Seniors Housing

Seniors Housing Occupancy Rate Rebounds to 82.2 Percent After Fifth Consecutive Quarterly Increase

by Jeff Shaw October 13, 2022

ANNAPOLIS, MD. — The national occupancy rate for private-pay seniors housing increased 100 basis points from 81.2 percent in the second quarter of 2022 to 82.2 percent in the third quarter, according to NIC MAP Vision. Occupancy is up 430 basis points from a pandemic low of 77.9 percent in the second quarter of 2021. NIC MAP Vision is a product of the National Investment Center for Seniors Housing & Care (NIC), an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets. Private-pay seniors housing comprises independent living, assisted living and memory care. The occupancy increase — the fifth consecutive quarter of increase — is due to a surge in demand, which strongly outpaced growth in inventory. Further, the total number of occupied senior housing units within the primary markets is just 2,400 units shy of its pre-pandemic, all-time high level. Demand has rebounded more strongly for assisted living than independent living, with another quarter of robust gains pushing the number of occupied assisted living units to their highest level ever in the third quarter across the primary markets. Because new inventory was added during the pandemic, the overall assisted living occupancy rate has not yet …

October 13, 2022

Colorado Loans Multifamily Seniors Housing Western

Ziegler, M&T Partner for $19.5M Refinancing of Carmel Oaks Active Adult Community in Lakewood, Colorado

by Amy Works October 12, 2022

LAKEWOOD, COLO. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carries a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital improvement expenditures and initial equity.

October 12, 2022

Development Loans Seniors Housing Southeast Tennessee

CBRE Arranges Construction Financing for 12-Story Seniors Housing Development in Nashville

by John Nelson October 11, 2022

NASHVILLE, TENN. — CBRE has arranged an undisclosed amount of financing for construction of The Crestmoor at Green Hills, a 12-story seniors housing community in Nashville’s Green Hills neighborhood. A joint venture between Bridgewood Property Co. and Harrison Street are developing the property, which will feature 117 independent living units, 45 assisted living units and 29 memory care units. Aron Will and Tim Root of CBRE National Senior Housing arranged the five-year construction loan through a regional bank. Bridgewood’s wholly owned management company, The Aspenwood Co., will operate the community upon completion.

October 11, 2022

Development Multifamily Seniors Housing Washington Western

Anthology Plans 127-Unit Independent Living Community in Edmonds, Washington

by Amy Works October 11, 2022

EDMONDS, WASH. — Anthology Senior Living has unveiled plans for Anthology of Edmonds, a 127-unit seniors housing community in Edmonds, a northern suburb of Seattle. The community totals 162,872 square feet across six floors and is Anthology’s first community to exclusively offer independent living. This project marks the sixth senior housing development that Anthology has started in the past 12 months. Harrison Street is an investment partner on the project. The project is scheduled to open in late 2023. According to a recent report by the U.S. Census Bureau, almost 15 percent of the Snohomish County population has already reached age 65 and older, a number that will continue to climb as baby boomers age.

October 11, 2022

Affordable Housing Development Kansas Midwest Multifamily Seniors Housing

Rau Construction Completes Renovation of Affordable Seniors Housing Building in Kansas City

by Kristin Harlow October 7, 2022

KANSAS CITY, KAN. — Rau Construction has completed a significant renovation of Town House in downtown Kansas City. Formerly known as Cross Lines Tower, the property is now home to 130 units for seniors age 55 and older who earn between 30 and 60 percent of the area median income. The building originally opened in 1951 as a hotel and was converted into affordable housing in 1981. Amenities include a meeting room, tenant lounge, outdoor patio and garden area, community room and laundry facilities. UMB Bank provided $25.5 million in construction and equity bridge loans and, through Hunt Capital Partners, a $17.4 million low-income housing tax credit equity investment to fund and finance the $42 million project. KeyBank provided permanent financing. Additional financing partners included Commerce Bank, Kansas Housing Resource Corp., Kansas Development Finance Authority and the North East Economic Development Corp. The development team included Foutch Brothers as the architect, Hughes Development Co. and Tier 1 Development Group LLC as co-developers and Universal Management Inc. as property manager.

