Seniors Housing

MorningStar, Confluent Break Ground on 104-Unit Assisted Living Community Near Portland

by Nellie Day July 20, 2017

BEAVERTON, ORE. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Beaverton, a 104-unit assisted living and memory care community in the Portland suburb of Beaverton. The community is scheduled for completion in September 2018, with an information center opening onsite early in the year. Situated on 5.25 acres, the 97,653-square-foot development will offer 66 suites for assisted living and 38 suites for memory care. This will be MorningStar’s first community in Oregon. The project represents the 12th joint venture between affiliates of MorningStar, a Denver-based senior living developer, owner and operator, and Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development. Confluent is the project owner and MorningStar will serve as the operator. Local firms involved in the project include LRS Architects and LCG Pence Construction. Thoma-Holec Design, based in Mesa, Ariz., will serve as interior designer.

July 20, 2017

California Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $6.5M Refinancing for 95-Unit Independent Living Community in Riverside

by Nellie Day July 20, 2017

RIVERSIDE, CALIF. — Lancaster Pollard has arranged a $6.5 million refinancing for Magnolia Grand, a 95-unit independent living community in Riverside, located in the Inland Empire region of California. The borrower is BPM Senior Living Co., which owns and operates a portfolio of seniors housing communities in the Western United States. The Fannie Mae loan is non-recourse and restructures a permanent loan that was nearing maturity. In addition to refinancing existing debt, the loan will provide capital for upgrades and improvements to the property. Matt Lindsay led the transaction for Lancaster Pollard.

July 20, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

Sims Closes $93M Bond Financing for Construction of Seniors Housing in New Hampshire

by Amy Works July 20, 2017

KEENE, N.H. — HJ Sims has closed $93 million in tax-exempt bonds, which will be used toward the development of Hillside Village, a continuing care retirement community (CCRC) in Keene. The borrower, The Prospect-Woodward Home, is the nonprofit operator of an assisted living facility in Keene. The company recognized that there were no CCRCs in the area that would allow seniors to stay in Keene as they age. Eighty percent of the independent living apartments were already reserved at the time of bond closing. Prospect-Woodward expects to break ground this year on the 48-acre campus. New Hampshire Health and Education Facilities Authority issued the bonds. Sims immediately sold 20 percent of the bonds — $18 million — to individual investors. Sims created three series of Entrance Fee Principal Redemption Bonds to capture initial entrance fees from new residents and to reduce debt quickly. The lender expects the program to allow Prospect-Woodward to redeem 40 percent of the bonds within three years.

July 20, 2017

Loans Multifamily Seniors Housing Southeast Tennessee

Capital One Provides $27.2M in HUD Refinancing for Skilled Nursing Facilities in Tennessee

by Camren Skelton July 20, 2017

MCLEAN, VA. — Capital One has provided three loans totaling $27.2 million for the refinancing of three skilled nursing facilities in Tennessee. Joshua Rosen of Capital One originated the 35-year, fixed-rate loans through HUD 232/223(f) on behalf of the borrower, Strawberry Fields REIT. The portfolio includes the 109-bed Lakebridge, a Waters Community in Johnson City, Tenn., which received a $10.6 million loan; The Waters of Smyrna, a 91-bed facility that received an $8.4 million loan; and The Waters of Shelbyville, a 96-bed property that received an $8.2 million loan.

July 20, 2017

Idaho Multifamily Seniors Housing Western

SLIB Brokers Sale of 48-Unit Assisted Living Community in Idaho

by Nellie Day July 19, 2017

RATHDRUM, IDAHO — Senior Living Investment Brokerage has arranged the sale of Generations Assisted Living and Wellness, a 48-unit assisted living community in Rathdrum, for an undisclosed price. Rathdrum is located in the panhandle of Northern Idaho, 12 miles northwest of Coeur d’Alene and 25 miles east of Spokane, Wash. The community was originally built in 2005 with expansions in 2007 and 2013. It now totals 28,472 square feet on just over two acres of land. The seller is a local owner/operator and this is their only facility. The buyer is an investment group located in Northern California and has leased the facility to Senior Services of America. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

