Seniors Housing

Dougherty Provides $20.9M Construction Loan for Seniors Housing Apartment Complex in West St. Paul

by Kristin Harlow January 15, 2019

WEST ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $20.9 million HUD-insured loan for the construction of Darts Senior Apartments, a 172-unit affordable seniors housing property in West St. Paul. All units will be restricted to persons age 62 and older who earn up to 60 percent of the area median income. Dougherty arranged the 40-year loan on behalf of the borrower, WSP Senior Housing I LLLP. In addition to the HUD-insured first mortgage, the project will receive equity from the sale of low-income housing tax credits and funds from the Dakota County Community Development Agency Housing Opportunities Enhancement program. Dougherty & Co. LLC also underwrote tax-exempt bonds for the development, which is expected to open in summer 2020.

January 15, 2019

Development Kansas Midwest Multifamily Seniors Housing

Tutera Completes $55M Senior Living Community Near Kansas City

by Kristin Harlow January 14, 2019

PRAIRIE VILLAGE, KAN. — Tutera Senior Living & Health has completed construction of Mission Chateau Senior Living Community in Prairie Village, just south of Kansas City. Development costs for the 214,800-square-foot, 18.4-acre development were estimated at $55 million. The community features 22 independent living villas, 121 independent living apartments, 40 assisted living units and 40 memory care units. Other offerings include on-site home healthcare and several Tutera rehabilitation and skilled nursing facilities nearby. Tutera has also teamed up with 20/20 Fitness in Prairie Village to offer residents wellness services. Partners on the project included interior design firm studioSIX5, engineering firm BHC Rhodes, Nearing Staats Prelogar & Jones Architects and Luke Draily Construction Co.

January 14, 2019

Acquisitions Loans Seniors Housing Texas

CBRE Arranges Sale of 224-Unit Assisted Living Portfolio in Houston

by John Nelson January 11, 2019

HOUSTON — CBRE National Senior Housing has arranged the sale and acquisition financing for The Village Portfolio, a two-property, 224-unit assisted living portfolio in Houston. Lisa Widmier of CBRE National Senior Housing represented the institutional seller. Aron Will of CBRE National Senior Housing and Austin Sacco of CBRE National Senior Housing arranged acquisition financing on behalf of a joint venture between Bridgewood Property Co. and an institutional investor. CBRE secured two separate five-year, non-recourse, floating-rate loans on an interest-only basis from a debt fund. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the portfolio.

January 11, 2019

Loans Multifamily Seniors Housing Texas

CSG Provides $12.9M HUD Construction Loan for Seniors Housing Community in Metro Dallas

by Taylor Williams January 10, 2019

ALLEN, TEXAS — Florida-based finance firm Churchill Stateside Group LLC (CSG) has provided a $12.9 million HUD construction loan for Springwood at Allen, a 92-unit community in the northeastern Dallas suburb of Allen that will serve seniors aged 62 and above. CSG closed the loan through HUD’s 221(d)(4) program on behalf of an undisclosed borrower. Construction of the community began in December 2018.

January 10, 2019

Acquisitions Multifamily Oregon Seniors Housing Western

1031 Crowdfunding Acquires Assisted Living Community in Oregon for $19.1M

by Amy Works January 9, 2019

BANDON, ORE. — 1031 Crowdfunding LLC, through its affiliate 1031 CF Properties LLC, has acquired an 84-unit assisted living and memory care facility in Bandon, a coastal city in the southwest portion of Oregon. The purchase price was $19.1 million. The existing operator, Seasons Management, will continue to manage the property following the sale. Although the name of the property was not released, Pacific View Senior Living Community is Seasons’ only community in Bandon. The 72,430-square-foot community has featured an average occupancy of 92 percent under Seasons, which has operated the property since 2013. “Seniors housing has already outperformed other noted real estate sectors in the past and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and chief executive officer of 1031 Crowdfunding. “The acquisition of this facility is a great way to start off the new year.”

January 9, 2019

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates Sale of Three-Property Skilled Nursing Portfolio in Pennsylvania

by David Cohen January 9, 2019

SCRANTON, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a three-property skilled nursing portfolio in the Wyoming Valley region of Northeast Pennsylvania. Blueprint represented the sellers, a private investor and regional operator. A REIT, along with an operational partner with an existing presence in the state, acquired the properties for an undisclosed price. Located along a 25-mile stretch in the Scranton/Wilkes-Barre market, the portfolio consists of 416 licensed beds. Ownership recently completed substantial renovations. The facilities were 85 percent occupied and generating over $34 million in total revenue with improving operating margins. Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint handled the transaction.

January 9, 2019

Acquisitions Multifamily New Jersey Northeast Seniors Housing

SVN Affordable | Levental Realty Brokers $47.5M Sale of Age-Restricted Community in Newark

by David Cohen January 8, 2019

NEWARK, N.J. — SVN Affordable | Levental Realty has brokered the $47.5 million sale of St. Mary’s Villa, a 360-unit, age-restricted community in Newark. The property is located at 425 Sanford Ave. Jamie Renzenbrink of SVN represented the undisclosed seller in the transaction. The buyer was Paces St. Mary’s. A number of energy-efficient upgrades are planned by the buyer at the property, including a new roof and solar panel installation.

January 8, 2019

Acquisitions Multifamily New Mexico Seniors Housing Western

Blueprint Negotiates Sale of 200-Bed Skilled Nursing Portfolio in New Mexico

by Amy Works January 7, 2019

SANTA FE AND HOBBS, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities, located in Santa Fe and Hobbs and totaling 200 beds. The seller was a Texas-based regional owner-operator looking to divest non-core assets. O&M Investments acquired the Santa Fe facility, while a Southern California-based private REIT acquired the Hobbs property. The prices were not disclosed. Christopher Hyldahl and Gideon Orion of Blueprint were the lead advisors on the transaction.

January 7, 2019

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $15.1M HUD Refinancing for Chicago-Area Assisted Living Community

by Kristin Harlow January 7, 2019

PARK RIDGE, ILL. — Capital One has provided a $15.1 million HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, a suburb of Chicago. Since purchasing Avantara in 2014, the undisclosed borrowers have extensively renovated the facility. Joshua Rosen of Capital One arranged the fixed-rate loan, which includes a 35-year amortization schedule.

January 7, 2019

Acquisitions Alabama New York Northeast Seniors Housing Southeast Top Stories

Bridge Investment Group Acquires Somerby Living Services, Including Nine Seniors Housing Communities

by John Nelson January 7, 2019

NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The portfolio’s unit mix includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units. Ryan Maconachy and Chad Lavender of HFF represented Dominion Partners in the portfolio sale. Sarah Anderson led HFF’s debt placement team to secure acquisition financing on behalf of Bridge. Bridge currently owns 90 properties totaling 10,600 units across two private equity funds managed by its seniors housing affiliate, Bridge Seniors Housing Fund Manager. “We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” says Robert Chapin, CEO of Bridge Seniors Housing Fund Manager. Bridge plans to retain David Grady, president and chief operating officer of Somerby, to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level …

January 7, 2019

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