Seniors Housing

Ocean Land Investments to Build 401-Unit Seniors Housing Community in South Florida

by Camren Skelton October 12, 2017

FORT LAUDERDALE, FLA. — The Fort Lauderdale City Commission has approved Ocean Land Investments’ proposed Riverwalk Residences of Las Olas project in Fort Lauderdale. The seniors housing community will offer 401 units of independent living, assisted living and memory care. Borges Architects + Associates designed the 42-story tower that will be Fort Lauderdale’s tallest building once completed. Amenities will include restaurants, a rooftop bar, full-service spa, fitness center, virtual sport rooms, theater, outdoor pool, hotel rooms, on-site doctor’s offices and valet parking. The project will also feature a ground-level gourmet market that will be open to the public. The property is located near downtown Fort Lauderdale’s Riverwalk, museums, the Broward Center for the Performing Arts, shopping and dining. Ocean Land Investments specializes in the development of prime waterfront properties.

October 12, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

Valencia Realty Capital Arranges $13M Acquisition Financing for Assisted Living Community in New Hampshire

by Amy Works October 6, 2017

RYE, N.H. — Valencia Realty Capital has arranged $13 million in financing for the $11 million acquisition of an assisted living community located at 295 Lafayette Road in Rye. The borrower and buyer is Murfreesboro, Tenn.-based National Health Investors Inc. The financing has a total capitalization of $13 million composed of a $10 million senior debt facility coupled with $3 million of equity. Built in 2013, the 40-unit assisted living community is devoted to individuals with memory disorders, including Alzheimer’s disease and dementia. Ed LaFrance of Valencia Realty arranged the transaction, which was executed under a 363 auction sale that presented tight timing constraints.

October 6, 2017

California Loans Multifamily Seniors Housing Western

CBRE Negotiates Acquisition Financing for 110-Unit Seniors Housing Community in Antioch

by Nellie Day October 5, 2017

ANTIOCH, CALIF. — CBRE has arranged acquisition financing for Cypress Meadows, a 110-unit assisted living and memory care community in Antioch, located approximately 40 miles northeast of San Francisco. The buyer is a joint venture between Agemark Senior Living and Trellis Real Estate Group. The seller was not a local mom-and-pop owner. Agemark will operate the property following the acquisition. Cypress Meadows was built in 1999. The new owners plan to spend $2.6 million in capital upgrades. Aron Will of CBRE National Senior Housing secured a five-year, floating-rate loan with 36 months of interest-only payments from a national bank.

October 5, 2017

Loans Midwest Seniors Housing Wisconsin

Pillar Arranges $13.6M HUD Refinancing Loan for Skilled Nursing Facility in Menasha, Wisconsin

by Kristin Harlow October 5, 2017

MENASHA, WIS. — Pillar has arranged a $13.6 million HUD 232/223(f) loan for the refinancing of Oakridge Gardens Nursing Center in Menasha, five miles south of Appleton. The 143-bed skilled nursing facility is located at 1700 Midway Road. Don Husi of Pillar arranged the 30-year loan, which includes a 30-year amortization schedule. Husi also arranged a $7.2 million loan for Oakwood Terrace, an assisted living facility in Pennsylvania.

October 5, 2017

Midwest Seniors Housing Wisconsin

Evergreen Acquires 72-Unit Seniors Housing Community in Racine, Wisconsin

by Kristin Harlow October 5, 2017

RACINE, WIS. — Evergreen Real Estate Group has acquired Durand Plaza in Racine, 25 miles south of Milwaukee. The purchase price was not disclosed. The 72-unit affordable seniors housing community is located at 3003 Durand Ave. Residents can qualify for occupancy by being either elderly or disabled. Originally constructed in 1970, the four-building property will undergo a $2 million renovation within the next six to nine months. Evergreen will make kitchen and bath upgrades to most units.

October 5, 2017

Conference Coverage Features Seniors Housing Southeast Top Stories

Labor Issues, Growing Competition Are Top Seniors Housing Concerns, Say InterFace Panelists

by Kristin Harlow October 5, 2017

ATLANTA — Pressures for seniors housing owners come from many sources, but the top two are labor issues and increasing numbers of communities in a market, according to panelists at InterFace Seniors Housing Southeast. The comments were made during the “State of the Industry” panel at the event, which was held in late summer at the Westin Buckhead in Atlanta and drew more than 400 industry professionals. Katie Davis, chief strategy officer for Sherpa, moderated the panel, which included Doug Schiffer, president and COO of Allegro Senior Living; Scott Stewart, managing partner of Capitol Seniors Housing; Joe Weisenburger, vice president of seniors housing for Welltower; Andy Isakson, managing partner at Isakson Living; and Alan Plush, president and senior partner at HealthTrust. Schiffer cited a recent time when a competing property opened near an Allegro community and immediately offered pay raises to any employee who would switch communities. “People want to mine our fort and take our staff,” said Schiffer. “Everyone was offered a $2 per hour raise, which is a 20 percent increase for some. No matter how much you like us, that’s hard to turn down.” Allegro kept most of its employees by matching the offers, but this significantly …

