Seniors Housing

Ziegler Closes $67.6M in Bond Refinancing for Two CCRCs in Houston

by Amy Works December 9, 2016

HOUSTON — Ziegler, a specialty investment bank, has closed $67.6 million in bond financing for Brazos Presbyterian Homes (BPH), the operator of Brazos Towers at Bayou Manor and the Hallmark, two continuing care retirement communities (CCRCs) in Houston. Combined, the two communities feature 310 independent living units, 37 assisted living units, 18 memory care units and 69 skilled nursing beds. BPH will use the tax-exempt, fixed-rate financing to pay off bonds from 2013 and fund a debt service reserve fund. The move will save the company approximately $3.3 million in debt payments.

December 9, 2016

California Loans Multifamily Seniors Housing Western

IPA Capital Markets Arranges $19.6M Loan for Age-Restricted Community in Rancho Santa Margarita

by Nellie Day December 8, 2016

RANCHO SANTA MARGARITA, CALIF. — Institutional Property Advisors Capital Markets (IPA), an affiliate of Marcus & Millichap, has arranged $19.6 million in financing for the acquisition of Buena Vida at Town Center, a 115-unit age-restricted community in the Orange County suburb of Rancho Santa Margarita. The borrower was purchasing the property through a 1031 exchange. The loan was structured at a fixed rate of 3.25 percent interest with interest-only payments for the first three years, then converting to a 30-year amortization. The term of the loan is 15 years with a 67 percent loan-to-value ratio.

December 8, 2016

Florida Loans Seniors Housing Southeast

Walker & Dunlop Arranges $41M Construction Loan for Seniors Community Adjacent to Disney World

by John Nelson December 8, 2016

ORLANDO, FLA. — Walker & Dunlop has arranged a $41 million loan for Big Rock Partners, which will use the money to fund construction of its 240-unit independent living, assisted living and memory care community adjacent to Disney World in Orlando. Big Rock purchased the nine-acre plot from Disney in 2014 for $4.5 million and began construction in August 2016. The project, which does not yet have a name, will feature 152 independent living, 55 assisted living and 33 memory care units. As part of the arrangement with Disney, Big Rock also has the option to purchase 20 more acres adjacent to the site. Balfour Beatty is construction manager on the project, which is scheduled for completion in the spring of 2018. Gensler designed the property and once complete, Life Care Services will operate the community. Walker & Dunlop’s Albert Rex and Marty McGrogan arranged the 3.5-year loan with three years of interest-only payments and a 25-year amortization schedule. Big Rock Partners is a private real estate investment management firm. The company is currently developing three large seniors housing projects in Florida, with a total development cost exceeding $200 million.

December 8, 2016

Multifamily Oregon Seniors Housing Western

Radiant Breaks Ground on 15-Unit Memory Care Expansion Near Portland

by Nellie Day December 7, 2016

GRESHAM, ORE. — Radiant Senior Living has broken ground on a new memory care building at Farmington Square Gresham, an assisted living and memory care community in the Portland suburb of Gresham. The community currently features four buildings. The new memory care building will include 15 units that can house up to 26 residents. Construction is scheduled for completion in June 2017. Radiant Senior Living operates 18 communities in Oregon, Washington, Montana and Colorado.

December 7, 2016

Florida Seniors Housing Southeast

Bayshore Retirement Sells Seniors Housing Property in Tampa to Allegro for $74M

by John Nelson December 7, 2016

TAMPA, FLA. — Bayshore Retirement Living has sold Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa. The company sold the property to Allegro Senior Living and an undisclosed joint venture partner for $74 million. HFF represented Bayshore in the transaction and arranged a $48.6 million acquisition loan on behalf of the borrowers. Horizon Bay at Hyde Park features one- and two-bedroom independent and assisted living units averaging 714 square feet. Completed in 2011, the property is situated on 1.9 acres at 800 W. Azeele St. near Tampa’s Westshore Business District and downtown Tampa. The property was 98 percent leased at the time of sale and features a full-service bar and lounge overlooking Hillsborough Bay, restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, wellness center, heated swimming pool, library, media room and concierge services. Ryan Maconachy, Chad Lavender and Dave Fasano led HFF’s Dallas-based seniors housing team in brokering the transaction, with Zach Nolan of HFF’s Tampa office providing local market assistance. Sarah Anderson led the HFF team’s debt placement efforts for the borrowers.

