Seniors Housing

Anthem Breaks Ground on $12.6M Memory Care Community in California

by Nellie Day October 8, 2015

MURRIETA, CALIF. — Developer and operator Anthem Memory Care has broken ground on Vineyard Place, a $12.6 million memory care community in Murrieta, about 80 miles southeast of Los Angeles. Anthem expects to open the 38,000-square-foot, 66-unit community in summer 2016. Working with Anthem on developing and building Vineyard Place are CM Consulting, Markham Development Management Group, CBTwo Architects, Consolidated Contracting and LTC Properties, which is providing financing. Anthem, based in Lake Oswego, Ore., also operates a dementia care community in Chico, Calif., and four in Denver. It is currently developing three communities in the greater Chicago area.

October 8, 2015

Illinois Midwest Multifamily Seniors Housing

Koelsch Begins Construction on $13.3M Memory Care Community in Illinois

by Christina Cannon October 7, 2015

BLOOMINGDALE, Ill. — Seniors housing developer Koelsch Senior Communities has started construction on Lakeview Memory Care Community in Bloomingdale, about 25 miles west of Chicago. The 46-unit, 65-bed memory care community totals 33,958 square feet and will cost $13.3 million to complete. Koelsch expects to open the community’s doors in October 2016. RJ Development Services is the developer of the community. Olympia, Wash.-based Koelsch will be general contractor, interior designer and, when complete, operator of the community. Wedgwood Architects of Vancouver, Wash., provided architectural services. Koelsch owns and operates 17 seniors housing communities in Arizona, Montana, Idaho, Washington, Texas, Illinois and California.

October 7, 2015

Loans Michigan Midwest Multifamily Seniors Housing

Silver Arch Closes $4.75M Refinancing for Assisted Living Facility in Michigan

by Christina Cannon October 7, 2015

LAKE CITY, MICH. — Silver Arch Capital Partners has closed a $4.75 million loan for the owner/operator of Belle Oakes Living Center, a 48-unit, 32,000-square-foot assisted living facility on 20 acres in Lake City, approximately 40 miles southeast of Traverse City. The loan is a refinancing of an existing mortgage, which will help the community pay off debt incurred as part of an 11-unit expansion. Constructed in 2002 and renovated in 2012, Belle Oakes is situated in Missaukee County, in Michigan’s lower peninsula. Silver Arch Capital Partners is a private commercial real estate lender based in New Jersey.

October 7, 2015

Spring Arbor of Salisbury Memory Care Midlothian

Seniors Housing Southeast Virginia

HHHunt Breaks Ground on New Memory Care Community in Virginia

by John Nelson October 6, 2015

MIDLOTHIAN, VA. — Blacksburg, Va.-based developer HHHunt has broken ground on Spring Arbor of Salisbury Memory Care in Midlothian, about 15 miles west of Richmond. The memory care community will occupy a 48,275-square-foot building adjacent to Spring Arbor of Salisbury, one of HHHunt’s six existing senior living communities in Virginia. HHHunt expects to open the community in the fall of 2016. HHHunt currently owns and manages 21 communities in Virginia, North Carolina and Maryland, with more in various stages of development.

October 6, 2015

Midwest Multifamily Ohio Seniors Housing

CareTrust Buys 15 Communities in Ohio for $173M

by Christina Cannon October 5, 2015

CINCINNATI AND DAYTON, OHIO — CBRE Group Inc. has arranged the sale of 15 skilled nursing, assisted living and independent living facilities in Cincinnati and Dayton for $173 million. California-based investor CareTrust REIT Inc., which spun off from The Ensign Group last year, purchased the properties from Liberty Healthcare. The properties are mostly skilled nursing facilities, comprising more than 1,200 licensed beds. According to CBRE, this transaction marks the initial entry into Ohio for both CareTrust and Pristine Senior Living, which will operate the portfolio. Seniors housing specialist Dan Baker, in cooperation with Ohio-based healthcare specialist Bill Wiebe, both of CBRE, represented the seller in the deal.

October 5, 2015

Illinois Midwest Multifamily Seniors Housing

CNL Health Care Properties Acquires Two Spectrum Retirement Communities

by Christina Cannon October 5, 2015

LAKE ZURICH, ILL. —CNL Health Care Properties has acquired a community developed by Spectrum Retirement Communities, which will continue to operate the facilities. The purchase price was not disclosed. The community is an 86-unit assisted living and memory care community located in Lake Zurich, a northern suburb of Chicago. The community opened in 2014 and is 96 percent occupied. Orlando-based CNL is the 21st largest owner of seniors housing properties in the U.S. and Denver-based Spectrum is the 38th largest operator, according to the American Seniors Housing Association.

October 5, 2015

Georgia Multifamily Seniors Housing Southeast

Phoenix Breaks Ground on $17M Assisted Living Community in Georgia

by John Nelson October 5, 2015

MILTON, GA. — Phoenix Senior Living has broken ground on Phoenix at Milton, a $17 million assisted living and memory care community in Milton, about 30 miles north of Atlanta. Phoenix at Milton will have 85 apartments — 67 for traditional assisted living and 19 for memory care.

October 5, 2015

Multifamily Oregon Seniors Housing Washington Western

Sabra Acquires Nine Seniors Housing Facilities for $84.7M

by Nellie Day October 2, 2015

IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …

October 2, 2015

Colorado Multifamily Seniors Housing Western

Welbrook, Embree Starts Construction of Skilled Nursing Facility in Colorado

by Nellie Day September 30, 2015

GRAND JUNCTION, COLO. — Welbrook Senior Living and Embree Healthcare Group have started construction of a new transitional rehabilitation facility in Grand Junction, and have secured final financing for the project from CNL Healthcare Properties, a real estate investment trust (REIT) based in Orlando, Fla. The facility, the name of which was not released, will feature 50 private suites. Texas-based Embree is developing the facility, which California-based Welbrook will operate when complete. The companies expect to admit the first resident in the second half of 2016.

September 30, 2015

Multifamily New York Northeast Seniors Housing

Winn Companies Converts Building into Senior Apartments in $20.7M Adaptive Reuse Project

by Amy Works September 29, 2015

ALBANY, N.Y. — Winn Companies, in partnership with Albany Housing Authority, has opened Livingston School Apartments in Albany after a $20.7 million adaptive reuse project. The company converted the four-story, 230,000-square-foot historic building into 103 units of mixed-income housing for seniors. The new property features 12 studio apartments, 76 one-bedroom apartments and 15 two-bedroom apartments. Eleven units are handicapped accessible and five are equipped for hearing or visually impaired residents. The Architectural Team served as architect and Keith Construction served as general contractor on the project, which was funded by federal and state low-income housing tax credits, and federal and state historic tax credits. Winn Companies includes Winn Development and Winn Residential. With the addition of Livingston School, Winn Residential now manages 9,200 apartments at 58 residential properties in New York State, as well as more than 4,000 homes for members of the U.S. Army at Fort Dunn.

September 29, 2015

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