Seniors Housing

Marcus & Millichap Brokers $16M Sale of Villas Raintree Apartments in El Monte, California

by Amy Works March 26, 2019

EL MONTE, CALIF. — Marcus & Millichap has arranged the sale of Villas Raintree Apartments, a seniors housing property located at 11905 Ferris Road in El Monte. A private investor sold the asset for $16 million. Built in 1978, the property features 70 one-bedroom/one-bath units totaling 553 square feet each with air conditioning, balconies and storage units. On-site amenities include gated security, laundry facilities, a community room, shuffle board and social areas. Alexander Garcia Jr. of Marcus & Millichap represented both the seller and buyer, also a private investor, in the deal.

March 26, 2019

Conference Coverage Features Multifamily Seniors Housing Western Western Feature Archive

Has Seniors Housing Gone ‘Mainstream?’ InterFace Panelists Weigh In

by Kristin Harlow March 26, 2019

LOS ANGELES — Seniors housing has generally been considered a niche asset class with niche residents. After all, there are age restrictions, finite timelines for most residents, third-party advocates (namely, the senior’s family), elevated rental rates, highly trained operators, a limited selection of amenities and oftentimes residents with special needs. None of the above has changed in recent years. What has changed, however, is the onslaught of Baby Boomers inching toward that stage in life where seniors housing services can accommodate their growing needs. What has also changed is the larger investment community’s perception of this product type and its potential, noted Investment Market Update panelists at InterFace Conference Group’s Seniors Housing West event, held March 7 at the Omni Los Angeles. The amount of capital chasing deals was a theme throughout the day-long conference, with numerous speakers noting there just isn’t enough supply to keep up with demand. “Seniors housing and skilled nursing has all this capital chasing it because it’s suddenly not an alternative asset class,” said Talya Nevo-Hacohen, CIO of Sabra Healthcare REIT. “The perception is that this is suddenly mainstream.” Panelists expressed concerns that this sudden interest may entice the wrong type of investors — and …

March 26, 2019

Acquisitions Connecticut Loans Multifamily Northeast Seniors Housing

CoastalStates Bank Provides $6.5M Acquisition Financing for Assisted Living Community in Connecticut

by David Cohen March 25, 2019

DANBURY, CONN. — CoastalStates Bank has provided a $6.5 million senior loan for a 48-unit assisted living community in Danbury, approximately 60 miles northeast of Manhattan. The borrower is Woodbine Senior Living. The loan will be used for the acquisition and stabilization of the 42,198-square-foot facility. Woodbine Senior Living partnered with Locust Point Capital Inc. and affiliates, which provided a $3.8 million preferred equity investment.

March 25, 2019

Arizona Loans Multifamily Seniors Housing Western

Grandbridge Arranges $25M Financing for 340-Unit Seniors Housing Community in Arizona

by Amy Works March 25, 2019

GLENDALE, ARIZ. — Grandbridge Seniors Housing and Healthcare Finance Group has arranged $25 million in financing for Thunderbird Senior Living, a 340-unit community in Glendale. The refinancing was secured through an agency lending program. Richard Thomas, Meredith Davis and Kim Huffstutler originated the loan.

March 25, 2019

Development Multifamily Seniors Housing Utah Western

Alliance Residential Opens Active Adult Community Near Salt Lake City

by Amy Works March 22, 2019

DRAPER, UTAH — Alliance Residential has opened The Ivy, an active adult community in Draper, approximately 17 miles south of Salt Lake City. The luxury community, located in what the developer calls “one of Salt Lake City’s most stylish suburbs,” will be restricted to residents over the age of 55.

