Seniors Housing

Blue Moon Capital Partners Buys 117-Unit Seniors Housing Community in Boulder

by Nellie Day July 6, 2017

BOULDER, COLO. — Blue Moon Capital Partners, a Boston-based private equity investor, has acquired The Carillon at Boulder Creek, a 117-unit seniors housing community near the University of Colorado in Boulder. The price was not disclosed. Blue Moon replaces affiliates of Legacy Capital Partners, an Ohio-based private equity investor, in an existing joint venture. The remaining partners are MGL Partners, a Denver-based real estate developer/investor, and Leisure Care, a seniors housing operator. This marks the second Colorado investment for the Blue Moon, MGL and Leisure Care relationship. Northwestern Mutual provided the debt. MGL led the acquisition and redevelopment of The Carillon in 2006 when it was a nine-story assisted living and nursing care building. MGL completely gutted and renovated the existing structure and added two four-story wings on either side of the original building.

July 6, 2017

Loans Multifamily Nevada Seniors Housing Western

CBRE Arranges Financing for 116-Unit Independent Living Community in Las Vegas

by Nellie Day July 6, 2017

LAS VEGAS — CBRE has arranged financing for The Echelon, a 116-unit independent living community in Las Vegas. The borrower is Chicago Pacific Founders, which acquired the property in 2014. Since that acquisition, the new owners have increased occupancy from around 75 percent to 98 percent. Grace Management, a wholly owned subsidiary of Chicago Pacific Founders, operates the community. CBRE secured a non-recourse, five-year, fixed-rate loan that includes 24 months of interest-only payments. A CMBS lender provided the capital. The amount and use of the financing were not disclosed.

July 6, 2017

Kentucky Multifamily Seniors Housing Southeast

Kindred to Sell Entire Skilled Nursing Business to BM Eagle for $910M

by Camren Skelton July 5, 2017

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) has announced plans to sell the entire skilled nursing portion of its business to BM Eagle Holdings for a total value of $910 million. Kindred is a Louisville-based owner-operator of transitional hospitals, skilled nursing centers, home care, hospice, assisted living and other medical services. The company has been working toward an exit of its skilled nursing business since it posted a $671.3 million loss during third-quarter 2016. The price includes the $700 million that will immediately go to Ventas as part of a previously announced deal. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, will turn over its ownership of 36 Kindred-operated facilities to BM Eagle Holdings, leaving Kindred with a total value of $210 million. BM Eagle Holdings is a joint venture led by affiliates of BlueMountain Capital Management. The Kindred portfolio spans 18 states and includes 89 nursing centers with 11,308 licensed beds and seven assisted living facilities with 380 licensed beds. The buyer did not disclose plans for the future operations of the portfolio. The deal will reduce Kindred’s annual rent expense by approximately $88 million, annual capital expenditures by approximately $30 million, and interest …

July 5, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Walker & Dunlop Funds $23.5M Loan for Seniors Housing Community in Spotswood, New Jersey

by Amy Works July 5, 2017

SPOTSWOOD, N.J. — Walker & Dunlop has structured a $23.5 million Fannie Mae loan for Clearwater Village, a manufactured seniors housing community in Spotswood. Will Baker led the Walker & Dunlop team that originated the 10-year, interest-only acquisition loan for the undisclosed borrower. At closing, the property was 99 percent occupied. Built in 1976, Clearwater Village features 367 pads, a pool, clubhouse, picnic area with gazebos and bocce courts, parking and security cameras. The community caters to residents age 55 or older.

July 5, 2017

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $7.3M in Financing for Seniors Housing Apartments in Upstate New York

by Amy Works July 5, 2017

GLOVERSVILLE, N.Y. — KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing. The firm will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing for the development of Estee Senior Apartments. Located in Gloversville, the community will feature 37 energy-efficient affordable housing units for seniors age 55 or older. CRM Rental Management will manage the complex.

