DENVER — Greystone’s Real Estate Advisors group has arranged the sale of Juanita Nolasco Apartments, a 188-unit affordable seniors housing community in Denver. Jonathan Rose Cos. acquired the property from a limited liability company for $31.3 million. Greystone’s Aaron Hargrove and Eric Taylor represented the seller. The 13-story Juanita Nolasco Apartments was built in 1972 and rehabilitated in 2008 via 4 percent Low Income Housing Tax Credits.
BROOKFIELD, WIS. — Caddis is developing its second Heartis senior living community in Wisconsin in the Milwaukee suburb of Brookfield. Heartis Village Brookfield will feature 104 assisted living and memory care apartments. The 98,660-square-foot community, slated for completion in July 2019, will be located at 16100 W. Greenfield Ave. Amenities will include a media room, fitness center, salon and dining room. Special services will include nurse-supervised staff, a 24-hour emergency call system and housekeeping and laundry services. Pathway to Living will manage the property. Stevens Construction Corp. is the general contractor for the project, while Katus is providing architectural services.
AUSTIN, TEXAS — Chicago-based investment bank Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 310-unit continuing care retirement community (CCRC) in Austin. The alumni association of the University of Texas sponsors the nonprofit community, which is situated on 55 acres and features 214 entrance-fee independent living units, 20 assisted living suites, 16 memory support suites and 60 skilled nursing beds. Proceeds from the bonds will advance refund $85.1 million of Longhorn Village’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt service reserve fund.
WAXAHACHIE, TEXAS — National Health Investors Inc., a publicly traded seniors housing and healthcare REIT, has acquired a 121-bed skilled nursing facility in the southern Dallas metro of Waxahachie for $14.4 million. NHI will lease the facility, which opened in late 2016, to The Ensign Group, which operates 16 skilled nursing facilities in Texas. The acquisition was funded by NHI’s revolving credit facility.
PHOENIX — Ziegler has closed $70.2 million in bond financing for The Beatitudes Campus, a nonprofit continuing care retirement community (CCRC) in north central Phoenix. The Beatitudes Campus sits on 27 acres and features 188 entrance-fee independent living apartments, 11 entrance-fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early-stage memory care beds and 72 skilled nursing beds. The bonds will refund $64.6 million in outstanding bonds from 2006, finance $6.3 million in pre-development costs for master-planned renovations and fund a debt service reserve fund.
RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Rio Rancho, a 77-unit assisted living and memory care community in the Albuquerque suburb of Rio Rancho. The 70,863-square-foot development will be situated on 5.5 acres. It will feature 51 assisted living suites and 26 memory care suites. The co-developers plan to open an information center onsite by May 2018, and complete construction in December 2018. The project represents the 11th joint venture between affiliates of MorningStar, a Denver-based owner-operator, and Confluent Senior Living, a subsidiary of Confluent Development, a Denver-based real estate investment and development firm. Confluent is the project owner and MorningStar will serve as the operator. Rosemann & Associates is serving as the architect for the new development, New Mexico-based Bradbury Stamm Construction is the general contractor and Thoma-Holec Design is the interior designer. The development marks the second MorningStar Senior Living community in metro Albuquerque, with MorningStar and Confluent completing MorningStar Assisted Living & Memory Care of Albuquerque in February 2016. Confluent sold the Albuquerque community to Harbert Seniors Housing Fund in July, with MorningStar maintaining its role as operator. The MorningStar and Confluent partnership continues its growth …
LOVELAND, COLO. — Heavenrich & Co. has arranged the sale of Aspen House, a memory care community consisting of two adjacent properties in Loveland, approximately 50 miles north of Denver. The properties were built in 2010 and 2015 and feature 40 units representing 80 licensed beds. Madison Realty Cos. acquired the community from an undisclosed seller for $8.4 million. Brian Clark, senior director at Heavenrich & Co.’s Denver office, managed the transaction.
NEWNAN, GA. — A joint venture between Watercrest Senior Living Group and Waypoint Residential has unveiled plans for Watercrest Newnan Assisted Living and Memory Care Community in the Atlanta suburb of Newnan. The 107-unit, resort-style seniors housing community will be situated on nine acres. Groundbreaking is scheduled for next month, with an opening slated for spring 2019. Vero Beach, Fla.-based Watercrest specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services. The project represents Waypoint’s entry into the seniors housing sector, having previously worked as an investor in conventional multifamily and student housing. D2 Architecture designed the 92,000-square-foot project.
HAMILTON TOWNSHIP, N.J. — Solvere Senior Living will open Homestead at Hamilton, a $59.1 million seniors housing community in New Jersey, on Feb. 8. The project is located in the Trenton suburb of Hamilton Township, midway between New York City and Philadelphia. It will feature 96 independent living apartments, 75 assisted living apartments and 24 memory care apartments. The four-story building sits on a 24-acre site. Pike Construction Co. built the property, which J. Randolph Parry Architects PC designed. Andy Fritz will serve as general manager of the community. Based in Princeton, N.J., Solvere is an operator of seniors housing communities in Florida, New York, New Jersey, Texas, Maryland, West Virginia, Virginia and Indiana. Its partner company, Solutions Advisors, provides marketing, sales, consulting and creative services to the seniors housing industry nationwide.
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.
