Seniors Housing

Berry College in North Georgia Plans On-Campus Seniors Housing Project

by Amy Works October 9, 2018

ROME, GA. — Berry College has announced plans for The Spires at Berry College, a 48-acre continuing care retirement community (CCRC) on its campus in Rome, approximately 70 miles northwest of Atlanta. A groundbreaking is set for Oct. 19, with the first units opening in 2020. Although the number of units was not disclosed, the community will be able to house approximately 300 senior residents in a combination of apartments and cottages. The property is located along Eagle Lake at the foot of Lavender Mountain. Berry College’s full campus totals more than 27,000 acres and is home to more than 2,200 undergraduate and graduate students.

October 9, 2018

Acquisitions California Multifamily Seniors Housing Western

Cushman & Wakefield Brokers Sale of 148-Unit Seniors Housing Community in California

by Amy Works October 9, 2018

PALM DESERT, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the sale of Bella Villaggio, a 148-unit assisted living and memory care community in Palm Desert, an eastern suburb of Los Angeles. West Partners, the San Diego-based developer, sold the property just as construction was reaching completion. Lytle Enterprises, a Washington-based investor, acquired the property for an undisclosed price. Leisure Care will operate the community. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig and Sam Dylag.

October 9, 2018

Acquisitions Midwest Missouri Multifamily Seniors Housing

Griffin-American Purchases 1,112-Bed Skilled Nursing Portfolio in Missouri for $88.2M

by Kristin Harlow October 9, 2018

MISSOURI — Griffin-American Healthcare REIT IV Inc., which is co-sponsored by American Healthcare Investors and Griffin Capital Co. LLC, has acquired a portfolio of skilled nursing facilities located throughout the state of Missouri for $88.2 million. The portfolio comprises eight facilities totaling 1,112 licensed beds and approximately 385,000 square feet. Affiliates of Reliant Care Management Group sold the properties, and will continue to operate them under a 15-year absolute net lease with two 10-year renewal options. (Under terms of an absolute net lease, the tenant is responsible for all expenses and repairs relating to the building, including the roof and structure.) The lease includes annual rent escalations tied to the consumer price index with a floor of 2 percent and a cap of 3 percent. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and Keybank NA. The specific names and locations of the properties were not disclosed.

October 9, 2018

Development Maryland Multifamily Seniors Housing Southeast

Pennrose Tops Out 120-Unit Seniors Housing Community in Maryland

by Amy Works October 8, 2018

ASPEN HILL, MD. — Pennrose has completed vertical construction of Pointe View at Aspen Hill, a 120-unit, mixed-income seniors housing community in Aspen Hill, located just north of Washington, D.C. Located on a nearly six-acre parcel, the development features 61 one-bedroom and 59 two-bedroom apartments. Harkins Builders is the general contractor, while Architecture by Design is the architect. The affordable, independent living community will be restricted to residents age 62 or older, with 108 units reserved for those making between 30 percent and 60 percent of area median income. The remaining 15 percent of units are designated as “very low income.” Pennrose has partnered with The Senior Connection to provide residents with transportation resources and programing to assist with daily living activities, such as managing bills or household paperwork. In addition, the development will be served by both the Montgomery County Transit Ride-On and WMATA bus lines and residents will be near to retail, healthcare resources and the county’s largest senior center.

October 8, 2018

Acquisitions Multifamily Nevada Seniors Housing Western

The Ensign Group Acquires 73-Unit Seniors Housing Community in Las Vegas

by Amy Works October 8, 2018

LAS VEGAS — The Ensign Group, through its Bridgestone Living portfolio company, has acquired Villa Court Assisted Living and Memory Care in Las Vegas. The community features 53 units of assisted living and 20 units of memory care. Villa Court had an occupancy rate of approximately 74 percent at the time of acquisition. This acquisition brings Ensign’s portfolio to 186 skilled nursing operations (22 of which also include assisted living), 52 assisted and independent living operations, 21 hospice agencies, 22 home health agencies and six home care businesses across 16 states. Ensign owns the real estate at 69 of its 237 healthcare operations.

