Seniors Housing

CBRE Arranges Sale of Assisted Living Community in California for $8.2M

by Nellie Day August 18, 2015

LONG BEACH, CALIF. — CBRE Group Inc. (NYSE: CBG) has arranged the sale of the Bellagio Manor, a 208-bed assisted living facility located in Long Beach, to Glen Park at Long Beach Inc. for $8.2 million. The two-story property is 51,000 square feet, situated on 1.16 acres. The price per bed was $39,423. The facility was only 53 percent occupied at the time of sale, but the buyer saw opportunity in high demand in the area, according to CBRE. CBRE healthcare team members Bryan Lewitt and Chris Isola represented the seller, Bellagio Manor Inc.

August 18, 2015

Loans Multifamily Seniors Housing Texas

Ziegler Arranges $109.4M Bond Financing to Expand The Buckingham CCRC in Houston

by Haisten Willis August 14, 2015

HOUSTON — Ziegler, a specialty investment bank, has arranged $109.4 million in fixed-rate bonds for The Buckingham, a 323-unit seniors housing complex. Nonprofit operator Senior Quality Lifestyles Corp. (SQLC) manages The Buckingham, which is located on a 23-acre plot in the Memorial/Tanglewood neighborhoods of Houston. The community includes 204 independent living apartments, 43 assisted living units, 16 memory support units and a health center with 60 nursing beds. The bonds will be used to expand The Buckingham to include a new tower featuring 106 additional independent living units, 27 additional assisted living units, 18 additional memory care units, 32 additional skilled nursing beds, an underground parking garage with 111 total spaces and an additional 292 surface level spaces. SQLC operates five communities in Texas totaling 1,586 units.

August 14, 2015

Multifamily Seniors Housing Washington Western

Zenith Capital, Village Concepts Plan 100-Unit Assisted Living Community in Seattle

by Nellie Day August 14, 2015

SEATTLE — Zenith Capital and Village Concepts have announced joint plans for The Linden Village Assisted Living Community, a new 100-unit assisted living and memory care community in North Seattle. Linden Village will offer 79 units of assisted living housing in studio, one- and two-bedroom configurations. There will also be 21 units available in the memory care wing. Development cost was not disclosed. Seattle-based Zenith Capital is overseeing development and financing for Linden Village. Village Concepts, a seniors housing developer and operator based in nearby Federal Way, Wash., will operate the community.

August 14, 2015

Colorado Multifamily Seniors Housing Western

Morningstar to Open Four New Seniors Housing Communities in 2015

by Nellie Day August 14, 2015

DENVER — MorningStar Senior Living plans to open four new senior communities throughout the Southwest before the end of 2015. MorningStar Assisted Living & Memory Care of Boulder will open Sept. 11 in Boulder, Colo. The $25 million community will offer 94 suites (48 for assisted living; 46 for memory care). MorningStar Assisted Living & Memory Care at Arrowhead will open Sept. 25 in Glendale, Ariz. The $18 million community will offer 85 suites (60 for assisted living; 25 for memory care). MorningStar Assisted Living & Memory Care of Fort Collins will open in early December in Fort Collins, Colo. The $18 million community will offer 79 suites (55 for assisted living; 24 for memory care). MorningStar Assisted Living & Memory Care of Albuquerque will open in December in Albuquerque, N.M. The $17 million community will offer 69 suites (48 for assisted living; 21 for memory care). Based in Denver, MorningStar Senior Living is an operator, owner and developer of senior living communities. The company has over 2,600 units currently under management or in development across 23 communities in seven states.

August 14, 2015

Multifamily Seniors Housing Texas

Caddis Acquires Seniors Housing Development in Longview

by Haisten Willis August 13, 2015

LONGVIEW, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has acquired a 74-unit assisted living and memory care community known as Fountainview Estates in the east Texas market of Longview, about a two-hour drive east of Dallas. Located at 1408 Lago Trail on the city’s northwest side, the community will become part of Caddis’ Heartis brand and will be renamed Heartis Longview. Frontier Management, a seniors housing operator headquartered in Portland, Ore., assumed management duties upon closing. Amenities at Fountainview Estates include a waterfront outdoor terrace, community dining room, game room, theater, beauty salon and barber shop, 24-hour nursing services, an emergency call system, housekeeping and laundry services. Mike Pardoll of Marcus & Millichap’s Charlotte office brokered the deal.

August 13, 2015

Midwest Minnesota Multifamily Seniors Housing

WNC Provides $3.2M in LIHTC Equity to Fund Affordable Seniors Housing Community in Minneapolis

by Jonathan Mehall August 13, 2015

MINNEAPOLIS — WNC, a national investor in real estate and community development initiatives, has provided $3.2 million in low-income housing tax credit equity (LIHTC) to fund the development of Hi-Lake Triangle Apartments, a newly constructed 64-unit affordable seniors housing community in Minneapolis. Hi-Lake Triangle Apartments is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units. Located at 2230 E. Lake St., approximately three miles from downtown Minneapolis, the elevator-serviced community is part of a mixed-use development containing 5,385 square feet of ground-floor retail space. Hi-Lake Triangle Apartments offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management. Each unit is equipped with central air conditioning. The building’s parking area includes 41 spaces reserved for tenants of Hi-Lake Triangle Apartments. Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington Jr. served as the project developer. Wellington Management Inc. received the LIHTC financing to help fund the development, which took nearly 10 months to complete.

