Seniors Housing

SQLC Raises $109M in Financing for Expansion of Seniors Housing Project in Houston

by Haisten Willis August 20, 2015

HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a Texas-based nonprofit developer of seniors housing, has completed financing for the expansion and renovation of The Buckingham, a seniors housing complex in Houston. Financing was completed through the sale of $109 million in series 2015 bonds. The project will add space for 187 additional residents. Ziegler Capital Markets served as bond underwriter for the transaction. Construction has already begun. Currently, The Buckingham has 204 independent living apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. The Buckingham acquired six additional acres to accommodate the project and will add 106 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.

August 20, 2015

California Loans Multifamily Seniors Housing

Greystone Provides $58.3M Refinancing for Seniors Housing Community in California

by Nellie Day August 20, 2015

SANTA ROSA, Calif. — Greystone, a real estate lending, investment and advisory company, has provided a $58.3 million Freddie Mac loan to refinance Varenna at Fountaingrove, a 163-unit independent living facility in Santa Rosa, just north of San Francisco. Affiliates of Oakmont Senior Living own and operate the luxury community. The 10-year loan was funded via Freddie Mac’s Index Lock product, which enabled the borrower to take advantage of the existing 10-Year Treasury rate prior to commitment.

August 20, 2015

Loans Multifamily New Jersey Northeast Seniors Housing

HFF Closes Sale, Arranges $33.2M Loan for 142-Unit Seniors Housing Property

by Amy Works August 18, 2015

TEANECK, N.J. — HFF has closed the sale of, and secured financing for, Heritage Pointe of Teaneck, a 142-unit independent living facility located at 600 Frank W. Burr Blvd. in Teaneck. The firm marketed the property on behalf of the seller, Lowe Enterprises Investors, to an undisclosed buyer. Additionally, HFF secured a $33.2 million floating-rate loan on behalf of the buyer through Investors Bank and TIAA Direct, a division of TIAA-CREF Trust Co. FSB. Completed in 2004, the four-story property features 45 one-bedroom, 94 two-bedroom and three three-bedroom units, averaging 1,045 square feet. On-site amenities include a restaurant-style dining room, exercise room, wellness room, arts and crafts room, card room, resident lounge with fireplace, business center, recreation room, hair and nail salon, and tennis courts. The property was 97.2 percent occupied at the time of sale. Ryan Maconachy, Chad Lavendar, Jose Cruz, Kevin O’Hearn and Michael Oliver of HFF brokered the transaction, while Steven Klein, also of HFF, arranged the financing.

August 18, 2015

California Multifamily Seniors Housing Western

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

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