Seniors Housing

Koelsch Communities Building $40M Independent Living Community in Chandler, Arizona

by Amy Works October 31, 2018

CHANDLER, ARIZ. — Koelsch Communities is in the midst of construction for Park at Copper Creek, a luxury independent living community in the Phoenix suburb of Chandler. The three-story, 166,000-square-foot property will offer 135 apartments. Development costs were estimated at $40 million. RJ Development, which is partnering with Koelsch on the project, purchased the six-acre development site in 2017 for $3.2 million. PNC Bank provided $30.5 million in construction financing, while private investors funded the remainder of the costs. Koelsch Construction is acting as general contractor. Judy Koelsch and David Goularte of JSK Design will handle interior designs, and Koelsch Communities will operate the property. Construction is scheduled for completion in spring 2019.

October 31, 2018

Development Montana Multifamily Seniors Housing Western

Immanuel Lutheran Communities Finishes Independent Living Addition to CCRC in Montana

by Amy Works October 30, 2018

KALISPELL, MONT. — Immanuel Lutheran Communities has completed a 58,000-square-foot independent living expansion at its continuing care retirement community in Kalispell, which it claims as the only continuing care retirement community (CCRC) in Northwest Montana. Known as The Villas at Buffalo Hill, the project added 36 units to the larger community. A grand opening will be held Saturday, Nov. 3. “We have been expanding and renovating in phases over the last few years, including the goal to significantly grow the number of our independent living residences to meet the evolving senior demographic,” said Jason Cronk, the company’s CEO. The new community also features the Wooden Nickel Bistro and Lounge with coffee bar and outdoor café dining, the Claremont Restaurant, and a variety of other services and amenities. Swank Enterprises built the expansion, which MMW and CJMW Architects designed. Sales and marketing services are provided by Solutions Advisors. Sawgrass Partners provided development advisory and financial planning services.

October 30, 2018

Development Multifamily Oregon Seniors Housing Western

Wolff Co. Breaks Ground on 143-Unit Seniors Housing Community in Hillsboro, Oregon

by Amy Works October 30, 2018

HILLSBORO, ORE. — The Wolff Co. has broken ground for Revel Amberglen, an independent living seniors housing community within Hillsboro’s mixed-use Amberglen Business Park. Slated to open in 2020, the five-story property will feature 143 studio, one- and two-bedroom residences, a full-service salon and spa, an indoor saltwater pool, a fitness studio and multiple restaurants. The new property joins Wolff Co.’s portfolio of 19 seniors housing communities currently open or under construction.

October 30, 2018

Loans Multifamily Seniors Housing Washington Western

BMO Harris Provides $16.7M Acquisition Financing for Seniors Housing Community in Bellevue, Washington

by Amy Works October 26, 2018

BELLEVUE, WASH. — BMO Harris Bank’s Commercial Real Estate Healthcare group has closed $16.7 million in acquisition and renovation financing for Sagebrook, an independent living, assisted living and memory care community in Bellevue. Altum Senior Living operates the community, which is located across Lake Washington from Seattle. The property offers assisted living and memory care. A large strategic investor in the seniors housing industry teamed up with a regional partner to complete the acquisition. Further information on the buyer, seller and community was not disclosed.

October 26, 2018

Features Multifamily Seniors Housing

More Seniors Housing M&A Activity on the Horizon, According to Capital One Survey

by Kristin Harlow October 25, 2018

CHICAGO — Some 92 percent of executives from the seniors housing and long-term care industry expect the pace of mergers and acquisitions within the sector to remain the same or increase over the next 12 months, according to newly released findings in a Capital One survey. Conversely, only 8 percent expect M&A activity to decrease. Conducted in September, the e-mail survey asked professionals to provide their 12-month outlook on a number of issues in the seniors housing space. The survey netted 147 respondents. “I was a little surprised by people expecting M&A activity to increase next year. Obviously, the market has been fairly robust for a number of years,” said Chris Taylor, managing director at Capital One Healthcare, during an interview with Seniors Housing Business at the fall conference of the National Investment Center for Seniors Housing & Care (NIC). The three-day event, held Oct. 17-19 at the Sheraton Grand Chicago, attracted more than 3,100 attendees. One possible explanation for survey respondents’ optimism over M&A prospects in the year ahead, according to Taylor, is that while it’s getting more difficult for investors to acquire Class A product in light of the compressed cap rates and rising interest rate environment, they see more …

October 25, 2018

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $91.9M Bond Refinancing for Seniors Housing Community in Dallas

by Taylor Williams October 24, 2018

DALLAS — Ziegler has arranged $91.9 million in tax-exempt bond financing for Presbyterian Village North, a 63-acre, nonprofit continuing care retirement community (CCRC) in Dallas. The campus is spread across 89 buildings featuring a total of 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds. Proceeds of the bonds, along with trustee funds on hand were used to refund all outstanding debt, finance a project fund for pre-finance costs related to a future expansion, fund a debt service reserve and pay costs of issuance.

