Seniors Housing

Ziegler Closes $29M Bond Financing for Ensō Verde Seniors Housing Development in Simi Valley, California

by Amy Works March 3, 2023

SIMI VALLEY, CALIF. — Ziegler has arranged $29 million in bond financing for Ensō Verde, a seniors housing community currently under development in Simi Valley. The borrower is Kendal Corp., which began developing the continuing care retirement community in 2022. Located on 21 acres, plans call for 237 independent living units, 24 assisted living units, 24 memory care units and related amenities and common areas. The California Public Finance Authority issued the unrated bonds, which are a mix of tax-exempt and taxable. The bonds will be used to purchase the development site, fund preconstruction development and marketing costs and pay certain costs of issuance. The project is scheduled to open later this year.

March 3, 2023

The-Delaney-at-The-Vale-Woburn-Massachusetts

Development Massachusetts Multifamily Northeast Seniors Housing

LCS Nears Completion of Seniors Housing Project in Woburn, Massachusetts

by Taylor Williams March 3, 2023

WOBURN, MASS. — Life Care Services (LCS) is nearing completion of The Delaney at The Vale, a seniors housing project in the northern Boston suburb of Woburn. The number of units and development costs were not disclosed. Boston-based architect DiMella Shaffer designed the facility, which is part of The Vale, the master-planned redevelopment of the former Kraft Atlantic Gelatin Facility. The Delaney at The Vale will offer independent living, assisted living and memory care services and is slated to open this summer.

March 3, 2023

California Loans Multifamily Seniors Housing Western

CBRE Arranges $38.4M Refinancing for Seniors Housing Property in Santee, California

by Amy Works March 2, 2023

SANTEE, CALIF. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. CBRE National Senior Housing originated the 10-year loan with five years of interest-only payments through its Freddie Mac Optigo lending platform.

March 2, 2023

California Loans Multifamily Seniors Housing Western

CBRE Arranges $38.4M Refinancing for Seniors Housing Property in Santee, California

by Amy Works March 2, 2023

SANTEE, CALIF. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. The collection of Lantern Crest communities represents one of the highest quality rental campuses in San Diego County. CBRE National Senior Housing originated the 10-year loan with five years of interest-only payments through its Freddie Mac Optigo lending platform.

March 2, 2023

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Blueprint Negotiates Sale of 180-Bed Skilled Nursing Facility in Wallingford, Connecticut

by Taylor Williams March 2, 2023

WALLINGFORD, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant, 180-bed skilled nursing facility in Wallingford, located approximately midway between Hartford and New Haven. The buyer was a Florida-based developer with local ties to Wallingford. Additional terms of sale, as well as the name and address of the property, were not disclosed.

March 2, 2023

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

EAH Housing Breaks Ground on $58M Affordable Seniors Housing Community in Hilo, Hawaii

by Amy Works February 28, 2023

HILO, HAWAII — EAH Housing has broken ground on Hale Nā Koa ‘O Hanakahi, an affordable seniors housing community for veterans in Hilo, located on the east coast of the “Big Island” of Hawaii. Development costs are estimated at $58 million. In partnership with Hawaii Island Veterans Memorial Inc. (HIVM), EAH Housing will develop the residential component of the master-planned complex that will also include a community-based outpatient clinic. The property will be built on 5.5 acres owned by the County of Hawaii. The 92-unit affordable living community will be available to veterans, surviving spouses and other income-qualified seniors age 62 or older. The one-bedroom apartments will be offered at rents affordable to individuals and couples earning 30 percent to 80 percent of area median income (AMI). Funding sources for the project include $30 million in Hula Mae multifamily bond financing along with $16.9 million in Rental Housing Revolving Fund loans and approximately $2.5 million in annual state and federal Low-Income Housing Tax Credits from the Hawai‘i Housing Finance Development Corporation (HHFDC). The investor in those credits is Enterprise Housing Credit Investments, with permanent financing from Bank of Hawai‘i. Additional funding is provided by the County of Hawaii through its …

February 28, 2023

Acquisitions Colorado Multifamily Seniors Housing Western

Bascom Group Acquires 230-Unit Active Adult Community in Lakewood, Colorado

by Amy Works February 28, 2023

LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 West 15th Place. Terms of the transaction were not released. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness and yoga studios, gardening plots, a sky lounge, electric vehicle charging stations and a pet park. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset.

February 28, 2023

Affordable Housing Development Hawaii Multifamily Seniors Housing Western

EAH Housing Breaks Ground on $58M Affordable Seniors Housing Community in Hilo, Hawaii

by Amy Works February 28, 2023

HILO, HAWAII — EAH Housing has broken ground on Hale Nā Koa ‘O Hanakahi, an affordable seniors housing community for veterans in Hilo, located on the east coast of the “Big Island” of Hawai‘i. Development costs are estimated at $58 million. In partnership with Hawai‘i Island Veterans Memorial Inc. (HIVM), EAH Housing will develop the residential component of the master-planned complex that will also include a community-based outpatient clinic. The property will be built on 5.5 acres owned by the County of Hawai‘i. The 92-unit affordable living community will be available to veterans, surviving spouses and other income-qualified seniors age 62 years or older. The one-bedroom apartments will be offered at rents affordable to individuals and couples earning 30 percent to 80 percent of area median income (AMI). Funding sources for the project include $30 million in Hula Mae multifamily bond financing along with $16.9 million in Rental Housing Revolving Fund loans and approximately $2.5 million in annual state and federal Low-Income Housing Tax Credits from the Hawai‘i Housing Finance Development Corporation (HHFDC). The investor in those credits is Enterprise Housing Credit Investments, with permanent financing from Bank of Hawai‘i. Additional funding is provided by the County of Hawai‘i through …

February 28, 2023

Acquisitions Colorado Multifamily Seniors Housing Western

Bascom Group Acquires 230-Unit Active Adult Community in Lakewood, Colorado

by Amy Works February 28, 2023

LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 W. 15th Place. Terms of the transaction were not released. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness studio, yoga studio, gardening plots, sky lounge, electric vehicle charging stations and a pet park.

February 28, 2023

Acquisitions Illinois Midwest Multifamily Seniors Housing

Cushman & Wakefield Brokers $20M Sale of Senior Living Community in St. Charles, Illinois

by Kristin Harlow February 28, 2023

ST. CHARLES, ILL. — Cushman & Wakefield has brokered the sale of River Glen of St. Charles, located within the former Delnor Hospital, which was built in St. Charles in 1939. Located approximately 35 miles west of Chicago, the senior living community features 106 units of independent living, assisted living and memory care. The original hospital building has been converted into a modern, well-amenitized campus. Bridge Investment Group sold the asset to Citrine Senior Communities, a joint venture between affiliates of Citrine Investment Group and Jaybird Capital, for $20 million. Jaybird Senior Living will take over operations. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Jack Griffin arranged the transaction.

February 28, 2023

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