Seniors Housing

Lancaster Pollard Completes $11.9M Refinancing for 54-Unit Skilled Nursing Facility in Massachusetts

by Amy Works March 8, 2018

PITTSFIELD, MASS. – Lancaster Pollard has arranged an $11.9 million HUD refinancing for Berkshire Place, a 54-unit skilled nursing facility in the western Massachusetts city of Pittsfield. The borrower is Berkshire Retirement Home, a nonprofit owner-operator. Berkshire Place was constructed as a replacement facility for Berkshire Retirement Home’s original property in 2014, using conventional bank financing with a floating interest rate. Three years after opening, ownership sought to refinance that existing bank debt using fixed-rate HUD financing. Aaron Becker led the transaction for Lancaster Pollard.

March 8, 2018

Loans Multifamily Seniors Housing Washington Western

HFF Arranges $114.7M Development Financing for High-Rise Seniors Community in Seattle

by Nellie Day March 7, 2018

SEATTLE — HFF has arranged $114.7 million in development financing for 620 Terry, a 243-unit high-rise seniors housing community in Seattle’s First Hill neighborhood. HCP Inc. provided the capital to the developer, Columbia Pacific Advisors. The community will feature 194 independent living units, 21 assisted living units and 28 memory care units. The 24-story property is scheduled for completion in 2019. Ankrom Moisian designed the property, which is situated within a five-block radius of three major area hospital systems: Harborview Medical Center, Swedish Medical Center/First Hill and Virginia Mason Medical Center. It is less than one mile from an array of lifestyle and entertainment amenities in downtown Seattle. The HFF team representing the borrower included David Fasano, Sarah Anderson, Casey Davidson, Ryan Maconachy and Chad Lavender.

March 7, 2018

Loans Multifamily New Mexico Seniors Housing Western

Capital One Provides $11.3M HUD Refinancing for Assisted Living Community in New Mexico

by Nellie Day March 7, 2018

CLOVIS, N.M. — Capital One has provided a $11.3 million HUD refinancing for Wheatfields Senior Living Community, a 101-bed assisted living facility in Clovis, near the Texas border. Wheatfields opened in 2008 as five detached independent living cottages. The assisted living building was added in 2011. The transaction allows the borrower to replace bank debt with long-term financing and recoup capital expenditures on the property. Joshua Rosen of Capital One originated the fixed-rate loan, which has a term of 35 years.

March 7, 2018

Multifamily New York Northeast Seniors Housing

Hines, Welltower Break Ground for 151-Unit Seniors Housing Tower in Manhattan

by Amy Works March 6, 2018

NEW YORK CITY — Hines and Welltower Inc. have broken ground for the construction of Sunrise at East 56th, a seniors housing property located at 139 E. 56th St. in Midtown Manhattan. As known as The Welltower, the 16-story tower will be the neighborhood’s first purpose-built assisted living and memory care community. Designed by SLCE, the property will feature complementary retail at the base and 151 assisted living and memory care units. Community amenities will include dining rooms, a salon, exercise facilities, medical examination rooms, an art studio and a theater. Slated for completion in early 2020, the development will be managed by Sunrise Senior Living. Champalimaud is serving as interior designer for the property.

March 6, 2018

Arizona Multifamily Seniors Housing Western

LCS, Westminster Funds Start Construction of 44-Unit CCRC Expansion in Phoenix

by Nellie Day March 5, 2018

PHOENIX — A joint venture between Life Care Services and Westminster Funds has broken ground on Desert Willow Assisted Living, a 44-unit assisted living building on the campus of Sagewood, a continuing care retirement community (CCRC) in Phoenix. Located within Sagewood’s Acacia Health Center, the assisted living expansion will be available to those currently in the community as well as new residents. The building will add to Sagewood’s current 316 units. The two-story building is scheduled to open in fall 2018. Todd & Associates is serving as the architect on the project. Spellman Brady & Co. is providing interior design. The Weitz Company is the general contractor.

