Seniors Housing

Non-Traded REIT Acquires 286-Unit Seniors Housing Community in Portland for $92M

by Amy Works September 10, 2018

PORTLAND, ORE. — Strategic Student & Senior Housing Trust Inc. (SSSHT) has acquired Courtyard at Mt. Tabor, a seniors housing community in Portland, for $92 million. The property offers 286 units of independent living, assisted living and memory care. The new owners will execute an existing plan to add 23 additional memory care units, with groundbreaking scheduled for fall 2018. The buyer is a non-traded REIT sponsored by SmartStop Asset Management. Located on 7.1 acres in the Mt. Tabor submarket of Portland, the property was constructed in 1999 and renovated in 2009. The community was 94 percent occupied at the time of sale. Integral Senior Living, which has operated the asset since 2011, will stay on as manager under the new ownership. SSSHT now owns a portfolio of four seniors housing communities and two student housing communities acquired for an aggregate price of approximately $275 million.

September 10, 2018

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Breaks Ground on $8M Assisted Living Community in Nevada

by Amy Works September 10, 2018

MESQUITE, NEV. — Mission Senior Living has broken ground on Mesa Valley Estates Assisted Living and Memory Care, a 78-unit community in Mesquite, near the Utah and Arizona borders. Development costs were estimated at $8 million. MSL Construction will build the property, which Pinnacle Architects will design. The site is across the street from Mesa View Regional Hospital. Mesa Valley Estates will feature 54 assisted living units and 24 memory care units in a single-story, 61,386-square-foot building. The project is scheduled for completion in fall 2019. Based in Carson City, Mission Senior Living operates six communities in Arizona, Nevada and Oregon.

September 10, 2018

Conference Coverage Features Multifamily Property Type Seniors Housing

Senior Living Communities Invest in Technology to Improve Resident Care

by David Cohen September 6, 2018

ATLANTA — As internet-connected technology continues to become ubiquitous in our everyday lives, residents at senior living facilities across the United States are using more and more devices. “From seven years ago to today, the average resident has gone from two devices to seven to nine devices,” said Kevin Merrill, business development director at Inviacom during an “Investing in Technology” panel at the InterFace Seniors Housing Southeast conference. The event was held Wednesday, Aug. 29 at the Westin Buckhead hotel in Atlanta, drawing nearly 520 developers, lenders, investors and operators from the senior living space. “Seniors are adopting the technology and bringing it into communities like you wouldn’t believe,” added Merrill. “We continue to see the evolution of technology pushing in and contributing to the improvement of every aspect of the community. The panel was moderated by Matt Haywood, CEO of Tazergy, and tackled how seniors housing communities can invest in technology that both increases revenue and improves resident care. Participating were: Kevin Isakson, director of sales and marketing at Isakson Living; Jesse Marinko, CEO and founder at Phoenix Senior Living; Dan Phelps, SVP Healthcare at ServingIntel; and Merrill. Technology Empowers Businesses, Prospects Technology is changing the way that those …

September 6, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

USDA Approves $34M Funding for 240-Bed Skilled Nursing Facility in Pennsylvania

by David Cohen September 5, 2018

COLLEGE TOWNSHIP, PA. — The U.S. Department of Agriculture has approved a $34 million direct loan for development of Centre Care Health Center in College Township. Located in Central Pennsylvania near Penn State University, the 240-bed, 135,645-square-foot skilled nursing facility will replace the existing Centre Crest property. The USDA’s funding is contingent upon the developer — Centre Care — providing an additional $6 million for the project through a fundraising campaign. Miles Kingston of Lancaster Pollard structured the financing and helped Centre Crest secure the USDA commitment. The loan represents an 85 percent loan-to-cost ratio, and features a fixed interest rate of 3.9 percent for the entire 36-year term. The loan also has a year of interest-only payments and no pre-payment penalties. In March, the College Township Council unanimously approved plans for the facility. In June, Centre Care closed on a 30-acre parcel of land where construction would occur. The development is scheduled to open in 2020.

September 5, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires Seniors Housing Community in Bay Area, Plans Renovations

by Amy Works September 5, 2018

MILLBRAE, CALIF. — Cadence Living, a senior living development and management company based in Arizona has acquired Marymount Greenhills Retirement Center an undisclosed price. The independent living, assisted living and memory care community is located in Millbrae, a suburb near the San Francisco International Airport. The new owner has rebranded the property as Cadence Millbrae and plans extensive renovations for the next year. The project is part of the city’s plans to redevelop areas into hubs for commercial and residential activity. The renovation project will include fully modernized apartments and common-area corridors, as well as renovation of all common area spaces such as the dining room, activity spaces, and lobby. Cadence Living currently owns and operates communities in California and is expanding its footprint throughout the South and West.