August 13, 2015

Michigan Midwest Multifamily Seniors Housing

Ciena Healthcare Opens New Skilled Nursing and Rehabilitation Center in Metro Detroit

by Jeff Shaw August 12, 2015

SHELBY TOWNSHIP, MICH. — Ciena Healthcare, a manager and operator of skilled nursing and rehabilitation centers in Michigan and Connecticut, has opened its newest skilled nursing and rehabilitation center in Shelby Township, about 30 miles north of Detroit. To meet the medical needs of the residents, the 116-bed Regency at Shelby Township offers a range of comprehensive therapy and nursing care under the direction of a board-certified physician. Skilled services include 24-hour nursing care, physical and occupational therapy, speech and language pathology, wound care and pain management, and IV therapy. Therapy is available seven days a week in the state-of-the-art therapy gym that helps bridge the gap between hospital and home. Regency at Shelby Township is dedicated to improving patients’ mobility and function, allowing them to return home in a timely manner. Located on six acres and built at a cost of $10 million, the facility includes 60 private suites and 28 semi-private suites with individual showers, complimentary television, phone, and Internet service, 24-hour room service, rejuvenating spa, full-service salon with massage room, manicure and pedicure services, spacious dining room and common areas throughout. All rooms in the center offer scenic views for resident relaxation and rejuvenation. Lush courtyards and …

August 12, 2015

Loans Multifamily Seniors Housing Washington Western

Ziegler Closes $145M in Bond Financing for CCRC in Washington

by Nellie Day August 12, 2015

GIG HARBOR, WASH. — Ziegler, a specialty investment bank, has closed $145 million in bond financing for Heron’s Key, a nonprofit continuing care retirement community (CCRC) currently in development in Gig Harbor. Located on approximately 18 acres, Phase I of Heron’s Key’s development will include 194 independent living units, 36 assisted living units, and 45 skilled nursing units. The site, zoning and design allow for a future Phase II construction of an additional 88 independent living units and 32 memory care assisted living units.

August 12, 2015

California Multifamily Seniors Housing Western

TeamHealth to Acquire Skilled Nursing Provider IPC Healthcare for $1.6B

by Nellie Day August 10, 2015

NORTH HOLLYWOOD, CALIF. — Team Health Holdings Inc. (NYSE: TMH), a provider of outsourced physician staffing solutions for hospitals, will acquire IPC Healthcare Inc. (Nasdaq: IPCM), a post-acute provider, in an all-cash transaction totaling approximately $1.6 billion. The boards of directors of both companies have approved the transaction. The purchase price represents $80.25 per IPC share based on the closing cost on Aug. 3. Knoxville-based TeamHealth suggests the addition of IPC’s service network will increase the company’s reach. With 15,000 healthcare professionals nationwide, the combined company will have more capability to manage patient care and influence outcomes across the continuum of care. North Hollywood-based IPC currently provides services in approximately 2,000 post-acute facilities in 28 states. Accounting for operational overlap, TeamHealth expects to realize $60 million in cost savings during the first three years. The transaction, which is expected to close during the fourth quarter of 2015, is subject to regulatory approval and customary closing conditions. Citi is serving as financial advisor to TeamHealth and providing the committed financing in connection with the transaction. MTS Health Partners is also serving as financial advisor to TeamHealth. Simpson Thacher & Bartlett LLP is serving as TeamHealth’s legal counsel. Credit Suisse is serving …

August 10, 2015

Multifamily Seniors Housing Texas

Civitas Senior Living Begins Construction on Seniors Housing Complex in Metro Dallas

by Haisten Willis August 6, 2015

WILLOW PARK, TEXAS — Civitas Senior Living LLC began construction in July on Clear Fork Senior living, a seniors housing complex that will offer assisted living and memory care units. The development will be the 13th property in the company’s portfolio. The project is a joint venture between Civitas and Sandlin Capital LLC/2MR Capital LLC. Justin Hitchcock of Community National Bank & Trust of Texas in Weatherford originated construction financing for the project. Donica Construction and Development will be the developer for Clear Fork Assisted Living and Memory Care. Building plans include 38 assisted living suites and one-bedroom units, along with 24 private and semi-private memory care units. Clear Fork Senior Living amenities will include a gym, spa, wellness center, walking trails and a clubhouse. The complex will be owned and managed by Civitas. In addition to Clear Fork Senior Living, Civitas Senior Living operates Cambridge Court Assisted Living and Memory Care Facility in Mesquite, Autumn Wind Assisted Living in Winnsboro, Aria Memory Care in Cedar Park and Midtowne Assisted Living and Memory Care in Midlothian. The company also projects in the pipeline in Burleson, Flower Mound, Frisco, Austin and Allen.

August 6, 2015

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