Seniors Housing

Evans Senior Investments Arranges $30M Sale of 105-Unit Seniors Housing Community in Minnesota

by Christina Cannon November 23, 2015

MAPLEWOOD, MINN. — Evans Senior Investments has arranged the $30 million sale of The Shores of Lake Phalen, a seniors housing community located in the Twin Cities suburb of Maplewood. A non-traded REIT purchased the property at a price of $285,714 per unit. The Shores of Lake Phalen features 22 independent living units, 51 assisted living units and 32 memory care units. Constructed in 2011, the Class A community is adjacent to the Gateway State Trail for walking or biking. The new owner plans to lease the facility to a national operator. The final capitalization rate was 6.3 percent based on a 2015 budgeted net operating income of $1.9 million. Evans Senior Investments is a Chicago-based seniors housing investment banking firm.

November 23, 2015

Midwest Multifamily Nebraska Seniors Housing

Carter Validus Acquires Skilled Nursing Facility in Omaha for $13M

by Christina Cannon November 20, 2015

OMAHA, NEB. — Carter Validus Mission Critical REIT II Inc. has acquired Old Mill Rehabilitation in Omaha for $13 million. The property is a 40,402-square-foot skilled nursing facility that was built in 2014. Old Mill offers 44 private rooms with in-suite bathrooms and showers. Amenities include 24-hour room service and a full-service salon. Rehabilitation services at the facility include physical, occupational and speech therapy, IV therapy, medication management and wound care. Carter Validus Mission Critical REIT II is a non-traded real estate investment trust.

November 20, 2015

Midwest Missouri Multifamily Seniors Housing

IPA Arranges Sale of 234-Unit Seniors Housing Community in Missouri for $17M

by Christina Cannon November 19, 2015

ST. CHARLES, MO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving real estate investors, has arranged the sale of Carrington Place of St. Charles, a 234-unit, 294-bed continuing care retirement community in St. Charles, a northwestern suburb of St. Louis. The $17 million sales price equates to approximately $72,650 per unit. The seller was not disclosed. The buyer was a private owner/operator based in Chicago. Mark Myers, Josh Jandris and Charles Hilding of IPA represented the seller and procured the buyer along with and Marcus & Millichap associate Richard Lynn. Carrington Place of St. Charles features 138 independent living units, 32 memory care units, 27 assisted living units, and 66 private and semi-private skilled nursing beds.

November 19, 2015

Iowa Midwest Multifamily Seniors Housing

Lifespace to Break Ground on $9M Expansion to Seniors Housing Community in Iowa

by Christina Cannon November 19, 2015

URBANDALE, IOWA — Lifespace Communities Inc. will break ground on a $9 million redevelopment project for Deerfield Retirement Community, a continuing care retirement community in Urbandale, a Des Moines suburb. The expansion will add new living options and health services, including new models of assisted living and memory care. Currently, Deerfield only offers skilled nursing and independent living. Milwaukee-based AG Architecture is the designer for the redevelopment project, and Minneapolis-based Weis Builders is the contractor. Construction is scheduled for completion by summer 2016.

November 19, 2015

Multifamily Seniors Housing Texas

Construction Begins on 42,000 SF Seniors Housing Community in Burleson

by Haisten Willis November 18, 2015

BURLESON, TEXAS — Construction has begun on the Mustang Creek Estates of Burleson seniors housing project located at 1155 NW John Jones Drive in Burleson. The $7 million, 42,000-square-foot assisted living and memory care community will include six specially designed homes, housing up to 15 seniors each. The homes will include an open kitchen, personal assisted care and daily activities. The community will house 90 residents and will open in summer 2016. The community will sit on just over seven acres southwest of Burleson Church of Christ. Joseph E. Helmberger of Kimley-Horn designed the community.

