Seniors Housing

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

Colorado Multifamily New Mexico Seniors Housing Western

Confluent Sells Two MorningStar-Operated Seniors Housing Communities in Southwest

by Nellie Day July 12, 2017

WHEAT RIDGE, COLO., AND ALBUQUERQUE, N.M. — Confluent Senior Living, a subsidiary of Denver-based Confluent Development, has sold two of its seniors housing communities, MorningStar of Wheat Ridge and MorningStar of Albuquerque. Denver-based MorningStar Senior Living co-developed and will continue to operate both communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the buyer, Harbert Seniors Housing Fund I LP. The price was not disclosed. Located in the Denver suburb of Wheat Ridge, MorningStar of Wheat Ridge was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care units. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied. Located in northwest Albuquerque, MorningStar of Albuquerque opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care units. The project is currently 95.6 percent occupied. The communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. Ryan Maconachy and Chad Lavender led the HFF investment sales team. Sarah Anderson led HFF’s debt placement team.

July 12, 2017

Idaho Multifamily Seniors Housing Western

Lancaster Pollard Fund Acquires 38-Unit Memory Care Community in Idaho for $9.3M

by Nellie Day July 12, 2017

COEUR D’ALENE, Idaho — Lancaster Pollard’s Propero Seniors Housing Equity Fund II has acquired Creekside Inn, a 38-unit, 65-bed memory care facility in Coeur d’Alene, approximately 30 miles east of Spokane, Wash., for $9.3 million. Koelsch Communities built the property in 2008, and will continue to operate it under a sale-leaseback transaction. Koelsch currently operates 23 communities with 1,974 beds in Arizona, California, Colorado, Idaho, Illinois, Montana, Texas and Washington. The sale-leaseback allows Koelsch to recapture some of its investment costs and retire the existing debt on the facility that was due to mature in the near term. The deal includes a purchase option schedule, beginning in the second year of the lease, at predetermined prices at specific time periods.

July 12, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $29M Loan for Skilled Nursing Facility in Queens

by Amy Works July 11, 2017

NEW YORK CITY — Greystone has provided a $29 million HUD-insured permanent loan for Sapphire Center for Rehab & Nursing of Central Queens. Located in the Flushing neighborhood of Queens, the skilled nursing facility offers 227 beds. Sapphire Care Group, the borrower, originally acquired the property in 2015 and rebranded and improved the facility. Fred Levine of Greystone’s Monsey, N.Y., office originated the loan.

July 11, 2017

Multifamily Nevada Seniors Housing Western

Chicago Pacific Founders Acquires 160-Unit Seniors Housing Community in Las Vegas

by Nellie Day July 11, 2017

LAS VEGAS — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Acacia Springs, a 160-unit seniors housing community in Las Vegas. This is CPF Living’s third property in the state of Nevada. Grace Management will take over operations of the community. The property is near the Red Rock Casino and 13 miles from the Las Vegas strip. The sale price was not disclosed, but Aron Will of CBRE National Senior Housing arranged $13.5 million in Fannie Mae acquisition financing for the deal. The seven-year, non-recourse loan features 3.5 years of interest-only payments.

July 11, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $9.3M Bridge Loan for Assisted Living Renovations in Long Beach

by Nellie Day July 11, 2017

LONG BEACH, CALIF. — iBorrow, a private commercial real estate lender, has provided a $9.3 million bridge loan for an assisted living community’s renovations in the Los Angeles suburb of Long Beach. The 64,090-square-foot property was originally built in 1929. When renovations are completed, it will feature 56 units of assisted living, as well as a rooftop garden, ocean views and some retail. It is located a half mile from the 415-bed St. Mary’s Medical Center. The borrower and name of facility were not disclosed. Will McCabe of iBorrow originated the loan.

July 11, 2017

California Multifamily Seniors Housing Western

Griffin-American Healthcare REIT IV to Acquire Eight-Facility Seniors Housing Portfolio in Northern California

by Nellie Day July 10, 2017

SAN FRANCISCO — American Healthcare Investors and Griffin Capital Co. LLC, the co-sponsors of Griffin-American Healthcare REIT IV Inc., have announced the fund will acquire a 327-unit, eight-property portfolio of seniors housing communities in Northern California. The portfolio will be purchased in tranches, with the first group including properties in Belmont, Fairfield, Menlo Park and Sacramento. The second round will include properties in Napa and Sonoma. The first tranche has already closed, while the second is expected to be completed before the end of the year. The first acquisition totals 134,000 square feet of assisted living, memory care and skilled nursing. The communities are 100 percent occupied and operated by Colonial Oaks under a 15-year net lease. Several entities associated with Nazareth Healthcare sold the first tranche of properties. Grant Goodman and Chad Elliott of Lancaster Pollard & Co. LLC represented the sellers. Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and KeyBank National Association.

July 10, 2017

Multifamily Seniors Housing Utah Western

Summit Vista Breaks Ground on 105-Acre CCRC in Utah

by Nellie Day July 10, 2017

TAYLORSVILLE, UTAH — Construction has commenced for Summit Vista, a 105-acre continuing care retirement community in the Salt Lake Valley city of Taylorsville. Planning for the community began in 2015. Once completed, the property will feature a 62,000-square-foot clubhouse. Intermountain Healthcare will provide medical services at the community. Financial backers of the development include Gardner Co., iStar Inc., Solamere Capital and Zions Bank.

July 10, 2017

Midwest Missouri Multifamily Seniors Housing

IMPACT Strategies Completes $17.5M Seniors Housing Community in St. Charles, Missouri

by Kristin Harlow July 6, 2017

ST. CHARLES, MO. — IMPACT Strategies has completed Cedarhust of St. Charles, a $17.5 million seniors housing community in St. Charles. The 100-unit assisted living and memory care community is part of University Commons, a mixed-use development directly across from Lindenwood University. IMPACT served as construction manager for the 99,999-square-foot project. Dover Development was the developer. Cedarhurst’s proximity to Lindenwood University makes it the first seniors housing community in the St. Louis region to strategically locate on or near a university campus, according to IMPACT.

July 6, 2017

Midwest Multifamily Seniors Housing Wisconsin

MBH Brokers Sale of 114-Unit Seniors Housing Portfolio in Wisconsin

by Kristin Harlow July 6, 2017

JANESVILLE AND SHEBOYGAN, WIS. — MBH Investment Real Estate LLC has brokered the sale of Janesville Regency House and Sheboygan Regency House in Wisconsin. The sales price was not disclosed. Janesville Regency House is a 55-unit seniors housing property in Janesville, about 40 miles south of Madison. Constructed in 1990 and located at 100 N. Franklin St., the three-story apartment building sits on a 1.2-acre site. One- and two-bedroom units range in size from 675 square feet to 880 square feet. Sheboygan Regency House is a 59-unit seniors housing property in Sheboygan, located in eastern Wisconsin. Built in 1989 and located at 919 Wisconsin Ave., the four-story apartment building also features one- and two-bedroom units. Both properties were 100 percent occupied at the time of sale. Matson Holbrook of MBH brokered the transaction on behalf of the seller, Doneff Asset Co. LLC.

July 6, 2017

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