Seniors Housing

Construction Begins on Heartis Senior Living Community in Waco

by Haisten Willis December 5, 2014

WACO, TEXAS — Construction has begun on the 70,000-square-foot, 81-unit Heartis Waco Assistant Living & Memory Care Community. The development is scheduled for completion in late 2015. Caddis, a national healthcare real estate firm, owns and is developing the project. Frontier Management will manage the property. Heartis Waco is the second of three Heartis communities under development that will be managed by Frontier. The development will be located on five acres at Speegleville Road north of U.S. Highway 84. Katus LLC is the project’s architect and General Contractor Ltd. is the contractor. American National Bank of Texas provided debt financing for the project.

December 5, 2014

Seniors Housing Southeast Tennessee

NHI to Acquire Eight Seniors Housing Communities for $476M

by John Nelson December 3, 2014

MURFREESBORO, TENN. — National Health Investors Inc. (NHI) has signed a purchase agreement to acquire eight communities known as the Seniors Living Communities Portfolio for $476 million. Following the acquisition closing, Senior Living Communities will lease the properties under a 15-year term. NHI will also provide a $15 million working capital line of credit to Senior Living Communities to finance construction/renovation projects at the eight properties. The eight facilities total 1,671 units and have an average occupancy of 85.4 percent. The properties include: • Brightwater in Myrtle Beach, S.C. • Lakes at Litchfield in Pawley’s Island, S.C. • Cascades Verdae in Greenville, S.C. • Summit Hills in Spartanburg, S.C. • Homestead Hills in Winston-Salem, N.C. • Ridgecrest in Mt. Airy, N.C. • Marsh’s Edge in Saint Simons Island, Ga. • Osprey Village in Amelia Island, Fla.

December 3, 2014

Illinois Midwest Multifamily Seniors Housing

IMPACT Strategies Begins Construction on Seniors Housing Project in Belleville, Ill.

by Danielle Everson December 3, 2014

BELLEVILLE, ILL. —IMPACT Strategies has begun construction on a senior living community in Belleville. The $6 million Cottages at Cathedral Square will include 32 units across five buildings totaling more than 31,000 square feet. EWR Associates of Fairview Heights designed the community and Cottages Limited Partnership of Chicago is the developer. Construction on the Cottages at Cathedral Square is expected to be complete by September 2015. The project is one of several multi-housing and senior living projects built by IMPACT Strategies throughout the St. Louis Metropolitan area.

December 3, 2014

Florida Seniors Housing Southeast

Big Rock Partners Unveils Plans for $60M Seniors Housing Facility in Celebration

by John Nelson November 25, 2014

CELEBRATION, FLA. — Big Rock Partners has purchased a nine-acre land parcel from The Celebration Co. in Celebration. The land will be the site of a $60 million, Class A seniors housing development, which is slated to break ground in the first quarter of 2015. Sabra Health Care REIT provided $4.5 million in financing for Big Rock’s purchase and plans to provide additional construction financing for the project, according to Big Rock. The 255-unit rental residence will feature independent living, assisted living and memory care components. The project team includes architect Perkins Eastman, management company Life Care Services and financial advisor Walker & Dunlop. The community of Celebration, located near Orlando, was established by The Walt Disney Co. in the mid-1990s.

November 25, 2014

Loans Multifamily New Jersey Northeast Seniors Housing

Oak Grove Capital Arranges $8.2M FHA Financing for Senior Apartment Community

by Amy Works November 11, 2014

TOMS RIVER, N.J. — Oak Grove Capital has originated an $8.2 million FHA loan to refinance Highland Plaza, an affordable seniors housing community in Toms River. Located a few miles from the Jersey Shore, the community offers 111 apartment units. Oak Grove Capital worked with the New York and New Jersey HUD offices to secure the fixed-rate loan, which features a 30-year amortization schedule and prepayment flexibility.

November 11, 2014

Maryland Multifamily Seniors Housing Southeast

Cassidy Turley Brokers Sale of Seniors Housing Community in Maryland

by John Nelson November 10, 2014

BERLIN, MD. — Cassidy Turley has brokered the sale of Gull Creek Senior Living Community in Berlin. The 86-unit seniors housing property is composed of 39 independent living units, 37 assisted living units and 10 memory care units. Allen McMurtry, Megan Fetter and David Kliewer of Cassidy Turley represented the undisclosed seller in the transaction. The buyer was an affiliate of WMD Asset Management LLC.

November 10, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Closes $6M Loan for Oak Ridge Assisted Living of Hastings

by Danielle Everson November 7, 2014

HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.

November 7, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Arranges $13.5M HUD Loan for Construction of Seniors Housing Facility

by Danielle Everson November 4, 2014

SHOREVIEW, MINN. — Dougherty Mortgage LLC has arranged a $13.5 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Shoreview, a 77-unit construction senior cooperative property in Shoreview. Dougherty’s Minneapolis-based office arranged the 40-year loan for the borrower, Applewood Pointe Cooperative of Shoreview. The cooperative site is located in a Ramsey County suburb.

November 4, 2014

Multifamily Seniors Housing Texas

Kensington, SEDCO Acquire Senior Housing Complex in Metro Dallas

by Haisten Willis October 29, 2014

MCKINNEY, TEXAS — A joint venture between Kensington Realty Advisors and SEDCO Capital has acquired Orchard Park, a seniors housing complex in McKinney, a suburb of Dallas. Orchard Park is a 97-unit assisted living and memory care facility located 30 miles north of downtown Dallas. The property was completed in 2011 and is located near a major hospital.

October 29, 2014

Multifamily Seniors Housing Texas

First Heartis Senior Community Planned in San Antonio

by Haisten Willis October 22, 2014

SAN ANTONIO — Construction is set to begin on the 86,000-square-foot Heartis San Antonio assisted living and memory care community. The property will be completed in the second quarter of 2016. Heartis San Antonio will be built on a 3.6-acre site on Huebner Road, near the cities of Shavano Park and Hill Country Village. It is one of three communities under development in Texas that will be managed by Frontier Management, with a second soon to begin construction in central Texas and a third under development in metro Dallas. Amenities at Heartis San Antonio will include two interior courtyards, activity areas, a gym, specialized programming, 24-hour nursing services, housekeeping and laundry services and Class A finishes. Austin-based Katus LLC is the project’s architect and Cameron, Texas-based EBCO General Contractor Ltd. Is the general contractor. American Momentum Bank is providing construction debt financing.

October 22, 2014

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