Seniors Housing

Short-Term Outlook For Seniors Housing Owners, Operators Is Bright, Says M&M

by Scott Reid October 17, 2014

A strengthening national economy and housing market are benefiting all segments of seniors housing, according to Marcus & Millichap’s National Seniors Housing Research Report for the second half of 2014. In some segments, such as independent living and continuing care retirement communities, occupancies and rents are expected to grow strongly through the end of the year. In the newly improving economy, retirees are using equity —which was previously tied up in their homes due to the soft housing market following the recession — toward entrance-fee continuing care retirement communities or other seniors housing options, the report says. The improving economy has been enormously beneficial to baby boomers, according to Marcus & Millichap. Boomers’ parents are the primary users of assisted living facilities. “Equipped with refilled retirement accounts, this group will feel more comfortable with the expenditure for seniors housing when the need arises,” the M&M research team wrote. This increased demand is spurring development activity. In states where barriers to entry are reduced, construction is underway, whereas states with tougher permitting and entitlement processes lag. Investment Sales Trends Smaller owners of seniors housing properties are being priced out of the market, according to Marcus & Millichap. Simultaneously, the strong demand …

October 17, 2014

Monarch-Landing_Ext-Entrance-3_Copyright-Sarah-Mechling_Perkins-Eastman

Illinois Midwest Multifamily Seniors Housing

Health and Rehab Center Offering Specialized Care for Seniors Opens in Naperville, Ill.

by Danielle Everson October 15, 2014

NAPERVILLE, ILL. — The Springs at Monarch Landing, a new senior living community, is now open in Naperville. The Chicago office of Perkins Eastman and Monarch Landing recently participated in a ribbon-cutting ceremony for the 94,000-square-foot health and rehabilitation center. The Springs includes private resident rooms and couples’ suites, with 48 devoted to short-term rehabilitation, 48 to skilled care, and 28 for assisted living memory support. Other building amenities include a physical therapy suite, salon, café, multi-purpose room, outdoor gardens and courtyards, as well as covered access from the existing independent living buildings. The project took nearly 18 months to complete. The Perkins Eastman design team worked closely with Senior Care Development and Monarch Landing leadership to develop the multi-phase master plan for the entire 15-acre campus and complete the interior architecture of the facility.

October 15, 2014

Multifamily Seniors Housing Texas

Silverado Memory Care Community to Open in Metro Austin

by Haisten Willis October 10, 2014

BEE CAVE, TEXAS — Silverado Memory Care Community in Bee Cave, a suburb of Austin, will open Oct. 16 with a ribbon-cutting ceremony that will include residents and Texas State Rep. Paul Workman. Construction on the property began last year and more than 20 residents with memory impairments already live in the community, which is located at 14058 A. Bee Cave Pkwy. in Bee Cave. The property can accommodate up to 90 residents. The Bee Cave location is Silverado’s second in the Austin area. Amenities include memory boxes to help residents find their rooms, along with gardens, putting greens and walking paths.

October 10, 2014

Illinois Midwest Multifamily Seniors Housing

Ryan Cos., Providence Life Services to Develop $20.6M Senior Living Facility

by Danielle Everson October 8, 2014

LISLE, ILL. — Ryan Cos. and Providence Life Services will develop an 80-unit, senior apartment community in Lisle, a western suburb of Chicago. Arbor Place of Lisle, an affordable, age-restricted community will be situated on an approximately 3.3-acre site at the northeast corner of Karns Road and Ogden Avenue. The development will comprise 60 one-bedroom, one-bathroom and 20 two-bedroom, one-bathroom units. The $20.6 million development was designed and is being constructed according to Enterprise Green Communities specifications. Construction is set for completion in summer 2015. Arbor Place of Lisle is the second project for the Ryan-Providence partnership. Arbor Place of Lisle is being financed under the Section 42 affordable housing program administered by the Illinois Housing Development Authority.

October 8, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Mortgage Arranges $2.1M Fannie Mae Loan for Margaret Place

by Danielle Everson October 8, 2014

COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $2.1 million Fannie Mae loan for the refinancing of a 72-unit seniors housing property in Coon Rapids. Margaret Place is an assisted living facility located within a wooded residential setting and offers an urgent response system, 24-hour security system and twice daily wellness checks, as well as daily home-cooked meals and numerous scheduled activities. The 18-year loan includes a 25-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Margaret Place LP.

