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Seniors Housing

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AcquisitionsAffordable HousingMontanaMultifamilySeniors HousingWestern

Community Preservation Partners Acquires Two Affordable Seniors Housing Communities in Great Falls, Montana

by Amy Works

GREAT FALLS, MONT. — Community Preservation Partners (CPP) has acquired two affordable seniors housing communities in Great Falls: Sunshine Village and Broadview Manor East & West. CPP plans to renovate both properties, and has partnered with The Hampstead Cos., which will be the owner and co-developer. This is the second project closing in Montana for CPP and Hampstead together, totaling three communities in the area. CPP and Hampstead’s total development investment is approximately $23.1 million, which includes the purchase price of $10.8 million and an estimated renovation cost of $72,850 per unit. The properties’ HUD subsidy was set to expire, but with CPP and Hampstead’s involvement the homes will now remain affordable and prevent displacement of residents earning up to 50 percent and 60 percent of the area median income (AMI) until 2074. “New affordable housing developments in the Great Falls area have significant waitlists, so the preservation and modernization of the existing affordable housing stock is important to the residents of this community,” says Karen Buckland, vice president at CPP. Built in 1979, Sunshine Village features 72 one- and two-bedroom units in a single three-story building. Also built in 1979, the Broadview Manor properties offer three- and four-bedroom units. …

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ColoradoLoansMultifamilySeniors HousingWestern

Berkadia Arranges $14.4M Bridge Loan for Memory Care Community in Colorado Springs

by Amy Works

COLORADO SPRINGS, COLO. — Berkadia has arranged the financing of a 72-bed memory care facility in Colorado Springs.  Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare secured a $14.4 million bridge loan to retire the existing construction debt and transaction costs. Berkadia Seniors Housing & Healthcare was able to offer an 18-month, floating-rate, bridge-to-HUD loan to allow the borrower enough time to continue improving NOI to a level that will support a HUD refinancing. Berkadia Seniors Housing & Healthcare anticipates submitting the HUD application within 12 months. The Washington-based borrower completed the community in 2018 and, despite strong lease-up velocity in 2019, struggled throughout much of 2020 and 2021 due to key staff turnover and multiple COVID-19 lockdowns. Occupancy hit a low point of 30 percent in December 2020 before new facility-level leadership stepped in to stabilize the community, managing to increase occupancy to 72 percent by March 2023.

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DevelopmentNorth CarolinaSeniors HousingSoutheast

LCS Completes Phase I of $75M Expansion of Seniors Housing Property in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — Life Care Services (LCS) has completed the first phase of a $75 million expansion project at WhiteStone, a continuing care retirement community (CCRC) in Greensboro. LCS manages the Masonic and Eastern Star community. This phase of the expansion added 67 one- and two-bedroom independent living units to the property. In addition, the Care and Wellness Center renovations include a rehabilitation gym, courtyard and gardens, and enhanced salon and spa. WhiteStone partnered with SFCS Architects and Blum Construction to execute the project. The community expects to add more than 45 new employees in Greensboro due to the expansion. The final phase of the expansion project is scheduled for completion in the fall and will include 24 assisted living residences and 12 memory care suites.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastSeniors HousingTop Stories

State of New York to Provide $406M in Financing to Build Five Affordable Housing Developments

by John Nelson

ALBANY, N.Y. — New York Gov. Kathy Hochul has announced that the State of New York will provide $406 million in financing to deliver approximately 800 new affordable housing units across the state. The financing will be awarded through bonds and subsidies. The New York Division of Homes and Community Renewal (HCR) is providing the financing for the five developments, which comprises $286 million in tax-exempt housing bonds and $120 million in subsidies. The awarded projects are as follows: Income restrictions for these five developments were not disclosed. “Addressing New York’s housing crisis requires a comprehensive and holistic approach,” says Hochul. “That’s why we’re working overtime to face the crisis head-on by spurring the development of a variety of housing options that meet the needs of New Yorkers from all walks of life, from seniors to families to young adults.” Hochul’s statement came during the ribbon-cutting ceremony celebrating the completed renovations at The New Amsterdam Apartments, a 116-unit affordable seniors housing community at 26 Wall St. in Amsterdam. The property is restricted to tenants earning at or below 80 percent of the area median income (AMI) and with at least one household member age 55 or older. Funded by the …

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AcquisitionsMultifamilyOklahomaSeniors HousingTexas

Blueprint Brokers Sale of 110-Unit Seniors Housing Community in Tulsa

by Taylor Williams

TULSA, OKLA. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 110-unit seniors housing community in Tulsa. Completed in 2017, the unnamed property offers assisted living and memory care services as well as Class A amenities. A national investor and its operator, both based in Seattle, sold the asset to an undisclosed buyer. Alex Florea, Kyle Hallion and Kory Buzin led the transaction for Blueprint.

