Seniors Housing

Three Skilled Nursing Facilities in Colorado, Utah Sell for $31.8M

by Nellie Day February 17, 2016

CEDAR CITY AND ST. GEORGE, UTAH, AND PARKER, COLO. — Senior Living Investment Brokerage Inc. has arranged the sale of three skilled nursing facilities — Crown Crest of Parker in the Denver suburb of Parker, Kolob Regional Care in Cedar City and Rehab and Kolob Care in St. George — for $31.8 million. Both Utah facilities are located in the southwest corner of the state near the Nevada and Arizona borders. The portfolio totals 454 beds, representing a price per bed of $70,000. The purchase represents a capitalization rate of 8.7 percent. The buyer is a real estate investor in the Midwest that leased the communities to local operators. The seller is a private owner based in Illinois looking to exit the seniors housing sector. Ryan Saul and Patrick Burke of Senior Living Investment Brokerage led the transaction.

February 17, 2016

Multifamily Seniors Housing Texas

Mainstreet Opens $16M Skilled Nursing Facility in Metro Dallas

by Haisten Willis February 16, 2016

PLANO, TEXAS — Mainstreet, a skilled nursing developer based in Indiana, has opened The Healthcare Resort of Plano, a 100-bed skilled nursing and rehabilitation facility in the Dallas suburb of Plano. Construction started in March 2014. Mainstreet developed the property and The Ensign Group Inc. will operate it. The 68,203-square-foot project costed $16 million to develop.

February 16, 2016

California Multifamily Seniors Housing Western

Meta Breaks Ground on $26M Affordable Seniors Community in the Bay Area

by Nellie Day February 16, 2016

HAYWARD, CALIF. — Meta Housing Corp. has broken ground on the Downtown Hayward Senior Apartments, a 60-unit affordable seniors housing development in Hayward, 15 miles southeast of Oakland. The new development will include approximately 6,000 square feet of retail space on a nearly one-acre lot in the city’s downtown. Development costs are estimated at $26 million. Meta will develop the new apartment community in partnership with Community Home Builders and Associates. Redstone Equity Partners, Enterprise Community Partners Inc., Citibank, CalHFA, Federal Home Loan Bank of San Francisco, the State of California Department of Housing and Community Development (HCD), Alameda County Housing and Community Development Department, California Community Reinvestment Corporation, and the California Tax Credit Allocation Committee all provided financing for the project. Meta is a multifamily developer based in California that has developed more than 6,000 units.

February 16, 2016

Kentucky Loans Seniors Housing Southeast

Cain Brothers Arranges $49.9M in Bond Financing for Christian Care Communities

by John Nelson February 16, 2016

LOUISVILLE, KY. — Cain Brothers, an investment bank based in New York City, has arranged $49.9 million in bond financing for Christian Care Communities (CCC), a faith-based, nonprofit operator based in Louisville. CCC operates seniors housing communities in 11 cities in Kentucky, providing services including assisted living, independent living, skilled nursing, memory care, short-term rehabilitation, home healthcare and adult daycare. The Series 2016 bond financing consists of $36.7 million of tax-exempt direct purchase bonds and $13.2 million of taxable term loans, plus a $1.5 million line of credit. Two commercial banks purchased and provided all debt. Proceeds from the financing were primarily used to refinance all of CCC’s outstanding debt, including four series of public bonds, 12 capital leases and five lines of credit. The financing also funded $1.8 million of renovation projects, $3 million of reimbursement for prior capital expenditures and $4 million of working capital funds.

February 16, 2016

Illinois Loans Midwest Multifamily 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

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