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.
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.
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M&T Realty Capital: What’s the latest in seniors housing finance?
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.
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.
MANALAPAN, N.J. — Hackensack Meridian Health has opened The Villas in Manalapan, a seniors housing community located approximately 30 miles east of Trenton. The property spans 100,000 square feet across seven acres and offers independent living, assisted living, memory care and skilled nursing. The number of units was not disclosed. The company is marketing the property to Staten Island residents looking to downsize. Independent living residences are available as studio, one- or two-bedroom apartments with monthly rates starting at $4,950.
GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. Upstate Senior Living Inc. is the owner and operator of the community, which opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent living apartments and a 13,000-square-foot amenities building, as well as renovations to existing dining facilities and common areas. Greystone has served as development consultant to The Woodlands at Furman since its inception.
PHILADELPHIA — Rittenhouse Realty Advisors has sold a nine-property student housing portfolio near Temple University in North Philadelphia for $23.7 million. The portfolio comprises 92 units totaling 253 beds. All of the properties in the portfolio were constructed within the last five years, and the majority are two- or three-bedroom units. At the time of sale, the portfolio was 100 percent occupied for the 2019 to 2020 school year. The buyer was undisclosed.
TOLEDO, OHIO — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.
MOORESTOWN, N.J. — Private equity investment firm Tryko Partners has acquired Lutheran Crossings at Moorestown, a seniors housing community in Moorestown, an eastern suburb of Philadelphia. Situated on 14 acres, the property features 201 beds of skilled nursing and a 63-unit assisted living campus. The new ownership will implement a two-phase, $12 million capital improvement campaign and will rebrand the property as Cambridge Rehabilitation & Healthcare Center and Cambridge Enhanced Senior Living. Immediate improvements, valued at approximately $4 million, will include the modernization and reintroduction of two units housing 81 skilled nursing beds. Further improvements will include the incorporation of a therapy gym, renovations to the facility’s lobby and common areas and upgrades to mechanical systems and roofs. Marquis Health Services, Tryko Partners’ healthcare affiliate, will manage the community. The sales price was undisclosed.
GILBERT, ARIZ. — Green Courte Partners has acquired The Aspens at Mariposa Point, a 202-unit seniors housing property in Gilbert, just southeast of Phoenix. The price was not disclosed. Despite only being opened last month, the new owner will convert the active adult community into full-service independent living. The conversion project will include expanding the dining area, modifying the existing kitchen and adding a third-party-operated home health office. Green Courte’s wholly owned operator True Connection Communities will manage the property. Green Courte made the acquisition through its fourth investment fund, Green Courte Real Estate Partners IV. It is the investor’s 11th senior living community.