Seniors Housing

Belmont Village Breaks Ground on 149-Unit Seniors Housing Community in Chicago’s Lincoln Park

by Kristin Harlow September 26, 2017

CHICAGO — Belmont Village Senior Living has broken ground on a 149-unit seniors housing community in Chicago’s Lincoln Park. Belmont Village Lincoln Park will feature 120,500 square feet of assisted living and memory care units. The property is being developed on a parcel of land that was originally part of the Children’s Memorial Hospital campus. The building was demolished earlier this year. The project, slated to open in summer 2019, is Belmont Village’s first property in the Chicago proper. The developer has previously completed properties in Buffalo Grove, Carol Stream, Glenview and Oak Park.

September 26, 2017

Multifamily Seniors Housing Texas

Greystar Nears Completion of 143-Unit Seniors Housing Development in San Antonio

by Taylor Williams September 26, 2017

SAN ANTONIO — Greystar is nearing completion of construction of Overture at Stone Oak, a 143-unit, 55-and-older community in San Antonio. The property offers one- and two-bedroom units ranging in size from 725 to 1,225 square feet and includes 185 parking spaces for staff and residents. Amenities include a pool, hair and nail spa , café and lounge and a private media room. Meeks + Partners served as the project architect.

September 26, 2017

Features Multifamily Seniors Housing Top Stories

Seniors Housing Executives Predict Increased M&A Activity, According to Capital One Survey

by Jeff Shaw September 26, 2017

BETHESDA, MD. — Seniors housing executives have a generally optimistic view for mergers and acquisitions activity heading into the fourth quarter of 2017, according to a survey by Capital One. Approximately 89 percent of respondents believe M&A activity will maintain its current pace over the next year, with about half of those believing the pace will increase. Bethesda-based lender Capital One conducted the survey in early September 2017. It asked professionals to provide their 12-month outlook on a number of issues in the seniors housing and skilled nursing space. Respondents included 157 senior executives from healthcare companies, including pharmaceutical and medical technology companies, hospitals, healthcare service providers and health systems, as well as other industry participants. In another survey question, respondents were asked to name the greatest financial challenge facing the industry. Labor cost pressure was the top concern at 33 percent, with supply and demand imbalances following close behind at 32 percent. The regulatory and reimbursement environment was the next largest concern at 21 percent. Further fueling the sentiment that M&A activity will be a focal point for the industry, just four percent cited availability or cost of capital as their top financial challenge. “The uptick in acquisition interest …

September 26, 2017

California Multifamily Seniors Housing Western

Living Care Lifestyles Breaks Ground on 120-Unit Community in Visalia

by Nellie Day September 25, 2017

VISALIA, CALIF. — Living Care Lifestyles has broken ground on Quail Park at Shannon Ranch, a 120-unit independent living and memory care community in Visalia, located in the San Joaquin Valley midway between Los Angeles and San Francisco. Navigator Development Group is developing the property. Living Care Lifestyles, Kaweah Delta Health Care District, Shannon Senior Care LLC and BTV Senior will be co-owners once the project is completed. Teter A+E and Fresno/Visalia are providing architectural and design services. The project is scheduled for completion in early 2019. Living Care Lifestyles was founded in 1999 and has senior living communities in California, Washington, Texas and Oregon.

September 25, 2017

Multifamily Seniors Housing Western

Clearwater Living to Operate 18-Property Wolff Company Independent Living Portfolio

by Nellie Day September 25, 2017

NEWPORT BEACH, CALIF. — Clearwater Living, a Newport Beach-based operator, has been selected to provide management services for The Wolff Company’s 18-community independent living platform located throughout the West. Clearwater Living began management on Sept. 1 at seven Wolff communities in Colorado, Nevada, Washington and California. Additional properties will come under Clearwater’s management as they are further developed. The portfolio consists of all new construction.

