MADISON, ALA. — Metropolitan Capital Advisors has arranged $18.8 million in construction financing for Shepherd Living at the Range, a 124-bed assisted living and memory care community in the Huntsville suburb of Madison. Cobalt Seniors and Shepherd Health are co-developing the 91,000-square-foot community, which is situated on 13.7 acres. Kevan McCormack of Metropolitan Capital arranged the loan through an unnamed regional credit union.
MINOT, N.D. — Investors Real Estate Trust, a publicly traded REIT based in Minot, has entered into six separate sales agreements with Edgewood Senior Living and its affiliates. The deals will result in Edgewood buying 26 IRET-owned seniors housing communities and one standard multifamily community for $236 million. Edgewood already operates 25 of the 26 seniors housing communities. The deal is expected to close before the end of the year. The six separate transactions are organized like so: IRET will sell five seniors housing properties containing 386 rentable units, located in Cheyenne, Casper, and Laramie, Wyo., for a total of $53 million. IRET will sell two seniors housing properties containing 256 rentable units, both located in Hermantown, Minn., forapproximately $36.8 million. IRET will sell four seniors housing properties containing 220 rentable units, located in Virginia, Minn.; Kalispell, Mont.; and Omaha and Hastings, Neb. For approximately $32.3 million. IRET will sell five seniors housing properties containing 514 rentable units, located in East Grand Forks and Brainerd, Minn.; Bismarck and Fargo, N.D.; and Rapid City, S.D., for approximately $71 million. IRET will sell nine seniors housing properties containing 278 rental units, located in North Dakota, South Dakota, Nebraska and Montana, for approximately $28.8 …
CLEVELAND — KeyBank Real Estate Capital, a subsidiary of Cleveland-based KeyCorp, has provided $249 million in FHA financing to Formation Capital, a private investment management firm focused on seniors housing. The financing will be used for a 22-property skilled nursing portfolio. Seventeen of the facilities are located in Florida, and the remaining five are located in Mississippi. The properties have a combined total of 2,682 beds. John Randolph and Paul Di Vito of KeyBank’s Healthcare Mortgage Group arranged the financing through FHA’s 232/223(f) mortgage insurance program. Proceeds of the loan were used to pay down an existing bridge loan, which funded the acquisition of 66 facilities.
SUNSET HILLS, MO. — Senior Lifestyle Corp. has broken ground on The Sheridan at Laumeier Park, a 69,000-square-foot seniors housing community in Sunset Hills, approximately 15 miles southwest of St. Louis. The project, expected to be complete in early 2017, will feature 43 assisted-living apartments plus 41 memory care residences. The Sheridan at Laumeier Park will be situated on 3.9 acres at 12470 Rott Road. Residents will have access to nearly 38,000 square feet of amenity space, which will include living rooms, a dining room, entertainment room, fitness center and art studio.
RICHMOND, ILL. — Novak Construction has broken ground on a 22,000-square foot affordable senior living apartment complex in Richmond, approximately 70 miles northwest of Chicago. Creekview Apartments, to be located at 5615 Liberty St., will offer four two-bedroom units and 21 one-bedroom units. Amenities at the property will include a walking trail, health and wellness programing, a computer lab, a library, community room, concierge and transportation services and on-site property management. The project is slated for completion by the end of the year.
ATLANTA — Seniors housing by design has both elements of hospitality and healthcare. But which is more important to developers trying to build the next wave of senior facilities? Each developer has a different opinion, based on a development panel at the third-annual InterFace Seniors Housing Southeast conference, held Aug. 25 at the Westin Buckhead in Atlanta. The all-day event drew approximately 315 industry professionals. Zach Bowyer, managing director of CBRE, moderated the panel entitled “The Outlook for Seniors Housing Development: What’s Being Built, Where, and are Supply and Demand in Balance?” Jeff Arnold, chief operating officer of The United Group of Cos., mostly develops independent living assets in New York, Florida and Georgia. Arnold’s main concern is with the hospitality side of the business, as his projects tend to be lower acuity than some of his counterparts on the stage. “From a design standpoint, we’re trying to drive our age down as much as we can. Right now we trend at about 78 years old. If we could push that under 75, that will give us longevity,” said Arnold. “We try to design more active communities, focusing on things that are more modern.” The independent living sector has legs …
LOUISVILLE, KY. — Texas-based operator Civitas Senior Living and Ohio-based developer Guttman Properties will join forces to develop The Grand of Prospect, a luxury seniors housing community in Louisville. Development costs are estimated at $20 million for the 168-unit independent living, assisted living and memory care community. The Grand of Prospect will be located on 14.8 acres. Construction is scheduled to start in the fourth quarter of 2016 for completion in the first quarter of 2018. The project team includes Louisville-based civil engineer Mindel, Scott and Associates Inc. and Columbus, Ohio-based architect pH7 Architects. Guttman and Civitas will co-own the property upon completion.
WILTON MANORS, FLA. — Miami-based Carrfour Supportive Housing has teamed with The Pride Center to build an affordable housing development with a special focus on aging members of the LGBT community. The project, known as The Residences at Equality Park, will be located in Wilton Manors, a city in Broward County. Phase I will feature 48 apartments, 34 of which will be reserved for low-income seniors living with disabling conditions due to HIV/AIDS and other challenges. The remaining units will be reserved for seniors earning 60 percent or less of the area median income (AMI), or roughly $35,000 per year according to Carrfour. Phase I will break ground in the fourth quarter of 2017 with an expected completion in late 2018. Phase II, which will comprise 74 units, will begin at a later date. The Pride Center, a nonprofit LGBT community center, will provide residents with on-site services such as recreation, healthcare consulting and counseling. Carrfour will serve as the project’s developer and operator.
DENVER — A joint venture between Blue Moon Capital Partners LLC, MGL Partners and a subsidiary of Leisure Care are developing a 169-unit independent living, assisted living and memory care community in the Denver Tech Center neighborhood of Denver. The partnership brings together Boston-based Blue Moon, an investor focused exclusively on seniors housing; Denver-based MGL, a multifamily and seniors housing developer; and Seattle-based Leisure Care, an operator of 39 seniors housing communities. Construction is slated for completion in 2018.
OLATHE, KAN. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Olathe, a 132-unit assisted living and memory care community in Olathe, approximately 25 miles southeast of Kansas City. The project is the first seniors housing community developed by CA Ventures, and is a $22 million adaptive reuse project of a former Holiday Inn. The two-story community sits on a seven-acre site near Olathe Medical Center and several medical office buildings. It features 75 assisted living units and 57 memory care units. CA Ventures owns the property, which Pathway operates. The community also features a rehabilitation facility on site — The Rehab Place at Travanse Living at Olathe — which Olathe Health System operates.
