Seniors Housing

NIC: Seniors Housing Occupancy Ticks Upward to 88 Percent as Construction Slows

by Alex Patton October 22, 2019

ANNAPOLIS, MD. — Seniors housing occupancy increased to 88 percent in the third quarter of 2019 from its lowest level in eight years (87.7 percent) recorded during the previous quarter, according to data from the National Investment Center for Seniors Housing & Care (NIC). NIC is an Annapolis-based data firm serving the seniors housing industry. Of the 31 metropolitan markets that comprise NIC’s Primary Markets, San Jose (95.5 percent) and Minneapolis (91.3 percent) experienced the highest occupancy rates in the third quarter. Las Vegas (82.3 percent) and Houston (81.5 percent) recorded the lowest occupancy rates. San Antonio experienced the largest occupancy increase from a year ago, rising from 80.2 percent to 84.6 percent. Baltimore saw the largest year-over-year decrease, falling from 92.5 percent to 90.6 percent. “San Jose retains the distinction of having the highest occupancy rate of any major market in the country, as significant barriers to entry constrain development,” says Chuck Harry, NIC’s head of research and analytics. “Houston, on the other hand, places fewer restrictions on development, which is pressuring occupancy.” During the quarter, net new unit demand totaled 4,977 units, the greatest number of new units in any quarter since NIC began reporting the data in …

October 22, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Lifespace Completes $39.5M Expansion at Seniors Housing Community Near Pittsburgh

by Alex Patton October 21, 2019

UPPER ST. CLAIR, PA. — Lifespace Communities has completed a $39.5 million expansion project at Friendship Village of South Hills in Upper St. Clair, located approximately 12 miles southwest of Pittsburgh. The project, construction of which began in summer 2017, added a new building with 50 assisted living apartments, 32 memory care suites and various amenities and wellness services. Perkins Eastman Architects designed the expansion, and LECESSE Construction served as the general contractor.

October 21, 2019

Loans Multifamily New Jersey Northeast Seniors Housing

Capital Funding Provides $13.8M Acquisition Financing for Skilled Nursing Facility in New Jersey

by Alex Patton October 21, 2019

NEW JERSEY — Capital Funding LLC has provided a $13.8 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in New Jersey. Preferred Care operates the property, which features 126 beds. Further details on the name, location and borrower were not disclosed. Craig Casagrande originated the transaction for Capital Funding.

October 21, 2019

Acquisitions Multifamily New Jersey Northeast Seniors Housing

CBRE Arranges $11.3M Sale of Two Multifamily Properties in New Jersey

by Alex Patton October 21, 2019

PISCATAWAY AND JAMESBURG, N.J. — CBRE has arranged the $11.3 million sale of two office properties in Piscataway and Jamesburg, both located approximately 40 miles southwest of New York City. Heritage at Piscataway is an income-restricted active adult seniors housing community for residents age 55 and over, which consists of 30 one-bedroom apartments and sold for $3.2 million. Brookside Village is a newly constructed multifamily property that consists of 42-apartments and sold for $8.1 million. Nat Gambuzza and Trevor Fiebel of CBRE represented the sellers and procured the buyers in both sales, which were all undisclosed.

October 21, 2019

Loans Multifamily Oregon ORIX Seniors Housing Western

Lancaster Pollard Arranges $15.2M Refinancing for Two Seniors Housing Communities in Oregon

by Amy Works October 21, 2019

MEDFORD, ORE. — Lancaster Pollard, a division of ORIX Real Estate Capital, recently arranged a $15.2 million HUD loan for Sapphire Health Services. The transaction will refinance the loans used to acquire Ridgeview Assisted Living and West Wind Enhanced Care, and provide additional funds to make repairs to the properties. Both assets are located in Medford, in the southwest portion of Oregon near the California border. Jason Dopoulos led the transaction for Lancaster Pollard.

October 21, 2019

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 86-Unit Seniors Housing Community in Southern California

by Amy Works October 18, 2019

RANCHO CUCAMONGA, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunlit Gardens, an 86-unit assisted living and memory care community in the San Bernardino County city of Rancho Cucamonga. A joint venture between Meridian Senior Living and a Chicago-based private equity firm sold the property to an Orange County-based equity group for an undisclosed price. The Blueprint transaction team consisted of Jacob Gehl, Humair Sabir and Scott Frazier.

