Seniors Housing

Lancaster Pollard Arranges $33.5M Refinancing for Two Seniors Housing Communities on West Coast

by Nellie Day October 24, 2016

WEST LINN, ORE. — Lancaster Pollard has arranged two refinancings totaling $33.5 million for seniors housing communities in the Portland suburb of West Linn and an undisclosed town in Northern California. In the first transaction, Lancaster Pollard arranged $19 million for Sterling Senior Communities to refinance Tanner Springs, a 115-bed assisted living and memory care community in West Linn. The transaction refinanced an existing HUD loan of $10.5 million and included a reimbursement of $8.2 million for previously incurred capital expenditures. Jason Dopoulos led the transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard arranged $14.5 million for Cornerstone Assisted Living Communities. The loan will refinance an undisclosed, 110-bed assisted living community in Northern California. The transaction refinances $9.6 million of existing debt and reimburses $4 million for previously incurred capital expenditures. The remaining capital paid the transaction costs. Grant Goodman led the transaction for Lancaster Pollard. Both financings are through Lancaster Pollard’s Fannie Mae program. Doug Harper and Casey Moore of Lancaster Pollard assisted on both deals.

October 24, 2016

Midwest Missouri Mixed-Use Multifamily Office Retail Seniors Housing

Parrot Properties, Block & Company Receive City Council Approval for $225M Mixed-Use Development

by Amy Works October 24, 2016

LEE’S SUMMIT, MO. — Parrot Properties and Block & Company have received approval by the Lee’s Summit City Council for the previously announced Village at View High, a mixed-use development in Lee’s Summit. The city council approved a conceptual development plan and a change in zoning classification for the site to change it from district single-family residential to district planned mixed use. Situated on 71 acres, the $225 million development will feature 310 apartments, a 13-acre seniors housing facility, a 250,000 square feet of retail space, more than 100,000 square feet of office/medical space and entertainment and dining options. The project team includes Realtors, Engineering & Solutions, Sullivan Law, TranSystems, Hirst & Associates Architects, Bushyhead LLC, Boothe Architects and Humphrey, Farrington & McClain PC.

October 24, 2016

California Loans Multifamily Seniors Housing Western

iBorrow Provides $13.5M Loan to 199-Bed Assisted Living Community in Anaheim

by Nellie Day October 21, 2016

ANAHEIM, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $13.5 million loan to La Palma Royale, a 199-bed assisted living community in Anaheim. The 73,641-square-foot, two-story community was built in 1974, and has been remodeled twice since then. The borrower, Azure Leisure Living, plans to use the funds in addition to $8 million in equity to purchase the community. Azure started co-managing the property earlier this year and has improved the occupancy rate up to the national average, according to iBorrow.

October 21, 2016

Georgia Seniors Housing Southeast

Greystar Breaks Ground on Two Age-Restricted Communities in Metro Atlanta

by John Nelson October 19, 2016

ATLANTA and KENNESAW, GA. — Greystar has broken ground on two active adult communities in metro Atlanta: Overture Barrett in Kennesaw and Overture Lindbergh in Atlanta. Both apartment communities are restricted to residents over the age of 55. Overture Barrett will offer 175 luxury apartments and Overture Lindbergh will offer 190 apartments. The communities will include one- and two-bedroom apartments featuring gourmet kitchens with prep islands, granite countertops, tiled backsplashes, custom cabinetry and stainless steel appliances, wood-style plank flooring, nine-foot ceilings, spa-style showers and garden tubs, walk-in closets, full-size top-load washers and dryers, and private balconies or patios in select units. The developers plan to complete construction on Overture Barrett by February 2018 and Overture Lindbergh by summer 2017. Greystar, a South Carolina-based multifamily developer and operator, will break ground on nearly a dozen Overture-branded active adult properties during 2016 in Georgia, Texas, Virginia, North Carolina, Florida, California and Arizona.

October 19, 2016

Georgia Seniors Housing Southeast

Griffin Fine Living Opens 95-Unit Assisted Living Community in Metro Atlanta

by John Nelson October 18, 2016

ROSWELL, GA. — Griffin Fine Living has opened The Georgian Lakeside, a 95-unit assisted living and memory care community in the Atlanta suburb of Roswell. KTGY Architecture + Planning designed the project, which Griffin manages. Canyon Partners Real Estate LLC provided the investment capital. The Georgian is a resort-style community featuring 70 assisted living and 25 memory care units. Amenities include multiple dining options, a private dining room, theater, hair salon, library, physical therapy and private doctors’ examination rooms, along with numerous activity rooms and an exercise facility. Griffin Fine Living provides design, construction, development, marketing and operational management services for seniors housing and multifamily communities. Canyon Partners Real Estate is the real estate direct investing arm of Canyon Partners. The Los Angeles-based company provides debt and equity capital for commercial real estate in primary and secondary markets across the U.S. KTGY Architecture + Planning is an architecture firm with offices in Chicago, Denver, Irvine, Los Angeles, Oakland, Pune and Tysons.

October 18, 2016

California Multifamily Seniors Housing Western

Evans Senior Investments Negotiates $6.5M Sale of Memory Care Community in Costa Mesa

by Nellie Day October 17, 2016

COSTA MESA, CALIF. — Evans Senior Investments has arranged the sale of Villa Rose Memory Care, a 98-bed memory care community in the Los Angeles suburb of Costa Mesa, for $6.5 million. Pacifica Senior Living acquired the property from Sorenson Capital. The purchase price equates to $130,000 per unit. The 31,900-square-foot community underwent a $1.7 million renovation in 2011.

October 17, 2016

Multifamily New Jersey Northeast Seniors Housing

Pennrose Breaks Ground for Residence at Roosevelt Park in Edison, New Jersey

by Amy Works October 17, 2016

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.

October 17, 2016

Loans Multifamily New York Northeast Seniors Housing

Housing & Healthcare Finance Secures $27M for Seniors Housing Community in Yonkers, New York

by Amy Works October 17, 2016

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.

October 17, 2016

Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Nears Completion of $24M Conversion of Historic Hospital to Independent Living in Illinois

by Amy Works October 14, 2016

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 …

October 14, 2016

Multifamily Seniors Housing Texas

Caddis Opens 78-Unit Assisted Living Community Near Houston

by Katie Sloan October 14, 2016

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.

October 14, 2016

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