Seniors Housing

CBRE Provides $16.2M Refinancing for 97-Unit Seniors Housing Property in Nipomo, California

by Amy Works October 4, 2022

NIPOMO, CALIF. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, located approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and features 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan with five years of interest-only payments through the company’s Freddie Mac Optigo lending platform. California-based Westmont currently owns and operates 19 seniors housing communities throughout California and Oregon with two more communities under construction.

October 4, 2022

Affordable Housing California Development Multifamily Seniors Housing Western

Standard Communities Plans $55M Affordable Seniors Housing Development in San Ramon, California

by Amy Works October 3, 2022

SAN RAMON, CALIF. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business center and pet spa. “This is the first affordable development in San Ramon in more than 20 years. The site was originally intended for a luxury development, but we worked closely with the city to turn the site into affordable housing for seniors,” says Sean Carpenter, director of development at Standard Communities. “With the cost of living rising across the region and nation, adding more affordable housing in Contra Costa County and the city of San Ramon — one of the wealthiest communities in the Bay Area — is more important than ever.” Black Mountain Development sold the land parcel. The general contractor is Deacon and LCA Architects leads the …

October 3, 2022

Development Multifamily Nevada Seniors Housing Western

MorningStar, Confluent Break Ground on 168-Unit Seniors Housing Development in Las Vegas

by Amy Works September 30, 2022

LAS VEGAS — MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar Senior Living at The Canyons, the joint venture’s first development in Nevada. Located in Las Vegas, the four-story, 196,000-square-foot community will feature 95 independent living, 49 assisted living and 24 memory care units. Common areas will include indoor and outdoor dining venues, a pool and spa, fitness center and clubroom terrace with views of the Vegas Strip and mountains to the west. Additionally, the community will feature wellness programs that will meet residents’ social, intellectual, physical and spiritual needs. Completion is slated for summer 2024. Confluent Senior Living, a subsidiary of Denver-based Confluent Development, serves as project owner, and MorningStar Senior Living as operator. MorningStar at The Canyons is the 14th development for the co-developers and project partners.

September 30, 2022

Development Illinois Midwest Multifamily Seniors Housing

Skender Completes Redevelopment of Former Central Baptist Home in Maywood, Illinois

by Kristin Harlow September 29, 2022

MAYWOOD, ILL. — Skender has completed the redevelopment of the former Central Baptist Home, which has been listed on the National Register of Historic Places since 2017. Located in Maywood, a suburb of Chicago, the property is now home to a 100-unit assisted living facility for low-income seniors. The original building was constructed in several phases between 1929 and 1965. Skender’s restoration process included refurbishing the wood trim, stucco and brick facades, installing new windows, revamping the first-floor lobby, replacing the roof, restoring the commercial kitchen and dining area, and converting 100 rooms into supportive living units. Amenities now include a beauty salon, wellness clinic, laundry room, general store and recreation area. Celadon Partners was the developer and Gleason Architects was the architect. Financing came from NDC Corporate Equity Fund, KeyBank, US Bank and the Illinois Housing Development Authority.

September 29, 2022

Acquisitions Multifamily Northeast Rhode Island Seniors Housing

Hawkins Way Capital Acquires 247-Unit Student Housing Community in Providence

by Taylor Williams September 29, 2022

PROVIDENCE, R.I. — Hawkins Way Capital has acquired The Edge at College Hill, a 247-unit student housing community in downtown Providence that serves students at Brown University, the Rhode Island School of Design (RISD) and Johnson & Whales University. The property consists of a 15-story building and a five-story building offering studio, one- and two-bedroom units. Shared amenities include a rooftop clubhouse, fitness center and ground-floor retail space. Following capital improvements, the community will be rebranded as FOUND Study College Hill.

September 29, 2022

Acquisitions Connecticut Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of Memory Care Facility in Glastonbury, Connecticut

by Taylor Williams September 29, 2022

GLASTONBURY, CONN. — Cushman & Wakefield has brokered the sale of Buckingham Heights, a 46-unit memory care facility in Glastonbury, a suburb of Hartford. The single-story building was built in 2001 and renovated in 2021. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller, Longview Senior Housing, in the transaction. Seniors housing owner-operator Hamister Group purchased the property for an undisclosed price.

