Seniors Housing

Caddis Begins Construction on Seniors Housing Community Near Chicago

by Haisten Willis September 19, 2016

ORLAND PARK, ILL. — Caddis and Pathway Senior Living have begun construction on Heartis Village Orland Park, a seniors housing community in Orland Park, 26 miles southwest of Chicago. The 94-unit, 89,950-square-foot assisted living and memory care community will be located at 159th Street and Harlem Avenue. A Caddis affiliate will own the community, and Pathway Senior Living LLC will be the operator. Amenities will include fitness classes, excursions, games, movies, fishing, boating and horseback riding. The community will feature a salon and spa, two interior courtyards, a private dining room, arts and crafts room, media room, 24-hour emergency call system, laundry services and personal transportation. Heartis Village Orland Park will be complete in fall 2017. Austin, Texas-based Katus LLC is the architect for the project, and McShane Construction Co. is the general contractor.

September 19, 2016

Florida Loans Seniors Housing Southeast

KeyBank Provides $116.6M in Financing to Recapitalize Sentio Seniors Housing Portfolio

by John Nelson September 16, 2016

ORLANDO, FLA. — KeyBank Real Estate Capital has provided $116.6 million in loans to Sentio Healthcare Properties, a REIT based in Orlando. Sentio will use the money to recapitalize its portfolio of eight seniors housing properties throughout the United States. The financing was structured as a $62 million in direct (balance sheet) loan and a series of Fannie Mae loans totaling $54.6 million. The specific eight properties involved in the financing were not disclosed. Grant Saunders and Sarah Belmont of KeyBank Real Estate Capital’s Healthcare Group originated the bank term loan, while Charlie Shoop of Key’s Healthcare Mortgage Banking Group arranged the Fannie Mae financing. Sentio is a public, non-traded REIT established in 2006. The company primarily invests in seniors housing and healthcare communities with investments in 34 properties across 16 states.

September 16, 2016

Features Multifamily Seniors Housing Top Stories

How Baby Boomers Will Transform Our Stereotypes of Retirement and Aging

by Jeff Shaw September 16, 2016

WASHINGTON, D.C. — An age wave is coming that will be the most extraordinary demographic disruption in history, and one which will create both winners and losers in the seniors housing space, predicts Ken Dychtwald, a noted psychologist, gerontologist and author. The number of people 65 and older in this country is projected to increase 81 percent between 2010 and 2030, according to the U.S. Census Bureau. The first of the Baby Boomers will turn 80 in 2026. That demographic tsunami presents great opportunities and risks for owners and operators of seniors housing. “You will win if you can imagine this generation, understand what’s in their hearts and souls and minds and bodies, and then project them into a stage of life that itself is morphing as they migrate into it,” said Dychtwald, founder and CEO of Emeryville, Calif.-based Age Wave, a thought leader on issues relating to an aging population, including the business and social implications. The comments from Dychtwald came during the 2016 NIC Fall Conference at the Marriott Marquis in Washington, D.C. The three-day event attracted a record turnout of more than 2,500 attendees, largely owners, operators, developers and lenders. Dychtwald was the first of three speakers …

September 16, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges $24.9M Refinancing for 102-Unit Seniors Housing Community Near San Diego

by Nellie Day September 15, 2016

SANTEE, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $24.9 million loan for The Grant Companies to refinance The Pointe at Lantern Crest, a seniors housing community in the San Diego suburb of Santee. CBRE’s Bill Chiles, Scott Peterson and Brian Cruz secured a 10-year loan through Freddie Mac. The loan will refinance the existing construction loan. The Pointe at Latern Crest opened in 2012 offering assisted living and memory care units. The second phase, which was completed in 2015, added independent and assisted living. The Grant Companies was formed in 1989 as a joint venture between three California corporations. The company has developed or constructed more than $500 million in medical office buildings, apartment complexes, industrial buildings, shopping centers, motels, restaurants and mixed-use developments.

September 15, 2016

Arizona Loans Multifamily Seniors Housing Western

Ziegler Arranges $20.5M in Bond Financing for Glencroft CCRC in Glendale

by Nellie Day September 15, 2016

GLENDALE, ARIZ. — Ziegler, a specialty investment bank, has arranged $20.5 million in non-rated, fixed-rate bonds for Glencroft Senior Living, a continuing care retirement community (CCRC) in Glendale. The community, built by Friendship Retirement Corp. in 1970, comprises several entities: Glencroft Towers I, Sarah’s Place, Friendship Foundation and Colter Commons. The CCRC totals 752 units. Glencroft Towers I and Sarah’s Place were funded with HUD and FHA-insured loans, respectively, which the new bonds will refinance. The new bonds are part of a turnaround effort for Glencroft, which was hit hard by the Great Recession. New management took over the community in 2014, converting from an entry-fee model to a standard rental model to attract middle-market seniors.

