Seniors Housing

Pathway to Living Opens 117-Unit Senior Living Community in La Grange, Illinois

by Kristin Harlow July 17, 2020

LA GRANGE, ILL. — Pathway to Living has opened Aspired Living of La Grange in Illinois. The 117-unit, 118,583-square-foot senior living community is located at 35 Shawmut Ave. The five-story property features 85 assisted living units and 32 memory support units. Amenities include a physician office, medical exam room, fitness center, library, movie theater, salon and outdoor walking paths. Thoma Holec provided interior design services while Behles + Behles provided architectural services. Opus Group was the design-builder, architect and structural engineer. This is Pathway to Living’s 23rd community in the Chicagoland area.

July 17, 2020

Development Florida Multifamily Seniors Housing Southeast

ZOM, Watermark Acquire Two Development Sites for Planned Seniors Housing Communities in South Florida

by Alex Tostado July 14, 2020

CORAL GABLES AND WEST PALM BEACH, FLA. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The Watermark at West Palm Beach will feature 154 units of independent living, assisted living and memory care with 30,000 square feet of amenities. M&T Bank provided construction financing for the West Palm Beach project, while PNC Bank funded the Coral Gables project. MSA Architects and Lemay-Escobar Design designed both communities. Verdex Construction will build the West Palm Beach property, while Kast Construction will construct the Coral Gables property. Groundbreaking is slated for later this summer on both projects.

July 14, 2020

Acquisitions California Multifamily Seniors Housing Washington Western

MedCore Partners Purchases 582-Unit Seniors Housing Portfolio in Washington, California

by Amy Works July 13, 2020

WASHINGTON AND CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units the 72-unit Cooks Hill Manor in Centralia the 136-unit The Village in Tacoma. the 91-unit Del Obispo Terrace in San Juan Capistrano the 76-unit Westminster Terrace in Westminster. MedCore plans to deploy more than $13 million of capital expenditures to improve the facilities. The company has retained Tacoma-based Senior Services of America (SSA) as the manager of the properties. SSA has managed the communities since 2001. BMO Harris Bank provided the senior loan for the acquisition.

July 13, 2020

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $14.6M Refinancing for Skilled Nursing Facility in Aurora, Illinois

by Kristin Harlow July 13, 2020

AURORA, ILL. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.

July 13, 2020

Loans Multifamily New York Northeast ORIX Seniors Housing

Lancaster Pollard Provides $17.2M HUD Refinancing for Seniors Housing Asset Near Rochester

by Taylor Williams July 10, 2020

FAIRPORT, N.Y. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in the Rochester suburb of Fairport. The FHA 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed interest rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston of Lancaster Pollard handled the debt origination.

July 10, 2020

Loans Multifamily ORIX Seniors Housing Texas

Lancaster Pollard Arranges $20.8M Refinancing for Seniors Housing Community in Dallas

by Taylor Williams July 10, 2020

DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not disclosed.

July 10, 2020

Development Multifamily Northeast Seniors Housing

Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing

by Taylor Williams July 9, 2020

AUBURN, MASS. — Pennrose has received financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will involve the repurposing of the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of new units in studio, one- and two-bedroom formats. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Eighty percent of the units will be reserved for seniors earning up to 60 percent of area median income. The remaining units will have market-rate rents. As part of the development plan, Pennrose has contributed $25,000 to the Town of Auburn for new equipment for the public playground on the property.

July 9, 2020

Development Illinois Midwest Multifamily Seniors Housing

McShane Underway on 166-Unit Senior Living Development in Algonquin, Illinois

by Kristin Harlow July 9, 2020

ALGONQUIN, ILL. — McShane Construction Co. is underway on the construction of a new senior living development in suburban Chicago known as The Oaks at Algonquin. The 166-unit project will incorporate independent living, assisted living and memory care units. Spectrum Retirement Communities is the developer and Vessel Architecture is the architect. The three-story community will feature amenities such as three restaurants, a salon, media lounge, theater, health club, community center and doctor and therapist offices. Completion is slated for January 2022.

July 9, 2020

Acquisitions Multifamily Oregon Seniors Housing Washington Western

Blueprint Negotiates Sale of Eight-Property Assisted Living Portfolio in Pacific Northwest

by Amy Works July 8, 2020

WASHINGTON AND OREGON — Blueprint Healthcare Real Estate Advisors has arranged the sale of eight private-pay assisted living assets in Oregon and Washington totaling 321 units. A joint venture between an Arizona-based private equity firm and an Oregon-based owner-operator acquired the properties. The seller and price were not disclosed. The buyer intends to reposition the communities, possibly adding more memory care units.

July 8, 2020

Loans Multifamily Seniors Housing Texas

Cambridge Provides $3.9M HUD Refinancing Loan for Skilled Nursing Facility in Longview, Texas

by Taylor Williams July 8, 2020

LONGVIEW, TEXAS — Cambridge Realty Capital has provided a $3.9 million HUD loan for the refinancing of Summer Meadows, a 115-bed skilled nursing facility in Longview, about 100 miles east of Dallas. Hymie Barber of Cambridge originated the loan through HUD’s 223(a)(7) program for the borrower, a New York-based limited liability company. The 223(a)(7) product is used exclusively for the refinancing of existing HUD debt on multifamily and healthcare properties.

July 8, 2020

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