March 5, 2018

Company News Multifamily Seniors Housing Top Stories

Seniors Housing Operator HCR ManorCare to File for Bankruptcy Following $385M Rent Delinquency

by Taylor Williams March 5, 2018

BETHESDA, MD. — HCR ManorCare, an Ohio-based seniors housing operator, will file for Chapter 11 bankruptcy protection and transfer its management operations to its landlord, Quality Care Properties (NYSE: QCP). HCR ManorCare, which currently manages about 320 seniors housing properties, is the second-largest skilled nursing operator in the country. The company’s management contracts also span the assisted living, hospice and home care sectors. The move follows HCR’s declaration of approximately $385 million in delinquent rent payments. Reuters reports that the company’s total debt is roughly $7.1 billion and that QCP will put its own management teams in place at properties previously managed by HCR. Under the terms of the agreement, HCR’s operating subsidiaries will not file for Chapter 11 bankruptcy protection. The parent company’s name and brand will also remain in place, but as a wholly owned subsidiary of QCP. QCP itself is a spin-off of healthcare REIT HCP (NYSE: HCP), which created the company specifically to remove HCR ManorCare’s 320 properties from its portfolio. QCP and HCR have been in negotiations for months regarding hundreds of millions in unpaid rent. In addition, QCP will give up its REIT designation, as it will now both own and operate its properties. “This …

March 5, 2018

Multifamily New York Northeast Seniors Housing

Spellman Brady Completes Interior Design for 87,700 SF Seniors Housing Community on Long Island

by Amy Works March 2, 2018

PATCHOGUE, N.Y. — Spellman Brady & Co. has completed interior design work for Village Walk, a five-story assisted living community in the Long Island village of Patchogue. Carlisle Senior Living Communities, an affiliate of The D&F Development Group, is developing the 87,700-square-foot community. Spellman Brady & Co. is a St. Louis–based interior design firm specializing in senior living, healthcare and higher education.

March 2, 2018

Multifamily Oregon Seniors Housing Western

Wolff Plans 140-Unit Independent Living Community Near Portland

by Nellie Day March 2, 2018

HILLSBORO, ORE. — The Wolff Company has announced plans for Revel AmberGlen, a 140-unit independent living community in the Portland suburb of Hillsboro. Wolff plans to break ground later this year for a planned completion in 2020. The four-story property will be located in the Tualatin Valley on the west side of Portland. Revel AmberGlen is the 12th senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

March 2, 2018

Multifamily Seniors Housing Utah Western

Strategic Student & Senior Housing Trust Acquires Three Assisted Living Communities in Salt Lake City

by Nellie Day March 1, 2018

SALT LAKE CITY — Strategic Student & Senior Housing Trust Inc. has acquired a portfolio of three assisted living communities in Salt Lake City totaling 294 units. The seller and price were not disclosed. The portfolio includes The Wellington, Cottonwood Creek and The Charleston at Cedar Hills. Although the operator was not named, all three communities appear on the website of California-based operator MBK Senior Living. The Wellington features 119 units, Cottonwood Creek features 111 units and The Charleston features 64 units. Strategic Student & Senior Housing Trust Inc. is a private real estate investment trust sponsored by SmartStop Asset Management. This acquisition marks SmartStop’s first entry into the seniors housing space. The company specializes in self-storage assets.

March 1, 2018

Colorado Multifamily Seniors Housing Western

Juniper Communities Buys Two-Property Seniors Housing Portfolio in Metro Denver

by Nellie Day March 1, 2018

LAKEWOOD, COLO. — Juniper Communities has acquired Applewood Place and Lakewood Reserve, two seniors housing communities in the Denver suburb of Lakewood. The seller and price were not disclosed. Built in 2008, Applewood Place is a 90,500-square-foot, two-story community featuring 65 assisted living units and 42 memory care units. Lakewood Reserve, built in 1999, is a 112,516-square-foot, two-story community featuring 118 assisted living units and 19 memory care units. The acquisitions bring Juniper’s total portfolio size to 1,862 units in 23 communities. Is also expands the company’s presence in the Denver area, where it already owns and operates three communities.

March 1, 2018

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