September 5, 2018

Development Multifamily New York Northeast Seniors Housing

Red Stone Provides $20.2M Bond Financing to Rehabilitate Two Seniors Housing Communities in Rensselaer, New York

by David Cohen September 4, 2018

RENSSELAER, N.Y. — Red Stone Tax-Exempt Funding LLC has provided $20.2 million in tax-exempt bonds for the rehabilitation of two affordable seniors housing communities in Rensselaer, located just across the Hudson River from downtown Albany. The Section 8 properties, Van Rensselaer Heights and Renwyck Place, were originally constructed in 1980. Millennia Housing Development will perform the renovations on a budget exceeding $45,000 per unit. An affiliate of Red Stone is the borrower, and will also use the funding to acquire the properties. Boston Capital Corp. purchased approximately $9.5 million in Low-Income Housing Tax-Credits (LIHTCs) in association with the properties.

September 4, 2018

Loans Multifamily Seniors Housing Utah Western

Live Oak Bank Provides $5M Financing for Two Assisted Living Communities Near Salt Lake City

by Amy Works September 4, 2018

MILLCREEK, UTAH — Live Oak Bank has provided $5 million in financing. The borrower, All Seasons Health Services Co., will use the funds to acquire two assisted living properties in the Salt Lake City suburb of Millcreek. The two properties were built in 2013 and 2016 and feature 20 and 24 beds, respectively. Each stabilized community operates under the BeeHive Homes franchise system. The principal of the borrower lives in the area and is an operator of six BeeHive Homes locations in Utah. Live Oak’s loan package features a fully amortizing 25-year term. The bank sourced the financing in collaboration with Brady Johnson of Hunt Real Estate Capital.

September 4, 2018

Loans Multifamily Seniors Housing Southeast Tennessee

Walker & Dunlop Provides $19.5M HUD Financing for Seniors Housing Community in Nashville

by Camren Skelton September 4, 2018

NASHVILLE, TENN. — Walker & Dunlop Inc. has arranged $19.5 million in financing for the acquisition and rehabilitation of Dandridge Towers, an affordable seniors housing community in Nashville. The community features 153 units. The borrower was LHP Capital LLC, which developed and manages the property. The seller was not disclosed. Rob Rotach of Walker & Dunlop secured the 40-year, fixed-rate, fully amortizing loan through HUD’s Substantial Rehabilitation program, which insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily housing for moderate-income families, elderly and the handicapped. The property was financed in conjunction with 4 percent Low Income Housing Tax Credits from the Tennessee Housing Development Agency, designated for affordable properties. In addition to unit upgrades and accessibility enhancements, the renovations will feature a number of water- and energy-related green improvements. Dandridge Towers was originally constructed in 1983.

September 4, 2018

Acquisitions Multifamily Seniors Housing Texas

Greystone Arranges Sale of 162-Unit Seniors Housing Asset in Frisco

by Taylor Williams August 31, 2018

FRISCO, TEXAS — Greystone Real Estate Advisors has arranged the sale of The Aspens at Wade Park, a 162-unit, age-restricted residential community located in the northern Dallas metro of Frisco. Built in 2017, the property includes a resort-style pool and spa, fitness center, movie theater, salon/barbershop, library and outdoor barbeque area. Texas-based Aspens Senior Living sold the property to a joint venture between The Carlyle Group and Greystar. Cody Tremper and Mike Garbers of Greystone represented the seller in the transaction.

August 31, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

SunTrust, Ziegler Arrange $71M Loan for Quality Life Services Expansion in Pennsylvania

by David Cohen August 31, 2018

BUTLER, PA. — SunTrust has served as joint lead arranger and Ziegler as placement agent for a $71 million refinancing to Quality Life Services. The Butler-based healthcare services company will use the funds for an expansion of its communities, which include skilled nursing facilities and continuing care retirement communities (CCRC). The first renovation project is already underway at Quality Life Services – Sugarcreek, a CCRC in Worthington. The project is slated for completion in February 2019. When the projects are completed, all 10 of Quality Life Services’ skilled nursing facilities will be renovated and expanded. Additionally, the company will improve upon its home health and hospice divisions.

August 31, 2018

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