Seniors Housing

Kayne Anderson, Watermark, Tishman Speyer Open $330M Seniors Housing Community in Brooklyn

by Taylor Williams October 16, 2020

NEW YORK CITY — A development team consisting of Kayne Anderson Real Estate, Watermark Retirement Communities and Tishman Speyer has opened the $330 million Watermark at Brooklyn Heights seniors housing community at 21 Clark St. The project is a redevelopment of the Leverich Towers Hotel, a 310,000-square-foot hotel built in 1928 that served as the pre-game home of the Brooklyn Dodgers baseball team in the 1930s and 1940s. The building’s 275 apartments include 145 for independent living, 88 for assisted living and 42 for memory care. Watermark at Brooklyn Heights features 50,000 square feet of indoor and outdoor amenity space, including a curated art gallery, three restaurants, a performing arts stage, multiple wellness venues, an indoor pool, salon and spa and a rooftop terrace. The development team originally acquired the property in 2017. The project team for the renovation included architect Montroy DeMarco Architecture and interior designer Lemay+Escobar Architects. Hudson Meridian was the general contractor.

October 16, 2020

Development Multifamily New Jersey Northeast Seniors Housing

Larken Associates Completes 198-Unit Multifamily Project in Lopatcong, New Jersey

by Taylor Williams October 16, 2020

LOPATCONG, N.J. — Developer Larken Associates has completed Autumn Ridge, a 198-unit multifamily project in Lopatcong, about 75 miles west of New York City. Autumn Ridge features a combination of 198 market-rate and affordable luxury apartment units across 10 buildings as well as a standalone building for residents age 55 and over. Amenities include a clubhouse, pool, outdoor lounge, fitness center, pet park, lounge/dry bar and a package concierge system.

October 16, 2020

Loans Multifamily Seniors Housing Southeast Tennessee

CBRE Provides $12.3M Refinancing for Seniors Housing Community in Metro Nashville

by Alex Tostado October 16, 2020

MURFREESBORO, TENN. — CBRE has provided a $12.3 million Freddie Mac loan for The Rutherford Assisted Living & The Rutherford Memory Care in the Nashville suburb of Murfreesboro. The seven-year, fixed-rate loan features 24 months of interest-only payments and includes cash-out proceeds. The property features 68 assisted living units and 26 memory care units across two buildings. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing originated the refinancing on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living, which acquired the asset in January 2018. Post-acquisition, the owners deployed more than $600,000 to renovate the property, driving occupancy from 73 percent to approximately 90 percent.

October 16, 2020

Development Multifamily North Carolina Seniors Housing Southeast

LCS Development Begins Construction of $75M Seniors Housing Expansion in Greensboro, North Carolina

by Alex Tostado October 15, 2020

GREENSBORO, N.C. — LCS Development, an LCS company, has started construction of a $75 million expansion at WhiteStone, a seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living and memory care residents and an extensive renovation of the existing skilled nursing facility. The 100-year-old community is located on a 43-acre campus. Life Care Services, also an LCS company, operates the complex. Todd Shaw, director of development services at LCS Development, will serve as project manager for the expansion. Cain Brothers, a division of KeyBanc Capital Markets, underwrote the bond financing for the project. The project team includes SFCS Architects, Frank L. Blum Construction Co. as general contractor and Stimmel Associates as civil engineer and land planner. A timeline for completion was not disclosed.

October 15, 2020

Acquisitions Illinois Midwest Multifamily Seniors Housing

Strawberry Fields REIT Acquires Skilled Nursing Facility in East Moline, Illinois for $4M

by Kristin Harlow October 15, 2020

EAST MOLINE, ILL. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline within the Quad Cities for $4 million. The 245-bed skilled nursing facility sits on 12 acres on Kennedy Drive. Built in 2007, it is the newest skilled nursing facility in the Quad Cities, according to Strawberry Fields. The property offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities for socialization. Strawberry Fields worked with Infinity Healthcare Consultants to lease the property to an entity expected to improve overall performance. The seller was undisclosed. Strawberry Fields REIT is a non-traded real estate investment trust based in South Bend, Ind.

October 15, 2020

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Taurus, Northbridge Acquire Boston-Area Seniors Housing Portfolio for $200M

by Taylor Williams October 14, 2020

BOSTON — A joint venture led by Taurus Investment Holdings and Northbridge Cos. has acquired six Class A seniors housing properties located in suburban Boston submarkets for approximately $200 million. The 507-unit portfolio consists of assisted living and memory care. Northbridge, a developer, owner, operator and asset manager of senior living communities, already manages the properties. The seller was Welltower, the largest REIT in the seniors housing space. The acquisition marks Taurus’ first investment in the seniors housing sector. The specific names and locations of the properties were not disclosed. Newmark Knight Frank represented Welltower in the transaction and also arranged acquisition financing for the buyer.

October 14, 2020

Development Maryland Multifamily Seniors Housing Southeast

Brightview Opens 96-Unit Seniors Housing Community in Bethesda, Maryland

by Alex Tostado October 13, 2020

BETHESDA, MD. — Brightview Senior Living, an owner and operator of senior living communities, has opened Brightview Grosvenor, an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community is situated on shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s disease or ALS.

October 13, 2020

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Three-Property Seniors Housing Portfolio in East Texas

by Taylor Williams October 12, 2020

CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the portfolio sale of three assisted living communities totaling 132 units in East Texas. Two of the communities were vacant at the time of sale. The other was operational and 90 percent occupied. Dallas-based owner-operator WindRiver Cos. acquired the properties. The seller and price were not disclosed.

October 12, 2020

Loans Mixed-Use Multifamily Oregon Seniors Housing Western

Pacific Western Bank Provides $60M Construction Financing for Student Housing Development Near University of Oregon

by Amy Works October 9, 2020

EUGENE, ORE. — Pacific Western Bank has provided $60 million in construction financing for Union on Broadway, a mixed-use student housing development located at 476 E. Broadway St. near the University of Oregon in Eugene. Charles Halladay, Jordan Angel, Chris Ross, Teddy Leatherman, Stewart Hayes and Taylor Gimian of JLL worked on behalf of the borrowers, Greystar and Star America, to secure the loan. The 338,130-square-foot community will offer 608 beds in fully furnished units with bed-to-bath parity. Shared amenities will include ground floor retail space, a fitness center, study lounges on every floor, courtyards, conference rooms, activity and game rooms and an outdoor rooftop with a pool, fire pits and grills. A timeline for the development was not announced.

October 9, 2020

Loans Massachusetts Multifamily Northeast Seniors Housing

Rockport Arranges $81.8M Loan for Refinancing of Boston Seniors Housing Community

by Taylor Williams October 9, 2020

BOSTON — Rockport Mortgage Corp. has arranged an $81.8 million loan for the refinancing of South Cove Plaza, a 231-unit seniors housing community in Boston. South Cove Plaza consists of a 142-unit building on Stuart Street and an 89-unit building on Tremont Street in the city’s Back Bay area. The buildings feature 193 one-bedroom units and 38 two-bedroom units, as well as a combined 10,200 square feet of ground-floor commercial space. The borrower, Weston Associates, will use some of the proceeds to renovate unit interiors, mechanical systems and amenity spaces.

October 9, 2020

Newer Posts

Older Posts