Seniors Housing

Triloma Seniors Housing Acquires Two Assisted Living Communities Near St. Louis

by Kristin Harlow May 16, 2019

GRANITE CITY AND GODFREY, ILL. — Triloma Seniors Housing, an affiliate of Triloma Financial Group, has acquired The Fountains at Granite City and The Fountains at Godfrey, both located in Illinois just across the Mississippi River from St. Louis. The communities offer a combined 135 assisted living units. Cedarhurst Living will take over operations. Regions Bank provided acquisition financing through its healthcare real estate group. The amount of the financing and the sales price of the communities were not disclosed. The Fountains at Granite City, which was built in 2000 and expanded in 2006, features 72 assisted living units. The Fountains at Godfrey was built in 2006 and includes 63 assisted living units. The communities have been rebranded to Cedarhurst of Granite City and Cedarhurst of Godfrey. Triloma and Cedarhurst expect to spend approximately $1.8 million to renovate the communities, including improvements to the common areas.

May 16, 2019

Affordable Housing Loans Lument Multifamily ORIX RED Capital Group Seniors Housing Texas

Red Mortgage Arranges $22M Loan for Rehabilitation of Affordable Housing Portfolio in Texas

by Taylor Williams May 15, 2019

TEXAS — Red Mortgage Capital, a division of ORIX Real Estate Capital LLC, has arranged a $22 million loan for the rehabilitation of 14 affordable housing properties totaling 556 units located across 12 rural Texas communities. Existing debt on the properties was also restructured as part of the deal. The borrower was a joint venture between Related Affordable, a division of Related Cos., and the Texas Housing Foundation (THF). The United States Dept. of Agriculture (USDA) provided the loan through its rural development program.

May 15, 2019

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $17.5M Fannie Mae Refinancing for Seniors Housing Community Near Seattle

by Amy Works May 15, 2019

ISSAQUAH, WASH. — CBRE has arranged a $17.5 million in Fannie Mae financing for Fieldstone Memory Care of Issaquah, a 60-unit memory care community. The borrower is a joint venture between Bourne Financial Group and Cascadia Senior Living. The loan will refinancing existing debt. The community is situated within the affluent submarket of Issaquah, where the average home value is $757,114 within a five-mile radius of the property. It is located less than 1.5 miles from a full-service, 175-bed hospital. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing originated the 10-year, fixed-rate loan with three years of interest-only payments.

May 15, 2019

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates $7.6M Sale of Skilled Nursing Community in San Marcos

by Taylor Williams May 14, 2019

SAN MARCOS, TEXAS — Illinois-based Senior Living Investment Brokerage (SLIB) has negotiated the sale of the 174-bed Regent Care Center of San Marcos in Central Texas. The property was built in 2008. A Texas-based owner-operator sold the asset to a regional operating group for $7.6 million. Matthew Alley of SLIB brokered the deal.

May 14, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian to Build $19M Senior Living Community in Lancaster, Pennsylvania

by Taylor Williams May 14, 2019

LANCASTER, PA. — Presbyterian Senior Living (PSL) will build LongCrest, a $19 million affordable seniors housing apartment complex in Lancaster, located roughly midway between Philadelphia and Harrisburg. A groundbreaking ceremony for the four-acre, 52-unit project is slated for today (Tuesday, May 14). Units will be available to residents earning between 20 to 60 percent of the area median income. LongCrest will also offer both fully handicap-accessible units, as well as units that are accessible for individuals with hearing and/or vision difficulties.

