Seniors Housing

McShane to Construct Final Phase of Senior Living Community in Northbrook, Illinois

by Kristin Harlow March 2, 2017

NORTHBROOK, ILL. — McShane Construction Co. has been selected to construct the final phase of The Lodge of Northbrook, a senior living community in Northbrook, about 25 miles northwest of Chicago. Essex Communities is the developer of the property, located at 2244 Founders Drive. The final phase of construction will include 60 independent living apartments and eight assisted living units. A total of 96 units were constructed in the first three phases. The new addition will be constructed on the north end of the property and will complement the existing building utilizing the same masonry. The 150,000-square-foot Phase IV will incorporate amenities such as an expanded fitness center and new dining room, commercial kitchen and salon. Omaha-based Avant Architects is providing the architectural services for this phase, which is scheduled for completion at the end of May 2018.

March 2, 2017

Multifamily New York Northeast Seniors Housing

Marcus & Millichap Arranges Sale of 277-Bed Seniors Housing Property in Ballston Spa, New York

by Amy Works February 28, 2017

BALLSTON SPA, N.Y. — Marcus & Millichap has brokered the sale of Maplewood Manor, a skilled nursing facility located in Ballston Spa. At the time of sale, the 277-bed facility was 95 percent occupied. The facility was constructed in 1972, with additions in 1978 and 1979. Joshua Jandris, Mark Myers and Charles Hilding of Marcus & Millichap represented the seller, a New York county, and procured the buyer, a private investor with an operator tenant, in the deal. J.D. Parker of Marcus & Millichap is the broker of record in New York.

February 28, 2017

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $72.5M Acquisition Financing for Five-Property Seniors Housing Portfolio in Pacific Northwest

by Nellie Day February 27, 2017

SALEM, ORE. — CBRE has arranged $72.5 million in financing for the acquisition of The Bonaventure Portfolio, five independent living and assisted living communities throughout the states of Washington and Oregon. NorthStar Healthcare Income, a non-traded REIT, acquired the portfolio, which totals 453 units. Based in Salem, Ore., Bonaventure is a family of companies that develops and operates seniors housing properties in the West. The company operates 24 properties in three states. Aron Will and Matthew Whitlock, both of CBRE National Senior Housing, arranged the 10-year, fixed-rate loan with 24 months interest-only payments through its Fannie Mae DUS Multifamily loan origination program.

February 27, 2017

Arizona Loans Multifamily Seniors Housing Western

MidCap Financial Funds $4.5M Loan to Compass Senior Living Community Near Phoenix

by Nellie Day February 27, 2017

PAYSON, ARIZ. — MidCap Financial has arranged a $4.5 million bridge-to-HUD loan to refinance Compass Senior Living’s Majestic Rim Retirement Living, located in the Phoenix suburb of Payson. Majestic Rim is a 50-unit independent living facility built in 2006. Compass purchased the property in 2014 as an underperforming asset. MidCap’s bridge loan will refinance existing debt on the property.

February 27, 2017

Florida Multifamily Seniors Housing Southeast

Big Rock Partners to Open $105M Seniors Housing Community in Palm Beach County

by John Nelson February 27, 2017

LAKE WORTH, FLA. — Big Rock Partners has opened a welcome center and begun pre-leasing for Atria at Villages of Windsor, a $105 million independent living, assisted living and memory care community situated on a 22.5-acre site in the Palm Beach County city of Lake Worth. The community’s 186 units of independent living are scheduled to open this summer, followed by 80 assisted living units and 54 memory care units in the fall. Atria Senior Living will operate the community once completed. Gensler designed the property, while Moss & Associates served as construction manager. Walker & Dunlop arranged a $68.2 million construction loan for the project last year.

