Seniors Housing

CBRE Arranges $21.9M Construction Loan for 84-Bed Assisted Living Community in California

by Nellie Day April 27, 2016

GOLETA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance Team has arranged a $21.9 million FHA loan for the construction of Mariposa at Ellwood Shores, an 84-unit assisted living and memory care community in Goleta, located on the coast approximately 100 miles west of Los Angeles. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, along with Noah Reischmann of CBRE’s FHA lending platform, arranged the 40-year, non-recourse, fixed-rate loan with two years interest-only payments. Mariposa at Ellwood Shores will be a 60,909-square-foot, two-story community with 64 assisted living beds and a 20-bed memory care extension. Oliver Dixon and Westmont Living principals Andrew Plant and Michael O’Rourke will own the project. Westmont Living will operate the community once complete.

April 27, 2016

Midwest Multifamily Seniors Housing Wisconsin

Atrium Buys 111-Unit Assisted Living, Skilled Nursing Community in Wisconsin for $3.1M

by Christina Cannon April 25, 2016

CHETEK, WIS. — Atrium Health and Senior Living has acquired Knapp Haven Nursing Home and Pelican Place Assisted Living in Chetek, approximately 100 miles northwest of Minneapolis. The connected facilities were purchased for $3.1 million. The community includes 14 assisted living units and 97 skilled nursing beds, for a price per bed of $27,928. The 60,691-square-foot community is fully private-pay. Evans Senior Investments brokered the deal.

April 25, 2016

Florida Loans Multifamily Retail Seniors Housing Southeast

NorthMarq Capital Secures $40.7M in Financing for Three Properties in Florida

by John Nelson April 21, 2016

TAMPA, FLA. — NorthMarq Capital has arranged $40.7 million in financing for a seniors housing property, apartment community and a shopping center in Florida. The properties include Twin Creeks Assisted Living, a 96-bed seniors housing property under construction in Riverview; Lakehouse Luxury Apartments, a 125-unit apartment property located at 3003 S. Frontage Road in Plant City; and Publix at Summerfield Crossings, a 69,917-square-foot shopping center located at 13146 U.S. Highway 301 South in Riverview. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the loans. The financing included a three-year, $14.2 million, interest-only construction loan for the Twin Creeks property on behalf of the borrower, Lithia Assisted Living LLC; a 10-year, $12.5 million, Fannie Mae loan with a 30-year amortization schedule for the refinancing of Lakehouse Luxury Apartments on behalf of Lakeside Gardens of Plant City LLC; and a 10-year, $14 million loan with a 30-year amortization schedule for the refinancing of Publix at Summerfield Crossings on behalf of the borrower, Big Bend Group LLC.

April 21, 2016

Arizona Multifamily Seniors Housing Western

Chicago Pacific Founders Acquires 140-Unit Independent Living Community in Tucson

by Nellie Day April 20, 2016

TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Manor at Midvale, a 140-unit independent living community in Tucson. This is CPF Living’s second property acquisition in the state of Arizona. The sale price was not disclosed. Manor at Midvale is a multi-story, multi-building community. The buyers plan to make investments to improve the property, though specific projects were not disclosed. Grace Management will operate the community.

April 20, 2016

Midwest Missouri Multifamily Seniors Housing

Real Estate Equities Development Plans 63-Unit Seniors Cooperative in Kansas City

by Christina Cannon April 20, 2016

KANSAS CITY, MO. — Real Estate Equities Development, a Minnesota-based development and management firm, has announced plans for The Village Cooperative of Verona Hills, a 63-unit seniors housing cooperative in Kansas City. Cooperatives are a type of active adult community that allows residents to share the costs of common amenities. The three-story community is age restricted for residents 62 and older. The amenities include a community room with kitchen, guest suite, club room, reading areas, outdoor gardening beds, workshop, fitness center, an on-site manager and heated underground parking. Units range from 876 to 1,602 square feet.

