Seniors Housing

Evergreen Breaks Ground on $30M Bellwood Senior Apartments Near Chicago

by Kristin Harlow July 7, 2022

BELLWOOD, ILL. — Evergreen Real Estate Group has broken ground on Bellwood Senior Apartments, an 80-unit affordable seniors housing community in the western Chicago suburb of Bellwood. The $30 million project will replace a former Walgreens with a four-story, 73,228-square-foot residential building. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60 percent of the area median income. Evergreen will begin accepting applications for the apartments in spring 2023, with completion scheduled for mid-2023. Weese Langley Weese Architects designed the project, which is located near a Metra station, shops, restaurants and other businesses. FH Paschen is the general contractor. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both low-income housing tax credits and Illinois affordable housing tax credits) and subordinate funds provider; the Village of Bellwood, which provided incentives and a loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; and Cook County, which is providing HOME funds.

July 7, 2022

Development Kansas Midwest Multifamily Seniors Housing

Tutera Completes Phase I of $6.5M Remodel of Senior Living Community Near Kansas City

by Kristin Harlow July 7, 2022

PRAIRIE VILLAGE, KAN. — Tutera Senior Living & Health Care has completed Phase I of a $6.5 million renovation of The Village at Mission in Prairie Village, a southern suburb of Kansas City. This phase upgraded 26 apartment units and first-floor common living spaces at the rental-based seniors housing property. The residences have been modernized with new lighting, furnishings, cabinetry, flooring and paint. In Phase II, Tutera will add 2,500 square feet for a therapy gym as well as 18,000 square feet for 20 private rehabilitation suites on the first floor and 14 memory care suites on the second floor. Phase II will expand the campus to 93,563 square feet for a continuum of care of assisted living, memory care, rehabilitation and extended stay all on one campus. Phase II is slated for completion in 2023. The project team includes Nearing Staats Prelogar & Jones Architects and Marian Tutera Design. Tutera acquired the property in June 2021.

July 7, 2022

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Foxy Management Tops Out 149-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams July 7, 2022

NEW YORK CITY — Locally based developer Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, has topped out Garden Towers, a 149-unit affordable seniors housing project in The Bronx. Units will be reserved for renters age 62 and above. Australian development and investment firm Lendlease is providing construction management services for the project, with Newman Design serving as the architect. Amenities will include three multi-purpose rooms, a social services suite, computer room, indoor bicycle storage and onsite laundry services and resident parking. Completion is scheduled for 2023.

July 7, 2022

Development Loans Multifamily Seniors Housing Top Stories Washington Western

CBRE Arranges $145.1M Construction Financing for 250-Unit Seniors Housing Development in Vancouver, Washington

by Jeff Shaw July 7, 2022

VANCOUVER, WASH. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The Springs at The Waterfront will feature 250 independent living, assisted living and memory care units on a 1.3-acre site. The developers will seek both LEED and Fitwell certifications for sustainability and wellness. The Springs Living will operate the property upon completion, a timeline of which was not disclosed. The community will feature organic rooftop gardens, integrated health and treatment programming, multiple dining venues and connection to the waterfront and community amenities. Additionally, less than one mile east of the community, the Vancouver VA Medical Center provides a full continuum of inpatient, outpatient, long-term and emergent care. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the …

July 7, 2022

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $33.1M Refinancing for Seniors Housing Property in Hillsboro, Oregon

by Amy Works July 5, 2022

HILLSBORO, ORE. — CBRE National Senior Housing has arranged $33.1 million in financing for MorningStar of Hillsboro. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. Situated on a 1.35-acre parcel, the community comprises 142 independent living units. The property recently opened its doors. The operator is MorningStar. The property is less than a mile north of Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro and Beaverton suburbs. Additionally, half a mile north of the community is The Streets of Tanasbourne, a 386,000-square-foot outdoor shopping mall with over 55 retail and restaurant options. Aron Will, Austin Sacco and Tim Root arranged the nonrecourse, floating-rate loan with full-term interest-only payments. A national bank provided the capital.

July 5, 2022

Development Multifamily Seniors Housing Texas

Forefront Living Begins Construction of 239-Unit Seniors Housing Project in Plano

by Taylor Williams July 5, 2022

PLANO, TEXAS — Forefront Living has begun construction of The Outlook at Windhaven, a seniors housing community in the northern Dallas suburb of Plano. Architectural firm three designed the 18-acre project. Plans call for 30 independent living cottage homes, 153 independent living apartments and a 56 units of assisted living and memory care in a 530,000-square-foot building. A timeline for completion was not released.

July 5, 2022

Acquisitions California Multifamily Seniors Housing Western

Northwestern Mutual Divests of Cortona Park Assisted Living Community in Brentwood, California for $39.2M

by Amy Works June 30, 2022

BRENTWOOD, CALIF. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. The pet-friendly apartments offer large floorplans with granite countertops, in-unit washers/dryers and private balconies. Community amenities include a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theatre, billiards, fireside living room and a community room with meeting space. Additionally, the property features concierge services, a 24-hour security system, postal services, a business center, wireless internet access and special dietary services. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.

June 30, 2022

Acquisitions Multifamily Seniors Housing Texas

SLIB Brokers Sale of 300-Unit Independent Living Community in Houston

by Taylor Williams June 28, 2022

HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 300-unit independent living community in Houston. The community spans 206,000 square feet across 7.6 acres. The seller was an undisclosed owner-operator that wanted to sell a non-core asset and shift its investment strategy to higher acuity seniors housing assets, including skilled nursing. The buyer was an undisclosed California-based investment firm. Matthew Alley, Vince Viverito, Brad Goodsell and Jason Punzel of SLIB brokered the deal.

June 28, 2022

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Brokers $97.5M Sale of Seniors Housing Community in Hamilton, New Jersey

by Taylor Williams June 28, 2022

HAMILTON, N.J. — Cushman & Wakefield has brokered the $97.5 million sale of Homestead at Hamilton, a 195-unit seniors housing community located outside of Trenton in Central New Jersey. Homestead at Hamilton sits on 20 acres and offers independent living, assisted living and memory care services. Amenities include a restaurant-style dining room, a pub, game and card room, fitness center and a rehabilitation gym. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented the seller and developer, an affiliate of Pike Construction Co., in the transaction. The buyer was Inspired Healthcare Capital. Homestead at Hamilton was close to fully leased at the time of sale.

June 28, 2022

California Development Loans Multifamily Seniors Housing Western

CFG Provides $32.9M Construction Financing for Assisted Living, Memory Care Facility in Temecula, California

by Amy Works June 27, 2022

TEMECULA, CALIF. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy or other projects and make repayments via an assessment on the property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance.

June 27, 2022

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