Seniors Housing

Cain Brothers Issues $252M Bond Financing for CCRC on Arizona State Campus

by Nellie Day January 25, 2018

TEMPE, ARIZ. — Pacific Retirement Services (PRS) has received $252 million in bond financing for the construction of Mirabella at ASU, a 20-story continuing care retirement community (CCRC) on the campus of Arizona State University in Tempe. Once completed, Mirabella at ASU will feature 252 units across 500,000 square feet. Cain Brothers was sole underwriter on the bonds, issued in partnership with University Realty, the real estate affiliate of ASU. University Realty contributed land equity and local real estate expertise and will partner with PRS in Mirabella’s governance and marketing. The ASU affiliation will allow residents access to the university’s academic, sporting and cultural programming. Cain Brothers also assisted PRS in securing seed capital to cover pre-development expenses. Mirabella at ASU is the third project under the Mirabella brand, PRS’ luxury, urban, high-rise CCRC concept. PRS is the developer and contributed funds for start-up capital and financial support. Both parties provided further support through the purchase of subordinated debt. PRS will operate the community. A development timeline was not released.

January 25, 2018

Idaho Multifamily Seniors Housing Western

Wolff Starts Construction 146-Unit Independent Living Community in Idaho

by Nellie Day January 25, 2018

EAGLE, IDAHO — The Wolff Company has broken ground on Revel Eagle, a 146-unit independent living community in the Boise suburb of Eagle. The property is located within the Eagle River development along the Boise River. It will feature a combination of studio, one- and two-bedroom units. Wolff, an Arizona-based developer, plans to open the three-story community in late 2018. Revel Eagle is the eighth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

January 25, 2018

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Arranges $19M Refinancing, $5M Line of Credit for CCRC in Arizona

by Nellie Day January 25, 2018

SCOTTSDALE, ARIZ. — HJ Sims has arranged a $19 million refunding loan and $5 million non-revolving line of credit for Westminster Village, a nonprofit continuing care retirement community (CCRC) in Scottsdale. The community features 250 independent living apartments, 23 assisted living units and 49 skilled nursing beds. It “has historically operated near full occupancy,” according to HJ Sims. Western Alliance Bank provided the loan at a 3.42 percent fixed interest rate over a 10-year term. The transaction lowers the borrower’s debt service payment by more than $1 million a year.

January 25, 2018

Features Multifamily Northeast Pennsylvania Seniors Housing Southeast Top Stories

Berkadia Forecast: Southeast to Garner Bulk of Multifamily Investment, Financing Activity in 2018

by John Nelson January 25, 2018

AMBLER, PA. — Mortgage bankers and investment sales brokers alike expect multifamily markets in the Southeast to record more investment and financing activity than any other region in 2018. In Berkadia’s inaugural poll of nearly 150 staffers across 60 offices, the company reveals that more than one-third (36 percent) of its respondents predict the Southeast would see the most deals take place this year. “Population influx, continued job growth and significant development stabilization will make the Southeast a destination for commercial real estate growth and investor appetite in the coming months,” says Ernie Katai, executive vice president and head of production at Ambler-based Berkadia. For example, the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population, according to the Atlanta Regional Commission. This type of population growth is attractive for employers looking for a new base of operations. This week French car manufacturer Groupe PSA announced that it chose Atlanta for its North American headquarters, and media outlets are reporting that Facebook is interested in building a massive data center complex in the metro area. Atlanta recently made the short list for Amazon’s second …

January 25, 2018

Loans Multifamily Seniors Housing Texas

CBRE Arranges $120.2M in Financing for 1,104-Unit Seniors Housing Portfolio in Dallas

by Taylor Williams January 23, 2018

DALLAS — CBRE has arranged $120.2 million in acquisition financing for a portfolio of six seniors housing properties totaling 1,104 units in the Dallas area. About 37 percent of the portfolio comprises skilled nursing units, 28 percent independent units, 24 percent assisted living units and 11 percent memory care units. The properties range in size from 153 to 267 units and are approximately 35 years old. Aron Will of CBRE secured the financing, which included $39.2 million through Freddie Mac and $81 million through a pair of undisclosed national banks. Lisa Widmier and Imran Ahmed of CBRE represented the buyer, a joint venture between Iowa-based seniors housing operator Life Care Services and Aspect Investment Partners, an investment advisory firm based in Dubai.

January 23, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Group Closes $23M HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works January 23, 2018

PENNSYLVANIA — Capital Funding Group, a Baltimore-based lender, has provided a $23 million HUD loan for a 324-bed skilled nursing facility in Pennsylvania. The name and location of the facility were not disclosed. Capital Funding is the sole lender, and also provided the initial bridge acquisition loan in 2014. The new loan converts the existing debt into HUD financing.

January 23, 2018

California Multifamily Seniors Housing Western

Construction Begins on 510-Unit CCRC in San Diego

by Nellie Day January 22, 2018

SAN DIEGO — Construction has begun on The Glen at Scripps Ranch, a 510-unit continuing care retirement community (CCRC) in San Diego. KTGY Architects designed the property, located in the Scripps Ranch neighborhood of the city. The community will feature 62 freestanding independent living villas, 48 garden terrace-style independent living apartments, 290 standard independent living apartments, 58 assisted living units (including memory care) and 52 skilled nursing beds. Continuing Life, based in nearby Carlsbad, will provide business and advisory services for the 53-acre property. The community has been in the planning and approvals phase since 2010, and is slated for completion in late 2019.

January 22, 2018

Colorado Multifamily Seniors Housing Western

Greystone Brokers $31.3M Sale of 188-Unit Affordable Community in Denver

by Nellie Day January 22, 2018

DENVER — Greystone’s Real Estate Advisors group has arranged the sale of Juanita Nolasco Apartments, a 188-unit affordable seniors housing community in Denver. Jonathan Rose Cos. acquired the property from a limited liability company for $31.3 million. Greystone’s Aaron Hargrove and Eric Taylor represented the seller. The 13-story Juanita Nolasco Apartments was built in 1972 and rehabilitated in 2008 via 4 percent Low Income Housing Tax Credits.

January 22, 2018

Midwest Seniors Housing Wisconsin

Caddis to Develop 104-Unit Senior Living Community in Brookfield, Wisconsin

by Kristin Harlow January 22, 2018

BROOKFIELD, WIS. — Caddis is developing its second Heartis senior living community in Wisconsin in the Milwaukee suburb of Brookfield. Heartis Village Brookfield will feature 104 assisted living and memory care apartments. The 98,660-square-foot community, slated for completion in July 2019, will be located at 16100 W. Greenfield Ave. Amenities will include a media room, fitness center, salon and dining room. Special services will include nurse-supervised staff, a 24-hour emergency call system and housekeeping and laundry services. Pathway to Living will manage the property. Stevens Construction Corp. is the general contractor for the project, while Katus is providing architectural services.

January 22, 2018

Loans Multifamily Seniors Housing Texas

Ziegler Secures $94.7M Bond Refinancing for 310-Unit CCRC in Austin

by Taylor Williams January 19, 2018

AUSTIN, TEXAS — Chicago-based investment bank Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 310-unit continuing care retirement community (CCRC) in Austin. The alumni association of the University of Texas sponsors the nonprofit community, which is situated on 55 acres and features 214 entrance-fee independent living units, 20 assisted living suites, 16 memory support suites and 60 skilled nursing beds. Proceeds from the bonds will advance refund $85.1 million of Longhorn Village’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt service reserve fund.

January 19, 2018

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