Seniors Housing

KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York

by Taylor Williams April 30, 2019

ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.

April 30, 2019

Development Indiana Midwest Multifamily Seniors Housing

Vermillion, HED Open 119-Unit Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow April 30, 2019

FORT WAYNE, IND. — Vermillion Development, a Chicago-based real estate firm, has opened Silver Birch Fort Wayne, an affordable seniors housing community in Fort Wayne. Design and engineering firm HED partnered on the project. The 97,000-square-foot community sits on 4.2 acres and features 119 units. The assisted living facility offers studio and one-bedroom units for older adults in need of supportive housing. Silver Birch Fort Wayne is the eighth facility opened by Silver Birch Living, which is the operational arm of Vermillion. The property is adjacent to a golf course, which was recently acquired by a nearby university to be repurposed as a fitness center.

April 30, 2019

Development Illinois Midwest Multifamily Seniors Housing

CA Ventures Completes Development of 123,482 SF Senior Living Community Near Chicago

by Kristin Harlow April 29, 2019

BOLINGBROOK, ILL. — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has completed the development of Atria at River Trail, a 128-unit seniors housing community in the Chicago suburb of Bolingbrook. The Chicago office of Harley Ellis Devereaux designed the property. Located on 5.8 acres, the two-story community offers 86 assisted living units and 42 memory care units in a 123,482-square-foot building. Louisville, Ky.-based Atria Senior Living will operate the community. Atria operates approximately 200 communities across the United States and Canada.

April 29, 2019

Loans Multifamily New Jersey Northeast ORIX Seniors Housing

Lancaster Pollard Provides $17.3M Loan for Refinancing of Skilled Nursing Facility in New Jersey

by Taylor Williams April 29, 2019

BRICK, N.J. — Lancaster Pollard Mortgage Co. has provided a $17.3 million HUD loan to refinance Willow Springs, a skilled nursing facility in Brick, located in New Jersey’s northern coastal region. The borrower was local investment firm Tryko Partners LLC, which purchased the community from its developer, NuVision Management, in 2013 and subsequently rebranded it. At that time, Willow Springs featured 148 skilled nursing beds with expansion potential and an assisted living component that could accommodate 23 clients. Tryko then implemented a $1 million improvement plan that delivered an expanded rehabilitation facility with cutting-edge equipment and technology and updated common areas, patient rooms and assisted living accommodations.

April 29, 2019

Loans Multifamily Seniors Housing Southeast Virginia

HJ Sims Arranges $201.1M in Construction Financing for Seniors Housing Project in Norfolk

by Alex Tostado April 24, 2019

NORFOLK, VA. — HJ Sims has arranged $201.1 million in financing for the construction of a new residential tower at Harbor’s Edge, a continuing care retirement community (CCRC) in Norfolk. The property was originally developed in 2002 in cooperation with the City of Norfolk as part of a master development plan called “Fort Norfolk Neighborhood.” HJ Sims has partnered with Harbor’s Edge since the early 2000s, structuring, placing and underwriting the initial seed capital transaction, first phase of development financing, a refinancing in 2014 that contained predevelopment capital for the River Tower Phase II construction and the development financing for the River Tower. HJ Sims coordinated with two commercial banks, including SunTrust Bank and TD Bank, with the former providing $65 million in financing.

April 24, 2019

California Loans Multifamily Seniors Housing Western

SunTrust Provides $69.5M Acquisition Financing for Seniors Housing Portfolio in California

by Amy Works April 24, 2019

WHITTIER, RIVERSIDE AND EMERYVILLE, CALIF. — SunTrust Banks Inc. (NYSE: STI) has provided $69.5 million in financing to support Watermark Retirement Communities and Kayne Anderson’s acquisition of three senior living communities in California. Two of the communities, Whittier Place at 12315 Burgess Ave. in Whittier and Raincross at Riverside at 5232 Central Ave. in Riverside, are Class A properties located near Los Angeles. Both of the communities provide assisted living and memory care services. The third, The Watermark by the Bay at 1140 40th St. in Emeryville, formerly known as Bayside Park, provides assisted living and memory care services for residents in Emeryville, Oakland and Berkeley. Watermark currently manages 63 communities in 21 states including seven under development/redevelopment. Kayne Anderson Capital Advisors, founded in 1984, is an alternative investment management firm focused on niche investing in upstream oil and gas companies; energy and infrastructure; specialized real estate; growth equity; and both private credit and diversified liquid credit. Kayne Anderson manages $30 billion in assets.

April 24, 2019

Development Midwest Minnesota Multifamily Seniors Housing

Opus Finishes Development of its First Senior Living Community in Twin Cities

by Kristin Harlow April 24, 2019

MINNETONKA, MINN. — The Opus Group has completed its first senior living community in the Twin Cities known as Orchards of Minnetonka. The 147-unit development offers independent living, assisted living and memory care. Amenities include a salon, chapel space, clubroom, community room and two dining areas. Outdoor areas include a putting green, gardening beds and orchard. Ebenezer Management will operate the property. Sperides Reiners Architects and Consilium Home made up the project team.

April 24, 2019

Affordable Housing Development Maine Multifamily Northeast Seniors Housing

Hunt Capital Provides $2.1M Tax Credit Financing for Affordable Housing Project in Maine

by Taylor Williams April 24, 2019

INDIAN ISLAND, MAINE— Hunt Capital Partners has provided $2.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Penobscot Elder Homes. The community will be located on Indian Island within the Penobscot Nation Reservation, approximately 12 miles northeast of Bangor. The development will provide 24 affordable housing apartments for seniors. Penobscot Elder Homes is Hunt Capital Partners’ 11th LIHTC investment in Indian Country and Penobscot Nation’s first LIHTC development. All units will be restricted to households that earn up to 50 and 60 percent of the area median income. The two-story development will also include a lobby with a common area as well as a community kitchen, community room and laundry rooms.

April 24, 2019

Features Multifamily Seniors Housing

Real Capital Markets: Seniors Housing Investment Outlook Strong Despite Slowdown in Sales, Construction

by Jeff Shaw April 23, 2019

CARLSBAD, Calif. — Seniors housing investment and construction in the United States slowed in the first part of 2019, but investors are confident in the long-term outlook for this sector, according to a “Senior Housing Snapshot” report by Real Capital Markets (RCM). Following several years of robust sales and construction activity, the seniors housing market is redefining itself, adjusting to shifts in investor activity and a focus by many investors on a long-term horizon, the report concludes. RCM’s national report incorporates the sentiments of investors across the country and national statistics on investment activity from Real Capital Analytics (RCA), as well as construction and occupancy statistics from the National Investment Center for Seniors Housing & Care (NIC). Based in Carlsbad, RCM is a marketplace for selling commercial real estate properties. U.S. investment sales in seniors housing totaled $2.8 billion in the first two months of 2019, down from $3 billion in the same time period in 2018. This follows $15.2 billion in sales for all of 2018. According to U.S. investors, developers and real estate brokers surveyed and interviewed for the report, 66 percent believe that activity levels in 2019 will be comparable to the total sales for 2018. “Perspective …

April 23, 2019

Development Multifamily Seniors Housing South Carolina Southeast

Cardinal Ventures, Blake Management to Develop 88,000 SF Seniors Housing Community in Greenville

by Alex Tostado April 23, 2019

GREENVILLE, S.C. — A partnership between Cardinal Ventures LLC and Blake Management Group will develop an 88,000-square-foot seniors housing community in Greenville. The property will offer assisted living units in studio, one- and two-bedroom formats and memory care units in studio and one-bedroom floor plans. Construction is scheduled to be complete by spring 2020.

April 23, 2019

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