Seniors Housing

CBRE Arranges $59M Construction Financing for Seniors Housing High-Rise in Houston

by John Nelson April 17, 2018

HOUSTON — CBRE has arranged $59 million in construction financing for The Village of Southampton, a 17-story seniors housing community in Houston. A joint venture between Bridgewood Property Co. and Harrison Street Real Estate Capital is developing the building. The community will feature 204 independent living, assisted living and memory care units within the high-end Rice Village mixed-use development. Rice Village includes more than 300 shops and restaurants within a 16-block area. Located four miles southwest of downtown Houston, Rice Village is near Rice University, the Houston Museum District and the Texas Medical Center. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will operate the property upon completion. A timeline for construction was not released. Aron Will and Austin Sacco of CBRE’s National Senior Housing group secured the five-year, interest-only loan through two national banks.

April 17, 2018

Acquisitions Multifamily Seniors Housing Texas

Greystone Arranges $6.3M Sale of Skilled Nursing Facility in El Paso

by John Nelson April 17, 2018

EL PASO, TEXAS — Greystone’s Real Estate Advisors division has arranged the $6.3 million sale of Nazareth Living Care Center, a 124-bed skilled nursing facility located at 1475 Raynolds St. in El Paso. Chicago-based Mozart Healthcare LLC purchased the asset from Nazareth Hall, a nonprofit organization based in Texas. Mike Garbers and Cody Tremper of Greystone represented Nazareth Hall in the transaction. Paramount Healthcare is currently operating the community, which comprises two buildings situated on a 3.4-acre site. According to the property website, Nazareth Living Care Center features private suites, a transitional suite, fast-track recovery services and a therapy gym.

April 17, 2018

California Development Multifamily Seniors Housing Western

Walker & Dunlop Provides $10M Construction Loan for Assisted Living Facility in Sonoma County

by Jeff Shaw April 17, 2018

CLOVERDALE, Calif. — Walker & Dunlop Inc. has provided $10 million in HUD financing for the construction of Vine Ridge, a 51-unit assisted living community in the Sonoma County city of Cloverdale. The community will consist of a two-story, 42,000-square-foot building on a 2.5-acre site. Western Living Concepts is developing and will operate the property, the second seniors housing community in its portfolio. Vine Ridge is scheduled for completion in 2019. Walker & Dunlop’s team, led by Kevin Giusti, closed the loan through HUD’s Section 232 loan program, which provides financing for nursing homes, assisted living facilities, memory care, independent living, and board and care facilities. The program provides the borrower with a non-recourse, fixed-rate mortgage throughout the construction period and 40-year permanent term of the mortgage.

April 17, 2018

Multifamily Northeast Pennsylvania Seniors Housing

Bozzuto Group Completes 231-Unit Active Adult Community Near Philadelphia

by David Cohen April 16, 2018

KING OF PRUSSIA, PA. —The Bozzuto Group has completed the development of Canvas Valley Forge, a 231-unit active adult community in the Philadelphia suburb of King of Prussia. KTGY Architecture + Planning designed the apartment property, which targets residents over age 55. The community is part of King of Prussia Town Center, a mixed-use development. Residents of the community are within walking distance of a variety of grocery stores, restaurants, retail shops and other amenities.

April 16, 2018

Development Illinois Midwest Multifamily Seniors Housing

Capitol Seniors Housing Opens $27M Community in Naperville, Illinois

by Kristin Harlow April 12, 2018

NAPERVILLE, ILL. — Capitol Seniors Housing has opened Arbor Terrace Naperville in Illinois. The $27 million assisted living and memory care community features 74,256 square feet and 95 residential units. The community is located at 2920 Leverenz Road in the Cantore Place development. Amenities include a library, theater, café, salon and spa and fitness center. Faulkner Design Group designed the property’s interiors.

April 12, 2018

Acquisitions Multifamily Seniors Housing Texas

Chicago Pacific Acquires 159-Unit Seniors Housing Community in Beaumont

by Taylor Williams April 9, 2018

BEAUMONT, TEXAS — Chicago Pacific Founders (CPF) has acquired Collier Park Senior Living, a 159-unit seniors housing community in Beaumont. The property is located near downtown Beaumont’s shopping, dining and medical offerings. Collier Park’s amenities include a pool, game room, fitness center, library, courtyards with walking paths and a beauty salon. CPF acquired the property from an undisclosed seller through its operating subsidiaries, CPF Living Communities and Grace Management Inc.

April 9, 2018

Multifamily Seniors Housing Washington Western

ESI Negotiates $50.5M Sale of Seniors Housing Community Near Seattle

by Nellie Day April 6, 2018

EVERETT, WASH. — Evans Senior Investments (ESI) has arranged the sale of Garden Court Retirement Community, a 148-unit independent living and assisted living property in Everett. A national private equity firm acquired the property from an independent owner-operator for $50.5 million, or approximately $341,000 per unit. Built in 2002, Garden Court Retirement Community is located 13 miles north of Seattle between the downtown areas of Everett and Lynwood. At the time of sale the community averaged 95 percent occupancy. The buyer will bring Artēgan on as operator.

April 6, 2018

Colorado Multifamily Seniors Housing Western

Zocalo Community Development to Open 159-Unit Active Adult Community Near Denver

by Nellie Day April 6, 2018

LITTLETON, COLO. — Zocalo Community Development is preparing to open Vita, a 159-unit active adult community in the Denver suburb of Littleton. KTGY Architecture + Planning designed the community, which is restricted to residents over 55 years of age. The developer is seeking LEED Gold certification. The community features a variety of mixed-use features, including walking/biking trails, art galleries, antique shops, specialty shops, clothing boutiques, restaurants and bars. It is also located one block from an RTD Light Rail station, providing easy access to downtown Denver and the airport. Zocalo, a Denver-based developer, expects to open Vita in May.

April 6, 2018

California Loans Multifamily Seniors Housing Western

iBorrow Provides $6M Loan for Skilled Nursing Facility in Pasadena

by Nellie Day April 5, 2018

LOS ANGELES — iBorrow, a private direct lender for commercial and multifamily real estate, has provided a $6 million loan for Golden Cross Health Care, a skilled nursing facility in the Pasadena submarket of Los Angeles. Originally constructed in 1965 and since remodeled, the facility sits on approximately one acre of land. The asset features 42 units and 96 beds, and is 97 percent occupied. The loan will refinance existing debt, with plans to approach HUD for a permanent loan in the future.

April 5, 2018

Arizona Multifamily Seniors Housing Western

Blueprint Arranges Sale of 100-Unit Assisted Living Portfolio in Arizona

by Nellie Day April 4, 2018

PEORIA AND MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in Arizona for an undisclosed price. Each property features 50 units. The first, located in Peoria, has been vacant since 2008. The second, located in Mesa, has been vacant since 2013. The buyer of the Peoria property is a regional owner-operator looking to expand its presence in Arizona. The buyer of the Mesa property intends to convert the community into a drug treatment center. The seller was not disclosed. Blueprint’s Amy Sitzman handled the transactions.

April 4, 2018

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