Seniors Housing

Live Oak Bank Funds $8.1M Refinancing for Greeley Village Assisted Living in Colorado

by Amy Works February 26, 2020

GREELEY, COLO. — Live Oak Bank has provided an $8.1 million loan for Greeley Village, a 71-unit assisted living and memory care community in Greeley, approximately 50 miles north of Denver. The borrower is KSL Seniors, a developer/owner with communities in Colorado, Utah, Idaho and Oregon. The 51,000-square-foot community opened during in fourth-quarter 2019. Cadence Senior Living operates the property. The three- to five-year, floating-rate loan refinanced a construction line of credit, providing bridge-to-permanent financing. It also allowed the borrower to recapture a line of credit capacity to pursue future projects.

February 26, 2020

Loans Multifamily Northeast ORIX Pennsylvania Seniors Housing

Lancaster Pollard Provides $11M Fannie Mae Loan for Providence Place Seniors Housing Community in Pennsylvania

by Alex Patton February 26, 2020

DOVER, PA. — Lancaster Pollard has provided $11 million in Fannie Mae financing for Providence Place Senior Living of Dover, located approximately 25 miles south of Harrisburg. The community offers independent living, assisted living and memory care services to the Central Pennsylvania borough of Dover. The number of units was not disclosed. The borrower and owner is Providence Place Senior Living, headquartered in nearby Hershey. Miles Kingston, Doug Harper and Casey Moore of Lancaster Pollard arranged the long-term, fixed-rate financing.

February 26, 2020

Kentucky Loans Multifamily North Carolina Seniors Housing Southeast

Monticello Provides $117M in Financing for Skilled Nursing Facility Portfolio in North Carolina, Kentucky

by Alex Tostado February 25, 2020

NEW YORK CITY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operators of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with New York City-based Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 and 2019 for the borrower.

February 25, 2020

Development Multifamily New York Northeast Seniors Housing

Sunrise Completes 90-Unit Seniors Housing Community on Long Island

by Alex Patton February 25, 2020

HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, a 90-unit seniors housing community located in the Long Island town of Huntington. The community features assisted living and memory care services, as well as convenient access to Syosset Hospital and Plainview Hospital. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for the .

February 25, 2020

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

SLIB Negotiates $2.3M Sale of Assisted Living Community in Milwaukee

by Kristin Harlow February 24, 2020

MILWAUKEE — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Clare Terrace, a 59-unit assisted living community in Milwaukee. The community was built in 1964 and operates under the Residential Care Apartment Complex (RCAC) designation. Under this state designation, residents have individual apartments with kitchens and bathrooms. They also receive up to 28 hours per week of supportive, personal and nursing services. The 67,000-square-foot property sits on 2.4 acres, and was 64 percent occupied at the time of sale. An ownership group based in Wisconsin with seven other communities across the state acquired the property for $2.3 million. After extensive due diligence, the buyer received a credit of $500,000 for improvements to St. Clare’s physical plant, including repairs deferred by prior ownership. The buyer plans to rebrand the facility under the name Willow View and invest significant capital into the renovation of the facility. Ryan Saul, Bradley Clousing and Joe Young of SLIB handled the transaction.

February 24, 2020

GenCare-Lifestyle-Point-Ruston-Tacoma-WA

Development Multifamily Seniors Housing Washington Western

PMB Completes Seniors Housing Project as Part of Mixed-Use Development in Tacoma, Washington

by Amy Works February 21, 2020

TACOMA, WASH. — PMB has opened the doors on GenCare Lifestyle at Point Ruston, a 159-unit independent living, assisted living and memory care community in Tacoma. The 144,000-square-foot, six-story senior community is located on the southern edge of Puget Sound in Point Ruston, a master-planned, mixed-use urban village. The location puts residents within walking distance of retail establishments, restaurants, a luxury hotel, residential developments, a movie theater, local and organic food, walking paths, meeting spaces and seasonal public events. The site was formerly home to a copper mill for decades and produced 25 percent of the world’s copper, along with substantial toxic waste. The Environmental Protection Agency designated it as a Superfund site and has been implementing remediation efforts for more than 30 years. PMB’s development team worked with a master developer to finish the cleanup and create a functional area. “It’s amazing that this incredible waterfront master plan used to be one of the most contaminated sites in the country,” says Jake Rohe, partner at PMB. “The site is now home to a diverse and thriving community which has a phenomenally positive impact on the community.” PMB’s development and operating partner is GenCare Lifestyle. Other partners providing health systems …

February 21, 2020

Development Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens $23M Skilled Nursing Facility in Detroit

by Kristin Harlow February 21, 2020

DETROIT — Ciena Healthcare has opened Regency at Chene, a $23 million rehabilitation and skilled nursing center located at 2295 E. Vernor Highway in Detroit. The property includes 46 private suites, 55 semi-private suites and four bariatric suites. Each has a private bathroom. Amenities include three dining rooms, lounges, a café, library, beauty shop and salon. More than 200 full-time and part-time employees will work at the 93,652-square-foot facility.

February 21, 2020

Acquisitions Multifamily Seniors Housing Utah Western

CareTrust REIT Acquires 62-Unit Barton Creek Senior Living in Utah

by Amy Works February 20, 2020

BOUNTIFUL, UTAH — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was part of a strategic decision to focus on its adjacent higher-acuity operations. The property will be Bayshire’s first in Utah. Annual cash rent under the Bayshire master lease will increase by approximately $600,000. The remaining lease term is just under 15 years, plus two five-year renewal options, and carries annual CPI-based rent escalators. The acquisition was funded using a combination of cash on hand and CareTrust’s $600 million unsecured revolving credit facility.

February 20, 2020

Finance Insight Midwest Multifamily Northeast Seniors Housing Southeast Texas Thought Leadership Video Western

M&T Realty Capital: What’s the latest in seniors housing finance?

by Sarah Daniels February 20, 2020

At MBA CREF, M&T Realty Capital’s Sean Huntsman met with reporter Nellie Day to discuss the trends he’s seeing in the multifamily and seniors housing sectors. One big takeaway: The current market demands flexibility and diversified lending. M&T Realty Capital Corp.’s lending platform is allowing the company to both succeed and expand — they had a record 2019 in terms of loan production for healthcare and seniors housing sectors. In addition to a robust pipeline of multifamily and seniors housing construction loans, M&T is also working with owners/operators who are stabilizing assets and recapitalizing equity. However, Huntsman is seeing the impact of high labor and constructions costs and some overbuilding in certain markets, indicating that stakeholders need to look closely at demand on a market-by-market basis. Watch the video for more insights from Huntsman. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 20, 2020

Development Multifamily Seniors Housing Texas

Civitas, Journey Capital to Develop 110-Unit Seniors Housing Community in Aledo, Texas

by Taylor Williams February 19, 2020

ALEDO, TEXAS — A partnership between Civitas Senior Living and Dallas-based developer Journey Capital will develop Harvest Senior Living, a 110-unit seniors housing community in Aledo, located west of Fort Worth. The 68,000-square-foot community will be situated on 7.5 acres and will feature 70 assisted living units, 20 memory care residences and 20 independent living residences. Amenities will include a salon, creative arts studio and chef-prepared dining options. Construction is scheduled to begin in June and to be complete by winter 2021.

February 19, 2020

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