September 15, 2016

California Multifamily Seniors Housing Texas Top Stories Western

Enlivant, TPG Acquire 48 Seniors Housing Communities in 14 States

by John Nelson September 15, 2016

FORT WORTH, TEXAS AND SAN FRANCISCO — Enlivant, an owner and operator of senior living communities, and global investment firm TPG have purchased 48 seniors housing communities in 14 states from several unrelated organizations. The sales price was not disclosed. The acquisition totals 3,084 independent living, assisted living and memory care apartment units, which represents a nearly 40 percent expansion for Enlivant. Sixteen of the transactions recently closed, and the remaining 32 are expected to close over the next several months. “These transactions mark a period of significant business momentum for Enlivant as it continues to scale its national operating platform while maintaining its founding commitment of providing each of its residents with the highest level of attentive, individualized and personalized care in a home-like setting,” said Avi Banyasz, partner and co-head of TPG Real Estate, TPG’s real estate division. The acquired communities are located in Arizona, Delaware, Florida, Georgia, Kansas, Illinois, Indiana, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Virginia and West Virginia. Following these acquisitions, Enlivant will operate approximately 230 senior living communities spanning 11,000 apartment units across 27 states. Many of these new communities have larger total unit counts and more services than Enlivant’s typical community. TPG acquired Enlivant …

September 15, 2016

California Multifamily Seniors Housing Western

Berkshire Group, Clearwater Senior Living Form Seniors Housing JV with $500M Pipeline

by Nellie Day September 13, 2016

NEWPORT BEACH, CALIF. AND BOSTON — Clearwater Senior Living, a Newport Beach-based seniors housing developer, and Berkshire Group, a Boston-based multifamily investor, have formed a new joint venture that plans to develop and acquire $500 million in seniors housing communities in the Western United States. The JV plans to bring in third-party institutional investors to help fund the pipeline. The joint venture will own, operate and develop a mix of independent living, assisted living and memory care communities. As of June 30, Berkshire Group had approximately $7.2 billion in real estate assets under management, largely in the multifamily sector.

September 13, 2016

Arizona Multifamily Seniors Housing Western

Life Care Services, Westminster Funds to Add 24-Unit Independent Living Neighborhood to CCRC in Phoenix

by Nellie Day September 13, 2016

PHOENIX — Life Care Services and Westminster Funds, the joint venture owners of Sagewood, a continuing care retirement community in Phoenix, have announced plans to add a 24-unit independent living neighborhood to the community’s campus. The addition to Sagewood will be named The Estates. The expansion includes a mix of villas, single homes and duplexes, as well as a 15,000-square-foot event center. When The Estates is completed, the CCRC will feature 316 independent living units. The owners also recently expanded Sagewood’s onsite Acacia Health Center. A timeline for the expansion was not disclosed.

September 13, 2016

Loans Multifamily Northeast Pennsylvania Seniors Housing

CBRE Arranges Sale, Financing of Assisted Living/Memory Care Community in Suburban Philadelphia

by Amy Works September 13, 2016

NORTH WALES, PA. — CBRE Capital Markets has arranged the sale and acquisition financing of The Solana Horsham, a 76-unit assisted living and memory care community in North Wales. A joint venture between Capitol Seniors Housing and Formation-Shelbourne Partners sold the property to an undisclosed buyer for $31.5 million, or $414,474 per unit. Located at 1419 Horsham Road, the property was 95 percent occupied at the time of closing. Lisa Widmier and Matthew Whitlock of CBRE’s San Diego office represented the seller. Additionally, CBRE originated the five-year, non-recourse floating-rate acquisition loan, which features three years of interest-only payments, for an undisclosed amount for the buyer. Aaron Will of CBRE’s Houston office secured the loan for the borrower.

September 13, 2016

Conference Coverage Features Multifamily Seniors Housing Southeast Feature Archive Top Stories

More Flexibility, Consumer Choice Will Be Key to Future Seniors Housing Development, Say InterFace Panelists

by Jeff Shaw September 13, 2016

ATLANTA — With so many new facilities and operational models altering the seniors housing landscape, what will be the key to a successful seniors housing development in the future? According to panelists at the InterFace Seniors Housing Southeast Conference, the answer is flexibility. Colleen Blumenthal, managing director with Florida-based seniors housing advisory firm HealthTrust, moderated the “State of the Industry” panel at the event, which drew approximately 315 industry professionals to the Westin Buckhead in Atlanta on Aug. 25. The panelists included Richard Hutchinson, president and CFO of Florida-based owner-operator Discovery Senior Living; Joe Weisenburger, vice president of seniors housing for Ohio-based REIT Welltower; Kevin Pascoe, executive vice president of investments for Tennessee-based REIT National Health Investors (NHI); Charles Turner, president of Texas-based developer PinPoint Senior Living; and Mark Spiegel, president of Georgia-based developer Formation Development Group. Flexible Spaces Create Agile Buildings When asked about the successful seniors housing communities of the future, several panelists cited flexibility as a top consideration — including everything from room sizes to price point to use of common spaces. “As we’re building new product, we’re trying not to have common areas that guess what the future trends are going to be,” said Spiegel. Formation …

September 13, 2016

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