Seniors Housing

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

California Loans Multifamily Seniors Housing Western

Monticello Participates in $14.3M Loan to Acquire Community in Sacramento

by Nellie Day February 20, 2017

SACRAMENTO, CALIF. — Monticello Asset Management, through one of its investment vehicles, has participated in a $14.3 million bridge-to-HUD loan to 2200 Gramercy Drive LLC. The borrower will use the funds to acquire an assisted living and skilled nursing facility in Sacramento. Built in 1991, the seller is a private owner planning to retire. The property features 85 assisted living beds and 120 skilled nursing beds. The operator of the facility plans to implement a $2 million capital improvement plan throughout the facility. Improvements include new floors, wallpaper and beds, along with upgrades to technology, the rehabilitation gym, lighting and the dining room, among other improvements.

February 20, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Originates $62M in Financing for Texas Seniors Housing Portfolio

by Amy Works February 20, 2017

AMARILLO, CLEBURNE, CONROE, CYPRESS AND FORT WORTH, TEXAS — KeyBank Real Estate Capital originated and fully underwrote a $62 million term loan for Caddis, which used the proceeds of the loan to recapitalize a five-property seniors housing portfolio in Texas. The newly built assisted living and memory care facilities total 352 units and 406 beds. Operated under the Heartis brand, the properties include Heartis Amarillo in Amarillo, Heartis Cleburne in Cleburne, Heartis Conroe in Conroe, Heartis Cypress in Cypress and Heartis Eagle Mountain in Fort Worth. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group arranged the financing.

February 20, 2017

Florida Loans Seniors Housing Southeast

Meridian Capital Arranges $23.9M Construction Loan for Seniors Housing Property in Florida

by John Nelson February 20, 2017

DELRAY BEACH, FLA. — Meridian Capital Group has arranged $23.9 million in financing for the development of a three-story, 118-unit seniors housing community in Delray Beach. The five-year loan, provided by a regional balance sheet lender, features a floating interest rate of 3.25 percent over LIBOR and three years of interest-only payments. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in the Meridian’s New York City headquarters, arranged the financing.

February 20, 2017

Multifamily New York Northeast Seniors Housing

Benchmark Senior Living to Develop $25M Assisted Living Community in Smithtown, New York

by Amy Works February 17, 2017

SMITHTOWN, N.Y. — Benchmark Senior Living is developing Whisper Woods, an assisted living community located at Route 25A and River Heights Drive in Smithtown. Slated to open in June 2018, the $25 million property will feature 101 units. Project members include EW Howell Construction Group and Moseley Architects. The property will be Benchmark’s first assisted living facility in New York.

February 17, 2017

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