September 29, 2022

Development Multifamily Seniors Housing Washington Western

Emerald Communities Starts Expansion Project at Emerald Heights CCRC in Redmond, Washington

by Amy Works September 27, 2022

REDMOND, WASH. — Emerald Communities has started construction of an expansion project at Emerald Heights, a continuing care retirement community (CCRC) in the Seattle suburb of Redmond. The new building, named Courtyard, will rise three stories and feature 42 independent living units ranging in size from 826 square feet to 1,726 square feet. Dean Kelly of the architecture firm Rice Fergus Miller, who worked on Emerald Heights’ previous expansion in 2014, led the design of the new building. The Courtyard will total 70,638 square feet plus a 35,703-square-foot underground parking structure. GLY Construction is building the expansion, which is scheduled for completion in late 2023.

September 27, 2022

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of 62-Unit Harmony Hills Seniors Housing Project in Lehi, Utah

by Amy Works September 27, 2022

LEHI, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of Harmony Hills, a 62-unit assisted living facility in Lehi, located on the north bank of Utah Lake between Salt Lake City and Provo. The community was built in 2016, totaling approximately 46,000 square feet on 1.5 acres of land. The property was vacant at the time of sale. The seller was a Utah-based developer looking to exit the industry. The buyer is a Utah-based skilled nursing and short-term rehab owner-operator expanding its portfolio into assisted living. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

September 27, 2022

Affordable Housing Development Mixed-Use Multifamily New Jersey Northeast Office Retail Seniors Housing Top Stories

HBC, Streetworks Unveil Plans for 731,000 SF Mixed-Use Redevelopment Project in Westfield, New Jersey

by Katie Sloan September 22, 2022

WESTFIELD, N.J. — A partnership between Hudson Bay Co. (HBC) and StreetWorks Development, the company’s property development division, has unveiled plans for a mixed-use redevelopment project in Westfield, roughly 22 miles west of New York City. The developer plans to convert a 731,000-square-foot building previously occupied by a Lord & Taylor department store, as well as several town-owned parcels, into One Westfield Place, a transit-served development with an array of uses and pedestrian features. Preliminary plans call for 310,000 square feet of office space across two buildings; 27,000 square feet of retail and restaurant space throughout the development; 154 age-restricted apartments and townhomes; 69 market-rate apartments; an unspecified amount of affordable housing in accordance with local and state requirements; and two parking garages that can accommodate over 450 cars. The development team also plans to revitalize the downtown area with pocket parks, event spaces, water features and a mobility hub connecting the two sides of the train station that offers storage, bike stations and ride sharing areas. The joint venture will collaborate with Dan Biederman — president of Biederman Redevelopment Ventures, which runs the programs in New York City’s Bryant Park — to develop a plan to strategically program events and …

September 22, 2022

Development Loans Multifamily Seniors Housing Texas

JLL Arranges $61M Construction Loan for Seniors Housing Project in Garland, Texas

by Taylor Williams September 21, 2022

GARLAND, TEXAS — JLL has arranged a $61 million construction loan for The Preserve at Spring Creek, a 230-unit seniors housing project that will be located in the northeastern Dallas suburb of Garland. The country club-style facility will be situated on 35.5 acres and will offer assisted living, independent living and memory care services. Amenities will include a clubhouse, theater/chapel, salon, bistro, arts and craft room, billiards room, fitness centers and multiple dining venues and gathering spaces. Alanna Ellis and Allison Holland of JLL arranged the financing through a regional bank on behalf of the borrower, a joint venture between JAMP Enterprises LLC and Frontier Management LLC. The floating-rate loan carried a 15-year term with five-years of interest-only payments and a 75 percent loan-to-cost ratio. A construction timeline was not disclosed.

September 21, 2022

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