Seniors Housing

Starwood, Ryan Cos., Cadence Start Construction of 198,000 SF Seniors Housing Community in Arizona

by Amy Works November 16, 2018

SCOTTSDALE, ARIZ. — Ryan Cos., Cadence Living and a controlled affiliate of private investor Starwood Capital Group have started construction of Acoya Scottsdale at Troon, an independent living and assisted living community in the Troon neighborhood of Scottsdale. The 198,000-square-foot community will sit on six acres and feature 135 units. Construction is slated for completion in mid-2020, with a leasing office opening before mid-year of 2019. Ryan A+E Inc. designed the community’s exterior to complement the Santa Fe architecture of the surrounding area, which consists of private country clubs and high-end resorts. Thoma-Holec Design will create the interiors.

November 16, 2018

Acquisitions Multifamily New York Northeast Seniors Housing Top Stories

Joint Venture Acquires 558-Unit Affordable Seniors Community in Brooklyn for $150M

by Kristin Harlow November 16, 2018

NEW YORK CITY — Jonathan Rose Cos., The NHP Foundation and Nuveen have acquired Shore Hill Housing, a two-building, 558-unit affordable seniors housing property in Brooklyn, for approximately $150 million. The seller was NYU Langone, a hospital system with many buildings located adjacent to the site. The property consists of two interconnected, 14-story towers in the Bay Ridge section of Brooklyn totaling 414,127 square feet. The property was built in 1977 and sits on 2.7 acres along Shore Road. The unit mix includes 325 studios and 233 one-bedrooms. The buyers financed the acquisition with a $102 million Freddie Mac loan arranged through PGIM Real Estate Finance. The Rose Affordable Housing Preservation Fund IV LP, along with joint-venture partner NHP and Nuveen, will invest $52 million of equity in the property. “We are making a long-term investment to preserve an important affordable housing property for seniors with a conventional debt and private equity execution,” says Joshua Plattner, who led the acquisition for Rose. The venture will invest in capital improvements to increase energy efficiency, reduce the carbon footprint and enhance the resident services at Shore Hill as part of Rose’s Communities of Opportunity programming. “We are excited about the opportunity to …

November 16, 2018

Features Multifamily Seniors Housing

Complacency Equals Vulnerability in Seniors Housing Industry, Warns Benchmark CEO Tom Grape

by Jeff Shaw November 16, 2018

Tom Grape has a sobering message for a senior living industry facing a growing number of disruptive forces, including rapid technological change and shifting consumer preferences that pose a threat to the long-term health of the sector. “If we continue to think of ourselves as senior living operators in the way that we have, I personally think we’re vulnerable. If we think of ourselves in ways that will allow us to compete for this new era, we’ll be positioning ourselves successfully.” Grape is chairman and CEO of Waltham, Mass.-based Benchmark Senior Living, which operates 58 communities offering independent living, assisted living, memory care and continuing care across eight states in the Northeast. His concerns about disruption aren’t centered on overly aggressive capital providers or new entrants to the business. Instead, the veteran executive, who has been in this niche sector for 32 years, believes that there is “a whole host of people from a whole variety of different angles that are trying to put the senior living business out of business. I think that has huge implications.” The comments from Grape came Tuesday morning during a keynote address titled “Prospering in the Era of Disruption” at InterFace Seniors Housing Northeast, which …

November 16, 2018

Acquisitions Multifamily Northeast Pennsylvania Seniors Housing

Blueprint Negotiates Sale of Two Assisted Living Communities in Philadelphia

by David Cohen November 14, 2018

PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for Blueprint.

November 14, 2018

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Provides $36.3M FHA Loan for Acquisition of Skilled Nursing Portfolio in Ohio

by Kristin Harlow November 14, 2018

OHIO — KeyBank Real Estate Capital has provided a $36.3 million FHA 232/223(f) loan for the acquisition of a four-property skilled nursing portfolio in Ohio. Built between 1961 and 1984, the properties contain a total of 442 beds. Property names were not disclosed. John Randolph, Henry Alonso and Brandon Taseff of KeyBank originated the loan on behalf of the borrower, Foundations Health Solutions. The loan proceeds were used to pay down part of an existing $87.5 million bridge loan that KeyBank previously provided the borrower for the acquisition of nine skilled nursing facilities.