February 27, 2017

North Carolina Seniors Housing Southeast

NHI Acquires Two Seniors Housing Properties in North Carolina for $16.1M

by John Nelson February 24, 2017

HENDERSONVILLE, N.C. — National Health Investors Inc. (NHI) has purchased an 86-unit, two-property portfolio of assisted living and memory care communities in the Asheville suburb of Hendersonville for $16.1 million. The two communities are located adjacent to each other and are collectively known as Spring Arbor. The first property opened in 1999 and features 26 assisted living units and 13 memory care units. The second facility opened in 2002 and comprises 47 assisted living units. NHI will lease the communities to affiliates of Ravn Senior Solutions. The initial lease term is 15 years at an annual lease rate of 7.35 percent plus fixed annual escalators. NHI funded the acquisitions using its revolving credit facility. As part of the transaction, NHI was also offered a purchase option on a third building in the Raleigh-Durham area.

February 24, 2017

Multifamily New Jersey Northeast Seniors Housing

Hammond Hanlon Camp Arranges Sale of Seniors Housing Community in New Jersey

by Amy Works February 24, 2017

CHERRY HILL, N.J. — Hammond Hanlon Camp LLC, a healthcare-focused investment banking firm, has arranged the sale of Cadbury at Cherry Hill, a continuing care retirement community in the Philadelphia suburb of Cherry Hill. Premier Healthcare Management bought the property, which features 138 independent living units, 64 assisted living units and 108 skilled nursing beds.

February 24, 2017

Connecticut Multifamily Northeast Seniors Housing

The NHP Foundation-Urban Atlantic Fund I Buys Four Seniors Housing Properties in Connecticut for $43M

by Amy Works February 23, 2017

WATERBURY, WOLCOTT AND SOUTHINGTON, CONN. — The NHP Foundation-Urban Atlantic Fund I has acquired a four-property seniors housing portfolio in Connecticut for $43 million. The 404-unit portfolio consists of studio, one- and two-bedroom units, with all units contracted for the Project-based Section 8 Housing Assistance Program. The properties are the 150-unit Exchange Place Tower Apartments, located at 44 Center St. in Waterbury; Countryside Apartments I & II, located at 12 Wolf Hill Road in Wolcott and totaling 109 units; and the 145-unit Flanders West Apartments, located at 1 Darling St. in Southington. The name of the seller was not released. The equity fund is a joint venture between PNC Bank, Urban Atlantic and The NHP Foundation.

February 23, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

KeyBank Originates Acquisition Loan for Three-Property Seniors Housing Portfolio in Southeast Pennsylvania

by Amy Works February 23, 2017

SOUTHEAST PENNSYLVANIA — KeyBank Real Estate Capital’s Healthcare platform has arranged an acquisition loan for Baltimore-based Capital Health Group for the acquisition of a three-property seniors housing portfolio in Southeast Pennsylvania. Shortly after acquisition, Capital Health Group refinanced the acquisition/bridge loan through a series of three separate Fannie Mae financings originated by KeyBank’s Commercial Mortgage Group. The properties feature more than 500 units across the three properties. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group originated the initial acquisition financing, while Charlie Shoop of KeyBank’s Commercial Mortgage Group arranged the Fannie Mae financing.

February 23, 2017

Seniors Housing Southeast Tennessee

Inspirit, Care Investment Trust Acquire Seniors Housing Community in Memphis

by John Nelson February 21, 2017

MEMPHIS, TENN. — A joint venture between Inspirit Senior Living and Care Investment Trust has acquired Foxbridge, a 120-bed independent living, assisted living and memory care community in Memphis. The seniors housing property is located on eight acres. The seller was the property’s former operator, United Methodist Homes. The sales price was undisclosed. The new owners plan to implement improvements to the back-office systems, buildings, furnishings, fixtures and grounds. Inspirit will operate the community and expand the name to “Foxbridge, an Inspirit Senior Living Community.” This is Inspirit’s second community, following Hilltop in Winchester, Va., which was also acquired in a joint venture with Care Investment Trust.

February 21, 2017

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