BRICK, N.J. — Marquis Health Services, the healthcare affiliate of Tryko Partners LLC, has completed a $2.8 million renovation and repositioning of Willow Springs Rehabilitation and Healthcare Center in Brick. Located at 1049 Burnt Tavern Road, the property features 148 skilled nursing beds, an expanded rehabilitation therapy gym, a putting green, gourmet coffee lounge and updated common areas and patient rooms.
WINCHESTER, VA. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community. Inspirit will operate the property, which is located in Winchester, approximately 75 miles northwest of Washington, D.C. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 18 months of interest-only payments through a regional bank. Care Investment Trust is a seniors housing REIT and a wholly owned subsidiary of Tiptree Financial Inc. Inspirit is a seniors housing operator formed in 2015.
WEST DES MOINES, IOWA — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar Senior Living at Jordan Creek in West Des Moines. Construction is expected to be complete in November 2017. Located at 60th Street and Village View, the 71,643-square-foot property will feature 85 suites for assisted living and memory care. The community will offer studio, one- and two-bedroom suites ranging from 340 to more than 1,200 square feet. Rosemann & Associates is the architect for the new development. Thoma-Holec Design is the interior designer.
PHILADELPHIA — TD Bank has invested a total of $20.6 million to convert the long-vacant Spring Garden School in Philadelphia into a 49-unit affordable community for seniors and homeless veterans. The investment includes $11.6 million in tax credit equity and a $9 million construction loan. When completed, the conversion will offer 37 units for low-income seniors and 12 units for homeless veterans. Spring Garden School was built in 1927 and added to the National Register of Historic Places in 1986. The property has been vacant for nearly 40 years. The project will include restoring the interior and exteriors of the building, while intentionally preserving some of the graffiti. HELP USA, a national homeless service provider and low-income housing developer, is developing the project.
TEQUESTA, FLA. — Capital One has provided a $14.1 million HUD loan modification to Tequesta Terrace, a 100-bed assisted living facility in Tequesta, approximately 90 miles north of Miami. The borrower, Terrace Communities, owns assisted living communities in Vermont, New Hampshire, Maine and Florida. Carolyn Whatley of Capital One’s Palm Beach office originated the loan modification. Capital One previously refinanced an entire portfolio of Terrace communities, but Tequesta Terrace ended up with a slightly higher interest rate than the other properties, leading to the loan modification. Tequesta Terrace was built in 2001 and features 71 assisted living units and 29 memory care beds. The non-recourse, fixed-rate loan has 32 years remaining on the original 35-year, fully amortizing term.
Already facing a labor shortage, the U.S. seniors housing industry could be dealt a “devastating” blow if president-elect Donald Trump were to limit the number of lower-wage immigrants coming into the country in order to accommodate an increased number of high-wage skilled immigrants, says Jeff Sands, managing principal and general counsel for HJ Sims. “It’s a real issue this industry is grappling with,” especially given the growing number of facilities. Sands’ comments came during a “State of the Industry and 2017 Outlook” panel at the InterFace Seniors Housing Northeast conference in Philadelphia on Tuesday, Nov. 15. The U.S. seniors housing market will need to recruit 1.2 million new employees by 2025, Argentum reported in a research report released earlier this year. Because about 70 percent of the 65-plus population — including many people with cognitive impairment — requires some form of long-term care, according to the U.S. Department of Health and Human Services, the nation’s aging population will create unprecedented demand for the services of the senior living industry in the coming decades. According to donaldjtrump.com, the president-elect’s campaign website, his immigration controls will result in the selection of immigrants based on their likelihood of success in the United States …
NEW YORK CITY — Eastern Union Funding and Greystone & Co. have arranged a $105 million loan for a New York-based owner-operator. The loan will be used to partially fund the $120 million acquisition of 12 skilled nursing facilities and one assisted living community in eastern Kentucky. The portfolio totals 1,239 beds and was 95 percent occupied at the time of sale. The seller was not disclosed. Phil Krispin and C.J. Danziger of Eastern Union, along with Greystone’s Jonathan Coven, secured the financing from several regional banks in the eastern United States. The loan includes flexible prepayment terms to allow for an FHA exit.
NEWNAN, GA. — Westminster Memory Care has planned a new, $10 million memory care community in the Atlanta suburb of Newnan. The Coweta Community Board of Commissioners approved a rezoning of the plot to allow the memory care development to proceed. Developer James Deupree plans to break ground on the community in early 2017 for completion in early 2018. Deupree, of Birmingham, Ala., recently opened a Westminster Memory Care community in nearby Dallas, Ga. He is planning eight more communities for Georgia and South Carolina. Riverwood Retirement Management, a Florida-based operator, will manage all Westminster communities.
CITRUS HEIGHTS, CALIF., AND CORVALLIS, ORE. — Summit Healthcare REIT has acquired 20 percent interest in two seniors housing communities — Sun Oak Senior Living and Regent Court Senior Living— for $23 million. Summit, a non-traded REIT based in Lake Forest, Calif., acquired the interest from an undisclosed, publicly traded REIT. The two properties are leased to Compass Senior Living, an Oregon-based operator. Sun Oak Senior Living is a 78-bed assisted living and memory care community in the Sacramento suburb of Citrus Heights. Regent Court is a 48-bed memory care community in Corvallis, approximately midway between Portland and Eugene. Capital One – Healthcare Financial Solutions LLC provided financing for the transaction. Blueprint Healthcare Real Estate Advisors, a brokerage firm based in Chicago, arranged the deal. Tim Cobb led the Blueprint team.
LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) plans to buy the 36 skilled nursing facilities it currently operates for Ventas for $700 million. The move is the latest step in Kindred’s plan to fully exit the skilled nursing business. The company will presumably try to sell the facilities that it will now both own and operate. Kindred announced its plan to leave skilled nursing last week on its third-quarter earnings call, which revealed a quarterly loss of $671.3 million. The company will focus instead on home healthcare and post-acute care hospitals. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, sent out its own statement the next day, noting that Kindred could not sell or lease the 36 Ventas-owned facilities without Ventas’ consent. By buying those 36 facilities, Kindred is now free to sell or lease the properties. As part of the deal, Ventas has extended its lease with Kindred for all the Ventas-owned acute-care hospitals in Kindred’s operational portfolio. The leases were set to expire between 2018 and 2020, but have all been extended to 2025. Ventas itself is attempting to exit the skilled nursing business as well. The company created a separate spinoff company …