October 5, 2017

Multifamily New York Northeast Seniors Housing

AVR Realty Co. Develops $27M Assisted Living Facility in Yaphank, New York

by Amy Works October 4, 2017

YAPHANK, N.Y. — An affiliate of AVR Realty Co. is developing a $27 million assisted living facility at The Reserve at the Boulevard, the company’s mixed-use development in Yaphank, in the south part of the Town of Brookhaven on Long Island. Totaling 99,492 square feet, the two-building property will feature 118 beds, including a 77-bed building for special needs and memory care and a 41-bed supportive care building. Upon completion, the facility will employ 40 full-time workers and 20 part-time workers. Yaphank AVR Boulevard Chelsea, jointly owned by AVR and Chelsea Senior Living of Fanwood, N.J., is purchasing the site from Rose-Breslin Associates. Chelsea owns and operates 13 senior housing communities in New Jersey and three communities in New York. The Town of Brookhaven Industrial Development Agency has approved a package of economic incentives for the developer.

October 4, 2017

Illinois Midwest Seniors Housing

Pathway to Living Opens 107-Unit Assisted Living Community in Westmont, Illinois

by Kristin Harlow October 4, 2017

WESTMONT, ILL. — Pathway to Living has opened Aspired Living of Westmont in suburban Chicago. The 107-unit assisted living and memory care community is located on a three-acre site at 407 W. 63rd St. Aspired Living of Westmont is the first seniors housing community in the United States to provide residents with Spark of Life, a dementia care and support program. The property features 73 independent and assisted living apartments, including studio, one- and two-bedroom units ranging in size from 400 to 1,180 square feet, as well as 34 memory care studios. The community’s common areas include a restaurant and bistro, resident lounge with demonstration kitchen, cocktail lounge, library, technology center, movie theater, art studio, salon and spa. Residents also have access to fitness options including a yoga studio, gym with personal trainers and outdoor walking paths. In addition, an on-site therapy gym offers physical, occupational and speech therapy.

October 4, 2017

California Multifamily Seniors Housing Western

Killefer Flammang Architects Completes $12M Conversion of Historic Church to Affordable Seniors Housing

by Nellie Day October 3, 2017

LONG BEACH, CALIF. — Killefer Flammang Architects (KFA) has completed Immanuel Place, an affordable seniors housing community in the Bluff Heights Historic District of Long Beach. The $12 million project converted the 90-year-old Immanuel Church into a 31,000-square-foot, 25-unit community. Thomas Safran & Associates developed the property. The adaptive reuse project preserved the church’s stained-glass windows, pipe organ and three-story sanctuary. The development also moved an adjacent home to another area of Long Beach, making room for a parking lot. Immanuel Place was financed through a combination of Low Income Housing Tax Credit equity from Union Bank, an Infill Grant from the California State Department of Housing and Community Development, a loan from the U.S. Department of Housing and Urban Development (HUD), HOME Investment Partnership Program funds from the City of Long Beach/The Long Beach Community Investment Co., a loan from the Community Development Commission of the County of Los Angeles and funds from the Federal Home Loan Bank. KFA is an architecture and design firm specializing in urban infill and adaptive reuse projects. The company is based in Santa Monica, Calif.

October 3, 2017

Connecticut Loans Multifamily Northeast Seniors Housing

KeyBank Provides $12.9M in FHA Financing for Seniors Housing Property in Connecticut

by Amy Works September 29, 2017

NEW HAVEN, CONN. — KeyBank Real Estate Capital has provided $12.9 million in FHA financing to the Jewish Federation of Greater New Haven for Tower One & Tower East, a seniors housing property in New Haven. Built in 1969 and 1981, the apartment complex features 328 age- and incomed-restricted units. Ed Foulon of Key’s Commercial Mortgage Group arranged the financing, which features a 35-year amortization schedule, through the FHA 223(f) mortgage insurance program. Loan proceeds were used to refinance existing debt. The Jewish Federation of Greater New Haven is a non-profit, faith-based, service-oriented organization that provides continuing care and affordable housing to seniors.

September 29, 2017

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