Seniors Housing

Steadfast Nears Completion of $95.5M Seniors Housing Community Near Los Angeles

by Amy Works May 17, 2018

LAGUNA NIGUEL, CALIF. — Steadfast Senior Living has started pre-leasing at Crestavilla, a 201-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Atria Senior Living has been brought on to manage the 215,000-square-foot, three-story community. A luxury community located on 11.5 acres, rents will range from $6,600 to $15,000 per month. Santa Ana-based William Hezmalhalch Architects designed the community, which Bernards is building. Steadfast is pursuing LEED certification for Crestavilla, which would make it Atria’s 11th LEED-certified community.

May 17, 2018

California Features Multifamily Seniors Housing Western

Buckingham: Encourage Talent and You’ll Cultivate Careers in Senior Care

by Katie Sloan May 17, 2018

SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than 2,500 seniors housing executives on May 15 at the 2018 Argentum Senior Living Executive Conference & Expo held at the San Diego Convention Center. There are currently 93,300 people working in seniors housing in the U.S., according to Argentum, an inadequate number Buckingham said. Experts note there should be a one-to-one ratio of employees to residents. Compounding matters is that more exciting industries like technology and creative professions draw the younger generations away from traditional career roles, resulting in a jobs crisis. While seniors housing may not be as sexy as the tech sector, Buckingham believes a change in attitude can do wonders for employee retention. “There is a lot of turnover in the first 90 days, but people don’t measure …

May 17, 2018

Development Multifamily Seniors Housing Texas

PMRG to Develop $40M Seniors Housing Community in Metro Dallas

by Taylor Williams May 16, 2018

MCKINNEY, TEXAS — Houston-based PRMG will develop Hidden Springs, a $40 million senior living community that will be located in the northern Dallas metro of McKinney. The property will span 215,000 square feet and include 132 independent living units, 40 assisted living units and 28 memory care units. Amenities will include an art studio, dog park, community market, library, media room, putting green and a salon/spa. The groundbreaking is scheduled for this summer and initial occupancy is expected to begin in July 2019.

May 16, 2018

Indiana Loans Midwest Multifamily Seniors Housing

Lancaster Pollard Secures $19.9M Construction Loan for Assisted Living Facility in Indiana

by Kristin Harlow May 16, 2018

NOBLESVILLE, IND. — Lancaster Pollard has arranged a $19.9 million HUD-insured loan to fund the construction of Heritage Woods of Noblesville, a 124-unit affordable assisted living facility in Noblesville, a suburb of Indianapolis. Completion is slated for January 2019. The borrowers are Gardant Management Solutions and Horve Builders. The loan features a fixed interest rate and 40-year term. Brett Murphy led the transaction for Lancaster Pollard.

May 16, 2018

Healthcare Loans Michigan Midwest Seniors Housing

Capital One Provides $13.2M HUD Refinancing for Skilled Nursing Facility in Michigan

by Jeff Shaw May 14, 2018

HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”

May 14, 2018

Acquisitions Healthcare Illinois Midwest Multifamily Self-Storage Seniors Housing Student Housing Top Stories

Colliers to Acquire 75 Percent Stake in Harrison Street for $450M

by Taylor Williams May 14, 2018

TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …

May 14, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

Brightview Senior Living Purchases 7.5 Acres in Long Island for Seniors Housing Development

by David Cohen May 11, 2018

SAYVILLE, N.Y. — Brightview Senior Living has acquired a 7.5-acre plot of land in the Long Island hamlet of Sayville. Anthony James Fusco LLC sold the property for $5.5 million. Brightview plans to begin development of a seniors housing property on the plot, starting in June. Although the type of care offered was not disclosed, Brightview generally offers independent living, assisted living and memory care. The community will be Brightview’s first on Long Island. The company’s current portfolio totals 25 seniors housing communities in Connecticut, Florida, Maryland, Massachusetts, Missouri, New Jersey, Pennsylvania, Rhode Island and Virginia. Dennis McCoy of NAI Long Island represented Brightview in the transaction.

May 11, 2018

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Brokers Sale of 128-Bed Skilled Nursing Facility Near Phoenix

by Amy Works May 11, 2018

PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Plaza Del Rio, a 128-bed skilled nursing and long-term acute care facility in the Phoenix suburb of Peoria. The seller is a Florida-based philanthropist and senior living developer that held the asset in a charitable remainder trust. The buyer is The Ensign Group, which already owned a seniors housing portfolio in the region. At the time of the sale, Plaza Del Rio was 80 percent occupied. The price was not disclosed. Amy Sitzman and Jacob Gehl led the transaction for Blueprint.

May 11, 2018

Acquisitions Multifamily New York Northeast Seniors Housing

ESI Brokers Sale of Two-Property Seniors Housing Portfolio in Upstate New York

by David Cohen May 10, 2018

STAMFORD, N.Y. — Evans Senior Investments (ESI) has arranged the sale of Robinson Terrace, a two-building assisted living and skilled nursing campus in the small, Upstate New York town of Stamford. The property comprises a 120-bed skilled nursing facility built in 1973 and a 55-unit assisted living facility built in 2011. The two properties are located less than two miles from each other. Although the properties featured an occupancy rate above 90 percent over the 12 months preceding the sale, the property was operating at a loss. ESI represented the seller, a local nonprofit organization seeking an operator that could provide the same level of care but turn around the financial performance. The buyer was a regional, for-profit owner-operator. The price was not disclosed.

May 10, 2018

Arizona Development Multifamily Seniors Housing Western

Ryan Cos., Cadence Senior Living Start Construction of 170-Unit Project in Arizona

by Amy Works May 10, 2018

MESA, ARIZ. — Ryan Cos. and Cadence Senior Living have unveiled plans for Azure Mesa, a 170-unit independent living, assisted living and memory care community in Mesa, a suburb of Phoenix. The upscale, 183,000-square-foot property will feature 142 units that may be used for independent living or assisted living, plus 28 units devoted to memory care. Construction is already underway, with a planned delivery of summer 2019. HFF worked on behalf of Cadence and Ryan to arrange a joint venture equity partnership with an undisclosed institutional partner. Azure Mesa is located on an eight-acre site adjacent to Granite Reef Park, close to restaurants, retail, recreation and medical services. Ryan A+E is designing the community, while Studio SIX5 is designing the interiors. The Cadence-Ryan team is working on a second Azure location in North Scottsdale, which recently received Scottsdale City Council approval. Ryan Companies currently has over 600,000 square feet of senior living projects under construction in Arizona and nationally has completed over 4 million square feet of senior living communities. Cadence Senior Living has over 30 years of seniors housing development and management experience.

May 10, 2018

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