Seniors Housing

Fantini & Gorga Arranges $20.5M in Construction Financing for Seniors Housing Community in Massachusetts

by David Cohen August 15, 2018

CHICOPEE, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for Chicopee Assisted Living at RiverMills, an assisted living community in the Western Massachusetts city of Chicopee. Once completed in Spring 2019, the three-story, 80,000-square-foot community will include 95 units. The development will be located along the Chicopee River in the city’s historic RiverMills District. Approximately 20 percent of the units will offer memory care services. An additional 20 percent of the units will be reserved as affordable units. The fixed-rate, nonrecourse loan made at a loan-to-cost ratio of 85 percent is for a period of 15 years.

August 15, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires 158-Unit Seniors Housing Community Near San Francisco

by Amy Works August 15, 2018

MILLBRAE, CALIF. — Cadence Living has acquired Marymount Greenhills Retirement Center, a 158-unit independent living, assisted living and memory care community in the San Francisco suburb of Millbrae. Cadence plans to renovate the property over the next year and rename it Cadence Millbrae. The project will modernize the apartments, corridors and common areas. Greenhills Retirement Center is located adjacent to Greenhills Park and has views of San Francisco Bay. Cadence Living is a developer, owner and operator based in Scottsdale, Ariz. The company’s portfolio includes properties in California, Arizona and Colorado, with plans to further expand in the South and West.

August 15, 2018

Acquisitions Multifamily Pennsylvania Seniors Housing

Blueprint Brokers Sale of 176-Bed Skilled Nursing Facility in Philadelphia

by David Cohen August 13, 2018

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of Fairview Care Center of Bethlehem Pike, a 176-bed skilled nursing facility in the Chestnut Hill area of Philadelphia. The deal is a follow-up transaction to the recently announced “Lightning Portfolio,” where eight skilled nursing facilities in the Philadelphia metro traded hands. The seller sought to divest of the non-core assets, which featured a concentration of high-barrier-to-entry locations in the Philadelphia area. The buyer was a regional owner-operator looking for a growth opportunity. The price was not disclosed. Blueprint’s Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion handled the transaction.

August 13, 2018

Cedar-Creek-Memory-Care-Community-Edmonds-WA

Development Multifamily Seniors Housing Washington Western

Koelsch Communities Completes $17M Memory Care Community in Edmonds, Washington

by Amy Works August 13, 2018

EDMONDS, WASH. — Koelsch Communities has completed Cedar Creek Memory Care Community, a 60-unit memory care community in the Seattle suburb of Edmonds. Project costs were just over $17 million. Wells Fargo provided $13 million in financing, and the remainder came from private investors. Cedar Creek was designed with what Koelsch calls “historical surprises.” The community features several rooms designed to look like the 1950s, including a Julia Child-style kitchen, a garage featuring a classic car and a great room designed to look like the interior of a traditional log cabin. More than 50 percent of the rooms were reserved prior to the opening of Cedar Creek. Koelsch Communities operates 29 seniors housing properties in eight states, with nine new communities in development.

August 13, 2018

Arizona Loans Multifamily Nevada Seniors Housing Western

CBRE Arranges Refinancing for Two-Property CPF Living Portfolio in Arizona, Nevada

by Amy Works August 13, 2018

TUCSON, ARIZ., AND PAHRUMP, NEV. — CBRE has arranged the refinancing of The Echelon of Tucson in Tucson and Inspirations Senior Living in Pahrump. The portfolio totals 140 independent living units, 60 assisted living units and 12 memory care units. The borrower was CPF Living Communities. Aron Will of CBRE National Senior Housing arranged the three-year, floating-rate loan with 36 months of interest-only payments. Grace Management, CPF Living’s management subsidiary, will continue to operate the properties. The amount of the loan was not disclosed. CPF Living acquired the communities in 2016, and projects that both properties will reach stabilization in 2019.

August 13, 2018

Acquisitions Arizona Development Multifamily Seniors Housing Western

Wolff Co. Acquires Scottsdale Tennis Club for Seniors Housing Conversion

by Amy Works August 13, 2018

SCOTTSDALE, ARIZ. — The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road. Larry Kush of Orion Investment Real Estate represented the seller, Robert Hing, in the transaction.

August 13, 2018

Loans Multifamily New York Seniors Housing

BMO Harris, Wells Fargo Arrange $200M Loan for Seniors Housing Redevelopment in Brooklyn

by David Cohen August 10, 2018

NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.

August 10, 2018

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Provides $58.1M Construction Loan for Seniors Housing Property in Minneapolis

by Kristin Harlow August 8, 2018

MINNEAPOLIS — Dougherty Funding LLC has provided a $58.1 million loan for the construction of Prospect Park Senior Living in Minneapolis. The 283-unit seniors housing property will be located in the Prospect Park neighborhood near the light rail transit station and the University of Minnesota campus. The project will include 130 independent living units, plus 98 assisted living and 54 memory care units and one guest suite. The 10-story building will feature an underground parking garage, child daycare services and one retail unit. Terms of the loan were not disclosed. Oppidan Investment Co. is the developer for the project, which is slated for completion in early 2020, according to the Minneapolis/St. Paul Business Journal.

August 8, 2018

Arizona Development Multifamily Seniors Housing Western

Christian Care Cos. Opens $84M Seniors Housing Community Near Phoenix

by Amy Works August 7, 2018

SURPRISE, ARIZ. — Christian Care Cos. has opened Fellowship Square Surprise, a 313-unit independent living, assisted living and memory care community in the Phoenix suburb of Surprise. The nonprofit community is located on 15 acres. Development costs were estimated at $84 million. The finished campus features a koi pond, fire pits, gazebos, sitting areas, fenced dog park, multiple dining options, 22,000-square-foot clubhouse with multiple meeting rooms, fitness/therapy rooms, library, billiards room, gift shop, swimming pool, woodworking shop, putting green, bocce ball court and pickle ball courts. Christian Care has created a fund to partially subsidize up to 20 percent of its residents earning no more than 80 percent of area median income. This is Christian Care’s sixth Fellowship Square community, all located in Arizona. The full portfolio totals 2,382 units.

August 7, 2018

Acquisitions Arkansas Multifamily Seniors Housing Southeast Tennessee

IPA Negotiates Sale of Three-Property Seniors Housing Portfolio in Tennessee, Arkansas

by Camren Skelton August 6, 2018

CHICAGO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Clarity Pointe Portfolio, a three-property, 174-unit seniors housing portfolio located in Knoxville, Tenn., and Fayetteville and Little Rock, Ark. Joshua Jandris, Matthew Andriano and Mark Myers of IPA arranged the transaction on behalf of the seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Life Care Services. IPA correspondent Jordyn Berger and independent mortgage broker Jim Nahal arranged a 75 percent bridge-to-HUD loan through Dwight Capital on behalf of the buyer, an owner/operator based in the Southwestern United States. The sale of the Clarity Pointe portfolio marks IPA’s fifth standalone memory care facility closing in the last 10 months.

August 6, 2018

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