April 20, 2016

Multifamily New York Northeast Seniors Housing

Welltower, Hines Acquire Midtown Manhattan Site to Develop 15-Story Assisted Living Community

by Amy Works April 20, 2016

NEW YORK CITY — Welltower Inc. (NYSE: HCN) and Hines have purchased a development site at 139 E. 56th St. in Midtown Manhattan for an undisclosed price. The new owners plan to build a 15-story assisted living and memory care community on the site. Design and development plans are in progress and will be released at a later date. One known detail is that the ground floor will contain retail. Eastern Consolidated represented the sellers, Stephen Meringoff and Dennis Riese, the owners of the two existing properties that comprise the site, in the transaction. The existing buildings will be demolished to make way for the new community. This is the first venture into senior living for Hines, an international real estate development, investment and management company. Although the company is based in Houston, this deal was made through the New York office. Toledo, Ohio-based Welltower, meanwhile, is the largest healthcare REIT in the United States by market cap. Formerly known as Health Care REIT, the company was the third-largest owner of seniors housing properties in the country as of June 1, according to the American Seniors Housing Association.

April 20, 2016

Loans Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges $28.3M for Refinancing, Construction of Seniors Housing Communities in Ohio

by Christina Cannon April 19, 2016

GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.

April 19, 2016

Multifamily Seniors Housing Texas

NHI Buys 12 Skilled Nursing Facilities in Texas for $174.5M

by Haisten Willis April 15, 2016

MURFREESBORO, TENN. — National Health Investors Inc. (NYSE: NHI), a publicly traded seniors housing and healthcare REIT based in Murfreesboro, has purchased 12 skilled nursing facilities in Texas from operator Legend Healthcare for a total of $174.5 million. The sales were structured as two separate transactions. In the first, NHI bought eight of Legend’s existing Texas facilities totaling 931 beds for $118.5 million. In the second transaction, NHI purchased four more facilities from Legend that are in various stages of development for $56 million. The first of those facilities is expected to open in 2017. Legend is seeking to step away as operator of all the facilities, so NHI will lease all 12 newly purchased facilities, as well as seven others previously operated by Legend, to affiliates of The Ensign Group (NASDAQ: ENSG). The 15-year lease for the 15 currently operating facilities will have an initial annual amount of $17.8 million plus an annual, inflation-based escalator. The lease has two five-year renewal options. Upon entering the new lease on May 1, Ensign will also purchase two skilled nursing facilities in Texas from NHI. Ensign will pay $24.6 million for the 245-bed portfolio.

April 15, 2016

Loans Multifamily Seniors Housing Texas

KeyBank Provides $202.1M Loan for Texas-based Independent Living Portfolio

by Haisten Willis April 15, 2016

TEXAS — KeyBank Real Estate Capital provided $202.1 million in Freddie Mac financing to a joint venture between Kayne Anderson Real Estate Advisors and Discovery Senior Living for their Conservatory Senior Living portfolio, a five-property independent living portfolio located in Texas. Totaling 1,053 units, the Class A seniors housing communities were all built between 2005-2007 and house between 188-237 units each. Charlie Shoop and Carolyn Nazdin of Key’s Healthcare Mortgage Group worked in conjunction with Paul DiVito of Key’s Healthcare Real Estate Group to arrange the non-recourse, 10-year, adjustable rate financing, which was used to refinance an existing loan.

April 15, 2016

Florida Loans Multifamily Seniors Housing Southeast

Love Funding Provides $17.8M Construction Loan for Assisted Living Community in Florida

by John Nelson April 14, 2016

ENGLEWOOD, FLA. — Love Funding, a Washington, D.C.-based lender, has provided a $17.8 million construction loan to build Heritage Oaks Assisted Living and Memory Care, a 118-unit seniors housing community in Englewood, located between Tampa and Fort Myers. Tammy Tate of Love Funding secured the 40-year, non-recourse financing through the HUD 232 program. Heritage Oaks will include 86 assisted living units and 32 memory care units in a two-story building. The initial 10-acre site will be part of a larger 60-acre campus. Phase II of development will add independent living to the community. Georgia-based CDH Partners is design architect for the project, which Florida-based Core Construction Services will build. When complete, Beacon Communities will operate the community. No timeline for construction was disclosed.

April 14, 2016

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