November 18, 2015

Multifamily New York Northeast Seniors Housing

Picone Construction Continues Renovations at The Amberleigh in Williamsville, N.Y.

by Amy Works November 18, 2015

WILLIAMSVILLE, N.Y. — Picone Construction is continuing the renovations at The Amberleigh, a seniors housing community located at 2330 Maple Road in Williamsville. Renovations include the conversion of existing space to 49 assisted-living residential units on the second and third floors, along with 16 memory care units on the first floor. Additionally, a new entry will be constructed, which includes a free standing porte-cochere and asphalt drop-off drive. The entry and first floor will include a reception area, waiting/lounge area, offices, conference room, new elevator, salon, activity room, dining room, craft room, private dining rooms, toilet rooms, staff lounge, laundry room, storage rooms and a secured fenced-in courtyard. The second and third floor common areas will include offices, toilet rooms, laundry rooms, living rooms and storage rooms. Each of the three floors will also include a nurse’s station with a hydrotherapy room. Foit-Albert Associates is the architect of record and Buffalo Engineering PC is the mechanical and electrical engineer for the project.

November 18, 2015

California Loans Multifamily Seniors Housing Western

Lancaster Pollard Refinances $13.3M Loan for Seniors Community in California

by Nellie Day November 16, 2015

MADERA, CALIF. — Lancaster Pollard has arranged the refinancing of an $11.3 million bridge loan into a $13.3 million, non-recourse FHA permanent loan for Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community in Madera, a small town between San Francisco and Los Angeles. Woodset Partners LLC owns the property, which Integral Senior Living operates. The property opened in 2005 and in 2010 was the winner of the Assisted Living Federation of America’s (ALFA) Best of the Best Award. Lancaster originally arranged the bridge loan in 2013 to ensure Woodset retained ownership of the community. The intent was to refinance the loan into permanent financing through FHA. The new loan structure removed many covenants, paid off the $11.3 million bridge loan and $900,000 in mezzanine debt, and provides debt service savings. In addition, the financing funds repairs to the property and a $445,000 deposit to the replacement reserve account. Jason Dopoulos led the transaction for Lancaster Pollard.

November 16, 2015

Loans Multifamily New Jersey Northeast Seniors Housing

RED Capital Arranges $36.4M Construction Loan for Homestead at Hamilton in New Jersey

by Amy Works November 12, 2015

HAMILTON, N.J. — RED Capital Partners has arranged a $36.4 million first mortgage construction loan for the development of Homestead of Hamilton, seniors housing community in Hamilton. The borrower was to Homestead Senior Living LLC. The balance of the capital stack was provided by an institutional private equity group and Regional Capital group, which will provide EB-5 Financing, along with the sponsor’s equity. Pike Senior Housing Partners LLC has partnered with Solvere Senior Living, an affiliated company of Solutions Advisors LLC, to develop the community. Homestead at Hamilton will feature 96 independent living units, 75 assisted living units and 24 memory care units.

November 12, 2015

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $19.1M in Financing for Acquisition of Community in Seattle

by Nellie Day November 11, 2015

SEATTLE — CBRE has arranged a $19.1 million loan for seniors housing investment company Capitol Seniors Housing (CSH) to acquire Maple Leaf Assisted Living & Memory Care, a 119-unit independent living, assisted living and memory care community in Seattle. The non-recourse, floating rate loan includes a three-year term with 24 months of interest-only payments. Of the proceeds, $16.6 million will be used for the acquisition and $2.5 million are for capital improvements. Planned improvements include upgrading units and renovating common areas, with particular emphasis on the memory care areas. Upon acquisition, CSH will lease the community to Washington-based operator Milestone Retirement Communities. Aron Will, executive vice president of CBRE National Senior Housing, arranged the financing.

November 11, 2015

California Multifamily Seniors Housing Western

Lee & Associates Brokers $10.7M Sale of Office Site for Conversion to Seniors Housing

by Nellie Day November 11, 2015

CARPINTERIA, CALIF. — Lee & Associates has arranged the sale of a 51,585-square-foot office building in the coastal Southern California town of Carpinteria for $10.7 million. The buyer, Steadfast Carpinteria Senior LLC, plans to build a 76-bed seniors housing community on the site. Construction will begin once all current tenants have vacated. Stephen Leider and Clarice Clarke, principals with Lee & Associates Santa Barbara, represented Steadfast in the sale. Steadfast is an affiliate of Steadfast Cos., an Irvine-based real estate investment management company that owns and/or operates a $3 billion portfolio in the U.S. and Mexico. Lee & Associates is a brokerage with office locations throughout the country.

November 11, 2015

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