Seniors Housing

Cushman & Wakefield Arranges $20.5M Construction Financing for Seniors Housing Community in Pennsylvania

by Amy Works January 17, 2018

CHADDS FORD, PA. — Cushman & Wakefield Senior Housing Capital Markets has raised equity and arranged $20.5 million in financing for the construction of The Residence at Chadds Ford, an 84-unit independent living, assisted living and memory care community in the Philadelphia suburb of Chadds Ford. The borrower is LCB Senior Living, which is building the community. It will be the company’s 15th seniors housing property, and its first in the Philadelphia metro. The community is located along the Delaware border, 11 miles north of Wilmington. The community will consist of a three-story building on a 2.3-acre site. It will offer 64 independent living and assisted living apartments, as well as 20 memory care beds. The project is slated for completion in the second quarter of 2019. Webster Bank is providing $20.5 million of non-recourse construction financing at 65 percent loan-to-cost for the joint venture between LCB and its institutional partner. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue.

January 17, 2018

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $75M Bond Refinancing for 483-Unit CCRC in Seattle

by Nellie Day January 15, 2018

SEATTLE — Ziegler has closed $75 million in bond financing for Horizon House, a 482-unit continuing care retirement community (CCRC) in downtown Seattle. Horizon House is a nonprofit community affiliated with the Pacific Northwest Conference of the United Church of Christ. The property is home to more than 540 residents in 378 independent living apartments, 80 assisted living apartments and 25 memory care apartments. Horizon House will use the proceeds of the bonds to pay off $56.5 million in outstanding bonds from 2014 and fund renovations.

January 15, 2018

Illinois Midwest Seniors Housing

SWIDA Breaks Ground on $10.9M Affordable Seniors Housing Community in Swansea, Illinois

by Kristin Harlow January 12, 2018

SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA), in partnership with Bywater Development Group and Bi-State Development, has broken ground on Metro Landing of Swansea near St. Louis. The $10.9 million transit-oriented development will feature 62 affordable seniors housing apartment units adjacent to the Swansea MetroLink Station. St. Louis-based Altman Charter is serving as general contractor for the project, which is scheduled for completion in spring 2019. Chicago-based Worn Jerabek Wiltse Architects is the architect. The Illinois Housing Development Authority (IHDA) provided the majority of project financing, with additional construction financing provided by PNC Bank. Additional support comes from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department.

January 12, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Provides $80.1M Bond Refinancing for Seniors Housing Portfolio in Pennsylvania

by Amy Works January 11, 2018

LAFAYETTE HILL, PA. — HJ Sims has completed an $88.1 million bond refinancing for Presby’s Inspired Life, a nonprofit seniors housing operator based in Lafayette Hill. The company owns and operates four market-rate seniors housing communities in the Philadelphia area: Rydal Park in Jenkintown, Rosemont Presbyterian Village in Bryn Mawr, Spring Mill Presbyterian Village in Lafayette Hill, and Broomall Presbyterian Village in Broomall. Presby has worked with HJ Sims since 2009, with the investment banking firm providing four financings totaling more than $183 million during the relationship. The current bonds will refinance bank debt and bonds from 2010 and 2013, with a maturity on the new bonds of 2048. Presby previously purchased land adjacent to its Rydal Park campus for a new independent living project: Rydal Waters. Refinancing the outstanding bank debt freed up capacity among Presby’s existing bank relationships to finance the Rydal Waters project once it completes its pre-development and pre-marketing process. The 2017 bonds eliminated Presby’s variable rate interest exposure, provided annual cash flow savings, boosted debt service coverage and leveled out and extended future debt service on a fixed-rate basis.

January 11, 2018

Multifamily New York Northeast Seniors Housing

Joint Venture Plans $52.7M Renovation of Affordable Community in the Bronx

by Amy Works January 11, 2018

NEW YORK CITY — A joint venture between Fort Schuyler Housing Development Co., Smith & Henzy Advisory Group Inc., MDG Design + Construction LLC, Concord Management of New York and partners has unveiled a $52.7 million renovation and refinancing plan for Fort Schuyler House, a 139-unit affordable seniors housing development in the Bronx. In addition to $15.5 million in capital repairs, the project will preserve the affordability of 138 of the units. The 139th unit is reserved for the property manager. Fort Schuyler House was built in 1973 to offer independent living opportunities for low-income seniors age 62 and over. The eight-story building features 118 studio units, 20 one-bedroom units and one two-bedroom unit. The project will provide apartment improvements including the conversion of antiquated Dwyer units to fully functioning kitchens. The apartments will also receive new flooring; new electrical risers and CB panels; new emergency pull cords; and energy-saving appliances, radiator control valves, bath and kitchen fixtures, and LED lighting throughout. The renovations will be done with tenants remaining in their homes to minimize the disturbance to residents. The shared spaces and overall property will also receive upgrades including new flooring and finishes; new security and energy efficiency measures; …

