Seniors Housing

New 17-Story Seniors Housing Community in Honolulu Nears Completion

by Nellie Day December 17, 2015

HONOLULU — Kalākaua Gardens, an independent living, assisted living, skilled nursing and memory care community in Hawaii’s capital, is slated to open its doors in early 2016. Although the operator, Avalon Health Care Group, doesn’t specifically identify the property as a continuing care retirement community, it notes that Kalākaua Gardens will be the only community on the island offering all levels of care on one site. The luxury community will comprise 17 stories in Honolulu’s vibrant Ala Moana commercial district.

December 17, 2015

Arizona Loans Multifamily Seniors Housing Western

Lancaster Pollard Provides $9.5M FHA Refinancing for Memory Care Community in Phoenix

by Nellie Day December 17, 2015

PHOENIX — Lancaster Pollard has provided a $9.5 million FHA loan for the refinancing of Sunshine Village, a 49-unit memory care community in Phoenix. The cottage-style community consists of seven single-story buildings. It was constructed in 1999 and renovated in 2013. The nonrecourse loan carries a 35-year term and fixed interest rate. The refinancing provides Sunshine Village with debt service savings as well as over $335,000 in funds for capital improvements. Jason Dopoulos led the transaction for Lancaster Pollard.

December 17, 2015

Georgia Multifamily Seniors Housing Southeast

McShane, IBG Complete Construction on Assisted Living Community in Atlanta

by John Nelson December 17, 2015

ATLANTA — A joint venture between McShane Construction Co. and IBG Construction Services LLC has completed construction on Oasis at Scholar’s Landing, a 60-unit affordable assisted living community in Atlanta. The complex, made up of three- and four-story buildings, is located on a 2.1-acre site and totals 65,193 square feet. The joint venture built the property for the developer, Integral Group LLC. Along with 60 one-bedroom units, the complex incorporates a fitness center, hair salon, commercial kitchen and dining room, two activity rooms and a covered patio. The Georgia Department of Community Affairs’ low-income housing tax credit program and the Atlanta Housing Authority partially funded the project. Kitchen & Associates provided architectural services. McShane is a construction firm based in Rosemont, Ill. IBG is an Atlanta-based general contractor and a sister company of Integral Group, an Atlanta-based real estate developer.

December 17, 2015

Midwest Minnesota Multifamily Seniors Housing

Brookdale Completes $30M Renovation to Seniors Housing Community in Suburban Minneapolis

by Christina Cannon December 17, 2015

EDINA, MINN. — Brookdale Senior Living has completed a $30 million renovation to Brookdale Edina, formerly Edina Park Plaza. The seniors housing community is located in Edinborough Park in the Minneapolis suburb of Edina. Brookdale remodeled the independent living and assisted living apartments and added 36 memory care units. The project also adds a new main lobby, bistro, library, dining room and activity area to the community. The new and renovated units will be available for residents in January. Based in Brentwood, Tenn., Brookdale Senior Living is the largest owner and operator of seniors housing in the United States, managing more than 110,000 units, according to the American Seniors Housing Association’s ASHA 50 rankings.

December 17, 2015

Michigan Midwest Multifamily Seniors Housing

American House to Add Memory Care Units to Two Seniors Housing Communities in Michigan

by Christina Cannon December 16, 2015

ROSEVILLE AND ROCHESTER HILLS, MICH. — American House Senior Living Communities will add 40 units of memory care to its communities in the Detroit suburbs of Roseville and Rochester Hills. Virtus Real Estate Capital, a Texas-based private equity firm, arranged a loan through Talmer Bank and Trust to fund the expansion by American House, a Michigan-based operator. Each of the two new communities will include 40 units of licensed memory care and will share a campus with existing American House communities. REDICO is developing both projects. The Roseville community is set to open in September 2016, while the Rochester Hills community is scheduled to open in late 2016.

December 16, 2015

Loans Massachusetts Multifamily Northeast Seniors Housing

Congressional Bank Closes Financing for Skilled Nursing Facility in Massachusetts

by Amy Works December 15, 2015

NEW BEDFORD, MASS. — Congressional Bank’s Healthcare Lending group has closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a skilled nursing facility in New Bedford. The revolving line of credit will fund the ongoing working capital needs of the 107-bed facility. Congressional Bank will close its merger with American Bank on January 1, 2016, and the company’s lending capacity will exceed $10 million, allowing it to expand its lending platform.

December 15, 2015

Arizona Multifamily Seniors Housing Western

Avanti to Develop Three $15M Seniors Housing Communities in Arizona

by Nellie Day December 14, 2015

PEORIA, GOODYEAR and MESA, ARIZ. — Avanti Senior Living is developing three matching assisted living and memory care communities in Peoria, Goodyear and Mesa, all in the Phoenix metro area. Each 77,000-square-foot community will cost $15 million and house up to 150 seniors. Based in Texas, Avanti Senior Living owns, develops and operates luxury seniors housing communities. The company was launched in 2013 and has nine communities either completed or under development in Texas, Louisiana and Arizona.

December 14, 2015

Missouri Multifamily Seniors Housing

Gardner Begins Construction on 48-Unit Seniors Housing Community Near Kansas City

by Christina Cannon December 14, 2015

KEARNEY, MO. — Gardner Development has broken ground on Centerville Cottages Senior Living Community, a 48-unit independent living community in the Kansas City suburb of Kearney. The developer received low-income housing tax credits to help build the community. Demand for seniors housing is high in Kearney, where every community currently has a waiting list, according to Gardner. Centerville Cottages is a partnership between the City of Kearney, Missouri Housing Development Commission, Alden Torch Financial Century Real Estate Services, Baron Design and Associates LLC, Double Diamond LLC and Gardner Capital Inc. Gardner expects to complete the project in late 2016.

December 14, 2015

Indiana Midwest Multifamily Seniors Housing

Evans Senior Investments Arranges Sale of Skilled Nursing, Memory Care Facility in Indiana

by Christina Cannon December 11, 2015

LAWRENCEBURG, IND. — Evans Senior Investments has arranged the sale of Shady Nook Care Center, a skilled nursing and memory care facility in Lawrenceburg, approximately 25 miles west of Cincinnati, Ohio, for an undisclosed price. A local investor purchased the property and will retain the existing operator. Shady Nook was built in 1984 and consists of 35 semi-private rooms and 12 private rooms in a 37,332-square-foot facility. The property underwent a $395,000 renovation in 2010. Jason Stroiman of Evans Senior Investments arranged the deal.

December 11, 2015

California Multifamily Seniors Housing Western

Community HousingWorks to Build San Diego’s First LGBT Seniors Housing Community

by Nellie Day December 10, 2015

SAN DIEGO — Nonprofit affordable real estate developer Community HousingWorks has announced plans to build a $27 million, unnamed seniors housing community in San Diego that would welcome LGBT seniors. The 76-unit, affordable independent living community will be located at the corner of Texas Street and Howard Avenue in San Diego’s North Park neighborhood. The community will be open to all seniors, but is intended to create a welcoming community to LGBT seniors. The City of San Diego and the San Diego Housing Commission are providing $7 million for the $27 million complex, which is expected to take about 18 months to build. The San Diego LGBT Community Center recently completed a study that found 68 percent of LGBT seniors had neither family nor younger friends they could count on for support or assistance as they age, and were more likely to live alone and not be in a significant relationship. Further, 23 percent of the LGBT seniors responding to the survey reported an annual income of less than $20,000 per year. Only 16 percent reported having $100,000 or more saved for retirement.

December 10, 2015

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