ESCONDIDO, CALIF. — Healthcare Trust Inc., a New York-based public, non-traded REIT, has acquired Felicita Vida, a seniors housing community located in Escondido, for an undisclosed price. The seller was Torrey Pines Development Group. Built in 2015 on 4.3 acres, Felicita Vida features 91 units, totaling 117 beds, in a mix of 53 assisted living units and 38 memory care units. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard of Cushman & Wakefield represented the seller in the transaction.
SPRING LAKE, N.J., and NEW YORK CITY — M&T Realty Capital Corp. has provided two loans totaling $56.2 million for seniors housing communities in Spring Lake, New Jersey, and New York City. In the first transaction, Paula Quigley, Aaron Anglad and Matthew Pipitone of M&T provided a $16.1 million Fannie Mae Seniors Housing loan to refinance a 106-unit seniors housing property in Spring Lake. The 15-year loan was structured with a 4.66 percent fixed interest rate loan and four years of interest-only payments followed by a 30-year amortization schedule. In the second transaction, M&T provided a $40.5 million FHA-insured loan to refinance a 300-bed skilled nursing facility in Staten Island. The fully amortizing loan features a 35-year term, 3.9 percent fixed rate and 60 percent loan-to-value ratio. Quigley and Pipitone, along with Jennifer Kooney of M&T, secured the debt.
ATLANTA — Seniors housing operators and developers are facing pressure to adapt as a new category of lower-acuity housing rises in popularity. The new player in the seniors housing game — active adult — is undercutting independent living developers by appealing to a slightly younger population of empty nesters and retirees. Active adult housing refers to residential communities designed for residents age 55 and older, but often do not have a strict age restriction. These are multifamily or single-family homes that often include amenities typically enjoyed by older residents, such as golf courses and clubhouses, but do not market themselves as full-fledged seniors housing. Independent living communities are structured similarly but often carry a strict age restriction of approximately 65 years old, and will sometimes offer basic assistance such as dining or laundry services. Independent living developers often struggle to attract residents when their target demographic of able-bodied senior citizens moves into nearby active adult communities 10 years early. Many of them will not move again until they are ready for assisted living or skilled nursing. “Independent living residents haven’t changed; the places where they are residing and the services they want that have changed, but we have stayed the …
RIVERSIDE, CALIF. — Cushman & Wakefield has arranged the sale of Altavita Village, California’s third-largest seniors housing community. Senior Living Riverside LP, an affiliate of La Jolla, Calif.-based Westmont Living, acquired the asset for $58 million, or $98,500 per unit. The seller was Air Force Village West Inc. Totaling more than 1.2 million square feet, Altavita Village is a continuing care retirement community (CCRC) comprising 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units. Additionally, the community features main and private dining rooms, a village café, clinic, library, meeting rooms, a chapel and beauty shop. At the time of sale, the asset was 40 percent occupied. Altavita Village is located on a 153-acre site at 17050 Arnold Drive in Riverside, and the property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015. The development is located adjacent to March Air Reserve Base. Since 2013, prior ownership invested more than $8 million in upgrades at the property. The buyer plans to invest $20 million in the property over the next several years and convert …
MESA, ARIZ. — HJ Sims has provided $5.1 million in mezzanine financing for Madison Realty Cos. The funds are part of a financing package that will fund an expansion project at Heritage Village Assisted Living in Mesa. Madison acquired the property in 2017. The property currently features six assisted living and memory care homes and a medical building, though the actual number of units was not disclosed. SAL Management Group operates the community. The planned expansion will add two more assisted living and memory care buildings. Sims partnered with a bank to propose a high-leverage financing solution to fund the expansion and recapitalize existing debt, with the bank providing the first-mortgage loan.
LIMERICK, PA. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged a $34 million construction loan for Arcadia at Limerick Pointe, a seniors housing development in Limerick, approximately 30 miles northwest of Philadelphia. Vantage Pointe Retirement Living is the borrower. Upon completion, the property will feature 160 units of independent living, assisted living and memory care. BB&T provided the funds. The Grandbridge team leading the transaction included Richard Thomas, Meredith Davis and Kim Huffstutler.
PEORIA, ARIZ., AND HENDERSON, NEV. — Resort Lifestyle Communities has completed construction of two independent living communities, Arrowhead Valley Retirement Resort in the Phoenix suburb of Peoria and Cactus Valley Retirement Resort in the Las Vegas suburb of Henderson. A grand opening is being hosted Sept. 12 at Arrowhead Valley, while Cactus Valley has already opened its doors. The Henderson community features 128 units, but the size of the Peoria community was not disclosed. Resort Lifestyle Communities develops all-inclusive resort-style seniors housing communities across the country, with 45 properties open or under construction.
WOBURN and NORWOOD, MASS. — Cushman & Wakefield has arranged the sale of two seniors housing communities in the Boston suburbs. A joint venture between Benchmark Senior Living and Oz Real Estate sold Benchmark Senior Living at Woburn in Woburn as well as Benchmark Senior Living on Clapboardtree in Norwood. The communities offer a total of 177 assisted living and memory care units. Benchmark Senior Living will continue to manage the communities. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Tim Hosmer and Chris Remeika. The buyers and sales price were undisclosed.
NORTH RICHLAND HILLS, TEXAS — Civitas Senior Living and StoneCreek Real Estate Partners have opened StoneCreek Senior Living at North Richland Hills. The property is located at 8505 Mid-Cities Blvd. in North Richland Hills, about 13 miles northeast of downtown Fort Worth. The seniors housing community offers 70 assisted living units, 16 memory care residences and 10 independent living cottages. Amenities include landscaped courtyards, a fitness center, full-service salon and a library. The Civitas-Stonecreek partnership has another seniors housing community in the works in Colorado Springs.
DENVER — MGL Partners and Solvera Advisors have completed the conversion of the historic Tammen Hall building in Denver into 49 affordable seniors housing units. The eight-story, 52,000-square-foot project is located on the Saint Joseph Hospital campus in Denver’s City Park West neighborhood. All units are reserved for those age 62 and older who earn up to 60 percent of the area median income. The Neenan Company served as the design-build partner. Saint Joseph Hospital sold the building to the developers in 2017, with its parent organization, SCL Health, providing a substantial investment to finance the redevelopment. Denver Economic Development & Opportunity, Colorado Housing and Finance Authority, Midwest Housing Equity Group, Advantage Capital, Citi Community Capital and Denver Housing Authority all provided additional financial support to the project. The redevelopment also benefited from state and federal historic preservation incentive tax credits. “The Tammen Hall redevelopment project is just one example of how we try to use our campus to enhance our community beyond healthcare,” says Saint Joseph Hospital President Jamie Smith. “This solution is the best of all worlds for us because it preserves the neighborhood’s historic character, adds more affordable housing to the community and aligns with our mission.” …