December 7, 2016

Multifamily Seniors Housing Washington Western

SLIB Brokers $7.5M Sale of 48-Unit Assisted Living Community in Vancouver

by Nellie Day December 6, 2016

VANCOUVER, WASH. — Senior Living Investment Brokerage has arranged the sale of a 48-unit assisted living community in Vancouver, just across the Columbia River from Portland, Ore., for $7.5 million. A regional company received the community out of bankruptcy and sold it to a regional owner-operator. The new owner plans to invest in improvements, including converting some employee apartments into units for more residents. The community was built in 2013. The name was not disclosed. Matthew Alley, Jason Punzel and Jeff Binder of Senior Living Investment Brokerage arranged the deal on behalf of the seller.

December 6, 2016

Affordable Housing Loans Multifamily Seniors Housing Washington Western

KeyBank Provides $92.5M in Bonds for Affordable Housing Near Seattle

by Nellie Day December 5, 2016

AUBURN, WASH. — KeyBank’s Community Development Lending & Investing group has provided $95.2 million in tax-exempt bond financing to construct two affordable housing communities in the Seattle suburb of Auburn, one for families and one for seniors. AVS Communities is developing the two properties. The Villas at Auburn will offer 295 units of affordable housing for families while The Reserve at Auburn will offer 297 units of affordable housing for seniors. Both projects will serve residents making 60 percent or less of the area median income. KeyBank provided a $47 million construction loan for The Reserve at Auburn, with a $40.6 million Freddie Mac Tax Exempt Loan (TEL) component arranged by Key’s Commercial Mortgage Group. The company provided a $48.2 million construction loan for The Villas at Auburn, with a $40.9 million Freddie Mac TEL arranged by Key’s Commercial Mortgage Group. The Washington State Housing Finance Commission issued the tax-exempt bonds. Victoria Quinn and Al Beaumariage arranged the financing.

December 5, 2016

Loans Multifamily Seniors Housing Texas

Harborview Closes Two Seniors Housing Loans Totaling $17M in Texas

by Amy Works December 1, 2016

GRAPEVINE and BUDA, TEXAS — Harborview Capital Partners, a New York-based commercial real estate finance, equity and advisory firm, has closed $17 million in loans for seniors housing communities in Texas. The first loan was a $10.9 million acquisition loan for a 100-bed skilled nursing facility in the Dallas suburb of Grapevine. The second loan was a $6.1 million construction loan for a 48-bed assisted living facility in the Austin suburb of Buda. Avi Begun, senior originator with Harborview, closed both transactions. The borrowers and names of facilities were not disclosed.

December 1, 2016

Florida Seniors Housing Southeast

Rookis, Gulf Coastal Development to Build Independent Living Community in Tampa

by John Nelson December 1, 2016

TAMPA, FLA. — Rookis Investment Partners and Gulf Coastal Development have broken ground on Arbor Terrace Senior Living, a 139-unit independent living community in Tampa. Atlanta-based The Arbor Co. will manage the community, which is slated for completion in spring 2018. Tampa-based Chancey Design Architects and Interiors designed the project. The company will also handle interior design. Gulf Coastal Development is a Tampa-based developer of residential properties. Rookis Investment Partners brings together architects, builders and real estate professionals to create residential and commercial developments, mainly in Florida.

December 1, 2016

Multifamily New Mexico Seniors Housing Western

Westport, Integro Sell Montecito Santa Fe Seniors Housing Community

by Nellie Day November 30, 2016

SANTA FE, N.M. — A joint venture between Westport Capital Partners and Integro Healthcare Consulting has sold Montecito Santa Fe, a 146-unit independent living and assisted living community in Santa Fe. Sabra Health Care REIT purchased the property for an undisclosed sum. The sellers originally purchased the property out of bankruptcy and repositioned it as a Class A asset. Integro will continue to operate the community after the change in ownership. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer of Cushman & Wakefield executed the transaction.

November 30, 2016

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