October 7, 2022

Loans Multifamily Oregon Seniors Housing Western

Ziegler Arranges $42.4M Refinancing for Rose Villa Seniors Housing Property in Portland, Oregon

by Amy Works October 7, 2022

PORTLAND, ORE. — Ziegler has arranged a $42.4 million Cinderella bank placement, as well as a $7 million taxable revolving line of credit, for Rose Villa, a continuing care retirement community in Portland. Situated on 21.5 acres, the community currently features 261 independent living homes, 16 nursing beds and 16 residential care beds. In addition, Rose Villa’s Phase III project adding 41 new independent living homes and a replacement supportive care neighborhood has come online, with move-ins beginning in July 2022. Phase III was fully presold. Truist Bank will provide a 12-year commitment on the financing and a five-year commitment on the taxable revolving line of credit.

October 7, 2022

Kansas Loans Lument Midwest Multifamily Seniors Housing

Lument Provides $21.6M Loan for Refinancing of Seniors Housing Community in Salina, Kansas

by Kristin Harlow October 6, 2022

SALINA, KAN. — Lument has provided a $21.6 million Fannie Mae loan for the refinancing of Eaglecrest Retirement Community in Salina, a city in central Kansas. Constructed in 2004, the independent and assisted living community features 102 units. Bill Wilson, Doug Harper and Casey Moore of Lument originated the loan. Midwest Health Inc. manages the property.

October 6, 2022

Acquisitions Affordable Housing Multifamily Seniors Housing Washington Western

PEF Advisors Acquires 75-Unit Rainier Vista Affordable Seniors Housing Property in Pacific, Washington

by Amy Works October 5, 2022

PACIFIC, WASH. — Preservation Equity Fund Advisors (PEF Advisors) has purchased Rainier Vista, an affordable seniors housing property in Pacific. Terms of the transaction were not released. Originally developed in 2003 with low-income housing tax credits, Rainier Vista offers one three-story building with 75 one- and two-bedroom units for affordable housing for seniors age 55 and older. Units offer refrigerators, self-cleaning ovens, microwaves, dishwashers, garbage disposals and storage lockers. The community includes 20 units designated for residents earning 30 percent of area median income (AMI), 25 units for residents at 50 percent AMI and five units for residents at 60 percent AMI. The remaining 25 units are market rate. At the time of sale, the property was 96 percent occupied. Community amenities include a leasing office, clubhouse, library, fitness center, salon, elevator service, three on-site laundry facilities, a knitting room, courtyard community garden and barbecue area.

October 5, 2022

Loans North Carolina Seniors Housing Southeast

KeyBank Provides $53.1M Agency Loan for Seniors Housing Community in Raleigh

by John Nelson October 5, 2022

RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $53.1 million Fannie Mae loan from Fannie Mae for Waltonwood Lake Boone, a 181-unit seniors housing community in Raleigh. The property offers independent living, assisted living and memory care units. Charlie Shoop of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Singh Development, a leading real estate developer with offices in Raleigh and West Bloomfield, Mich. The financing recapitalizes a loan that KeyBank’s Healthcare Group originated in 2019, a year after Waltonwood Lake Boone opened.

October 5, 2022

Loans Multifamily Seniors Housing Washington Western

Ziegler Arranges $74.6M Financing for Heron’s Key Seniors Housing Community in Gig Harbor, Washington

by Amy Works October 4, 2022

GIG HARBOR, WASH. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located just across Puget Sound from Tacoma in Gig Harbor. Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond. Emerald Communities will use proceeds of the Cinderella bank placement will be used with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The loan was placed directly with Truist Bank with a 10-year bank commitment. “This average annual debt service savings of $1.1 million will benefit Heron’s Key and aid in building cash that will result in developing a Phase II sooner than later,” says Lisa Hardy, CEO of Emerald Communities.

October 4, 2022

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