WOODBURN, ORE. — Radiant Senior Living, a Portland-based seniors housing owner/operator, has purchased Emerald Gardens of Woodburn, a 44-unit assisted living and memory care facility approximately 30 miles south of Portland, for $6 million. Built in 1987, the community was renovated in 2013 to add 12 units of secured memory care. Shep Roylance and James Duffy of JCH Senior Housing Group arranged the transaction. The seller was not disclosed.
ITHACA, N.Y. — The Kendal Corp. has opened the first phase of the repositioning and expansion of Kendal at Ithaca, a full-service seniors housing community located on a 105-acre campus in Ithaca. The opening marks the completion of a $30 million expansion, which began in 2012. Master planned by Perkins Eastman, the new property features an inviting entrance and reception area, expanded fitness center, new casual dining bistro, 24 new high-end apartments for independent living and a new skilled nursing center, which replaced the original care center. The second phase redevelopment will transform former nursing rooms into an enlarged health clinic for the community. The single-story skilled nursing center was designed on the neighborhood model, which divides the center into three distinct neighborhoods, each with its own kitchen and pantry, dining and living rooms and 16 private resident rooms with sensitively designed outdoor space. The master plan also includes interior and exterior renovations to the main dining room and common areas, as well as passive and active outdoor courtyards and an expansion of the community’s preexisting walking paths.
SANDY, UTAH — Kisco Senior Living has acquired Atria at Sandy, a 183 unit independent and assisted living community in the Salt Lake City suburb of Sandy, for an undisclosed price. Kisco has renamed the community Cedarwood at Sandy. The building is on a six-acre plot and includes 122 independent living and 61 assisted living residences. Kisco also acquired four acres adjacent to community, formerly a nursing home, to build a 100-unit assisted living and memory care addition to be called Cedar Court. Construction will begin later this year. This is Kisco’s second Utah location, joining Sagewood at Daybreak, which recently opened its doors in nearby South Jordan. Based in Carlsbad, Calif., Kisco operates 22 senior living locations in California, Florida, North Carolina, Texas, Utah, Hawaii and Virginia.
REDLANDS, CALIF. — A joint venture between Harbert Seniors Housing Fund I LP and JEA Senior Living has purchased a six-asset memory care portfolio across five states for an undisclosed price. The Class A communities include Blossom Grove in Redlands, Calif; Prairie Meadows in Omaha, Neb.; High Plains in Lincoln, Neb.; North Ridge in Albuquerque, N.M.; Autumn Hills in Bloomington, Ill.; and Maple Wood in Springfield, Mo. The portfolio totals 395 beds and was 79 percent occupied at the time of sale. JEA, an owner-operator based in Vancouver, Wash., developed all six properties and will continue to manage them. This marks the first transaction for Harbert Seniors Housing Fund I. The fund is sponsored by Harbert Management Corporation, a Dallas-based owner and operator of multifamily, office, industrial, retail and self-storage properties throughout the United States.
LOS ANGELES — Capital Funding Group has provided a $6.5 million bridge-to-HUD loan and a $2 million mezzanine loan for the acquisition of Bloohmfield East, a 130-bed skilled nursing facility in Lynwood. A group of private real estate investors bought the property and leased it to a new operator, Reliant Management. Capital Funding Group is a Baltimore-based lender for healthcare properties, especially skilled nursing facilities, assisted living communities and hospitals.
IRVINE, CALIF. — WNC, an Irvine-based investor specializing in low-income housing tax credits (LIHTC), has closed WNC Institutional Tax Credit Fund 41 L.P., a $114.7 million institutional LIHTC fund. Estimated to include 1,674 affordable housing units in total, the fund’s portfolio is comprised of 24 family and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 11 states: Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington and Wisconsin.
ST. LAWRENCE COUNTY, N.Y. — KeyBank has provided $28.6 million in financing for Cambray Court Apartments, an affordable seniors housing redevelopment in St. Lawrence County. The redevelopment is in partnership with Omni Housing Development LLC and managed by United Helpers. The project will replace 72 flood-threatened, garden-style apartments with one accessible four-story energy-efficient building featuring 71 apartment units. Designated as affordable housing, the community will feature 52 units for residents earning 30 to 50 percent or less of the area median income (AMI); 13 units for residents earning at or below 60 percent of AMI; five units for residents earning 80 percent of AMI; and one unit for residents earning 90 percent of the AMI. On-site amenities include well-lit parking spaces, elevator access to each floor, laundry facilities, walking trails, a patio, a garden and a community room with a kitchen. The redevelopment project team includes Beardsley Architects and Engineers and Bette & Cring Construction Group.
MAYFIELD HEIGHTS, OHIO — Senior Living Investment Brokerage Inc. (SLIB) has arranged the sale of Gates Mills Club, an independent living community in the Cleveland suburb of Mayfield Heights, for $12 million. Gates Mills contains 120 units and is located on a 1.7-acre plot. At the time of sale, the community was 88 percent occupied. The sales price, which equates to $100,000 per unit, represents a 6.7 percent capitalization rate. The community was built in 1979 as an assisted living facility. The seller, a private owner based in California, bought and remodeled the property for independent living in 2008. The buyer, also a private owner, is based in Kentucky. Ryan Saul, a managing director for SLIB, arranged the sale.
WASHINGTON, D.C. — The American Seniors Housing Association (ASHA) has launched its new website — Where You Live Matters (www.WhereYouLiveMatters.org) — along with a major social media outreach initiative. The new site is part of a larger initiative aimed at expanding the awareness of senior living through consumer education. The website’s content includes finance management resources, guides for prospective residents and their families, editorial columns and videos. “Our members and organization are committed to giving consumers across the country a place to learn more about the seniors housing landscape,” says David Schless, president of ASHA. “There are resources available, but we’re committed to painting a clearer picture.” In developing the website and related social media, ASHA established a committee that consisted of representatives from major senior living organizations and experts across the country, including Doug Schiffer of Allegro Senior Living; Jeff DeBevec of Belmont Village Senior Living; David Carliner of Brightview Senior Living; Jonathan Ruchman of Brookdale; Meg Ostrom of Enlivant; Letitia Jackson of Senior Star; Meghan Lublin and Sara Abriatis of Sunrise Senor Living; Dan McConnell, ASHA’s Public Relations Consultant; Dr. Margaret Wylde of ProMatura Group; and Jim Bowe of GlenAire HealthCare, who is the committee chairman. Dr. Roger …
RICHMOND, CALIF. — The Pacific Cos. has opened the doors on Harbour View Apartments, a 61-unit affordable seniors housing community in Richmond, just north of Oakland along San Francisco Bay. The four-story property features 50 one-bedroom units and 12 two-bedroom units. It cost $17 million to develop. Financing for the project came from low-income housing tax credits, a forward interest rate swap, and $13 million in tax-exempt bonds. The bonds were issued in two series with Mechanics Bank directly purchasing $9 million of the senior series and a private investor purchasing $4 million of the junior series. Wells Fargo Affordable Housing Community Development Corporation committed to purchasing the LIHTCs. The Pacific Cos. is an Idaho-based developer of multifamily communities. Mechanics Bank is a California-based lender.
