Seniors Housing

Experience Pays Off for Reputable Seniors Housing Operators

by Jaime Lackey February 2, 2019

Mark Gould, national production manager of M&T Realty Capital Corporation, believes the seniors housing continuum of care may hold vast opportunities for those with the know-how and discipline to weather any short-term storms. Where do lending opportunities – and challenges – lie in 2019? Gould: We have been active in the seniors housing sector for a very long time. We see this asset class continuing to grow in 2019 as the U.S. aging population will drive growth. Challenges will lie with inexperienced parties trying to capitalize on the favorable demographic trends who do not fully understand the complexity of operating in the healthcare space. Wage pressures and nurse staffing shortages will further heighten the operating challenges in this space. I also think dollar volumes will stay steady. Rising rates have placed some DSC [debt service coverage] limitations and have required more equity into deals. There didn’t seem to be as many large portfolio deals in fiscal year 2018, which we believe resulted in a heightened number of transactions. This is an indication of a healthy market. Does the seniors housing market have room to grow beyond its 2018 activity? Gould: We are seeing some very innovative solutions from our customers that …

February 2, 2019

Development Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Breaks Ground on Atria Community in New City, New York

by David Cohen February 1, 2019

NEW CITY, N.Y. — Capitol Seniors Housing has started construction of Atria New City, an assisted living and memory care community in the affluent hamlet of New City in Clarkstown. Located approximately 30 miles north of Manhattan, the $30 million, three-story, 70,000-square-foot community features 80 residential suites. Atria Senior Living is the operator. Atria New City is scheduled to open in the first quarter of 2020. Meyer Senior Living Studio designed the community. Capitol Seniors Housing also is constructing Stonegate at Greenburgh, an assisted living and memory care community in nearby Greenburgh.

February 1, 2019

Indiana Loans Midwest Multifamily Seniors Housing

KeyBank, Cain Brothers Secure $27.8M Construction Financing for Assisted Living Facility in Indiana

by Kristin Harlow February 1, 2019

MISHAWAKA, IND. — KeyBank Real Estate Capital and Cain Brothers worked together to secure financing for the construction of Hellenic Senior Living of Mishawaka, an affordable assisted living facility near South Bend. The budget was approximately $28 million and included multiple funding components of debt and equity. Cain Brothers served as the sole managing underwriter of an $18.5 million tax-exempt bond issue that provided nonrecourse construction and permanent financing at a long-term fixed rate of 5.75 percent. In addition, the National Development Council (NDC) provided $9.3 million in low-income housing tax credit (LIHTC) equity. AHEPA National Housing Corp. is developing the 136-unit property, which will consist of 55 studio apartments and 81 one-bedroom units within a 113,000-square-foot building. All of the units will be reserved for tenants whose household income does not exceed 60 percent of the area median income. The monthly charges for the Medicaid waiver units will range from $2,881 for a studio to $3,378 for a one-bedroom unit.

February 1, 2019

California Development Loans Multifamily Seniors Housing Western

Dekel Capital Structures $59.4M in Construction Financing for Assisted Living Community in Glendale, California

by Amy Works January 31, 2019

GLENDALE, CALIF. — Dekel Capital has assembled $59.4 million in debt and equity financing for the development of Sage Glendale Senior Living, a 113-bed assisted living and memory care facility in Glendale. Developed by Willis Development, Sage Glendale Senior Living will feature 81 assisted living units, 24 private memory care units, and four semi-private memory care units. Community amenities will include a community garden, library, theater, classrooms, exercise area, commercial kitchen and beauty salon. Slated for completion in first-quarter 2020, the seniors housing community will be located at 509-525 W. Elk Ave., approximately nine miles north of downtown Los Angeles. The financing consists of a $38.7 million construction loan originated by East West Bank and arranged through Dekel Capital’s advisory practice. The four-year financing, with interest-only monthly payments for the first 36 months of the term, was underwritten at 65 percent loan-to-cost ratio. Dekel also provided $20.7 million in joint venture equity through the firm’s proprietary equity fund Dekel Strategic Investors.

January 31, 2019

Acquisitions California Loans Multifamily Seniors Housing Western

CBRE Arranges $35.2M Acquisition Financing for Seniors Housing Community in Oakland

by Amy Works January 31, 2019

OAKLAND, CALIF. — CBRE has arranged $35.2 million in financing for the acquisition of The Point at Rockridge, a Class A, 148-unit assisted living and memory care community in Oakland. The borrower is a joint venture between Angelo Gordon & Co. and Auctus Capital Partners. The property is located near the University of California Berkeley in the affluent submarket of Rockridge. Home values in a one-mile radius average over $1 million and the average household income is nearly $130,000 per year. The property has undergone two multimillion-dollar renovations in recent years. The first renovation was in 2013, converting 30 assisted living units into a dedicated memory care wing. The second renovation occurred in 2016, providing updates to interior and exterior common areas, community amenities, units and landscaping. The buyers plan to make further improvements to the community. Integral Senior Living, which has operated the property since 2013, will continue to manage The Point at Rockridge following the acquisition. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the seven-year, fixed-rate Freddie Mac loan with 48 months of interest-only payments.