October 8, 2014

Massachusetts Multifamily Northeast Seniors Housing

Congress Building Corp., LCB Senior Living Break Ground on Assisted Living Facility in Easton

by Amy Works October 8, 2014

EASTON, MASS. — Peabody, Mass.-based Congress Building Corp., serving as construction manager, has broken ground for the construction of The Residence at Five Corners, a senior housing community being developed in Easton. The 84-unit assisted care facility will be owned and operated by Norwood, Mass.-based LCB Senior Living. Located at 678 Depot St., the facility will offer a mix of assisted living, independent living and memory care residences for seniors. The property is slated to open in late 2015.

October 8, 2014

Healthcare Midwest Ohio Seniors Housing

NexCore Breaks Ground on 130,000 SF Fitness/Health Facility in Ohio

by Danielle Everson October 2, 2014

ORANGE TOWNSHIP, OHIO — NexCore Group LLC has broken ground on a 130,000-square-foot, integrated ambulatory care center for Mount Carmel Health System in Lewis Center, an unincorporated community of northwestern Orange Township. The site for MC Fitness & Health is located at 7100 Graphics Way. The three-level center will provide outpatient care, fitness, wellness education and rehabilitation facilities. In addition to housing primary care and specialty physicians with the Mount Carmel Medical Group, the facility will also provide approximately 20,000 rentable square feet of medical office space for independent physicians. Construction on the project is set for completion in October 2015. Denver, Colo.-based NexCore Group is the developer and is the owner of the project. OLC Architecture is providing architectural services. Elford Inc. is the construction manager and NexCore Properties LLC will manage the property.

October 2, 2014

Georgia Seniors Housing Southeast

Senior Living Brokers $33.6M Sale-Leaseback for Two Metro Atlanta Facilities

by Jaime Lackey September 30, 2014

HOSCHTON AND CUMMING, GA. — Senior Living Investment Brokerage Inc. has facilitated the sale-leaseback of two assisted living communities in metro Atlanta totaling $33.6 million. The two properties are The Oaks at Braselton in Hoschton and The Oaks at Post Road in Cumming. Built in 2011, The Oaks at Braselton features 46 assisted living units and 34 memory care units. Built in 2007, The Oaks at Post Road features 64 assisted living units and 36 memory care units. The current operator, Oaks Senior Living, will continue to operate both communities under a long-term lease agreement. Bradley Clousing of Senior Living Investment Brokerage brokered the transaction.

September 30, 2014

Loans Seniors Housing Southeast

Drever Capital Refinances Seniors Housing Facility with $12.5M Loan

by admin September 29, 2014

LEXINGTON, S.C. — Drever Capital Management has refinanced The Village at Southlake, a 122-unit independent living community in Lexington, with a $12.5 million bridge loan. CBRE’s senior housing debt and structured finance team in Houston arranged the five-year loan with two years of interest-only payments through an unnamed regional bank. Amenities of The Village at Southake include a nature and wildlife habitat preserve, large pond, walking trails, raised gardens, swimming pool, clubhouse, movie theater, wine bar and a salon.

September 29, 2014

Midwest Seniors Housing

MAINSTREET, HERITAGE ENTERPRISES TO OPEN ASSISTED LIVING FACILITY

by admin September 26, 2014

INDIANAPOLIS — Mainstreet and Heritage Enterprises will open a 65,602-square-foot, 100-bed assisted living facility in Indianapolis. Evergreen Crossing & The Lofts is set to open Oct. 1. The $13.2 million facility, located at 5404 Georgetown Road, will provide transitional care (short-stay rehabilitation and therapy) services. The facility will feature a movie theatre, game room, walking trails, as well as restaurants and an on-site chef. Construction on the project began in September 2013. Indiana-based Mainstreet developed and owns the property. Illinois-based Heritage Enterprises will operate the facility. The development is the first project between Mainstreet and Heritage Enterprises.

September 26, 2014

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