Seniors Housing

Evergreen Real Estate Group to Upgrade, Expand Seniors Housing Community in Naperville, Illinois

by Kristin Harlow January 29, 2019

NAPERVILLE, ILL. — Evergreen Real Estate Group has unveiled plans to upgrade and expand Martin Avenue Apartments, a 122-unit affordable seniors housing community in Naperville. The $38.6 million project will be completed in partnership with the community’s owner, Naperville Elderly Homes Inc. The units will be upgraded with new bathrooms, flooring, light fixtures and air-conditioning units. A new five-story wing will add 68 more units. Construction is scheduled to begin late this spring with completion slated for late 2019 for the existing structure and mid-2020 for the new wing. Evergreen Construction Co. and Wight Construction Services are the general contractors for the project. Worn Jerabek Wiltse Architects is the project architect. Evergreen will continue to oversee operations after the renovations are complete. Working in partnership with the Illinois Housing Development Authority, U.S. Bancorp CDC and Wintrust Bank, Evergreen secured nearly $20 million in low-income housing tax credit equity to help finance the project. Other financial partners included the city of Naperville, DuPage County and the DuPage Housing Authority.

January 29, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

Strawberry Fields REIT Buys Two Skilled Nursing Facilities in Southern Illinois for $5.9M

by Kristin Harlow January 28, 2019

ALTON AND BELLEVILLE, ILL. — Strawberry Fields REIT LLC has acquired two skilled nursing facilities near the Illinois-Missouri border for $5.9 million. The properties total 361 beds and include Integrity Healthcare of Alton in Alton and Integrity Healthcare of Belleville in Belleville. Both cities are suburbs of St. Louis and are located in Illinois. Integrity Healthcare Management will continue to operate the two facilities under a master lease agreement. The average occupancy in the homes is 48 percent. Among the residents at the two skilled nursing facilities, 6 percent are Medicare patients, 88 percent are Medicaid patients and 5 percent are private pay.

January 28, 2019

Development Maryland Multifamily Seniors Housing Southeast

Erickson Living to Convert Former Marriott Corporate Office in Maryland to 775,000 SF Seniors Housing Community

by Alex Tostado January 25, 2019

BETHESDA, MD. — With Marriott International Inc. planning to relocate its Bethesda headquarters in 2022, Erickson Living has announced plans to redevelop the 775,000-square-foot office building into a continuing care retirement community (CCRC). The acquisition of the headquarters, located in Montgomery County’s Rock Spring area, was completed in December 2018. Terms of that acquisition were not disclosed. The Maryland-National Capital Parks and Planning Commission updated the master plan for the Rock Spring area of Montgomery County in 2018. While Rock Spring has been developed over the years as a suburban office park, the updated plan encourages more residential and retail uses, according to Erickson. Erickson Living owns and/or operates 20 communities in 11 states, serving more than 27,000 residents. The company specializes in CCRCs.

January 25, 2019

Development Multifamily Seniors Housing Texas

Integrated Senior Lifestyles Opens 101-Unit Expansion to Metro Houston Community

by Taylor Williams January 25, 2019

KINGWOOD, TEXAS — Integrated Senior Lifestyles has opened a 101-unit expansion at its Watercrest at Kingwood seniors housing community, located in the northern Houston suburb of Kingwood. The 145,000-square-foot “Garden Village” project adds 73 independent living and 28 assisted living residences to the existing campus. The expansion also features several common areas and amenities such as multiple outdoor sitting areas, a walking trail, wellness center, libraries, pet park and two new dining venues. Integrated operates 11 seniors housing communities in Texas and Oklahoma.

January 25, 2019

Development Multifamily New York Northeast Seniors Housing

Greystone Provides $78.5M HUD Financing for Long Island Nursing Home Complex

by David Cohen January 25, 2019

WOODBURY, N.Y. — Greystone has provided $78.5 million in HUD-insured financing for a skilled nursing complex in Woodbury. Fred Levine of Greystone originated the refinancing, which carries a fixed rate and fully amortizes at 30 years. Greystone also arranged the high-leverage bridge acquisition loan that this refinancing replaces. The borrowers were not disclosed. Located on Long Island, the 588-bed Cold Spring Hills Center for Nursing & Rehabilitation facility offers an array of specialized services and programs, including clinical care; physical, occupational and speech therapies; amputee rehabilitation; pulmonary/ventilator care; cardiac care; and memory care. Significant, multi-year renovations were completed to the property’s five interconnected residential buildings properties and additional office building in 2010.