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Netherbay-at-Bay-Shore
DevelopmentLoansMultifamilyNew YorkNortheastSeniors Housing

Greystone Provides $25.2M HUD-Insured Loan for Seniors Housing Conversion on Long Island

by Taylor Williams

BAY SHORE, N.Y. — Greystone has provided a $25.2 million HUD-insured loan for a project in the Long Island community of Bay Shore that will convert the original homestead of the Gulden family, a major mustard manufacturer, into a seniors housing community. Netherbay at Bay Shore, which bears the name of the estate, will feature 72 assisted living and memory care community units. Amenities will include communal dining and lounging areas, an outdoor garden and walking area and a pavilion for outdoor entertainment. Meridian Senior Living will operate the community, which will be constructed by Racanelli Construction. Lisa Fischman of Greystone originated the construction-to-permanent financing on behalf of the developers, Charles Ferraro and Nicholas Racanelli.

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Seafields-at-Kiawah-Island
DevelopmentLoansMultifamilySeniors HousingSouth CarolinaSoutheastTop Stories

Ziegler Arranges $212.9M in Bond Financing for Seniors Housing Project in Coastal South Carolina

by Taylor Williams

KIAWAH ISLAND, S.C. — Ziegler, a Chicago-based investment bank, has arranged $212.9 million in bond financing for Seafields at Kiawah Island, a seniors housing project in coastal South Carolina. The borrower and developer is a local entity doing business as Kiawah Life Plan Village Inc. BRP Senior Housing Management will operate the property. Sitework is underway, and the development team expects to open the community in fall 2025. Seafields at Kiawah Island will be located on an eight-acre site about 25 miles south of Charleston. This site is adjacent to Freshfields Village, an open-air pedestrian village with a variety of stores, restaurants and entertainment options. The community will feature 90 independent living units and 16 assisted living units. In addition to full-service dining, amenities will include a bar, bistro, outdoor pool, fitness center, yoga studio, salon, wellness center, theater and various multipurpose rooms. The South Carolina Jobs-Economic Development Authority issued the bond financing. Specifically, the package consists of $87.1 million of long-term, fixed-rate bonds and $125.8 million of tax-exempt and taxable securities with mandatory paydown requirements. “Ziegler is very proud to help provide construction financing for Seafields at Kiawah Island in a very challenging capital markets environment,” says Rob Gall, Ziegler’s …

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

Lifespace Completes Independent Living Renovation at Oak Trace in Downers Grove, Illinois

by Kristin Harlow

DOWNERS GROVE, ILL. — Lifespace has completed renovations to the independent living building at Oak Trace, a continuing care retirement community in Downers Grove, about 20 miles west of Chicago. The renovations were part of a $112 million full-campus redevelopment. The first phase of the project occurred in 2019 with the opening of Oak Trace’s Health and Wellness Center offering assisted living, memory care rehabilitation and skilled nursing. The latest phase, completed last week, features renovated shared spaces of the independent living building. Highlights include the Oak Room, a formal restaurant-style dining room; the Lounge, a casual gathering space offering cocktails and small-plate items; a newly furnished library; an outfitted art studio; and a lobby. Oak Trace’s full redevelopment is scheduled for completion in spring 2024 with its independent living expansion. The final phase will add 140 new independent living apartments, a fitness center and aquatic center, multiple dining venues, a spa and performing arts center.

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AcquisitionsMidwestMultifamilyOhioSeniors Housing

Ziegler Negotiates Sale of 246-Unit Senior Living Community in Garfield Heights, Ohio

by Kristin Harlow

GARFIELD HEIGHTS, OHIO — Ziegler has negotiated the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. The sales price was undisclosed. Built in 1952, the property is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. Ziegler represented the undisclosed seller. The buyer, a privately held owner and operator based in Lakewood, N.J., assumed approximately $16 million of HUD debt as part of the transaction.

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AcquisitionsCaliforniaHealthcareLoansSeniors HousingWestern

Forbright Bank, HJ Sims Provide Acquisition Financing for Two California Skilled Nursing Facilities

by Jeff Shaw

CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California.  The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities.  The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed.  Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one set of loan documents and one monthly mortgage payment.

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