July 5, 2017

Loans Multifamily Office Seniors Housing Utah Western

Bridge Investment Group Completes $1.6B Capital Raise for Investment Fund

by Nellie Day June 29, 2017

SALT LAKE CITY — Bridge Investment Group, an investment fund manager headquartered in Salt Lake City, has completed a $1.6 billion in equity commitments, which will be managed by the company’s subsidiary, Bridge Debt Strategies Fund Manager LLC. Bridge Debt Strategies invests in select Freddie Mac securitization vehicles. The strategy focuses on underserved parts of commercial real estate and lends against assets in multifamily housing, commercial office, and seniors housing and medical properties.

June 29, 2017

California Loans Multifamily Seniors Housing Western

Housing & Healthcare Finance Arranges $6M HUD Refinancing for Skilled Nursing Facility Near LA

by Nellie Day June 29, 2017

LOS ANGELES — Housing & Healthcare Finance has arranged a $6 million HUD refinancing for a 99-bed skilled nursing facility in the greater Los Angeles area. The name of the facility was not disclosed. In addition, the same company recently arranged a $32 million refinancing for two facilities in the New Orleans area. The Archdiocese of New Orleans owns both properties, which total 437 beds. The refinancing takes out the construction loan for a 30-unit rehabilitation center at the properties.

June 29, 2017

Loans Multifamily New York Northeast Seniors Housing

Harborview Arranges $20.7M Acquisition Loan, Line of Credit for Skilled Nursing Facility in New York

by Amy Works June 27, 2017

WESTCHESTER, N.Y. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $19.2 million bridge-to-HUD acquisition loan and $1.5 million line of credit for a skilled nursing facility in the New York City suburb of Westchester. A national lender provided the capital. The financing features a LIBOR-based rate, three-year term, interest-only payments for the full term and an 80 percent loan-to-cost ratio. Eli Kutner and Jonathan Kutner of Harborview negotiated the financing.

June 27, 2017

Arizona Multifamily Seniors Housing Western

JV Buys Former Hotel in Phoenix to Convert to Assisted Living

by Nellie Day June 26, 2017

PHOENIX — A joint venture between Bruckal Developments and Ridgeline Properties has purchased a former Country Inn & Suites in Phoenix for $8.3 million. The buyers plan to convert the property into an assisted living and memory care community. Built in 2000, the 126-room property is four stories tall. The 74,000-square-foot building sits on 3.3 acres of land and has 147 parking spaces, as well as an exterior pool and fenced patio area. The conversion will create a 119-room seniors housing community slated to open in February 2018. Tim Dulany of Colliers International arranged the sale on behalf of the seller, PV Deer Valley LLC, which is a joint venture between PacVentures LLC and RA Rauch & Associates. Bruckal Developments is a family-owned, Arizona-based company with real estate assets in the United States and Canada. Ridgeline Properties is a seniors housing development and management company based in Oregon. Bruckal will be responsible for all construction and conversion responsibilities. The general contractor for the project is Hawk General Contracting of Phoenix.

June 26, 2017

Multifamily New Jersey Northeast Seniors Housing

Capitol Seniors Housing to Break Ground for Two Seniors Housing Communities in New Jersey

by Amy Works June 23, 2017

SHREWSBURY AND MT. LAUREL, N.J. — Capitol Seniors Housing is developing two seniors housing communities in New Jersey. Construction is slated to begin this month on Chelsea Senior Living of Shrewsbury, a $29.3 million, 73,000-square-foot property located at 515 Shrewsbury Road. Slated to open in third quarter 2018, the community will feature 85 apartments, with 58 for assisted living and 27 for memory care, as well as a sunroom, bistro, tavern, outdoor patio, theater, art studio and gallery. The company is also breaking ground in July for Arbor Terrace Mt. Laurel. Located at the intersection of Creek and Centerton roads, the $28.4 million, 75,000-square-foot community will feature 88 apartments, a bistro, theater room, art studio, technology lounge, fitness/rehab center, sports theater, patio, courtyard and two-story water feature. The community is scheduled to open in the third quarter of 2018. Capitol Seniors Housing also recently completed Arbor Terrace Morris Plains, an 82-unit assisted living and memory care community in Morris Plains, N.J., and has two additional properties under development. The 83-unit Atria of Norwood in Norwood, N.J., is slated to open in March 2018 and the 82-unit Arbor Terrace of Mountainside in Mountainside, N.J., is expected to open in May 2018.

June 23, 2017

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