Seniors Housing

Love Funding Arranges $12.3M HUD Loan for Construction of Community in Chicago

by Christina Cannon February 16, 2016

CHICAGO — Love Funding has arranged a $12.3 million HUD loan for the construction of Montclare Senior Residences of Lawndale, a 120-unit supportive living community in Chicago. The two-story community will be built on a 2.5-acre lot in an urban neighborhood less than six miles from downtown Chicago. Supportive living is a subset of assisted living that is an alternative to skilled nursing for low-income seniors. It combines apartment-style housing with care services. Bruce Gerhart of Love Funding secured the financing. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Funding was also provided by low-income housing tax credits through the Illinois Housing Development Authority (IHDA), a Chicago Department of Housing loan, a TIF grant and an Illinois Department of Commerce & Economic Opportunity grant. Philip Mappa, the managing member and founder of MR Properties LLC, is leading the community’s development. Cinnaire, a nonprofit real estate investment firm formerly known as Great Lakes Capital Fund, is purchasing the tax credits.

February 16, 2016

Loans Midwest Multifamily Ohio Seniors Housing

Berkeley Point Capital Provides $15M Refinancing Loan for 231-Unit Seniors Housing Complex in Dayton

by Christina Cannon February 15, 2016

DAYTON, OHIO — Berkeley Point Capital has provided a $15 million refinancing loan through Freddie Mac for a seniors housing complex in Dayton. Wilmington Place is a 231-unit facility that was constructed in the 1850s. The building was previously used as an insane asylum and then converted into the Dayton State Hospital, which closed in 1978. The building was added to the National Historic Register the following year. Wilmington Place is situated on 24 acres and consists of 22 memory care units, 58 assisted living units and 151 independent living units that provide over 30 different floor plans. The property is licensed for 90 Alzheimer’s beds with the Ohio Department of Health. The fixed-rate loan features a 20-year term.

February 15, 2016

California Multifamily Seniors Housing Western

Highbridge Properties Acquires Infill Site for Student Housing Development

by Nellie Day February 12, 2016

DAVIS, CALIF. — HighBridge Properties has acquired a five-acre infill site in Davis for an undisclosed price. HighBridge intends to develop the site as rental housing for students at the nearby University of California, Davis. The site consists of 11 contiguous parcels along Olive Drive near the intersection of Richards Boulevard. Preliminary plans call for the construction of a mix of three- and five-story residential buildings with 120 to 140 student purpose-built rental units. The property is located within walking distance of both the UC Davis campus and the downtown business district. Sunny Gill of Habitat Investment Advisors brokered the transaction.

February 12, 2016

Loans Midwest Minnesota Multifamily Seniors Housing

Lancaster Pollard Arranges $6M Refinancing for Senior Community in Minnesota

by Christina Cannon February 12, 2016

PRINCETON, MINN. — Lancaster Pollard has arranged a $6 million FHA loan to refinance Sterling Pointe Senior Living, a 57-unit independent living, assisted living and memory care community in Princeton, approximately 50 miles north of Minneapolis. The community was originally built in 2011. Ownership wanted to refinance its existing debt using FHA/HUD in order to benefit from the long-term low interest rates and nonrecourse feature, as well as pay off a TIF (tax increment financing) loan. Quintin Harris, senior vice president with Lancaster Pollard in Minneapolis, led the transaction.

February 12, 2016

Indiana Midwest Multifamily Seniors Housing

Greystone Arranges $44.8M Sale of Two Communities near Indianapolis

by Christina Cannon February 11, 2016

INDIANAPOLIS — A private equity investment fund has purchased Traditions at Reagan Park and Traditions at Solana, both independent living, assisted living and memory care communities in the Indianapolis metropolitan area, for $44.8 million. Greystone, a real estate lending, investment and advisory company, arranged the deal through its Real Estate Advisors group. The seller was Leo Brown Group. Traditions at Reagan Park and Traditions at Solana are both newly constructed communities with 81 units and 105 units, respectively.

