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.
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.
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.
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.
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; …
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.
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.
