ATLANTA — Grandbridge Real Estate Capital’s Seniors Housing and Diversified Healthcare Finance Group has provided $426.8 million in financing for a seniors housing portfolio. The borrower is a publicly traded healthcare REIT. The portfolio comprises 19 seniors housing properties across 10 states and was financed by an agency lender. Further details on the borrower, properties and financing were not disclosed. Richard Thomas, Todd Paradis and Meredith Davis led the transaction for Atlanta-based Grandbridge.
DOYLESTOWN, PA. — Presbyterian Senior Living (PSL) has acquired Pine Run Life Plan Community, a 532-unit continuing care retirement community in Doylestown, located approximately 25 miles north of Philadelphia. The facility offers independent living, memory care and skilled nursing services. Doylestown Hospital sold the property for an undisclosed price, and PSL is partnering with Doylestown Health to operate the community. Additional terms of sale were not disclosed.
BOSTON — MassHousing has provided $14.5 million in financing for Farnsworth House, a 76-unit affordable seniors housing complex in Boston’s Jamaica Plain neighborhood. The seven-story building was originally constructed in 1982 and consists of 69 one-bedroom units and seven two-bedroom apartments. The borrower, Charles H. Farnsworth Senior Housing Corp., will use the proceeds to refinance existing debt, fund capital improvements and preserve the property’s affordability status. Among the improvements planned for the property are roof replacement, parking lot refurbishment, the removal of an underground oil tank and upgrading of the various electrical and security systems and components.
CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million. George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc. The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, a community center will offer sports programs and outdoor garden space along the river as well as space for meetings. People’s Gas and Coke Co. formerly owned the riverfront property for more than 100 years.
VISTA, CALIF. — CareTrust REIT Inc. (NYSE: CTRE) has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility in Vista, approximately 40 miles north of San Diego. Once regulatory approval is obtained, Bayshire Senior Communities (a current tenant of CareTrust) will operate the facility pursuant to a new 15-year lease. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust’s combined common equity and preferred equity investments in the joint venture total $25.5 million. CareTrust’s initial contractual yield on its combined preferred and common equity investments in the joint venture is approximately 9.7 percent. The lease provides for 3 percent fixed annual rent escalators and two five-year extension options. CareTrust is the managing member of the joint venture entity. The investments were funded using cash on hand.
BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower. The loan will be seasoned for two years before a planned refinancing under the U.S. Department of Housing and Urban Development’s 232 Program.
ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to turn the lights back on,” said Jennings. “Our industry will continue to grow, push forward and be innovative, and build relationships outside the normal REIT and private equity model that we’ve all grown accustomed to.” Jennings’ remarks came during the development outlook panel at the 10th annual InterFace Seniors Housing Southeast, a conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business on Wednesday, Aug. 16 at the Westin Buckhead in Atlanta. Todd Hudgins, senior vice president of senior living for Madison, Wisconsin-based ERDMAN, moderated the panel. Jennings went on to say that while it is tough to get a deal done right now, eventually it will get …
WILMINGTON AND NEWARK, DEL. —Life Care Services (LCS) has completed renovations at three seniors housing communities in Delaware: Foulk Living and Shipley Living in Wilmington and Millcroft Living in Newark. Renovations at Foulk Living included upgrades to the lobby, corridors, fitness center and dining room. In addition, Foulk Living’s independent living cottages are being updated as they become available with new kitchen cabinets, countertops, appliances, flooring, paint, blinds and carpeting. Shipley Living received a new roof, updated exterior, porte-cochère and grand entrance. Inside, the lobby, corridors, communal living room, dining room, bistro and bar were all updated. Millcroft Living’s entrance received a new concierge desk and lobby, as well as a new bar/lounge space, renovated dining room and card room and beautified corridors.
ALEXANDRIA, VA. — The Arlington Partnership for Affordable Housing (APAH), along with its development partners, has opened Oakwood Meadow Senior Residences in Alexandria. The affordable housing development features 150 one- and two-bedroom apartments for qualifying adults ages 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project is part of a public-private partnership between APAH and Fairfax County Redevelopment and Housing Authority (FCRHA). In addition to the contribution of public land, Fairfax County and the FCRHA invested $5.3 million in local Housing Blueprint funding, nearly $12.6 million in bond financing and an undisclosed amount in project-based vouchers. Additional financing includes both 4 and 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by Virginia Housing and nearly $30 million in equity investments from Bank of America.
ATLANTA — The demand metrics of seniors housing are extremely compelling, given the demographics of Americans aging into the product type. But that demand is not necessarily translating directly to occupancy at senior living properties. This disparity between leads and move-ins is just one of the gaps that the panelists highlighted throughout the “Power Panel” at France Media’s InterFace Seniors Housing Southeast conference that touched on marketing, generational differences and family expectations. Hosted Aug. 16 at the Westin Buckhead in Atlanta, the panel offered insight into the state of the industry, as seen through the eyes of C-Suite executives. Participants included Iyvonne Byers, CFO of Priority Life Care; Judd Harper, president of The Arbor Co.; Doug Schiffer, president and chief operating officer of Allegro Senior Living; Shelley Esden, president and CEO of Sonata Senior Living; and Terry Rogers, president and CEO of Westminster Communities of Florida. John Lariccia, CEO of WelcomeHome Software, served as the moderator. Follow the lead Esden said that the “big discrepancy between the rise in the number of leads and the rise in move-ins” can be partly accounted for by the prevalence of digital marketing and automation, particularly in the post-COVID landscape. For this reason, she …