Seniors Housing

Chicago Pacific Founders Acquires 118-Unit Seniors Housing Community in Southwest Florida

by Alex Tostado October 8, 2020

ENGLEWOOD, FLA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Heritage Oaks of Englewood, a 118-unit assisted living and memory care community in Englewood. Located along the state’s Gulf Coast between Tampa and Fort Myers, Heritage Oaks of Englewood is located near the Grove City shopping area, medical facilities and indoor and outdoor recreation. The acquisition includes approximately 50 acres adjacent to the community, which may be utilized for future development. Additional terms of the deal were not disclosed. Grace Management will take over operations at the community. Lisa Widmier of CBRE National Senior Housing represented the seller in the transaction. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged $20.8 million in acquisition financing for CPF. The 10-year, fixed-rate loan features 60 months of interest-only payments.

October 8, 2020

California Development Multifamily Seniors Housing Western

Advocacy Development Completes Entitlements for 83-Unit Assisted Living Project in San Jose

by Amy Works October 8, 2020

SAN JOSE, CALIF. — Advocacy Development Partners (ADP) has received unanimous approval from the San Jose City Council for a new assisted living and memory care project in the city. The 1.2-acre project will include 73,000 square feet of living and common areas, comprisingf 83 units and 93 beds. “This facility underscores the need for assisted living and memory care for senior residents in San Jose,” says Pam Foled, Councilmember for District 9, where the community will be located. “This project meets the market demand in a fashion that is least intrusive to the overall community by terracing the building into the single-family neighborhood of Dry Creek and creating fabulous outdoor garden spaces for the residents.” As recommended by the San Jose Planning Commission, the City Council approved the Conditional Use Permit for the project site to replace existing dilapidated retail strip buildings with a modern, three-story building. ADP is in the process of securing its project team of architects, engineers and contractors for the development, according to Paul Bunton of ADP. He says the firm also expects to have its financing and operator in place in the next couple months and anticipates breaking ground in early 2021, which would …

October 8, 2020

Arizona Development Multifamily Seniors Housing Western

Ryan Cos. Breaks Ground on 248-Unit Clarendale Arcadia Seniors Housing Project in Phoenix

by Amy Works October 6, 2020

PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix. The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO. Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet. Fifth Third Bank N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent to finance the project. The amount of the financing was not disclosed. Craig Coppola of The Coppola Cheney Group at Lee & Associates worked on behalf of the land lessor and Ryan Cos. to negotiate this transaction. According to a market study conducted by Moore Diversified Services, senior living is undersupplied in this area, and the nearby communities that exist were built, on average, in 1990. ORB Architecture LLC is the project architect. Thoma-Holec Design is the interior designer. Phase I is scheduled for completion in summer 2022, followed …

October 6, 2020

Acquisitions Healthcare Midwest Ohio Seniors Housing Top Stories

Welltower Sells $1.3B of Seniors Housing and Outpatient Medical Facilities; CEO Steps Down

by John Nelson October 6, 2020

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief investment officer title. Details of seniors housing sales The sales price of the Western portfolio totaled $702 million, or $466,000 per unit. The unnamed properties are situated in California, Washington and Nevada and have an average age of 12 years. Welltower’s previous ownership stake in the portfolio was 80 percent. The buyer was not disclosed. The sales price of the Massachusetts portfolio totaled $200 million, or $395,000 per unit. The unnamed properties have an average age of 19 years. Welltower is reducing its ownership stake from 95 percent to 20 percent. The remaining 80 percent of the portfolio will be owned by a fund co-managed by Taurus Investment Holdings and …

October 6, 2020

California Development Multifamily Seniors Housing Western

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

Newer Posts

Older Posts