Seniors Housing

Brookdale Plans $4M Renovation for Two Seniors Housing Communities Near Chicago

by Christina Cannon May 18, 2016

PROSPECT HEIGHTS AND BURR RIDGE, ILL. — Brookdale Senior Living will undertake a $4 million memory care conversion at its communities in the Chicago suburbs of Prospect Heights and Burr Ridge. The projects are part of a capital investment and community management joint venture between Brookdale and HCP, a large healthcare REIT. At both Brookdale Prospect Heights and Brookdale Burr Ridge, 26 existing assisted living apartments will be converted to memory care. Both communities offer skilled nursing in addition to the assisted living and memory care options.

May 18, 2016

Multifamily Oregon Seniors Housing Western

Colliers Brokers $10.4M Sale of 102-Unit 55+ Mobile Home Park

by Nellie Day May 17, 2016

EUGENE, ORE. — FollettUSA has purchased Summer Oaks, a 102-home 55+ mobile home park in Eugene, for $10.4 million. The seller was Zacorn LLC. Colliers International Portland represented both parties in the transaction. The company’s team on the deal included Skip Rotticci, vice president, and associates Alexander Cheng and Kenneth Verbeck. The sales price equates to $102,000 per pad and a capitalization rate of 4 percent.

May 17, 2016

Midwest Multifamily Ohio Seniors Housing

IPA Arranges $14.5M Sale of Two Seniors Housing Communities Near Cincinnati

by Christina Cannon May 16, 2016

NORWOOD, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $14.5 million sale of Victoria Retirement Community and Victory Park Nursing Home, both located in the Cincinnati suburb of Norwood. Victoria Retirement Community, built in 1991, contains a mix of 90 skilled nursing beds and 68 assisted living beds. Victory Park Nursing Home was built in 1965 and expanded in 1989. It contains 55 skilled nursing beds. The seller was a private family investment group whose operator planned to let its lease expire. The buyer was an undisclosed real estate investment trust with a strong presence in the region that has a new operator lined up.

May 16, 2016

Multifamily Seniors Housing Texas

Caddis Opens Heartis Seniors Housing Complex in Waco

by Haisten Willis May 13, 2016

WACO, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has opened the 81-unit, 70,000-square-foot Heartis Waco seniors housing community at 5317 Speegleville Road in Waco. Caddis owns the community and Frontier Management will manage it. Heartis Waco offers amenities including a bistro, Internet café, fitness center, salon and spa, barber shop, two interior courtyards, dining room, arts and crafts room, media room, library, indoor and outdoor walking paths, 24-hour emergency call system and personal transportation. Austin-based Katus LLC was the architect for the project, and EBCO General Contractor Ltd. was the general contractor.

May 13, 2016

Loans Midwest Multifamily Ohio Seniors Housing

Harborview Closes $73M in Financing for Skilled Nursing Operator CommuniCare

by Christina Cannon May 13, 2016

BLUE ASH, OHIO — Harborview Capital Partners has arranged $73 million in loans for the refinancing of a skilled nursing portfolio operated by CommuniCare, a healthcare owner-operator based in the Cincinnati suburb of Blue Ash. The nine-building portfolio includes 936 beds and is located throughout Ohio and Maryland. The financing consists of a $12 million revolver loan and a $61 million bridge-to-HUD loan. The capital stack was further enhanced by a mezzanine loan in the amount of $8.5 million. The funds were used to refinance existing debt, exercise purchase options and consolidate balance sheets in preparation for bringing the portfolio to HUD. The five-year, floating-rate loan is non-recourse and has a LIBOR-based interest rate with one year of interest-only payments. Ephraim Kutner and Jonathan Kutner, both principals with Harborview, originated the loan. Gershon Yarmush, senior loan analyst, negotiated the terms.

May 13, 2016

The Arbor Terrace at Burnt Hickory Marietta

Georgia Loans Seniors Housing Southeast

NorthMarq Arranges Construction Financing for Seniors Housing Property in Metro Atlanta

by John Nelson May 12, 2016

MARIETTA, GA. — NorthMarq Capital has arranged a credit enhancement and joint venture sponsor to finance the construction of The Arbor Terrace at Burnt Hickory, a 92-unit seniors housing community in the Atlanta suburb of Marietta. Developer and operator The Arbor Co. is developing the community, and the general contractor, Choate Construction, expects to deliver the property by March 2017. Will James of NorthMarq’s Atlanta office secured the financing for the landowner, Hollander Properties. Specific terms were not disclosed.