November 14, 2018

Development Multifamily New York Northeast Seniors Housing

Welltower, Hines Plan Second High-Rise Senior Living Community in Manhattan

by David Cohen November 13, 2018

NEW YORK CITY — Seniors housing REIT giant Welltower Inc. (NYSE:HCN) and international real estate firm Hines have announced plans for a 17-story seniors housing community on the Upper West Side of Manhattan. The project will be the second of its type for the partnership. A 16-story seniors housing community named The Welltower is currently under construction in Midtown. An undisclosed “passive institutional investor” is also involved in both projects. The companies acquired the development site, located at Broadway and 85thStreet. Plans call for a 140,000-square-foot “The Welltower West” building rising from the 9,100-square-foot plot. Existing commercial structures on the site will be demolished to make way for construction. SLCE Architects LLP will design the project. Sarah Hawkins and Bevin Littlehale of Hines and John Olympitis and Talal Khan of Welltower, both out of their respective New York regional offices, led the transaction teams on the land acquisition.

November 13, 2018

Connecticut Development Multifamily Northeast Seniors Housing

Benchmark Opens 88-Unit Assisted Living Community in Connecticut

by David Cohen November 13, 2018

FAIRFIELD, CONN. — Benchmark has opened Sturges Ridge of Fairfield, an assisted living and memory care community in Fairfield, a coastal town between New York City and Hartford. The 85,000-square-foot community offers 68 assisted living units and 20 memory care units. It is Benchmark’s 18thcommunity, and is located in the hometown of company founder Tom Grape. Terry Hornikel, executive director of the new community, lives in Fairfield and brings more than 40 years of senior living and healthcare experience, including as a certified gerontologist.

November 13, 2018

Development Florida Multifamily Seniors Housing Southeast

Hunt Midwest, Integral Break Ground on Seniors Housing Project in Palm Beach County

by Amy Works November 12, 2018

ROYAL PALM BEACH, FLA. — Hunt Midwest and Integral Senior Living have broken ground on The Capstone at Royal Palm, a seniors housing development located on Okeechobee Boulevard in Royal Palm Beach, a village in South Florida’s Palm Beach County. Slated to open in early 2020, The Capstone at Royal Palm will feature 84 studio, one- and two-bedroom assisted living and memory care suites, offering accommodates for up to 114 residents. Community amenities will include a great room, formal dining room, fitness center, bistro lounge, sunroom, walking trails, gazebo and a dog park. Integral Senior Living will manage the property upon completion.

November 12, 2018

Leasing Activity Multifamily Seniors Housing Texas

MedEquities Enters 15-Year Lease With Fort Worth-Based Seniors Housing Operator

by Taylor Williams November 12, 2018

FORT WORTH, TEXAS — MedEquities Realty Trust Inc. (NYSE: MRT) has signed a 15-year lease with Creative Solutions in Healthcare, a Fort Worth-based operator of skilled nursing and assisted living facilities. Beginning in 2019, Creative Solutions will assume operations of all 10 MedEquities facilities currently leased to an affiliate of OnPointe. Creative Solutions currently operates 55 skilled nursing and assisted living facilities in Texas.

November 12, 2018

Loans Multifamily Seniors Housing Texas

KeyBank Provides $105.8M HUD Loan for Skilled Nursing Portfolio in Texas

by Taylor Williams November 9, 2018

CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided a $105.8 million HUD loan for 16 skilled nursing facilities located throughout Texas. The financing was used to fund the acquisition of 12 properties and to refinance four other properties. The portfolio totals 1,924 beds. Grant Saunders and Peter Trazzera of KeyBank originated the loan on behalf of the borrower, a joint venture between Capital Senior Ventures and BlueMountain Capital Management.

November 9, 2018

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