September 25, 2017

Loans Multifamily Northeast Seniors Housing Vermont

Ziegler Arranges $67.1M Bond Financing for 294-Unit CCRC in Vermont

by Amy Works September 25, 2017

SHELBURNE, VT. — Ziegler, a specialty investment bank, has arranged $67.1 million in bond financing for Wake Robin, a continuing care retirement community in Shelburne, located along Lake Champlain just south of Burlington. The community is situated on 136 acres and feature 212 independent living units, 31 assisted living units and 51 skilled nursing units. The nonprofit Wake Robin Corp. was incorporated in 1984 to develop, own and operate the community. It was the first CCRC in Vermont. Wake Robin is undergoing an expansion that will add 38 independent living units, 10 assisted living units and six skilled nursing units, as well as renovate common areas and the skilled nursing facility. The proceeds of the fixed-rate bonds will be used to refinance 2006 bonds, finance the expansion, pay the costs of bond issuance and fund a debt service reserve fund. M&T Bank was the purchaser of the bonds, and Greenbrier Development acted as development consultant on the expansion project.

September 25, 2017

California Multifamily Seniors Housing Western

Sabra to Acquire Minority Interest in 183-Property Enlivant Portfolio for $371M

by Nellie Day September 20, 2017

IRVINE, CALIF. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has agreed to acquire a 49 percent equity interest in entities that collectively own 183 seniors housing communities, all of which are operated by Enlivant. The transaction values the portfolio at $1.62 billion and Sabra’s investment at $371 million. Enlivant is owned by funds managed by private equity firm TPG, which will remain the 51 percent majority owner. Sabra noted, however, that it plans to eventually move toward full ownership of the portfolio over the next three years. The portfolio’s 8,280 units are spread across 20 states and are nearly all private pay. The properties are currently 82 percent occupied. This is an increase from 60 percent in 2013, when TPG acquired troubled operator Assisted Living Concepts and installed Enlivant as the new operator of the portfolio. Sabra, a publicly traded REIT based in Irvine, noted that the acquisition will help diversify its tenant portfolio. Following the transaction, the amount of private-pay seniors housing in Sabra’s portfolio will rise from 16.8 percent to 24.3 percent, while its skilled nursing exposure will fall from 71.1 percent to 64.7 percent. Enlivant is the 10th largest operator of seniors housing in the United …

September 20, 2017

Loans Multifamily Seniors Housing Southeast Virginia

SunTrust Provides $18M Construction Loan for Seniors Housing Expansion in Culpeper, Virginia

by Camren Skelton September 20, 2017

CULPEPER, VA. — SunTrust Bank has provided an $18 million construction loan for the 125,000-square-foot expansion of The Culpeper, a retirement community in Culpeper, a town situated equidistant from Richmond, Va., and Washington, D.C. LifeSpire of Virginia, a provider of continuing care retirement communities, will build 133 new units in the community and offer additional care services to current and future residents. The updated Culpeper community will replace the previous building, originally built in 1951, with 54 assisted living, 32 memory care and 47 skilled nursing units. Other enhancements to the community will include an outdoor courtyard, cook-to-order dining options, an on-site clinic, chapel, on-site physical therapy, wellness gym and a health and beauty spa.

September 20, 2017

Arizona Multifamily Seniors Housing Western

Blueprint Arranges $15.3M Sale of Two Skilled Nursing Facilities in Arizona

by Nellie Day September 19, 2017

MESA AND TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a two-property, 249-bed skilled nursing portfolio in Mesa and Tucson. A California-based regional owner-operator sold the properties for $15.3 million as part of a non-core disposition. The buyer was a publicly traded owner-operator with a large presence in Arizona. The purchase price equates to approximately $61,250 per licensed bed. Christopher Hyldahl, Gideon Orion, and Amy Sitzman were the lead advisors on the transaction.

September 19, 2017

Arizona Multifamily Seniors Housing Western

Spectrum Debuts 159-Unit Seniors Housing Community in Phoenix

by Nellie Day September 19, 2017

PHOENIX — Spectrum Retirement Communities has opened The Enclave at Anthem Senior Living, a 159-unit independent living, assisted living and memory care community in Phoenix’s North Black Canyon Corridor. The 160,000-square-foot community is located on 6.5 acres. It is Spectrum’s fourth in the Phoenix metro area, with four more currently under construction. Spectrum both owns and operates the community. Denver-based Spectrum Retirement Communities LLC operates 36 senior living communities in 12 states from New York to Oregon totaling more than 4,200 units. The company has an additional 16 communities currently under construction.

September 19, 2017

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