Seniors Housing

Boston Capital Invests in Affordable Community in Alaska

by Nellie Day November 2, 2017

WASILLA, ALASKA — Boston Capital is investing an undisclosed sum in the construction of Vista Rose II Apartments, a 36-unit affordable community for seniors in Wasilla, approximately 40 miles northeast of Anchorage. Vista Rose II Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developers are The Pacific Companies, based in Eagle, Idaho, and Deep Green Housing and Community Development, based in Los Angeles. Units will be available to residents aged 55 and over earning 60 percent or less of the Area Median Income (AMI). Twenty-eight units will be restricted to households with incomes at or below 50 percent of AMI, and two units restricted to households with income at or below 30 percent of AMI. The investment marks Boston Capital’s 32nd partnership with The Pacific Companies, and its first property in Alaska.

November 2, 2017

California Multifamily Seniors Housing Western

CareTrust Acquires Three Skilled Nursing Facilities in Southern California for $69M

by Nellie Day November 1, 2017

SAN CLEMENTE, CALIF. — CareTrust REIT Inc. has acquired three skilled nursing facilities in Southern California, and provided mortgage financing on a fourth. CareTrust entered into a tenant agreement with Providence Group, which has operated all four facilities since 2015. The names of the facilities were not disclosed. The total investment for the three-facility, 528-bed portfolio was approximately $69 million inclusive of transaction costs. The properties will yield approximately $6.1 million in initial annual cash rent, according to CareTrust. The mortgage on the 104-bed skilled nursing facility was $12.5 million inclusive of transaction costs, at an annual interest income of 9 percent. The master lease carries an initial term of 15 years, with two five-year renewal options and CPI-based rent escalators. The acquisition was funded using CareTrust REIT’s $400 million unsecured revolving credit facility.

November 1, 2017

Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Sale of LCB Senior Living Community Near Boston

by Amy Works November 1, 2017

READING, MASS. — Cushman & Wakefield has arranged the sale of Residence at Pearl Street, an 83-unit assisted living and memory care community in the Boston suburb of Reading, for an undisclosed price. The seller was a joint venture between LCB Senior Living and Virtus Real Estate. A new joint venture between LCB and Artemis Real Estate Properties acquired the asset. LCB will continue to operate the property. The community was originally an elementary school built in 1939 and is now a historic building. In 1996 the building was redeveloped into a seniors housing community and a purpose-built wing was added that currently houses the majority of the residential units. The property underwent a $3.3 million renovation in 2014 and 2015. LCB stabilized the community by the end of 2016 with occupancy over 90 percent. The Cushman & Wakefield team involved in the transactions included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Miller.

November 1, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes $14.4M Expansion at Seniors Housing Property in Pennsylvania

by Amy Works October 31, 2017

OXFORD, PA. — Presbyterian Senior Living has completed a $14.4 million expansion at Ware Presbyterian Village, a continuing care retirement community (CCRC) in Oxford, located midway between Philadelphia and Baltimore. The project added a 61-unit building named Westminster Place to the property. Of the new units, 31 have income restrictions set by the Pennsylvania Housing and Financing Administration. Based in nearby Dillsburg, Pa., Presbyterian Senior Living is a nonprofit seniors housing provider with 30 locations in the Mid-Atlantic region.

October 31, 2017

Massachusetts Multifamily Northeast Seniors Housing

WinnCompanies Completes $19.3M Adaptive Reuse for Multifamily Property in Ludlow, Massachusetts

by Amy Works October 30, 2017

LUDLOW, MASS. — WinnCompanies has completed the $19.3 million adaptive reuse project that transformed a 110-year-old mill building into Residences at Mill 10, an age-restricted seniors housing property located in Ludlow. The four-story, 108,163-square-foot building features 63 one-bedroom and 12 two-bedroom apartments for residents age 55 and older. On-site amenities include community spaces and common areas on each floor, a fitness center, laundry facilities, a resident lounge and parking. WinnResidential is managing the property, which is fully leased. Dellbrook Construction served as general contractor and The Architectural Team provided architectural services for the project.

