Seniors Housing

Cushman & Wakefield Arranges $20.6M Construction Loan for Assisted Living Community in Sonoma County

by Nellie Day January 31, 2018

ROHNERT PARK, CALIF. — Cushman & Wakefield’s Senior Housing Capital Markets Group has arranged $20.6 million in construction financing for Clearwater at Sonoma Hills, a 90-unit assisted living and memory care community in the Sonoma County metro of Rohnert Park. The borrower is Clearwater Living, which is developing and operating the community. It sits adjacent to Oak View of Sonoma Hills, an active adult community developed by Clearwater CEO Tony Ferrero in the early 2000s. PNC Bank provided the loan. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian.

January 31, 2018

Loans Midwest Ohio Seniors Housing

KeyBank Provides $161.5M Refinancing for Seniors Housing Portfolio Across Four States

by Kristin Harlow January 31, 2018

CLEVELAND — KeyBank Real Estate Capital has provided $161.5 million for the refinancing of a 13-property seniors housing portfolio with approximately 1,500 units in Missouri, Nebraska, New York and New Hampshire. KeyBank provided $113.25 million of debt through the Fannie Mae DUS program and $48.25 million through its balance sheet. Six of the properties were in the process of lease-up and were therefore financed through Fannie Mae’s near-stabilization program. Dirk Falardeau and David Pyc of KeyBank originated the loan on behalf of the borrower, Calamar Enterprises Inc.

January 31, 2018

Arizona Multifamily Seniors Housing Western

Western States Lodging Breaks Ground on 216-Unit Assisted Living Community Near Phoenix

by Nellie Day January 29, 2018

SCOTTSDALE, ARIZ. —Western States Lodging has broken ground on Legacy Village of Salt River, a 216-unit assisted living and memory care community in the Phoenix suburb of Scottsdale. The property will be the company’s third in the Phoenix metro, as it continues its expansion into seniors housing. The property is located within Pima Center, a 232-acre, mixed-use business park developed by MainSpring Capital Group containing more than 1.5 million square feet of office, flex and light industrial facilities. The Block, a full-service retail center, is currently under construction within the park. Salt Lake City-based Beecher Walker Architects designed the community, which hardison/downey construction is building. The community is scheduled to open in early 2019. Development partners include The Boyer Group and the Colmena Group. Zions Bank provided development financing. Western States Lodging’s portfolio includes hotels, senior apartments and seniors housing communities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona.

January 29, 2018

Loans Multifamily Seniors Housing Washington Western

NorthMarq Arranges Freddie Mac Financing for 130-Unit Seniors Housing Community Near Seattle

by Nellie Day January 29, 2018

LYNNWOOD, WASH. — NorthMarq Capital has arranged a Freddie Mac loan to refinance Quail Park of Lynnwood, a 130-unit seniors housing community in the Seattle Suburb of Lynnwood. The size of the loan was not disclosed. Quail Park is a three-story building located on 15 acres featuring independent living, assisted living and memory care. The property opened in 2014. Stuart Oswald of NorthMarq Capital’s Seattle regional office arranged the financing. The loan includes a seven-year term on a 30-year amortization schedule with two years of interest-only payments. The refinance allows for funds to be used for the the second and third phases of the community’s development, and repaid an existing Freddie Mac loan that NorthMarq originated for the previous owner. Although the borrower was not disclosed, CA Senior Living acquired the community in May 2017 in a joint venture with Living Care Lifestyles (the operator) and Goldman Sachs. Phase II of development includes plans for a 109-unit expansion.

January 29, 2018

Affordable Housing Georgia Multifamily Seniors Housing Southeast

Vitus Acquires Affordable Housing, Seniors Community in Atlanta’s Pittsburgh Neighborhood for $26.3M

by Camren Skelton January 29, 2018

ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing. Constructed in 2007, Heritage Station features a business center, laundry facility, library, fitness center, swimming pool, picnic area, theater, playground and an afterschool program. Individual units feature central air conditioning, ceiling fans and private patios or balconies. In addition, the property is compliant with regulations set by the Americans with Disabilities Act, and units reserved for seniors are equipped with emergency pull cords and accessible bathrooms. The purchase marks Vitus’ third acquisition in the Atlanta market in the past 18 months. The company plans to purchase two additional low-income properties in Georgia before the end of the year.

January 29, 2018

Loans Multifamily New York Northeast Seniors Housing

Monticello Funds $8M in Financing for 140-Bed Skilled Nursing Facility in New York City

by Amy Works January 25, 2018

NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.

January 25, 2018

Multifamily Seniors Housing Texas

HFF Brokers Sale of 140-Bed Skilled Nursing Facility in Metro Austin

by Taylor Williams January 25, 2018

BEE CAVE, TEXAS — HFF has brokered the sale of Park Manor at Bee Cave, a 140-bed acute-care skilled nursing facility in the western Austin suburb of Bee Cave. Built in 2014, the property’s location near the 106-bed Baylor Scott & White Medical Center makes it the only skilled nursing facility within a four-mile radius. David Fasano, Ryan Maconachy and Chad Lavender of HFF represented the seller, Dallas-based Meridian Realty Advisors, in the transaction.

January 25, 2018

Loans Michigan Midwest Seniors Housing

Berkeley Point Capital Provides $8.9M Refinancing for Seniors Housing Community in Bay City, Michigan

by Kristin Harlow January 25, 2018

BAY CITY, MICH. — Berkeley Point Capital has provided an $8.9 million HUD loan for the refinancing of Sheffield Bay Assisted Living & Memory Care in Bay City in Mid-Michigan. Built in 1999, the 66-unit seniors housing community features a mix of 37 assisted living units and 29 memory care units. Services include gourmet meals, housekeeping, laundry, medication management and transportation. Mickey Rist of Berkeley Point originated the FHA 232/223(f) loan, which is fully amortized over 35 years. The borrower was not disclosed.

January 25, 2018

Arizona Loans Multifamily Seniors Housing Western

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

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