Seniors Housing

Medical Development Partners Breaks Ground on $10M Memory Care Community in Chandler

by Nellie Day June 6, 2017

CHANDLER, ARIZ. — Medical Development Partners has broken ground on Parkland Memory Care, a 56-unit memory care community in Chandler. The $10 million, 36,400-square-foot project will be located on a 4.5-acre plot. Live Oak Bank, Aileron Capital Management and Mercantile Capital Corp. provided financing. JF Construction Co, which is building the project, estimates a spring 2018 completion date. Upon completion, Seasons Management Group, based out of Oregon, will operate the community. Lenity Architecture designed the property, with landscape architecture provided by Ryan & Associates.

June 6, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $59.8M HUD Loan for Skilled Nursing Facility in Queens

by Amy Works June 6, 2017

NEW YORK CITY — Greystone has provided a $59.8 million HUD-insured permanent loan for The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in Queens. The borrower is Kennedy Management. Fred Levine of Greystone’s Monsey, N.Y., office originated both the bridge and permanent FHA loan for the property. The HUD-insured financing for The Pavilion represents a permanent self-amortizing exit. In 2015, Greystone arranged a bridge-to-HUD loan to finance the acquisition, renovation and rebranding of the 302-bed facility, which includes an onsite 40-bed ventilator-dependent unit and a 12-chair dialysis center.

June 6, 2017

California Multifamily Seniors Housing Western

PGIM, Kisco Acquire 187-Unit Bay Area Independent Living Community

by Nellie Day June 5, 2017

WALNUT CREEK, CALIF. — A joint venture between PGIM Real Estate and Kisco Senior Living has acquired Byron Park, a 187-unit independent living and assisted living community in Walnut Creek. Although the purchase price was not disclosed, BMO Harris Bank arranged and was lead lender on $61.8 million in financing in connection with the transaction. The loans were structured as $50.1 million in term loan financing and $11.7 million in construction financing, which will fund the addition of a 40-unit assisted living and memory care building on the campus. Byron Park is PGIM Real Estate’s third joint venture partnership with Kisco Senior Living, which will continue to operate the community. Kisco has owned and operated Byron Park since 2012 as part of a joint venture with an investment partner that sold its stake as part of the transaction.

June 5, 2017

Loans Multifamily Oregon Seniors Housing Western

Capital One Closes $17.5M Financing for Seniors Housing Community in Oregon

by Nellie Day June 5, 2017

THE DALLES, ORE. — Capital One has provided a $17.5 million fixed-rate Fannie Mae loan to refinance The Springs at Mill Creek, a 92-unit seniors housing community in The Dalles, a city in northern Oregon. The sponsor, The Springs Living, is a family-owned seniors housing company with 14 communities totaling nearly 1,700 beds in Oregon and Montana. The sponsor is using the loan to pay off existing debt and buy out its joint venture partner, a private equity firm based in Chicago. Dague Retzlaff and Mark Bultman of Capital One originated the transaction. The team worked with Capital One’s Multifamily Finance team to structure the transaction.

June 5, 2017

Loans Multifamily Seniors Housing Texas

Casa Solace Receives $7M Construction Loan for Memory Care Facility in Houston

by Taylor Williams June 5, 2017

HOUSTON — Casa Solace Memory Care has received a $7 million construction loan for a new memory care facility on Space Center Boulevard in Houston. The first phase of construction will deliver a 36-bed facility and a community center totaling 25,600 square feet. Upon completion, the project will feature 90 beds for assisted living and memory care. Kevan McCormack of Metropolitan Capital Advisors Ltd. arranged the loan through an unspecified local bank.

