Seniors Housing

Sundance Inn Health Center New Braunfels

SLIB Arranges $20.5M Sale of Two Skilled Nursing Facilities in Metro San Antonio, Austin

by John Nelson September 5, 2019

NEW BRAUNFELS AND ROUND ROCK, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the $20.5 million sale of two skilled nursing communities near San Antonio and Austin. The facilities are operated by Senior Care Centers, a Dallas-based skilled nursing operator that filed for bankruptcy last year. Both properties were built in 2008 and offer 128 beds. The communities include Sundance Inn Health Center in the San Antonio suburb of New Braunfels and Park Valley Inn Health Center in the Austin suburb of Round Rock. The properties were 75 percent and 64 percent occupied at the time of sale, respectively. Matthew Alley of SLIB handled the transaction on behalf of the locally based seller and the buyer, a New York-based owner-operator of skilled nursing and home hospice services.

September 5, 2019

Development Midwest Multifamily Ohio Seniors Housing

M+A Architects Completes Design of $12M Affordable Senior Living Community in Ohio

by Kristin Harlow September 3, 2019

HILLIARD, Ohio — Columbus, Ohio-based architecture and planning firm M+A Architects has completed its design work on The Ashford at Sturbridge, a $12 million affordable senior living project. Located in the Columbus suburb of Hilliard, The Ashford at Sturbridge is one of 400 affordable housing communities that Wallick Communities has developed. With 124 studio and one-bedroom units that will be able to house approximately 155 residents upon lease-up, the new facility offers both assisted living and independent living options.

September 3, 2019

Loans Multifamily Seniors Housing Washington Western

Sortis Provides Funding for $59.8M Opportunity Zone Project in Near Seattle

by Amy Works September 3, 2019

TUKWILA, WASH. — Sortis Holdings Inc. (SOHI), a Portland-based private equity firm, has provided equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, approximately 10 miles south of Seattle. Sortis invested capital from its $100 million Sortis Opportunity Zone Fund alongside project sponsor Bryan Park, a Puyallup, Wash.-based developer that has developed, owns and operates more than 5,000 senior living apartments in Washington. Nonprofit operator Sustainable Housing for Ageless Generations (SHAG) will operate the community. “By 2050, the population of individuals who are 65 and older in the U.S. is projected to double, yet rising rents and lack of supply have reduced the availability of affordable, high-quality housing in desirable locations for this population,” says Paul Brenneke, Sortis founder. “We believe delivering a high-quality project with attractive investment returns while simultaneously providing an affordable housing option to low-income seniors is a win-win.” The two-phase project is situated on approximately 5.8 acres. Phase II comprises 204 apartment units exclusively for seniors, six live/work units, approximately 8,300 square feet of commercial/retail space and structured parking. Once Phase II is complete in late 2020, the combined project will be the third-largest senior living development in Washington, according to …

September 3, 2019

Acquisitions Alabama Georgia Multifamily Seniors Housing Southeast

Shepherd Living Sells Two Senior Living Properties in Georgia, Alabama

by Alex Tostado September 3, 2019

POOLER, GA. AND MADISON, ALA. — Shepherd Living has sold Shepherd Living at Savannah Quarters in metro Savannah and Shepherd Living at The Range in Madison, both 104-unit senior living communities. Savannah Quarters is located at 101 Shepherd Way in Pooler, about 15 miles west of downtown Savannah. The Range is located at 10801 County Line Road, 15 miles southwest of downtown Huntsville. All Shepherd Living communities offer more than 15,000 square feet of spa and wellness space, more than 10 acres of green space, greenhouses and a monthly farmers market. Atlas Senior Living acquired the properties and rebranded them under its Madison brand. Ari Adlerstein and Ari Dobkin of Meridian Capital arranged the sale and acquisition financing for the transaction. The sales prices were not disclosed.

