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Seniors Housing

The-Legacy-Midtown-Park-Dallas
DevelopmentMultifamilySeniors HousingTexas

Legacy Breaks Ground on $175M Seniors Housing Community in Dallas

by Taylor Williams

DALLAS — The Legacy Senior Communities, a not-for-profit organization based in Plano, has broken ground on The Legacy Midtown Park, a $175 million seniors housing community in Dallas. Situated on 10 acres just off North Central Expressway, the property will consist of 184 independent living apartments, 50 assisted living units, 36 memory care residences and 54 suites for short-term rehabilitation or long-term care. Amenities will include multiple dining options and a fitness, aerobics and aquatic center. The project is expected to create approximately 350 jobs upon completion. The developer expects the community to begin opening for some services in fall 2019 with other levels of care becoming available in 2020. SunTrust Bank served as the lead lender for the project with Frost Bank as a participating lender.

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HarborChase-at-South-Oklahoma-City
DevelopmentMultifamilySeniors HousingTexas

Confluent, Harbor Retirement Break Ground on 112-Unit Seniors Housing Property in Oklahoma City

by Taylor Williams

OKLAHOMA CITY — A partnership between Denver-based developer Confluent Senior Living and Florida-based management firm Harbor Retirement Associates has broken ground on a 112-unit seniors housing community, HarborChase of South Oklahoma City. The property will be situated on six acres and feature 80 assisted living units and 32 memory care units. Amenities will include a full-service bistro, chapel, clubrooms, beauty salon, library and a fitness and wellness center. The community is scheduled to open in fall 2019.

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Sage-Desert-Tucson-AZ
ArizonaDevelopmentMultifamilySeniors HousingWestern

Willis Development Opens 106-Unit Assisted Living Community in Tucson, Arizona

by Amy Works

TUCSON, ARIZ. — Willis Development has completed construction of Sage Desert, an assisted living and memory care community in Northwest Tucson. The community features 86 assisted living units and 20 memory care units, with views of the surrounding desert and mountains. Dekel Strategic Investors provided equity capital for the development, while East West Bank provided construction financing. Milestone Retirement is operating the property. The design team included Jeffrey Demure + Associates and StudioSix5. W.E. O’Neill managed construction. This is the second senior living development project that Willis Development and Dekel have completed together, with a third in California scheduled for groundbreaking later this year.

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ArizonaDevelopmentMultifamilySeniors HousingWestern

Spectrum Opens 159-Unit Seniors Housing Community Near Phoenix

by Amy Works

CHANDLER, ARIZ. — Spectrum Retirement Communities has opened The Enclave at Chandler Senior Living, an independent living, assisted living and memory care community in the Phoenix suburb of Chandler. The three-story, 165,000-square-foot community features a total of 90 independent living units, 45 assisted living units and 24 memory care units. The property will also offer Spectrum’s Residence Club, which offers a transitional step between assisted living and memory care. Spectrum now owns and operates seven seniors housing communities in the Phoenix metro. The developer is based in Denver.

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LoansMultifamilyNew HampshireNortheastSeniors Housing

Ziegler Arranges $110.5M in Bonds for Senior Living Development in New Hampshire

by David Cohen

DURHAM, N.H. — Ziegler has closed on $110.5 million in bond financing for the development of RiverWoods Durham, a 222-unit continuing care retirement community (CCRC). The property will be located in Durham, near the Atlantic coast in the southeast corner of the state midway between Boston and Portland, Maine. The community will feature 150 independent living units, 24 assisted living units, 24 memory care units and 24 skilled nursing beds. The financing includes $53 million in permanent bonds, $45.4 million in temporary bonds, and a $12.1 million subordinated note. The bonds are tax-exempt, non-bank qualified bonds issued through the New Hampshire Health and Educational Facilities Authority. RiverWoods Exeter, another property from the same owner-operator, will provide the taxable subordinated note. TD Bank and SunTrust Bank were selected as co-lead banks and People’s United Bank was selected as participant bank for the financing package.  

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AcquisitionsMidwestMissouriMultifamilySeniors Housing

Griffin-American Healthcare Agrees to Acquire Eight-Property Skilled Nursing Portfolio in Missouri for $88.2M

by Kristin Harlow

MISSOURI — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have entered into an agreement to acquire a portfolio of eight skilled nursing facilities throughout Missouri for $88.2 million. The undisclosed properties total 1,112 beds and approximately 384,000 square feet. The portfolio is fully leased under a 15-year absolute net lease. As of June 13, the REIT has acquired a 2.7 million-square-foot portfolio of 45 medical office buildings, senior housing facilities and skilled nursing facilities in 16 states.

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FeaturesSeniors Housing

Margaret Wylde’s Message to Seniors Housing: Do a Better Job of Understanding Customers

by Jeff Shaw

CHICAGO — There is one surefire way to make sales hum in seniors housing, says Margaret Wylde, an industry consultant who has conducted research in this niche property sector for 34 years. Know who your customer is, the product they want and how much they will pay to get what they want. “If you deliver what they actually want, they actually pay more and feel there is value for the dollar spent,” says Wylde, CEO of Oxford, Miss.-based ProMatura Group. The problem is the industry’s knowledge of customers is “not good,” Wylde is quick to add. “We know them in a generic manner. We know their age, we know how many of them there are, and we know how much money [they have]. But we don’t know who they are. And once they get to that golden age, we think they want seniors housing, and that everybody who wants seniors housing is exactly the same because we are giving them a list of stuff.” What’s worse, she believes, is that the industry is by and large chasing the luxury market, which is less than 10 percent of the potential market. “The middle market is 320 percent larger than the market …

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LoansMultifamilyNew JerseyNortheastSeniors Housing

Contemporary Healthcare Capital Closes $13.3M Refinancing for Skilled Nursing Facility in New Jersey

by David Cohen

NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.

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The-Arbor-Assisted-Living-&-Memory-Care-Nacogdoches-Texas
LoansMultifamilySeniors HousingTexas

Capital One Provides $9.3M Loan for Refinancing of Seniors Housing Property in Nacogdoches, Texas

by Taylor Williams

NACOGDOCHES, TEXAS — Capital One has provided a $9.3 million Fannie Mae loan for the refinancing of The Arbor Assisted Living & Memory Care, a 59-unit seniors housing property in Nacogdoches, a city roughly midway between Houston and Shreveport, La. The property was built in the late 1990s. The borrower was Prevarian Senior Living, an owner of seven assisted living and memory care communities across the country.

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Prairie-City-Landing-Folsom-CA
CaliforniaLoansMultifamilySeniors HousingWestern

CBRE Arranges $35.8M Acquisition Financing for 130-Unit Seniors Housing Community in Folsom, California

by Amy Works

FOLSOM, CALIF. — CBRE has arranged financing for the acquisition of Prairie City Landing, a 130-unit independent living, assisted living and memory care community in Folsom, a suburb of Sacramento. A joint venture between AEW Capital Management, Tenfold Senior Living and Artēgan Senior Living acquired the property for an undisclosed price. The seller was another joint venture that developed the property. That group includes Tenfold, Artēgan and a global investment manager. The community opened in February 2017 and was over 90 percent occupied at the time of sale. Artēgan Senior Living will continue to operate the property. Aron Will of CBRE National Senior Housing arranged the $35.8 million Freddie Mac loan with a seven-year term, fixed rate and 48 months of interest-only payments.

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