February 11, 2016

Idaho Multifamily Seniors Housing Western

CCRC in Boise Opens to Skilled Nursing Residents

by Nellie Day February 11, 2016

BOISE, IDAHO — The Terraces of Boise has received its state license to provide on-site skilled nursing services and is now accepting residents. This is the second phase of new residents at The Terraces, which expects its assisted living and memory care services to open in spring 2016. The community has already neared full occupancy for its independent living residences. The skilled nursing development — named The Villages — includes three small homes with 16 private skilled nursing suites in each. ABHOW, a California-based nonprofit, sponsors the community.

February 11, 2016

Georgia Seniors Housing Southeast

Omega Communities to Develop $45M Seniors Housing Property in Metro Atlanta

by John Nelson February 10, 2016

STOCKBRIDGE, GA. — Omega Communities has unveiled plans for Lake Vista at Eagle’s Landing, a 150-unit continuing care retirement community (CCRC) in Stockbridge, approximately 20 miles southeast of Atlanta. Construction on the $45 million project is scheduled to begin in the fourth quarter of 2016 on a 10-acre plot. The CCRC will be located adjacent to Eagle’s Landing First Baptist Church. The new development is part of the church’s plan to create a “ministry village” on its property, which will include the Pregnancy Resource Center of Henry County, Eagle’s Landing Christian Counseling Center and Uniting Hope for Children, a foster and adoption ministry. Partners on the project include Greenbrier Development, Greenbrier Senior Living and three: living architecture. The developers expect to open the CCRC in the fourth quarter of 2017. Omega, a faith-based, luxury CCRC developer based in Alabama, currently has three other communities under development, all of which are in Florida.

February 10, 2016

Colorado Multifamily Seniors Housing Western

Erickson Completes Second-Phase Expansion of CCRC in Colorado

by Nellie Day February 9, 2016

HIGHLANDS RANCH, COLO. — Erickson Senior Living has completed the Phase II expansion of Wind Crest, a continuing care retirement community (CCRC) in the Denver suburb of Highlands Ranch. Texas-based design firm studioSIX5 started the project with Erickson in 2012, adding a second neighborhood and spreading out amenities rather than concentrating them in a central community area. Erickson is a Baltimore-based owner/operator of CCRCs. The company manages eight communities totaling 5,787 units, according to June numbers from the American Seniors Housing Association.

February 9, 2016

California Multifamily Seniors Housing Western

Episcopal Communities Opens 206-Unit CCRC in Los Angeles

by Nellie Day February 8, 2016

ALTADENA, CALIF. — Episcopal Communities & Services (ECS) has opened the doors on MonteCedro, a 206-unit continuing care retirement community (CCRC) in the Los Angeles suburb of Altadena. Development costs were not disclosed. Perkins Eastman provided design and planning services for the eight-acre community, comprising 186 independent living apartments, 20 assisted living and memory support residences, and coordinated in-home care. The community is the first of its kind to be built in Los Angeles County in over 20 years, according to Perkins Eastman. ECS, a nonprofit operator based in nearby Pasadena, operates two other CCRCs in Southern California — The Canterbury in Rancho Palos Verdes and The Covington in Aliso Viejo. Perkins Eastman is a global design firm. The company is based in New York City, but has 15 offices around the world.

February 8, 2016

California Loans Multifamily Seniors Housing Western

CareTrust REIT Inc. Refinances $100M in Debt, Expands Credit Facility by $100M

by Nellie Day February 8, 2016

SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has expanded its revolving credit facility from $300 million to $400 million, while simultaneously entering into a new $100 million, seven-year, non-amortizing unsecured term loan. Approximately $95 million of the term loan proceeds were used to pay off and terminate CareTrust’s existing secured mortgage indebtedness under its 2006 credit agreement with General Electric Capital Corporation. The lower interest rate resulting from the refinancing is expected to generate approximately $1.3 million in annual savings. CareTrust REIT Inc. is a publicly traded seniors housing and healthcare REIT based in San Clemente.

February 8, 2016

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