IRVINE and SAN CLEMENTE, Calif. — Two major healthcare REITs — Irvine-based HCP Inc. (NYSE: HCP) and San Clemente-based CareTrust REIT Inc. (NASDAQ:CTRE) — have separately announced that none of their properties in Texas received any significant damage due to Hurricane Harvey. However, HCP did note that three of its seniors housing communities were evacuated. CareTrust evacuated one property as well. Harvey swept through the country this week, causing major flooding, particularly in the Houston metro. HCP’s preliminary assessment indicates “either no or limited damage due to Hurricane Harvey.” The company did evacuate three seniors housing communities due to some water intrusion. Remediation work has already begun, with re-opening expected in a few days. HCP also noted that all damage to its properties will be covered by insurance. “Our thoughts go out to the many people impacted by this devastating storm,” commented Tom Herzog, HCP’s president and CEO. “Brookdale and our other operating partners, along with our on-site teams, were well-prepared and continue to work diligently to ensure the safety of our residents and tenants.” CareTrust reported that its seven properties in the area experienced no damage, but did evacuate The Courtyard Rehabilitation and Healthcare Center in Victoria, Texas, due …
Seniors Housing
HOLLIDAYSBURG, PA. — Presbyterian Senior Living recently held a dedication for Inglenook at Presbyterian Village, a 41-unit expansion at Presbyterian Village at Hollidaysburg, approximately 90 miles east of Pittsburgh. The new building will add to the property’s existing 31 independent living, 43 assisted living and 67 skilled nursing units. Albarano Construction began work on the property in January 2016.
LOS ANGELES — C.W. Driver Cos. has completed construction of Fountainview at Gonda West, a luxury continuing care retirement community in Los Angeles’ Playa Vista neighborhood. The 460,000-square-foot property features 199 units that incorporate independent living and assisted living with healthcare services. Development costs were estimated at $120 million. Gensler designed the project for Jewish Home for the Aging, while The Los Angeles Jewish home will be the sponsor. The property is already fully pre-leased and includes a 257-space underground parking garage. C.W. Driver is a builder serving California since 1919. The company has already built several seniors housing campuses in the Los Angeles area for Jewish Home for the Aging.
DALLAS — Revere Capital has provided $9 million in short-term financing for a 169-bed skilled nursing facility located in the Rowlett suburb of Dallas. The property, which was damaged in a 2015 tornado, was recently remodeled and rebuilt. Revere Capital provided a 24-month financing package, which will be replaced by HUD funds upon stabilization of the property.
WEST YARMOUTH, MASS. — Maplewood Senior Living recently hosted the grand opening for Mill Hill Residence, a Maplewood At Mayflower Place Community. The property offers 75 units of assisted living and memory care in the Cape Cod town of West Yarmouth. The two-story community is located on the former site of the Mill Hill Club. Mill Hill Residence is part of the Maplewood at Mayflower campus, a full-service continuing care retirement community. The architect on the project was Stein Troost Architecture. Maplewood partnered with Perkins Eastman on the interior design, and NEI General Contracting served as the construction partner.
TELFORD, PA. — HJ Sims has completed a $32.1 million refinancing of Lutheran Community at Telford (LCT), a continuing care retirement community in Telford, approximately 35 miles north of Philadelphia. The financing enables LCT to reduce interest rates and debt service, extend the duration of the bank credit commitment on its financing, and raise capital to provide $2 million of initial funding for a planned expansion project. Of $35.4 million of total debt, LCT had approximately $19.3 million of outstanding fixed-rate and variable-rate bonds from 2007. With interest rates near historic lows, Sims analyzed refunding this debt along with the potential benefits of refinancing or modifying LCT’s other outstanding bank debt. LCT opted to pursue bank financing for the transaction.
POMONA, CALIF. — Integrity Housing has opened Olivera Senior Apartments, an 84-unit affordable seniors housing community in the Los Angeles suburb of Pomona. The property is already fully leased. Residents must be seniors making between 30 percent and 60 percent of the area median income. Five units are reserved for veterans using Veterans Affairs Supportive Housing (VASH) vouchers. Integrity financed Olivera using 9 percent Low Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. US Bank provided the construction loan, California Community Reinvestment Corporation provided the permanent loan and City Real Estate Advisors is the tax credit equity partner. Integrity Housing developed the property in partnership with Mayans Housing Corp. KTGY Architecture + Planning and MJS Landscape Architecture designed the property. FPI Property Management operates the property, and has partnered with EngAGE to provide arts and wellness programming for residents.
SUGAR LAND, TEXAS — Greystar has completed Overture Sugar Land, a 55-and-older multifamily rental community located in the Houston metro of Sugar Land. The property offers a mix of one- and two-bedroom units ranging in size from 676 to 1,215 square feet. Amenities of the four-story facility include a coffee bar and bistro, fitness center with yoga studio, a gaming room and a resort-style pool.
VANCOUVER, WASH. — Capital One has provided a $41.1 million first mortgage loan and a $5 million senior credit facility for Prestige Care, a Vancouver-based owner-operator. The company used the mortgage loan to acquire four senior housing and skilled nursing facilities in Washington and Idaho, as well as to refinance three facilities it owns in Oregon and Washington. Together, the facilities total 751 units. Prestige will use the revolver to support general corporate purposes and working capital needs. Prestige is acquiring: Colonial Vista in Wenatchee, Wash. Hearthstone Cottage of Ellensburg in Ellensburg, Wash. Hearthstone Cottage of East Wenatchee in East Wenatchee, Wash. Karcher Estates in Nampa, Idaho The company is refinancing: Coast Fork Nursing in Cottage Grove, Ore. Oregon City in Oregon City, Ore. Prestige Assisted Living at Hazel Dell in Vancouver, Wash. Founded in 1985, Prestige Care operates a portfolio of more than 80 senior care communities in eight Western states. It specializes in revamping facilities in rural, medium-sized markets.
CBRE Arranges $20.2M Construction Financing for 144-Unit Seniors Housing Community in Glendale
by Nellie Day
GLENDALE, ARIZ. — CBRE has arranged $20.2 million in construction financing for MorningStar of Glendale, a 144-unit independent living, assisted living and memory care community in Glendale, approximately nine miles north of Phoenix. The borrower is a joint venture between MorningStar Senior Living, N-Shea Group and an institutional equity partner. This will be MorningStar’s fourth community in the Phoenix metro area. MorningStar will operate the community once it’s completed. CBRE secured the four-year, floating-rate loan with 42 months of interest-only payments through a regional bank. Aron Will arranged the financing.