October 24, 2018

Development Louisiana Multifamily Seniors Housing Southeast

Abby Development Breaks Ground on 255-Unit Seniors Housing Property in Lafayette, Louisiana

by Amy Works October 24, 2018

LAFAYETTE, LA. — Dallas-based Abby Development has broken ground for The Vincent, a seniors housing development in Lafayette. Situated on 20 acres on Verot School Road, The Vincent will feature 255 units comprising independent living apartments and cottages, as well as assisted living and memory care units. Onsite community amenities will include a stocked fishing lake, multiple landscaped courtyards with water features, walking trails, movie theaters, indoor and outdoor swimming pools, pharmacy and general store, libraries and a fitness center. Additionally, residents will have access to housekeeping, transportation, laundry service and meals prepared in-house by executive chefs. The one- and two-bedroom independent living apartments and two- and three-bedroom independent living cottages will feature private patios/balconies, high-end finishes, full-size washer/dryer connections and fully equipped kitchens. Each cottage will also include a private two-car garage. The studio, one- and two-bedroom assisted living units will feature full-size refrigerators and microwaves, walk-in closets and high-end finishes. The memory care wing will offer private and semi-private floorplans in a secure environment.

October 24, 2018

California Loans Multifamily Seniors Housing Western

CBRE Provides $32M Acquisition Financing for 200-Unit Seniors Housing Community in Fresno, California

by Amy Works October 24, 2018

FRESNO, CALIF. — CBRE has provided $32 million in Freddie Mac financing for the acquisition of The Windham Senior Living, a 200-unit independent living and assisted living community in Fresno’s affluent Woodward Park neighborhood. The borrower is The Reliant Group, which plans to make capital improvements and bring in Cadence Senior Living to operate the community under a third-party management agreement. The property is situated on a 10.2-acre parcel and consists of a main three-story building and six one-story buildings featuring 30 cottages each. The CBRE team involved in the financing includes Aron Will and Austin Sacco of CBRE National Senior Housing, as well as Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group. The 10-year, fixed-rate, Green Advantage loan features 72 months of interest-only payments. This transaction represents one of the first Freddie Mac Green Advantage loans closed in the seniors housing space.

October 24, 2018

Colorado Development Multifamily Seniors Housing Western

CA Senior Living Starts Construction of 137-Unit Seniors Housing Community in Metro Denver

by Amy Works October 23, 2018

WESTMINSTER, COLO. — CA Senior Living LLC has started construction of Atria Westminster, a five-story, 137-unit senior living community in Westminster, approximately 10 miles northwest of Denver. When complete, Atria Westminster will offer 107 assisted living apartments, 30 memory care studios, and a single-story dining and amenity wing. Assisted living units will range in size from 410-square-foot studios to 970-square-foot two-bedrooms, while memory care studios will range from 275 to 310 square feet. Designed by OZ Architects and built by Brinkmann Constructors, Atria Westminster is located less than a half-mile from a variety of shopping, dining and entertainment offerings. Louisville, Ky.-based Atria Senior Living has been retained as the operator for the community. The property is expected to open in early 2020. CA Senior Living is the seniors housing investment and development division of Chicago-based CA Ventures. The company currently has 22 communities operating or under construction throughout the U.S. Atria Westminster will be the fourth CA Senior Living property operated by Atria Senior Living.

October 23, 2018

North-Georgia-Assisted-Living-Dawsonville-GA

Acquisitions Georgia Multifamily Seniors Housing Southeast

SLIB Brokers $5.8M Sale of North Georgia Assisted Living

by Amy Works October 23, 2018

DAWSONVILLE, GA. — Senior Living Investment Brokerage has arranged the sale of North Georgia Assisted Living, a 32-unit community in Dawsonville, approximately 60 miles north of Atlanta. Gryphon Senior Living and Senior Solutions acquired the property from a local partnership for $5.8 million. The property was 97 percent occupied at the time of sale. The price represents an 8.1 percent capitalization rate and a price per unit of $181,250. Hunt Real Estate Capital provided a $6.2 million bridge loan for the buyer in connection with the transaction. The financing will help fund a 12-unit expansion at the property. Bradley Clousing of Senior Living Investment Brokerage handled the transaction.

October 23, 2018

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