PALM COAST, FLA. — Atlantic Housing Partners LLLP has opened Central Landings Senior Living, a $14.8 million affordable seniors housing community in Palm Coast. The 83-unit facility is reserved for those 62 years of age and older earning between 40 and 80 percent of the area median income. The property offers one- to three-bedroom floor plans. Each unit features granite countertops, CleanSteel appliances and screened-in patios. Communal amenities include a clubhouse with a dedicated senior resident activities center, pool table, business center, Amazon HUB package center, fitness center, walking trails and a dog park. The community is situated within the Palm Coast Town Center, a master-planned development that will include up to 2,500 multifamily units, 1.4 million square feet of office space and 3.4 million square feet of commercial space, including a movie theater and a hotel. The developer received $7.4 million in tax-exempt bonds through the Housing Finance Authority of Volusia County and $5.2 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. ConcordRents is managing the property.
CRYSTAL LAKE, ILL. — Skender has completed the construction of Residences of Crystal Lake, an affordable independent senior living facility in Crystal Lake. Turnstone Development owns the 60-unit, 63,000-square-foot property. Residents have access to a fitness area, theater room, community rooms, computer rooms, a gazebo and outdoor spaces. Residents must be age 55 or older and meet the annual income restriction. The project team included UrbanWorks, Groundwork, DKI and TH Associates. Turnstone is a nonprofit that has developed more than 1,680 affordable housing units in Illinois and Florida since 1998.
PROVIDENCE, R.I. — Evans Senior Investments (ESI) has brokered the $4.3 million sale of Elderwood at Riverside, a 57-bed skilled nursing facility in Providence. The property was constructed in 1962. The seller, an East Coast-based owner-operator, initially acquired the asset with the intent to move the licensed beds to a different county in Rhode Island. When regulatory obstacles prevented moving the licensed beds across county lines, the owner decided to exit the property through a sale at approximately $75,000 per bed. At the time of the sale, the property was 89 percent occupied. The buyer was an owner-operator based in the Southeast, and Elderwood is its first property in Rhode Island.
NAPLES, FLA. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-reserved. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. Phase II of the project has just opened for preleasing, and includes a clubhouse scheduled to open in late 2021.
MONTANA — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities totaling 338 beds in Montana. The seller is a national operator that was looking to leave the state to focus on other markets. The undisclosed buyer assumed the seller’s HUD debt against the properties. The price and locations of the facilities were not disclosed.
NAPLES, FLA. — Gates Construction has delivered The Pineapple House at Sapphire Lakes, a two-story, 127-unit seniors housing community in Naples. The owner and operator is Senior Care Residence Sapphire Lakes at Naples LLC. The property spans 115,381 square feet and offers an open-air courtyard, fitness center, massage areas, hydrotherapy room, pool, beauty salon, theater room, library, chapel, craft room, private dining room, clubroom bar and dining options that will include a bistro and an open-air patio. The new community is located at 7901 Radio Road, seven miles east of downtown Naples. Michael Kerner, Development Consulting LLC and Phoenix Associates of South Florida Inc. designed the community.
“How do you fight the enemy without knowing where it is?” The question posed by Kathryn Sweeney, co-founder and managing partner of Blue Moon Capital Partners LP, underscores the need for senior living communities to have priority access to personal protective equipment (PPE) and adequate testing to battle the COVID-19 virus. “We’re really fighting this battle with very rudimentary and limited tools,” said Sweeney, whose Boston-based firm provides equity exclusively to the seniors housing sector. “We have had inconsistent access to tests in our portfolio. What we’re finding is those operators who are more on the healthcare end of the spectrum have relationships with healthcare professionals such that they are able to access tests more so than operators who are more on the social end of the spectrum,” said Sweeney. Her comments came during an April 9 webinar hosted by the National Investment Center for Seniors Housing & Care (NIC). The hour-long webinar, titled “The Intersection of Operators and the Financial Community in a COVID-19 Environment” and moderated by NIC’s chief economist Beth Burnham Mace, featured two other speakers: Fee Stubblefield, founder and CEO of The Springs Living; and Wendy Simpson, president and CEO of LTC Properties (NYSE: LTC). As …
KENNEWICK, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason, it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price were not disclosed.
ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.
TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.