June 5, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Sims Secures $98M Financing for Senior Housing Facility in Lancaster, Pennsylvania

by Haisten Willis June 1, 2017

LANCASTER, PA. — HJ Sims has secured $98 million in financing for Brethren Village, a continuing care retirement community in Lancaster. In 2016, Brethren hired Sims to serve as senior managing underwriter for the proposed refinancing of 2008 bonds on the facility. Sims worked with Brethren Village’s independent municipal advisor to pair the refinance with financing to develop an independent living expansion project known as Northside Court. The financing consists of fixed-rate refunding bonds structured with serial and term bonds, a 25-year maturity and level annual debt service. The 2017 refunding bonds include optional redemption provisions of 10 years to enable Brethren to repay the bonds prior to maturity. The Northside Court project financing was structured as a variable rate, tax-exempt direct placement with one bank. The term of the bank commitment is 10 years with a 25-year principal amortization.

June 1, 2017

Florida Multifamily Seniors Housing Southeast

Big Rock Partners Tops Off $82M Seniors Housing Project in Celebration, Florida

by John Nelson June 1, 2017

CELEBRATION, FLA. — Big Rock Partners has topped off Windsor at Celebration, a new 239-unit seniors housing property in Celebration, the Disney-originated master-planned community in Central Florida. The independent living, assisted living and memory care project will be situated south of Walt Disney World along Interstate 4. The project team includes architect Gensler and construction manager Balfour Beatty Construction. Windsor at Celebration, which won’t require an up-front entrance fee, will comprise 151 independent living units, 55 one- and two-bedroom assisted living units and 33 one-bedroom memory care residences. Life Care Services, an LCS Co., will manage the new community upon completion. Big Rock Partners has launched preleasing at the project, which is set to open in spring 2018.

June 1, 2017

California Multifamily Seniors Housing Western

Marcus & Millichap Negotiates $5.4M Sale of 40-Unit Seniors Housing Community in Hemet

by Nellie Day May 31, 2017

HEMET, CALIF. — Marcus & Millichap has arranged the $5.4 million sale of The Terrace at Seven Hills, a 40-unit seniors housing property in Hemet, located east of Los Angeles and north of San Diego. Built in 2012, the property is age restricted and features 12 one-bedroom, one-bath units and 28 two-bedroom, two-bath units. The sales price equates to $135,000 per unit and a capitalization rate just under 6 percent. Reza Ghaffari from Marcus & Millichap’s Ontario office represented the seller, a limited liability company. Ghaffari and Mark Bridge represented the buyer, a private investor.

May 31, 2017

Colorado Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges $9.5M Refinancing for Western Skilled Nursing Portfolio

by Nellie Day May 30, 2017

LAMAR, COLO., MONTE VISTA, COLO., AND MYRTLE POINT, ORE. — Lancaster Pollard has arranged $9.5 million in FHA financing for Summit Healthcare REIT. The loans will refinance the acquisition loans on three skilled nursing facilities in the Western United States. The three facilities are Juniper Village at Lamar, a 60-unit skilled facility in Lamar; Juniper Village at Monte Vista, a 58-unit facility in Monte Vista; and Myrtle Point Care Center in Myrtle Point, which features 28 units of skilled nursing and 18 units of assisted living. Jason Dopoulos led the transaction for Lancaster Pollard. The financing, which has a 30-year term, lowered the fixed interest rate on the properties. Summit is a public, non-traded company that recently transitioned from an industrial REIT to a healthcare REIT.

May 30, 2017

Midwest Multifamily Seniors Housing Wisconsin

Heritage Senior Living to Open 108-Unit Community in Muskego, Wisconsin

by Kristin Harlow May 26, 2017

MUSKEGO, WIS. — Heritage Senior Living will open its 16th community in Wisconsin in Muskego, about 20 miles southwest of Milwaukee, in summer 2018. Construction has begun on the two-story, 108,000-square-foot community, located on Janesville Road. The property will feature 108 units, consisting of 29 independent living apartments, 36 assisted and enhanced assisted living apartments and 43 memory care suites. Amenities at Heritage Muskego will include a therapy pool, therapy/rehab gym, two private dining rooms, salon, pub, bistro, convenience store, outdoor patio with fire pit and gas grills and walking paths around the community.

May 26, 2017

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