Seniors Housing

Ziegler Arranges $58.4M Financing for Capital Manor Seniors Housing Community in Salem, Oregon

by Amy Works March 8, 2022

SALEM, ORE. — Ziegler has arranged $58.4 million in bond financing for Capital Manor, a continuing care retirement community (CCRC) in Salem. Capital Manor features 302 independent living units and 83 residential care beds with an additional 34 memory care beds. Life Care Services has operated the community since 2010. The financing will refund bonds from 2012 while funding a renovation project that will include a new façade and refreshed common areas. “It has been exciting to see Capital Manor, under Life Care Services’ leadership, execute a major operations turnaround, expand its living options, add memory care services, and beautify and expand its activity and hospitality areas,” says Mary Muñoz, senior managing director at Ziegler.

March 8, 2022

Illinois Loans Midwest Multifamily Northmarq Seniors Housing

Northmarq Arranges $19.2M Loan for Refinancing of Senior Living Community in Suburban Chicago

by Kristin Harlow March 8, 2022

OAK BROOK, ILL. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The seniors housing property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.

March 8, 2022

Acquisitions Multifamily Seniors Housing Texas

Ensign Group Acquires 74-Bed Waterton Skilled Nursing Facility in Tyler, Texas

by Taylor Williams March 8, 2022

TYLER, TEXAS— The Ensign Group, Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Waterton Healthcare and Rehabilitation, a 74-bed skilled nursing facility in Tyler. The sales price was not disclosed. These acquisitions bring Ensign’s portfolio to 250 healthcare operations, 23 of which also include senior living operations, across 13 states. Ensign owns 102 real estate assets.

March 8, 2022

Loans Multifamily New York Northeast Seniors Housing

Knighthead Funding Provides $34.5M Construction Loan for Seniors Housing Project in Selden, New York

by Taylor Williams March 7, 2022

SELDEN, N.Y. — Knighthead Funding LLC has provided a $34.5 million loan for the construction of an active adult community in Selden, a hamlet on Long Island. Situated on 13.8 acres, the complex will feature 124 two-bedroom, two-bath units, including 36 affordable homes, in 15 two-story residential buildings. The borrower is The Northwind Group. The property is fully permitted, planned and approved, but a community name has not been released.

March 7, 2022

Acquisitions Maryland Multifamily Seniors Housing Southeast

Tryko Partners Purchases Assisted Living, Skilled Nursing Portfolio in Maryland

by Julia Sanders March 7, 2022

ROCKVILLE AND WESTMINSTER, MD. — Tryko Partners has purchased two skilled nursing and assisted living real estate properties in Maryland, including Brighton Gardens of Tuckerman Lane in Rockville and Sunrise of Carroll in Westminster. The sales price and seller for the portfolio were not disclosed. Developed in 1998, Brighton Gardens of Tuckerman Lane is a 140-bed assisted living and skilled nursing community. Tryko will rename the property’s two components to The Terraces at Tuckerman Lane and Tuckerman Rehabilitation & Healthcare Center. Renovations to the property are planned, including the construction of a secure memory care unit. Located at 45 Washington Road, Sunrise of Carroll is a 62-bed assisted living and memory care community that was renamed The Terraces at Westminister. Built in 1999, the two-story structure was originally a historic mansion. The facility is situated close to the Westminster Senior Center and Carroll Hospital.

March 7, 2022

Development Multifamily Nevada Seniors Housing Western

SR Construction Completes Silverado Red Rock Memory Care Community in Las Vegas

by Amy Works March 7, 2022

LAS VEGAS — SR Construction has completed work on Silverado Red Rock, a memory care community in Las Vegas. This single-story, 36,381-square-foot property features 60 resident rooms and 72 resident beds. The community will welcome its first residents on March 14. This is the second community that SR has built for Silverado.

March 7, 2022

Acquisitions California Development Michigan Multifamily Ohio Seniors Housing Tennessee Top Stories

Welltower Acquires 33-Property Seniors Housing Portfolio for $548M, Plans Two Developments in Silicon Valley

by Jeff Shaw March 7, 2022

TOLEDO, OHIO — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator StoryPoint to manage the communities under a RIDEA agreement. The acquisition is expected to be funded through the issuance of partnership units, assumed debt and cash on-hand. Simultaneously with the acquisition announcement, Welltower unveiled a development partnership with a joint venture between Related Cos. and Atria Senior Living to develop two seniors housing communities in Silicon Valley. One will be located in Santa Clara and the other in Cupertino. Welltower suggests these developments are just the first projects of many for the partnership. The Santa Clara development will consist of 191 units next to a fully entitled, 9.2 million-square-foot urban development that Related began building in 2015. The larger project, …

March 7, 2022

Features Multifamily Seniors Housing

Seniors Housing Demand Hit Record High in Second Half of 2021

by Jeff Shaw March 4, 2022

ANNAPOLIS, Md. — Demand for seniors housing hit an all-time high in the second half of 2021, signifying continued growth out of the depths of the effects of the COVID-19 pandemic, according to the National Investment Center for Seniors Housing & Care (NIC). The analysis came in the form of a blog post by Beth Mace, NIC’s chief economist. NIC is an Annapolis-based nonprofit firm that tracks industry data gathered from 31 primary metropolitan markets through its NIC MAP Vision product. The demand was measured by absorption, with the market absorbing 21,029 units in the third and fourth quarter of 2021. “Notably, this is a clear reversal in trend from the loss of 42,129 units during the pandemic in the second, third and fourth quarters of 2020 and the first quarter of 2021,” wrote Mace. The post listed five major takeaways from the fourth-quarter 2021 data, the first of which is that occupancy has recovered 230 basis points from the low point of the pandemic, from 78.7 percent in the second quarter of 2021 to 81 percent in the fourth quarter of 2021. However, it remains 640 basis points below its pre-pandemic level of 87.4 percent. Mace noted, though, that …

March 4, 2022

Acquisitions Midwest Minnesota Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges Sale of Five-Property Seniors Housing Portfolio in Minneapolis

by Kristin Harlow March 3, 2022

MINNEAPOLIS — Walker & Dunlop has arranged the sale of five Class A seniors housing communities in Minneapolis. Minnetonka-based Roers Cos. developed the communities, which Walker Methodist and Jaybird Senior Living operate. The communities opened between 2018 and 2021. The portfolio consists of 567 independent living, assisted living and memory care units. The buyer, an affiliate of Lone Star Funds, will utilize Grace Management to oversee daily operational responsibilities. The sales price was not disclosed. Alex Vice, Joshua Jandris, Brett Gardner and Mark Myers of Walker & Dunlop provided advisory services and facilitated the disposition of the portfolio.

March 3, 2022

Loans Montana Multifamily Oregon Seniors Housing Western

LTC Provides $25M Recapitalization for Five-Property Seniors Housing Portfolio in Oregon, Montana

by Amy Works March 2, 2022

OREGON AND MONTANA — LTC Properties Inc. (NYSE: LTC) has originated a $25 million mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The loan has a term of five years and two months, with two one-year extension options. It bears interest at 8 percent, with an internal rate of return of 11 percent. Located in Oregon and Montana, The Springs Living operates the five communities, which include independent living, assisted living and memory care and total 621 units. The Springs is a new operator partner for LTC.

March 2, 2022

Newer Posts

Older Posts