRENTWOOD, TENN. — Ventas, a Chicago-based REIT, has restructured its master lease with Brookdale in response to the challenges presented by the COVID-19 pandemic. Ventas owns 120 Brookdale-managed communities totaling 10,174 units. As part of the restructuring, Brookdale sold five communities that it both owned and operated to Ventas. Brentwood-based Brookdale will continue to operate those properties. Terms of the agreement include a reduction in rents totaling $500 million over the remaining lease term, which ends Dec. 31, 2025. Brookdale surrendered its $47 million security deposit and agrees to pay $115 million in cash to Ventas. In addition, Brookdale issued a $45 million unsecured, interest-only, pre-payable note to Ventas, with an initial interest rate of 9 percent per annum and maturing at the same time as the lease expiration. Lastly, Brookdale issued 16.3 million shares of its stock to Ventas at a value of $3 per share. The transaction represents approximately 8 percent of all Brookdale shares. Centerview Partners served as financial advisor to Ventas. Wachtell, Lipton, Rosen & Katz and Barack Ferrazzano Kirschbaum & Nagelberg LLP are serving as legal counsel to Ventas.

July 31, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates Sale of 150-Bed Skilled Nursing Facility in Kerrville, Texas

by Taylor Williams July 30, 2020

KERRVILLE, TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-bed skilled nursing facility in Kerrville, approximately 65 miles northwest of San Antonio. The property was built in 2006. A private investor bought the asset and contracted with a Texas-based operator as the tenant. The seller and sales price were not disclosed.

July 30, 2020

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