Seniors Housing

Lancaster Pollard Closes Two Refinancings Totaling $57.1M for Seniors Housing Communities in Hawaii, Arizona

by Nellie Day December 7, 2017

HONOLULU AND GREEN VALLEY, ARIZ. — Lancaster Pollard has arranged two Fannie Mae loans totaling $57.1 million for seniors housing communities in Honolulu and the Tucson suburb of Green Valley. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki in Honolulu. MW Group owns the property, which was built in 2015. The community has been named Hawaii’s best senior living facility by The Honolulu Star Advertiser for three consecutive years. Jason Dopoulos, Doug Harper and Casey Moore led this transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard assisted Frontier Management with the $5.85 million refinancing of a 52-unit memory care community in Green Valley. The 15-year loan refinanced maturing debt. Harper and Moore led the effort for Lancaster Pollard on the second closing.

December 7, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates $29.8M Loan for 144-Unit Seniors Housing Community Near San Diego

by Nellie Day December 7, 2017

ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National Senior Housing and Andrew Behrens of CBRE Multifamily Institutional Group arranged the 10-year, fixed-rate loan with 60 months of interest-only payments through Freddie Mac. The use of the funds was not disclosed. Westmont currently owns and/or operates 11 seniors housing communities located throughout California and Oregon.

December 7, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Negotiates $25.5M Bridge-to-HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works December 6, 2017

WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.

December 6, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $16.5M Loan for Two Assisted Living Facilities in California

by Nellie Day December 5, 2017

TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds. The use of the funds was not disclosed.

December 5, 2017

Multifamily New Mexico Seniors Housing Western

National Healthcare Development Completes 50-bed Skilled Nursing Facility in Las Cruces

by Nellie Day December 5, 2017

LAS CRUCES, N.M. — National Healthcare Development, an affiliate of National Healthcare Realty, has completed the development of Welbrook Las Cruces, a 50-bed skilled nursing facility in Las Cruces, approximately 40 miles north of El Paso, Texas. The 37,000-square-foot facility is located near Mountain View Medical Center. Welbrook Senior Living, a Utah-based provider, operates the property. This will be Welbrook’s first facility to open in New Mexico, while a second facility is also now under development in Farmington. National Healthcare Development is currently working on additional nursing facilities for Welbrook in Arizona and Colorado.

December 5, 2017

Arizona Multifamily Seniors Housing Western

Koelsch Communities Acquires Memory Care Community Near Phoenix

by Nellie Day December 4, 2017

SURPRISE, ARIZ. — Koelsch Communities has acquired Rock Creek Memory Care Community in the Phoenix suburb of Surprise. JEA Senior Living sold the community for an undisclosed price. The 31,372-square-foot community currently houses 66 residents. JEA opened the property in 2011. The Rock Creek acquisition is part of a larger plan in the area for Koelsch. The company recently purchased Park Wood Assisted Living Community, located next door to Rock Creek, from Sunshine Retirement Living. Koelsch is planning a $500,000 renovation for that community. The company has also started construction of The Park at Surprise, a 155-unit independent living community also next door to Rock Creek. The three neighboring communities will be combined into one campus, offering a larger continuum of care. Koelsch Communities operates 27 communities in eight states and has eight more under construction.

December 4, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Secures $192.5M Refinancing for Seniors Housing Portfolio in Texas

by Taylor Williams December 1, 2017

CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided $192.5 million in refinancing for a portfolio of six seniors housing properties located throughout Texas. The properties were all built between 2006 and 2008 and total 1,238 units. Charlie Shoop and Caleb Marten of KeyBank structured the Freddie Mac loans, which included 10-year interest-only terms and were used to refinance an existing bridge loan provided by KeyBank. The funds were secured on behalf of the borrower, healthcare and seniors housing investment firm Kayne Anderson Real Estate Advisors.

December 1, 2017

Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges Four Refinancings Totaling $55.1M for Summit Healthcare REIT

by Nellie Day November 30, 2017

PORTLAND, ORE. — Lancaster Pollard has arranged $55.1 million in FHA Sec. 232/223(f) loans to refinance four Summit Healthcare REIT properties in Delaware and Oregon. The program provides for the acquisition and refinancing of healthcare properties including licensed skilled nursing facilities, assisted living, intermediate care facilities, board and care, and combinations thereof. The four properties refinanced were Atlantic Shores Rehabilitation & Health Center, a 181-bed skilled nursing facility in Millsboro, Del.; Pinnacle Rehabilitation & Health Center, a 151-bed skilled nursing facility in Smyrna, Del.; Applewood Retirement Community, a 69-unit independent living community in Salem, Ore.; and Gateway Care and Retirement Center, a 66-unit independent living, assisted living and skilled nursing community in Portland, Ore. Summit owns the four properties through joint ventures. Both Applewood and Gateway are part of the Sapphire Health Services Community network. Jason Dopoulos led the transactions for Lancaster Pollard.

November 30, 2017

Arizona Multifamily Seniors Housing Western

JV Starts Construction of 246-Unit Seniors Housing Community in Arizona

by Nellie Day November 30, 2017

CHANDLER, ARIZ. — LCS, Harrison Street Real Estate Capital and Ryan Cos. US Inc. have started construction of Clarendale of Chandler, a 262,000-square-foot seniors housing community in the Phoenix suburb of Chandler. Once completed, the Class A community will be located on 16.5 acres and offer 116 independent living units, 64 assisted living units, 38 memory care units and 14 duplex villas. It will be the sixth Clarendale-branded community in the country, and the first in the Southwest. Ryan Cos. is acting as developer and general contractor, and its architecture and engineering team, Ryan A + E, will design the community. Direct Supply Aptura is providing interior design services. Life Care Services, an LCS Company, will operate the community once completed. Clarendale of Chandler is scheduled to open in the spring of 2019.

November 30, 2017

Loans Multifamily New Hampshire Northeast Rhode Island Seniors Housing Vermont

KeyBank Provides $99.8M in Financing for Northeast Seniors Housing Portfolio

by Amy Works November 27, 2017

NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.

November 27, 2017

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