May 14, 2019

Loans Midwest Multifamily Ohio Seniors Housing

Merchants Capital Secures $49M Bridge Financing for Assisted Living Portfolio in Ohio

by Kristin Harlow May 13, 2019

CINCINNATI, COLUMBUS AND HILLIARD, OHIO — Merchants Capital has secured $49 million in bridge financing for three assisted living communities in Ohio. The borrower, Wallick Communities, develops affordable assisted living and memory care communities. The properties include the 108-unit The Ashford at Mt. Washington in Cincinnati, the 131-unit The Ashford on Broad in Columbus, and the 124-unit The Ashford on Sturbridge in Hilliard. All three communities are designed to serve working- and middle-class seniors, offering rents at 15 to 30 percent below rents in similar communities. Merchants Capital secured the bridge loans through its parent company, Merchants Bank. Wallick will use the loans to refinance underlying debt and allow more time to meet the requirements for HUD.

May 13, 2019

California Loans Multifamily Seniors Housing Western

CBRE Arranges $91.8M Refinancing for Seniors Housing Portfolio in California

by Amy Works May 13, 2019

WALNUT CREEK, CALIF. — CBRE has arranged $91.8 million in financing for DiNapoli Capital Partners (DCP), an investor based in Walnut Creek. The funds will refinance existing debt on a five-property, 560-unit seniors housing portfolio located in California. Integral Senior Living manages three of the communities, located in Los Angeles area, and Westmont Senior Living manages the remaining two communities, located in the Sacramento area. DCP bought each of the assets within the portfolio separately as value-add acquisitions. The financing package comes at the end of the company’s repositioning plan for the properties. Andrew Behrens of CBRE Multifamily Institutional Group, along with Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing, arranged the transaction. The 10-year Fannie Mae loan includes five years of interest-only payments.

May 13, 2019

Acquisitions Multifamily Seniors Housing Texas

Capital Square 1031 Acquires New Memory Care Community in Houston

by Taylor Williams May 13, 2019

HOUSTON — Investment and management firm Capital Square 1031 has launched an investment fund for the acquisition of a memory care community in the Kingwood neighborhood of Houston. The 10,000-square-foot community includes 16 beds, and was delivered in April. Village Green Alzheimer’s Care Home, a local operator of five memory care communities in metro Houston, operates the property under an absolute net lease whereby Village Green is responsible for all expenses, including structure, maintenance and repairs. Bill Pyle of EDGE Realty Capital Markets represented the seller, Verdad Real Estate, in the transaction. Bear Real Estate Advisors represented Capital Square 1031.

May 13, 2019

Cornerstone-at-Stafford-Manahawkin-New-Jersey

Development Multifamily New Jersey Northeast Seniors Housing

Walters Completes 100-Unit Seniors Housing Community in Manahawkin, New Jersey

by Taylor Williams May 13, 2019

MANAHAWKIN, N.J. — Locally based developer Walters has completed Cornerstone at Stafford, a 100-unit seniors housing community in Manahawkin, located east of Philadelphia in coastal New Jersey. The development is open to adults age 55 and above earning less than 60 percent of the county’s median income. Monthly rents range from $874 to $994 for one-bedroom units and from $1,048 to $1,250 for two-bedroom residences. Units feature granite countertops and full appliance packages, washers and dryers and emergency alarm systems. Amenities include a full kitchen, outdoor grilling areas, exercise areas and a resident clubhouse.

May 13, 2019

Acquisitions Multifamily Seniors Housing Texas

Cushman & Wakefield Brokers Sale of 228-Unit Senior Living Campus in Corpus Christi

by Taylor Williams May 10, 2019

CORPUS CHRISTI, TEXAS — Cushman & Wakefield has brokered the $20.3 million sale of Mirador, a 228-unit seniors housing community in Corpus Christi. The Class A facility was developed in 2011 and offers 125 independent living apartments, 44 assisted living residences, 18 memory care units and 41 skilled nursing units. Mirador was 82 percent occupied at the time of sale. Allen McMurtry, Paul Carr and David Kliewer of Cushman & Wakefield represented the seller, Addison, Texas-based Senior Quality Lifestyles Corp., in the transaction. The buyer was an affiliate of Methodist Retirement Communities, which is based in metro Houston.

May 10, 2019

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