July 19, 2017

Multifamily Seniors Housing Texas

KWA Begins Construction of 154-Unit Seniors Housing Community in Garland

by Taylor Williams July 19, 2017

GARLAND, TEXAS — KWA Construction has begun construction on Firewheel Senior Living Residences, a 154-unit, 171,572-square-foot seniors housing community located at 5151 N. President George Bush Highway in Garland. The property will feature a resort-style pool, grilling stations and a dog park. Construction is expected to be complete by the end of 2018. Seneca Investments is serving as the developer of the project.

July 19, 2017

Colorado Multifamily Seniors Housing Western

Blueprint Arranges $5.4M Sale of 120-Bed Skilled Nursing Facility in Aurora

by Nellie Day July 18, 2017

AURORA, COLO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sable Care and Rehabilitation Center, a 120-bed skilled nursing facility in the Denver suburb of Aurora, for $5.4 million. A publicly traded REIT based in California sold the property to a New York-based investor. The seller was looking to divest a non-core asset as a value-add opportunity. The new owner will lease to facility to a prominent regional operator with an existing footprint in Colorado. The facility is located near the University of Colorado Hospital and CU Anschutz Medical Campus. At the time the property was put on the market, the trailing 12-month operational performance yielded $6 million in total revenue with overall occupancy at 56 percent. The outgoing operator took over the building at a time of operational challenges, but was able to change course towards regulatory compliance and improved operational performance. Blueprint’s Christopher Hyldahl and Gideon Orion were lead advisors on the transaction. The sale price equates to $45,000 per licensed bed.

July 18, 2017

California Multifamily Seniors Housing Western

Cadence Senior Living Acquires Assisted Living Community in Orange

by Nellie Day July 18, 2017

ORANGE, CALIF. — Cadence Senior Living has acquired Kirkwood Orange, an assisted living and memory care community in Orange, just southeast of Los Angeles. The seller was HumanGood, the recently merged and rebranded combination of Califonia nonprofits ABHOW and be.group. The sale price was not disclosed. Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Ariz. Kirkwood Orange is the company’s first California community, joining its portfolio of two Phoenix-area properties.

July 18, 2017

Colorado Loans Multifamily Seniors Housing Western

Walker & Dunlop Arranges $28.2M Construction Loan for 137-Unit Assisted Living Community in Monument

by Nellie Day July 17, 2017

MONUMENT, COLO. — Walker & Dunlop Inc. has structured a $28.2 million construction loan for Jackson Creek Senior Living, a 137-unit assisted living facility in Monument, located between Denver and Colorado Springs. The borrower is the project’s developer, an affiliate of CSI Construction. Scheduled to open in late 2018, Jackson Creek Senior Living will include a three-story, 128,600 square-foot building with 80 assisted living, 30 memory care and 27 independent living units. The asset is located on 6.4 acres of land. Ralph Lowen arranged the HUD loan at 90 percent of total replacement cost. The financing features 18 months of interest-only payments during the construction period, followed by a 40-year, fully amortizing permanent loan.

July 17, 2017

Multifamily Seniors Housing Washington Western

Koelsch to Break Ground on $24M Memory Care Community Near Seattle

by Nellie Day July 13, 2017

KIRKLAND, WASH. — Koelsch Communities will break ground July 19 on Jefferson House, an 80-bed memory care community in the Seattle suburb of Kirkland. The three-story project will be located adjacent to Madison House, another Koelsch community, which offers independent living and assisted living. Development costs for Jefferson House are estimated at $24 million. Madrona Point Development partnering with RJ Development, both based in Olympia, are developing the new project. Koelsch Construction will serve as general contractor. Jefferson House is scheduled to open in the winter of 2018. Koelsch Communities operates 23 communities in seven states and has nine further communities in development.

July 13, 2017

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