May 12, 2016

Arizona Multifamily Seniors Housing Western

Nakoma Sky Luxury Seniors Community to Debut Near Tucson

by Nellie Day May 11, 2016

ORO VALLEY, ARIZ. — Nonprofit owner/operator La Posada and architecture firm three: living architecture have unveiled plans for Nakoma Sky, a 268-unit independent living, assisted living and memory care community in Oro Valley, just north of Tucson. The community will be a resort-style complex situated on 79 acres in the foothills of the Catalina and Saguaro mountain ranges. The main building will be 500,000 square feet and five stories tall. Development costs are estimated at between $90 million and $100 million. When complete, the community will offer 220 independent living units, 24 assisted living units and 24 memory care units. The development team expects Nakoma Sky will open in early 2019. Diversified Design and Construction, landscaping firm Talley Associates, interior design firm THW Design, and three: living architecture will collaboratively design the project.

May 11, 2016

Illinois Midwest Multifamily Seniors Housing

Caddis to Develop 94-Unit Senior Living Facility in Chicago Suburb

by Christina Cannon May 10, 2016

ORLAND PARK, ILL. — Caddis has unveiled plans for a new senior living facility in Orland Park, approximately 25 miles southwest of Chicago. Heartis Village Orland Park, located at 159th Street and Harlem Avenue, will be a 94-unit, 89,950-square-foot assisted living facility. Caddis began developing its first Illinois facility last year in Peoria, and the project is expected to open this fall. Both properties will be owned by Caddis and managed by Pathway Senior Living LLC. Heartis Village Orland Park will feature a salon and spa with a therapeutic tub, two interior courtyards, a large dining room, a private dining room, chef-prepared meals, daily activities, an arts and crafts room, media room, licensed nursing services, 24-hour emergency call system, housekeeping and laundry services and personal transportation. Austin, Texas-based Katus LLC is the architect, and Rosemont, Ill.-based McShane Construction Company LLC is the general contractor. The project is slated for delivery next fall.

May 10, 2016

Kansas Midwest Multifamily Seniors Housing

Anthem Buys Two Seniors Housing Communities in Kansas

by Christina Cannon May 9, 2016

WICHITA AND OVERLAND PARK, KAN. — Anthem Memory Care has acquired Morningside Place in Overland Park and Chisholm Place in Wichita, both 66-bed memory care communities, for an undisclosed price. JEA Senior Living previously operated the properties, which were both rebranded as Cypress Springs Alzheimer’s and Memory Support Residences. The acquisitions bring Anthem’s portfolio up to eight properties and mark the Oregon-based operator’s entry into Kansas. LTC Properties Inc., a healthcare REIT, financed the acquisitions. Anthem plans to invest $1 million in upgrades to the communities.

May 9, 2016

California Healthcare Multifamily Seniors Housing Top Stories Western

HCP to Spin Off HCR ManorCare Portfolio of Skilled Nursing, Assisted Living Assets Into Separate REIT

by Christina Cannon May 9, 2016

IRVINE, CALIF. — HCP (NYSE: HCP), one of the largest healthcare real estate investment trusts in the United States, will spin off its HCR ManorCare portfolio of skilled nursing and assisted living assets into an independent, publicly traded REIT. The company’s board of directors approved the plan today. The newly formed REIT, SpinCo, will be composed of more than 320 properties operated by HCR ManorCare. The portfolio has an expected in-place annual rent of approximately $485 million. “Post spin, HCP will own a stable, private-pay portfolio that has a track record of delivering consistent, attractive returns,” says Lauralee Martin, president and CEO of Irvine-based HCP. “HCP will be able to sharpen its focus on high-growth healthcare sectors.” This is the second major REIT to spin off its skilled nursing portfolio in the past year. In August, Ventas created Care Capital Properties as a way to spin off its skilled nursing assets. “We need to eliminate the overhang that exists from the current challenges facing HCR ManorCare so the rest of our business can flourish,” said Micheal McKee, executive chairman of the board, on the company’s first-quarter earnings call this morning. “As we reviewed our options, for many reasons it became clear …

May 9, 2016

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