October 30, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $12.5M Loan for Assisted Living Renovations Near Los Angeles

by Nellie Day October 27, 2017

OXNARD, CALIF. — iBorrow, a private commercial real estate lender, has provided a $12.5 million loan for an assisted living community currently undergoing major renovations in the Los Angeles suburb of Oxnard. Originally built in 1960, the 59,650-square-foot property sits on 2.4 acres. Following completion of the renovations in 2018, the property will feature 102 units. The borrower, Global Premier Development, has already invested $10 million into the property and plans to invest further. Meridian Senior Living will operate the community following the redevelopment project. Although the name of the community was not disclosed, Meridian lists Regency Palms Oxnard as its only community in Oxnard. The company’s website states that the community will open in March 2018.

October 27, 2017

Florida Multifamily Seniors Housing Southeast

Cushman & Wakefield Brokers $27.5M Sale of Seniors Housing Community in St. Augustine

by Camren Skelton October 27, 2017

ST. AUGUSTINE, FLA. — Cushman & Wakefield has arranged the $27.5 million sale of Glenmoor, a 223-unit seniors housing community in St. Augustine. Allen McMurty, Paul Carr, David Kliewer and Megan Fetter of Cushman & Wakefield represented the seller, Life Care St. John’s Inc., an affiliate of Life Care Pastoral Services Inc., in the disposition. Orlando-based Westminster Communities of Florida acquired the asset and will rename the property Westminster of St. Augustine. Constructed in 2001, the community is located at 235 Towerview Drive in St. Augustine’s World Golf Village. Westminster St. Augustine includes a mix of cottage homes, independent living apartments, assisted living units and skilled nursing units. Community amenities include a clubhouse, heated outdoor lap pool, putting green, bocce court, pub and a fitness center. In addition, residents can enjoy benefits at World Golf Village, including access to two golf courses, a swimming pool, fitness center and social areas.

October 27, 2017

California Multifamily Seniors Housing Western

JCH Arranges Sale of 97-Unit Assisted Living Facility in Southern California

by Nellie Day October 25, 2017

SOUTHERN CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of an assisted living facility in Southern California for $9.6 million. The name of the 97-unit property was not disclosed. Both the buyer and seller are local, single-asset operators. Jim Hazzard and Nick Stahler were the lead agents on the transaction.

October 25, 2017

Multifamily Seniors Housing Texas

MRC to Develop 259-Unit Seniors Housing Project in Fort Worth

by Taylor Williams October 20, 2017

FORT WORTH, TEXAS — Methodist Retirement Communities (MRC), a non-profit seniors living developer operator based in The Woodlands, will develop Stevenson Oaks, a 259-unit seniors housing property that will be situated on 19 acres in Fort Worth. The project will deliver 159 independent living units, 36 assisted living units, 24 memory support suites, 24 rehab suites and 16 skilled nursing suites. Located off Chisholm Trail Parkway at Bryant Irvin and Altamesa boulevards, the property will offer amenities such as a fitness center, auditorium and walking trails. Construction is scheduled to begin in late 2019, with 2021 the target opening date.

October 20, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $54.2M in Financing for Two Skilled Nursing Facilities in Queens

by Amy Works October 20, 2017

NEW YORK CITY — Greystone has provided $54.2 million in HUD-insured mortgage loans to refinance two skilled nursing facilitates in Queens. Fred Levine of Greystone’s Monsey, N.Y., office originated the two separate transactions for the borrower, SentosaCare. Greystone provided a $21.9 million loan to refinance Brookhaven Rehabilitation and Healthcare Center, a 298-bed property in the Far Rockaway neighborhood and $32.3 million in refinancing for Cypress Garden Center for Nursing and Rehabilitation, a 278-bed facility in Flushing. Both loans were 30-year self-amortizing FHA loans at low fixed rates.

October 20, 2017

Newer Posts

Older Posts