January 31, 2019

Development Multifamily Northeast Pennsylvania Seniors Housing

South Bay Partners, SageLife to Develop 250-Unit Seniors Housing Community Near Philadelphia

by David Cohen January 30, 2019

UPPER DUBLIN, PA., — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has purchased 7.9 acres in Upper Dublin for the development of a 250-unit seniors housing community. Located approximately 20 miles north of Philadelphia, Sage at Mattison Estates will be a four-story structure offering 156 independent living units, 62 assisted living units and 32 memory care units. Groundbreaking is scheduled for February 2019 for an expected delivery in spring 2021. Locally based SageLife will manage the community upon completion.

January 30, 2019

Loans Multifamily Seniors Housing Texas

Hunt Capital Arranges Acquisition Loan for 151-Unit Seniors Housing Property in Houston

by Taylor Williams January 29, 2019

HOUSTON — Hunt Capital Partners has arranged a $7.2 million loan for the acquisition and rehabilitation of Anna Dupree Terrace, a 151-unit seniors housing community in Houston. The development serves elderly households whose tenants are 62 years or older or who have disabilities. Upon completion of the renovation, which is scheduled for May 2020, the property will feature amenities such as a computer lab, beauty salon and outdoor picnic areas. The borrower was not disclosed.

January 29, 2019

Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group to Upgrade, Expand Seniors Housing Community in Naperville, Illinois

by Kristin Harlow January 29, 2019

NAPERVILLE, ILL. — Evergreen Real Estate Group has unveiled plans to upgrade and expand Martin Avenue Apartments, a 122-unit affordable seniors housing community in Naperville. The $38.6 million project will be completed in partnership with the community’s owner, Naperville Elderly Homes Inc. The units will be upgraded with new bathrooms, flooring, light fixtures and air-conditioning units. A new five-story wing will add 68 more units. Construction is scheduled to begin late this spring with completion slated for late 2019 for the existing structure and mid-2020 for the new wing. Evergreen Construction Co. and Wight Construction Services are the general contractors for the project. Worn Jerabek Wiltse Architects is the project architect. Evergreen will continue to oversee operations after the renovations are complete. Working in partnership with the Illinois Housing Development Authority, U.S. Bancorp CDC and Wintrust Bank, Evergreen secured nearly $20 million in low-income housing tax credit equity to help finance the project. Other financial partners included the city of Naperville, DuPage County and the DuPage Housing Authority.

January 29, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

Strawberry Fields REIT Buys Two Skilled Nursing Facilities in Southern Illinois for $5.9M

by Kristin Harlow January 28, 2019

ALTON AND BELLEVILLE, ILL. — Strawberry Fields REIT LLC has acquired two skilled nursing facilities near the Illinois-Missouri border for $5.9 million. The properties total 361 beds and include Integrity Healthcare of Alton in Alton and Integrity Healthcare of Belleville in Belleville. Both cities are suburbs of St. Louis and are located in Illinois. Integrity Healthcare Management will continue to operate the two facilities under a master lease agreement. The average occupancy in the homes is 48 percent. Among the residents at the two skilled nursing facilities, 6 percent are Medicare patients, 88 percent are Medicaid patients and 5 percent are private pay.

January 28, 2019

Development Maryland Multifamily Seniors Housing Southeast

Erickson Living to Convert Former Marriott Corporate Office in Maryland to 775,000 SF Seniors Housing Community

by Alex Tostado January 25, 2019

BETHESDA, MD. — With Marriott International Inc. planning to relocate its Bethesda headquarters in 2022, Erickson Living has announced plans to redevelop the 775,000-square-foot office building into a continuing care retirement community (CCRC). The acquisition of the headquarters, located in Montgomery County’s Rock Spring area, was completed in December 2018. Terms of that acquisition were not disclosed. The Maryland-National Capital Parks and Planning Commission updated the master plan for the Rock Spring area of Montgomery County in 2018. While Rock Spring has been developed over the years as a suburban office park, the updated plan encourages more residential and retail uses, according to Erickson. Erickson Living owns and/or operates 20 communities in 11 states, serving more than 27,000 residents. The company specializes in CCRCs.

January 25, 2019

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