EDISON, N.J. — Pennrose and Middlesex County officials have broken ground for Residence at Roosevelt Park, an affordable seniors housing complex overlooking Roosevelt Park in Edison. The $24.9 million project will restore and convert the historic Roosevelt Hospital — which was built as part of the New Deal through Federal Public Works Administration — into 84 one- and two-bedroom apartments with modern amenities for residents who are 62 and older. The apartment units will be equipped with Energy Star appliances, carpeted bedrooms, tiled bathrooms, cable/internet hookups and air conditioning. Six of the units will serve individuals with physical disabilities, and five will be reserved for homeless households. The property will also offer supportive services to all residents, an on-site management office, community room, fitness room, common laundry rooms, a resident site superintendent, security cameras and card/FOB entry systems, an outdoor patio and resident gardening area. The New Jersey Housing and Mortgage Finance Agency, an affiliate of the New Jersey Department of Community Affairs, awarded the project 9 percent federal Low Income Housing Tax Credits, which will generate nearly $14 million in private equity.
Seniors Housing
Housing & Healthcare Finance Secures $27M for Seniors Housing Community in Yonkers, New York
by Amy Works
YONKERS, N.Y. — Housing & Healthcare Finance (HHC Finance) has arranged $27 million in refinancing for an assisted/independent living community in Yonkers. Located on 10 acres, the 195-bed property is the only facility in the area with the Medicaid Assisted Living Program. HHC Finance arranged the financing with an interest rate below 3 percent through HUD for the undisclosed borrower.
Evergreen Real Estate Group Nears Completion of $24M Conversion of Historic Hospital to Independent Living in Illinois
by Amy Works
AURORA, Ill. — Evergreen Real Estate Group, a Chicago-based developer of market-rate multifamily properties, is nearing completion of its St. Charles Senior Living independent living development. The 60-unit, $24 million project is a redevelopment of St. Charles Hospital, a historic Art Deco building in the Chicago suburb of Aurora. The renovations began in February, and move-ins are scheduled to begin in December. Designed by Wybe J. Van der Meer, the former hospital was completed in 1932, with additional renovations made to the interior of the structure in the decades that followed. Until the redevelopment, the building had stood vacant since 2010, the year it was named to the National Register of Historic Places. Evergreen Real Estate Group collaborated with Invest Aurora, the Northern Lights Development Corp., the City of Aurora, the Illinois Housing Development Authority (IHDA) and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, created in 2006 to incentivize riverfront development in several Illinois cities. The balance of the project’s development cost was covered by a combination of …
CYPRESS, TEXAS — Caddis, a Dallas-based real estate developer, has opened Heartis Cypress, a 78-unit assisted living and memory care community in the Houston suburb of Cypress. Oregon-based Good Neighbor Care manages the 63,000-square-foot community, which Caddis owns. Development costs were not disclosed. A unique feature of the community is its main street, a stretch of the community featuring a movie theater, 1950s-style ice cream parlor, art studio, auto repair, planting nursery and other stores. Each establishment has its own storefront aligned complete with streetlights and park benches. Austin-based KATUS designed the community. The Dallas office of Amegy Bank provided financing.
TALLAHASSEE, FLA. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired St. Augustine Plantation, a 100-unit assisted living and memory care community in Tallahassee. The seller was Capital Health Group LLC. Although a purchase price was not disclosed, Berkadia’s Senior Housing and Healthcare Group arranged $23.8 million in financing for LEI in connection with the transaction. St. Augustine Plantation includes 75 assisted living units built in 1998, as well as a 25-unit memory care building that was added in 2012. The community was 97 percent occupied at the time of sale. The new owners plan to improve common areas, add 24 more memory care beds and build a wellness center for recreation and rehabilitation, which Florida State University will manage. The acquisition is part of LEI’s continued push into the Southeast. Other recent acquisitions by the Los Angeles-based investment firm include a Hampton Inn in Jacksonville, an apartment community in North Carolina and a portfolio of three Hilton Garden Inns in Georgia. John Gaghan led the LEI investment team in the transaction. Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and …
YAPHANK, N.Y. — A joint venture between Chelsea Senior Living and AVR Realty plans to develop a $27 million, 118-bed assisted living facility in the Long Island town of Yaphank. The joint venture is seeking governmental approval from the Yaphank Town Planning Board and economic incentives from the Town of Brookhaven Industrial Development Agency to build the community. If approved and built, it will be located within The Boulevard, a 322-acre mixed-use development. Phase I of The Boulevard is already approved, and includes a 240-unit multifamily community. Plans call for two buildings totaling 99,492 square feet, including a 77-bed building for special needs and memory care, and a 41-bed supportive care building. The developers purchased the site from Rose-Breslin Associates LLC and aim to begin construction in 2017. Based in Farnwood, N.J., Chelsea Senior Living owns and operates 13 seniors housing communities in New York and New Jersey.
Pioneer Realty Capital Arranges $7.2M Refinancing for Seniors Housing Community in Princeton
by Katie Sloan
PRINCETON, TEXAS — Pioneer Realty Capital LLC, a Texas-based lender, has arranged a $7.2 million refinancing for Villa Asuncion Independent and Assisted Living Center in the Dallas suburb of Princeton. The 176-bed community opened in 1998. Pioneer Realty Capital used the government-backed SBA 504 refinance program to secure long-term financing. The new loan reduces the interest rate from 7.2 percent to a blended rate of 4.25 percent. The undisclosed owners plan to use the extra funds to expand the business.
ANAHEIM HILLS, CALIF. — JCH Consulting Group has arranged the sale of six skilled nursing facilities in Central California for an undisclosed price. Riverside Healthcare sold the facilities to Meridian Management Services, which operates all six. The specific facilities and purchase price were not disclosed. Built between 1950 and 1975, the facilities range from 42 to 99 beds. The average occupancy rate at the time of closing was 80 percent. JCH represented the buyer while Marcus and Millichap represented the seller. Nick Stahler was JCH’s lead agent on the transaction. Anaheim Hills-based JCH Consulting Group is a brokerage firm focused on the seniors housing industry.
ATLANTA — AdCare Health Systems Inc. has sold nine of its skilled nursing facilities in Arkansas for $55 million. The buyer was Skyline Healthcare, which operates the communities and is executing a purchase option on the lease. The purchase price consisted of $52 million in cash and a $3 million promissory note. AdCare leased the properties to Skyline on March 1, transitioning the properties from Aria Health Group. AdCare plans to use the proceeds for general corporate purposes, including the repayment of mortgage and other debt. AdCare is an Atlanta-based real estate investor largely focused on the skilled nursing sector. Following the sale, the company now owns, leases or manages 29 facilities.
Senior Lifestyle, CA Senior Living to Develop 116-Unit Seniors Housing Community in Overland Park, Kansas
by Amy Works
OVERLAND PARK, KAN. — Senior Living and CA Senior Living are developing The Sheridan at Overland Park, an assisted living and memory care community in Overland Park. As part of the CityPlace mixed-use development, the community will feature 116 studio, one- and two-bedroom apartment homes, including assisted living and memory care units, ranging in size from 315 square feet to 920 square feet. The property will feature a bistro dining and gathering spot, chef-prepared meals, wellness monitoring, best-in-class memory care and 24-hour access to licensed care staff. The community is slated to open in early 2017. CA Senior Living is the senior housing investment and development division of Chicago-based CA Ventures.