September 3, 2019

Features Multifamily Seniors Housing

InterFace Seniors Housing Panel: Connecting with Families is as Important as Operations

by Alex Tostado September 3, 2019

ATLANTA — For seniors housing operators, connecting to families is just as important as running a facility, according to Josh Crisp, founder and president of Knoxville, Tenn.-based Solinity Senior Living. Crisp urges his sales team to connect with prospective families to build trust so the company can educate the families. Crisp says he wants his team members to know a resident’s life story “so they can connect on a deeper level and help them transition to your community.” Crisp’s comments came during a panel titled “Operating Successfully in a Challenging Environment: How to Maximize Occupancy and Beat the Competition in Your Market,” at InterFace Seniors Housing Southeast. Traci Bild, CEO and president of Bild & Co. was the moderator of the panel. Panelists included Crisp; John Rauls, vice president of Southeastern Retirement Management; Jessica Heck, chief strategy officer of Blake Management Group; and Kevin Isakson, director of sales and marketing for Isakson Living. Hosted by France Media’s InterFace Conference Group and Seniors Housing Business at the InterContinental Buckhead Atlanta, the one-day conference was held Wednesday, Aug. 28 and attracted 436 professionals from all corners of the industry. Participants gathered to network and attend a variety of panel discussions that focused on timely …

September 3, 2019

Acquisitions Loans Maryland Multifamily Seniors Housing Southeast Virginia

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

Illinois Loans Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Provides $12.8M Financing for Skilled Nursing Facility in Illinois

by Kristin Harlow August 29, 2019

AURORA, ILL. — Walker & Dunlop Inc. has provided $12.8 million in bridge financing for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, approximately 40 miles west of downtown Chicago. The debt was structured and provided by Walker & Dunlop’s bridge lending program, which utilizes its balance sheet to offer short-term, nonrecourse loans for properties that are being repositioned as part of a new business strategy. Led by Joshua Rosen, the Walker & Dunlop team structured the financing to cover 100 percent of the acquisition cost in addition to working capital and capital expenditures for the owner, Cascade Capital Group. The loan includes a nine-month term, flexible prepayment options and full-term, interest-only payments. The plan is to replace the loan with HUD financing in early 2020.

August 29, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

Ryan Cos. to Develop 141-Unit Senior Living Community in Wisconsin

by Kristin Harlow August 28, 2019

SUN PRAIRIE, WIS. — Ryan Cos. US Inc. will develop a 141-unit senior living community to be named Talamore at Sun Prairie in suburban Madison. Ryan will develop, design and build the project and is set to begin construction in spring 2020. Great Lakes Management will operate the property. Talamore at Sun Prairie will offer independent living, assisted living and memory care services. Amenities will include multiple dining venues, a library, wellness center, salon, clubroom and activity room.

August 28, 2019

Loans Multifamily Seniors Housing Texas

CBRE Arranges $34.1M Refinancing for Seniors Housing Community Near Houston

by Taylor Williams August 27, 2019

RICHMOND, TEXAS — CBRE has arranged a $34.1 million loan to refinance The Delaney at Parkway Lakes, a 207-unit independent living, assisted living and memory care community in Richmond, approximately 25 miles southwest of downtown Houston. The borrower was a joint venture between Blue Moon Capital Partners and LCS Real Estate. The community is situated on more than 10 acres and construction was recently completed. Aron Will and Austin Sacco of CBRE National Senior Housing arranged the five-year, floating-rate loan with 36 months of interest-only payments. A national bank provided the funds.

August 27, 2019

Acquisitions Multifamily Seniors Housing Western Wyoming

Blueprint Brokers Sale of 120-Bed Skilled Nursing Facility in Wyoming

by Amy Works August 27, 2019

CASPER, WYO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 120-bed skilled nursing facility in the Central Wyoming city of Casper. A New York-based owner of more than 150 facilities sold the property to a national owner-operator. The price and name of the facility were not disclosed. The asset was positioned as a value-add opportunity. At the time of sale, in-place cash flow was negative, with occupancy in multiple year-over-year decline. However, the facility was well maintained with strong historical operational performance. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.

August 27, 2019

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