March 22, 2019

Acquisitions Multifamily New Hampshire Northeast Seniors Housing

Blueprint Negotiates Sale of Assisted Living Community in New Hampshire

by David Cohen March 20, 2019

DOVER, N.H. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Wadleigh House, an assisted living community in Dover, near the Maine border. The buyer was a local operator and developer seeking to refurbish and expand the property. The price was not disclosed. The community offers a bed-and-breakfast atmosphere in a converted historic colonial home. The deal was negotiated as a sale-leaseback, offering a path to retirement for the husband-and-wife seller. The seller will remain as operator under a lease until the development project is completed, at which time operations will transfer to the new real estate owner. The transaction team consisted of Steve Thomes with special assistance from Adam Sherman of Live Oak Bank, a former Blueprint team member.

March 20, 2019

Arizona Loans Multifamily Seniors Housing Western

Love Funding Arranges $10.5M Construction Loan for Skilled Nursing Facility in Arizona

by Amy Works March 18, 2019

YUMA, ARIZ. — Love Funding has secured a $10.5 million bridge-to-HUD construction loan for a transitional rehabilitation facility in Yuma. The 32,000-square-foot facility will offer 41 Medicare and managed care beds upon completion. Love Funding’s Leonard Lucas secured the bridge loan through Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding for the developer-operator’s portfolio.

March 18, 2019

Development Illinois Midwest Multifamily Seniors Housing

SWIDA, Bywater Development Open $11M Affordable Seniors Housing Community Near St. Louis

by Kristin Harlow March 18, 2019

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA) and Bywater Development Group, along with Bi-State Development and other key stakeholders, have opened Metro Landing of Swansea, a 62-unit affordable seniors housing community in Swansea. The $11 million, three-story development is a transit-oriented project connecting to St. Louis via the adjacent Swansea MetroLink Station. More than 40 of the 62 affordable one- and two-bedroom units have already been leased, with full occupancy expected by the end of March. Rents start at $565 per month for a one-bedroom apartment and $705 for a two-bedroom apartment. SWIDA and Bywater, which jointly developed the project, secured the majority of the financing from the Illinois Housing Development Authority (IHDA), with further construction financing provided by PNC Bank. Additional support came from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department. The Federal Transit Administration also played a role in the project, providing the necessary approval for Bi-State Development to sell the ground at the transit center to the developers for this project. St. Louis-based Altman Charter served as general contractor for the project. Chicago-based Worn Jerabek Wiltse Architects is the project architect, and the …

March 18, 2019

Development Multifamily Seniors Housing Southeast Tennessee

Hunt Midwest Acquires Development Site Near Nashville, Plans to Build Two-Story Seniors Housing Facility

by Alex Tostado March 14, 2019

GALLATIN, TENN. — Hunt Midwest has acquired a six-acre plot in Gallatin, approximately 27 miles northeast of Nashville, with plans to build a seniors housing community on the site. The Capstone at Station Camp will be a two-story, 76,000-square-foot seniors housing community featuring 88 units of assisted living and memory care. Site work is expected to begin in late March 2019. Infrastructure enhancements are scheduled for completion this summer, followed by vertical construction. The full project is slated to be delivered in August 2020. Upon completion, Integral Senior Living will operate the community. Pi Architects is the designer, Civil Site Design Group will perform land planning and civil engineering and Hardaway Construction will be the general contractor for the project. Hunt Midwest collaborated with ISL Ventures, a division of Integral, and Leading Light Development and Construction Consulting for site selection.

March 14, 2019

Acquisitions Connecticut Healthcare Multifamily Northeast Seniors Housing

Angel Commercial Negotiates $2.1M Sale of Former Nursing Home in Bridgeport

by David Cohen March 14, 2019

BRIDGEPORT, CONN. — Angel Commercial has negotiated the $2.1 million sale of the former Astoria Park Nursing Home in Bridgeport. Located at 725 Park Ave., the 61,344-square-foot building was acquired by the Bridgeport Rescue Mission, which will use the property for a new community care center. Founded in 1993, the Bridgeport Rescue Mission provides food, shelter, clothing, education, job training and counseling for the urban poor of Coastal Fairfield County. Jon Angel of Angel Commercial represented the seller, Laureate Astoria LLC, in the transaction.

March 14, 2019

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