October 8, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

JCHE Plans 62-Unit Affordable Senior Housing Community Near Boston

by David Cohen October 5, 2018

BROOKLINE, MASS. — Jewish Community Housing for the Elderly (JCHE) has announced plans for a 62-unit affordable seniors housing community in Brookline, a town just southwest of downtown Boston. The community, which has not yet been named, will be located in the densely populated neighborhood of Coolidge Corner. Construction is scheduled to begin in the first quarter of 2019 for completion in summer 2020. JCHE and synagogue Congregation Kehillath Israel (KI) are working together to create a multi-generational village center that simultaneously addresses the issues of social isolation and housing affordability. KI will lease space on its Harvard Street campus to JCHE to develop the property, which will be connected both physically and programmatically to the synagogue. The community, located on a half-acre site, will also offer 1,000 square feet of retail space and a public pocket park. Although the property features no parking, the transit-oriented development is near to the MBTA Green Line and bus line, and also offers transportation via Zip Car, Brookline’s ElderBus service and JCHE’s van service.

October 5, 2018

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Provides $28.4M HUD-Insured Loan for Seniors Housing Community Near Chicago

by Kristin Harlow October 5, 2018

DES PLAINES, ILL. — Capital One has provided a $28.4 million HUD-insured loan to refinance a 383-unit seniors housing community in the Chicago suburb of Des Plaines. The community features 162 assisted living units, 150 supportive living units and 71 skilled nursing beds. Supportive living is an Illinois program that allows assisted living services to be paid by Medicaid. The name of the community was not disclosed. The facility was originally constructed in 1967 as an independent living facility. In 2015, the borrower began upgrading the independent living portion of the building, qualifying it for an assisted living license. The borrower then constructed a skilled nursing wing, which was completed in 2018. Joshua Rosen originated the 35-year, fixed-rate loan. The refinancing was conducted under HUD’s revised 232/223(f) healthcare rules, which now allow a borrower to refinance and recapture equity without having to complete a two-year debt seasoning period. In this case, the maximum loan-to-value ratio was 70 percent.

October 5, 2018

California Development Multifamily Seniors Housing Western

Affirmed Housing Opens $25M Affordable Seniors Housing Community Near Los Angeles

by Amy Works October 4, 2018

CARSON, CALIF. — Affirmed Housing has opened Bella Vita, a 65-unit affordable seniors housing community in Carson, located approximately 15 miles south of downtown Los Angeles. The $25 million project also features 15,150 square feet of amenities, 62 parking spaces and 3,000 square feet of commercial space on its 1.2-acre plot. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Design and development partners include the City of Carson, Withee Malcolm Architects, HA Builder Group, Nexus for Affordable Housing, Fuscoe Engineering and IVY Landscape Architects. Financial partners include Raymond James, US Bank and California Community Reinvestment Corp. Solari Enterprises manages the property and EngAge provides on-site services for the residents. Affirmed Housing is a San Diego-based affordable housing developer.

October 4, 2018

Colorado Development Multifamily Seniors Housing Western

Ridge Senior Living Tops Out $150M Seniors Housing Development in Metro Denver

by Amy Works October 4, 2018

LAKEWOOD, COLO. — The Ridge Senior Living has completed vertical construction of The Ridge at Pinehurst, an 18-acre independent living, assisted living and memory care community in the first-ring Denver suburb of Lakewood. Development costs are estimated at $150 million for the project. When completed, the community will offer 222 independent living units, 96 assisted living units and 42 memory care units. Construction is scheduled for completion in fall 2019. The community will offer residents views of the Rocky Mountains, Marston Lake and downtown Denver, as well as a number of amenities including an on-site health and wellness center. The Ridge partnered with Denver-based companies Shaw Construction and Lantz-Boggio Architects to execute the project. The Ridge Senior Living is a developer with two existing communities in the Salt Lake City area. The new development will be its first expansion outside Utah.

October 4, 2018

Development Multifamily Seniors Housing Texas

A&P Completes 109-Unit Seniors Housing Community in Dallas

by Taylor Williams October 3, 2018

DALLAS — Adolfson & Peterson Construction (A&P) has completed a 109-unit seniors housing community located at 8130 Meadow Road in Dallas. The property consists of 80 skilled nursing units and 29 assisted living suites. Amenities include a bistro for coffee and retail, a restaurant-style dining room, health and wellness therapy gym and a full-service salon and spa. National architecture firm Page designed the property. Corsair Ventures is the developer and U.S. Freedom Capital provided project financing. Construction began in February 2016.

October 3, 2018

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