January 25, 2019

Development Georgia Multifamily Seniors Housing Southeast

Caddis Plans to Build 18-Story Seniors Housing Tower in Atlanta’s Buckhead District

by Alex Tostado January 24, 2019

ATLANTA — Caddis Healthcare Real Estate has unveiled plans for Heartis Buckhead, an 18-story high-rise seniors housing property in Atlanta’s Buckhead district. The 278,000-square-foot community will offer 213 units of independent living, assisted living and memory care. Construction is slated for completion in late 2021. The architect for the project is Englewood, Colo.-based Lantz-Boggio, and the general contractor is the Atlanta office of Brasfield & Gorrie. Caddis currently has 19 Heartis-branded seniors housing communities either opened or under development in five states. Heartis Buckhead will be the largest and “most ambitious” of those projects to date, according to Jud Jacobs, the company’s executive vice president of development. The company will also upgrade an adjacent 10-story, 72,923-square-foot medical office building. The project will include a landscaped plaza and a two-level parking structure that will serve both facilities. Both Heartis Buckhead and the medical office building are situated across from Piedmont Atlanta Hospital.

January 24, 2019

Development Multifamily Seniors Housing Texas

Presidium Begins Construction of 188-Unit Seniors Housing Community in Frisco

by Taylor Williams January 23, 2019

FRISCO, TEXAS — Presidium, an investment and development firm with offices in Dallas and Austin, has begun construction on Artistry at Edgestone, a 188-unit independent living community in the northern Dallas suburb of Frisco. Situated on 18 acres, the property will offer amenities such as a pool, fitness and wellness center, library and cyber lounge, media and game rooms, hair salon, walking trails and an arts and crafts center. Completion is slated for summer 2020. San Antonio-based Mason Joseph Co. Inc. arranged a $31.9 million HUD loan for the construction and permanent financing of the project.

January 23, 2019

Development Midwest Multifamily Seniors Housing Wisconsin

New Perspective Begins Development of 149-Unit Senior Living Community in Franklin, Wisconsin

by Kristin Harlow January 23, 2019

FRANKLIN, WIS. — New Perspective Senior Living has begun development of a 149-unit senior living community in Franklin. The 180,000-square-foot property will be situated on six acres at 7220 Ballpark Drive South. The community will feature independent and assisted living apartments as well as Betty’s Harbor, a neighborhood specifically designed for residents with memory loss. In addition to a two-story lobby and reception area, the property will feature a wellness center, dining room, café, beauty salon, movie theater and dance hall. Milwaukee-based Stevens Construction is the general contractor. Completion is slated for spring 2020. Eden Prairie, Minn.-based New Perspective Senior Living will operate the property.

January 23, 2019

Acquisitions California Multifamily Seniors Housing Washington Western

HFF Arranges Sale of Three Aegis Seniors Housing Communities on West Coast

by Amy Works January 22, 2019

BELLEVUE AND KIRKLAND, WASH., AND APTOS, CALIF. — HFF has arranged both the sale of and acquisition financing for three Class A seniors housing communities totaling 253 units on the West Coast. The sale structure essentially added a joint-venture partner, with Áegis Living as the seller and a venture between Blue Moon Capital Partners and Áegis affiliates as the buyer. The price was not disclosed. The portfolio offers a blend of assisted living and memory care units and has a combined average occupancy of nearly 95 percent. The two Seattle-area properties in the portfolio are Áegis of Bellevue in Bellevue, which consists of 68 assisted living and 18 memory care units, and Áegis Lodge of Kirkland in Kirkland, which consists of 70 assisted living and 17 memory care units. The Northern California property, Áegis of Aptos, is located in Aptos, an oceanside community approximately eight miles east of Santa Cruz and less than 40 miles south San Jose. The HFF investment advisory team representing the seller included David Fasano, Ryan Maconachy, Chad Lavender, Ross Sanders, Mark Wintner and Christopher Ross. HFF’s debt placement team representing the borrower was led by director Sarah Anderson.

January 22, 2019

Loans Multifamily Seniors Housing Washington Western

KeyBank Provides $70M Development Financing for 241 Affordable Seniors Housing Units in Lacey, Washington

by Amy Works January 21, 2019

LACEY, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided $70 million in combined construction and permanent loan financing to AVS Communities. The funds are for development of The Reserve at Lacey, a 241-unit affordable housing property in Lacey, about 60 miles southwest of Seattle. Apartments will serve seniors age 55 or older who earn 60 percent or less of the area median income (AMI). KeyBank paired a $40 million construction loan with a $30 million private placement forward commitment permanent loan. Victoria Quinn of KeyBank’s CDLI team organized the financing.

January 21, 2019

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