January 11, 2018

Multifamily Seniors Housing Texas

CBRE Arranges Sale of 132-Unit Seniors Housing Community in Metro Dallas

by Taylor Williams January 11, 2018

CEDAR HILL, TEXAS — CBRE has arranged the sale of Primrose at Cedar Hill, a 132-unit seniors housing community located in the southwestern Dallas metro of Cedar Hill. Built in 2003, the property was 98 percent occupied at the time of sale. Amenities include a pool, fitness center, business center and an on-site laundry facility. Chris Deuillet and Chandler Sims of CBRE represented the seller, Cedar Hill Seniors Housing LLC, in the transaction. Kaufman Investments purchased the asset for an undisclosed price.

January 11, 2018

Loans Multifamily Seniors Housing Texas

Greystone Secures $19M in Refinancing for Two Seniors Housing Assets in Dallas Area

by Taylor Williams January 11, 2018

DALLAS AND DESOTO, TEXAS — Greystone has secured the $19 million refinancing of two undisclosed seniors housing assets located in Dallas and nearby suburb DeSoto. The properties, which total 500 units, represent affordable housing options for seniors earning 60 percent or less of the area median income (AMI). Both loans were secured through Freddie Mac’s Targeted Affordable Housing (TAH) Express program.

January 11, 2018

Florida Multifamily Seniors Housing Southeast

Validus Receives $117.5M Line of Credit from SunTrust to Acquire Three Seniors Housing Assets in Southeast

by Camren Skelton January 10, 2018

TAMPA, FLA. — Tampa-based Validus Senior Living has closed a $117.5 million syndicated revolving line of credit with SunTrust Robinson Humphrey for the acquisition of three seniors housing communities located in Louisiana, Florida and Georgia. SunTrust Robinson Humphrey, a division of SunTrust Banks Inc. that provides investment banking services including mergers and acquisitions and private equity financing, served as the lead arranger and bookrunner for the deal, while SunTrust Bank acted as the lead participant and administrative agent. The five-year deal is renewable, and Validus will use the credit line to acquire Inspired Living at Ocoee in Ocoee, Fla., and Inspired Living at Kenner in Kenner, La. A third community, Inspired Living at Alpharetta in Alpharetta, Ga., is expected to close in the coming weeks. The communities offer both assisted living and memory care units. The two initial acquisitions will add more than 250 units to Validus’ existing portfolio.

January 10, 2018

Multifamily Seniors Housing Washington Western

SLIB Brokers Sale of 65-Bed Skilled Nursing Facility in Washington

by Nellie Day January 5, 2018

CASHMERE, WASH. — Senior Living Investment Brokerage has arranged the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, located between Seattle and Spokane. The price was not disclosed. A regional owner-operator based in Idaho purchased the property, seeking to expand its footprint beyond the northern Rocky Mountain region. The 21,820-square-foot facility sits on four acres of land, leaving room for future expansion. Jason Punzel, Brad Goodsell and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.

January 5, 2018

Midwest Minnesota Seniors Housing

Opus Begins Construction of 147-Unit Senior Living Facility in Minnetonka, Minnesota

by Kristin Harlow January 5, 2018

MINNETONKA, MINN. — The Opus Group has begun construction on a 147-unit senior living facility in Minnetonka. The project will encompass independent living, assisted living and memory care apartments. Ebenezer Management Services will operate and manage the four-story property upon completion, which is slated for spring 2019. Amenities will include a salon, chapel, club room, dining room and walking paths. Opus Development Co. is the developer and Opus Design Build is the design contractor. Opus AE Group is the architect and engineer of record, while Sperides Reiners Architects is the design architect. Consilium Associates is the project’s interior designer.

January 5, 2018

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