October 18, 2019

Features Loans Multifamily Seniors Housing

Expect Seniors Housing Lenders To Boost Deal Volumes

by Alex Tostado October 17, 2019

The sharp drop in interest rates over the past several months has not only lowered the cost of capital for borrowers, but it has also helped offset higher operating costs at a critically important time, say seniors housing lenders. At the close of business on Oct. 16, the 10-year Treasury yield — a benchmark for long-term, fixed-rate permanent financing in commercial real estate — stood at 1.75 percent, down about 125 basis points from the start of 2019. Meanwhile, the 30-day London Interbank Offered Rate (LIBOR), which is used to help set interest rates on construction loans, registered 188 basis points as of Oct. 16, a drop of about 60 basis points since the beginning of the year. Adding an element of drama and complexity to the overall picture is the inverted yield curve scenario, the point at which the 10-year Treasury bond falls below the level on the two-year bond. That’s precisely what occurred in mid-August, resulting in high volatility on Wall Street. Historically, an inverted yield curve is a strong indicator that the risk of recession is increasing. It means that investors are concerned about the economic outlook in the short term, but it provides no guarantee that …

October 17, 2019

Illinois Loans Midwest Multifamily Seniors Housing

CBRE Arranges $45.7M Refinancing for Two Seniors Housing Communities in Illinois

by Kristin Harlow October 16, 2019

WESTMONT AND LAKE ZURICH, ILL. — CBRE has arranged a $45.7 million refinancing for Aspired Living of Westmont and Azpira Place of Lake Zurich, both seniors housing communities outside of Chicago.The borrower is a joint venture between Virtus Real Estate Capital and Pathway to Living, the latter of which will continue to operate the communities. Aspired Living of Westmont is a 107-unit assisted living and memory care community in the affluent submarket of Westmont, approximately 25 miles west of Chicago. Within a five-mile radius of the community the average household income is $126,000, according to CBRE. Azpira Place of Lake Zurich is a 120-unit assisted living community approximately 45 miles northwest of Chicago in Lake Zurich. Within a five-mile radius of the community the average household income is $158,000, according to CBRE. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing secured the five-year, floating-rate loan with 36 months of interest-only payments from a regional bank.

October 16, 2019

Multifamily Northeast Seniors Housing

LCB Acquires Two Seniors Housing Communities in Massachusetts, Connecticut

by Alex Patton October 15, 2019

NORTH CHELMSFORD, MASS, AND ROCKY HILL, CONN. — LCB Senior Living LLC has acquired Brookdale North Chelmsford in Massachusetts and Brookdale Rocky Hill in Connecticut. The community in North Chelmsford, located approximately 30 miles northwest of Boston, will be renamed The Residence at Freeman Lake. The 73-unit community was built in 1996 and offers assisted living and memory care services. The community in Rocky Hill, approximately 10 miles south of Hartford, will be renamed The Residence at Ferry Park. The 73-unit community was built in 1997 and offers assisted living and memory care services. Both communities will undergo renovations over the next 12 to 18 months. The sales price was undisclosed.

October 15, 2019

Acquisitions Multifamily Nevada Seniors Housing Western

Healthcare Transactions Group Arranges Sale of 160-Bed Skilled Nursing Facility in Las Vegas

by Amy Works October 14, 2019

LAS VEGAS — Healthcare Transactions Group has arranged the sale of Kindred Transitional Care and Rehabilitation – Spring Valley, a 160-bed skilled nursing facility in Las Vegas. Constructed in 2015, Kindred Spring Valley is a two-story, 90,244-square-foot building. The property is next to Spring Valley Medical Center, a 292-bed acute care hospital. Mark Davis of Healthcare Transactions Group served as advisor to Kindred Healthcare. The buyer was Capital Senior Ventures, which already has a portfolio of skilled nursing properties in the Southwest. Sapphire Healthcare Management will operate the asset. The sales price was not disclosed. Kindred announced in 2016 that it was divesting of all its skilled nursing facilities to focus on other areas of its business.

October 14, 2019

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