Seniors Housing

TransEquity Development Buys 5.7 Acres in Arizona for Assisted Living Community

by Nellie Day October 16, 2017

AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.

October 16, 2017

Midwest Seniors Housing Wisconsin

Caddis to Develop 105-Unit Assisted Living Community in Glendale, Wisconsin

by Kristin Harlow October 13, 2017

GLENDALE, WIS. — Caddis is developing Heartis Village North Shore in Glendale, about nine miles north of Milwaukee. The 105-unit assisted living and memory care community is the developer’s first senior living community in the state of Wisconsin. The 96,770-square-foot facility will be located at 100 W. River Woods Parkway. Amenities will include walking paths, courtyards, game and activity rooms, a library, media room, dining room and barbershop. Pathway Senior Living LLC will manage the property. Completion is slated for early 2019. The project team includes architect Katus and general contractor Stevens Construction Corp.

October 13, 2017

Multifamily Seniors Housing Washington Western

Emerald Communities Completes $145M CCRC Near Seattle

by Nellie Day October 13, 2017

GIG HARBOR, WASH. — Emerald Communities has opened Heron’s Key, an 18-acre continuing care retirement community (CCRC) in the Seattle suburb of Gig Harbor. Development costs were estimated at $145 million. Ziegler provided bond financing for the project and construction began in June 2016. The community offers a total of 275 units: 184 independent living apartments, 10 independent living cottage homes, 36 assisted living apartments and 45 private skilled nursing beds. Independent living homes range from 729 to 1,800 square feet. Heron’s Key offers an financing plan that includes a one-time, 75 percent-refundable entrance fee. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities, a Seattle-based operator.

October 13, 2017

Loans Multifamily Seniors Housing Washington Western

Berkeley Point Capital Provides $9.3M HUD Refinancing for 63-Unit Seniors Housing Community Near Seattle

by Nellie Day October 13, 2017

TACOMA, WASH. — Berkeley Point Capital has provided a $9.3 million FHA 232/223(f) refinancing for Spring Ridge Assisted Living & Memory Care, a 63-unit seniors housing community in the Seattle suburb of Tacoma. The loan replaces the existing debt on the property, which was for the acquisition, renovation and expansion of the property. Tom White led the transaction out of Berkeley Point’s Bethesda, Md., office. The loan features a 3.45 percent interest rate and an 80 percent loan-to-value ratio.

October 13, 2017

Florida Multifamily Seniors Housing Southeast

Ocean Land Investments to Build 401-Unit Seniors Housing Community in South Florida

by Camren Skelton October 12, 2017

FORT LAUDERDALE, FLA. — The Fort Lauderdale City Commission has approved Ocean Land Investments’ proposed Riverwalk Residences of Las Olas project in Fort Lauderdale. The seniors housing community will offer 401 units of independent living, assisted living and memory care. Borges Architects + Associates designed the 42-story tower that will be Fort Lauderdale’s tallest building once completed. Amenities will include restaurants, a rooftop bar, full-service spa, fitness center, virtual sport rooms, theater, outdoor pool, hotel rooms, on-site doctor’s offices and valet parking. The project will also feature a ground-level gourmet market that will be open to the public. The property is located near downtown Fort Lauderdale’s Riverwalk, museums, the Broward Center for the Performing Arts, shopping and dining. Ocean Land Investments specializes in the development of prime waterfront properties.

October 12, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

Valencia Realty Capital Arranges $13M Acquisition Financing for Assisted Living Community in New Hampshire

by Amy Works October 6, 2017

RYE, N.H. — Valencia Realty Capital has arranged $13 million in financing for the $11 million acquisition of an assisted living community located at 295 Lafayette Road in Rye. The borrower and buyer is Murfreesboro, Tenn.-based National Health Investors Inc. The financing has a total capitalization of $13 million composed of a $10 million senior debt facility coupled with $3 million of equity. Built in 2013, the 40-unit assisted living community is devoted to individuals with memory disorders, including Alzheimer’s disease and dementia. Ed LaFrance of Valencia Realty arranged the transaction, which was executed under a 363 auction sale that presented tight timing constraints.

October 6, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates Acquisition Financing for 110-Unit Seniors Housing Community in Antioch

by Nellie Day October 5, 2017

ANTIOCH, CALIF. — CBRE has arranged acquisition financing for Cypress Meadows, a 110-unit assisted living and memory care community in Antioch, located approximately 40 miles northeast of San Francisco. The buyer is a joint venture between Agemark Senior Living and Trellis Real Estate Group. The seller was not a local mom-and-pop owner. Agemark will operate the property following the acquisition. Cypress Meadows was built in 1999. The new owners plan to spend $2.6 million in capital upgrades. Aron Will of CBRE National Senior Housing secured a five-year, floating-rate loan with 36 months of interest-only payments from a national bank.

October 5, 2017

Loans Midwest Seniors Housing Wisconsin

Pillar Arranges $13.6M HUD Refinancing Loan for Skilled Nursing Facility in Menasha, Wisconsin

by Kristin Harlow October 5, 2017

MENASHA, WIS. — Pillar has arranged a $13.6 million HUD 232/223(f) loan for the refinancing of Oakridge Gardens Nursing Center in Menasha, five miles south of Appleton. The 143-bed skilled nursing facility is located at 1700 Midway Road. Don Husi of Pillar arranged the 30-year loan, which includes a 30-year amortization schedule. Husi also arranged a $7.2 million loan for Oakwood Terrace, an assisted living facility in Pennsylvania.

October 5, 2017

Midwest Seniors Housing Wisconsin

Evergreen Acquires 72-Unit Seniors Housing Community in Racine, Wisconsin

by Kristin Harlow October 5, 2017

RACINE, WIS. — Evergreen Real Estate Group has acquired Durand Plaza in Racine, 25 miles south of Milwaukee. The purchase price was not disclosed. The 72-unit affordable seniors housing community is located at 3003 Durand Ave. Residents can qualify for occupancy by being either elderly or disabled. Originally constructed in 1970, the four-building property will undergo a $2 million renovation within the next six to nine months. Evergreen will make kitchen and bath upgrades to most units.

October 5, 2017

Conference Coverage Features Seniors Housing Southeast Top Stories

Labor Issues, Growing Competition Are Top Seniors Housing Concerns, Say InterFace Panelists

by Kristin Harlow October 5, 2017

ATLANTA — Pressures for seniors housing owners come from many sources, but the top two are labor issues and increasing numbers of communities in a market, according to panelists at InterFace Seniors Housing Southeast. The comments were made during the “State of the Industry” panel at the event, which was held in late summer at the Westin Buckhead in Atlanta and drew more than 400 industry professionals. Katie Davis, chief strategy officer for Sherpa, moderated the panel, which included Doug Schiffer, president and COO of Allegro Senior Living; Scott Stewart, managing partner of Capitol Seniors Housing; Joe Weisenburger, vice president of seniors housing for Welltower; Andy Isakson, managing partner at Isakson Living; and Alan Plush, president and senior partner at HealthTrust. Schiffer cited a recent time when a competing property opened near an Allegro community and immediately offered pay raises to any employee who would switch communities. “People want to mine our fort and take our staff,” said Schiffer. “Everyone was offered a $2 per hour raise, which is a 20 percent increase for some. No matter how much you like us, that’s hard to turn down.” Allegro kept most of its employees by matching the offers, but this significantly …

October 5, 2017

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