Seniors Housing

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

by Amy Works August 3, 2022

LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction at Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 permanent supportive housing apartments for seniors who have experienced chronic homelessness, and Luminus@Evermont, which will feature 118 affordable homes for families with low incomes, including 60 permanent supportive housing units. Located along the Vermont Corridor, the site is home to the second busiest transit stop in the entire Metro system. Additional key features of the development include a new, landscaped public transit plaza located on Vermont Avenue, plus improved pedestrian and cycling connections to other community facilities. The future LEED-certified facilities will be connected by a 22,000-square-foot plaza with a five-story parking structure to serve both commercial and residential tenants. Financial partners include JPMorgan Chase Bank, Los Angeles County Development …

August 3, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works August 3, 2022

SCOTTSDALE, ARIZ. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Andara Senior Living, a 170-unit luxury seniors housing community in Scottsdale. Built in 2010, the community is located in an affluent pocket of Scottsdale and nestled in the foothills of the McDowell Mountains. The campus features two three-story residential wings interconnected by a covered walkway. The community offers independent living and assisted living services. Reliant Group sold the property to a joint venture between Colonial Oaks Senior Living and Fortress Investment Group. Although the price wasn’t disclosed, CBRE provided a $37 million fixed-rate Freddie Mac acquisition loan in connection with the sale. This transaction represents CBRE’s third financing of the community after previously arranging acquisition financing on behalf of the seller in 2012 and an agency refinancing in 2018. The CBRE investment sales team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller, while the CBRE debt and structured finance team consisting of Aron Will, Austin Sacco and Adam Mincberg arranged the financing.

August 3, 2022

Acquisitions Multifamily Seniors Housing Texas

Grandbridge Brokers Sale of Three Seniors Housing Properties Totaling 664 Units in Texas

by Taylor Williams August 3, 2022

ABILENE, AMARILLO AND TYLER, TEXAS — Grandbridge Real Estate Capital has brokered the sale of three seniors housing properties totaling 664 units in Texas. The properties include Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler. The facilities offer a full continuum of services, including independent living, assisted living, memory care and skilled nursing. The properties were 90 percent occupied at the time of sale. Lifespace Communities acquired the properties from RSF Partners, Evergreen Senior Living Properties and ER Senior Management. The sales price was not disclosed. David Kliewer, Jay Jordan and David Rothschild of Grandbridge brokered the deal.

August 3, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works August 3, 2022

August 3, 2022

Affordable Housing California Development Mixed-Use Multifamily Seniors Housing Western

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

by Amy Works August 3, 2022

August 3, 2022

Affordable Housing Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $13M for Rehabilitation of Affordable Seniors Housing Property in Gary, Indiana

by Kristin Harlow August 1, 2022

GARY, IND. — Merchants Capital has provided more than $13 million in financing for the rehabilitation of the Carolyn Mosby Apartments in Gary. A joint venture between Gorman & Co. and the Gary Housing Authority (GHA) was the borrower. GHA built the property in the late 1960s as a public housing development. The eight-story building comprises 142 units that are reserved for seniors or disabled residents earning 30 to 60 percent of the area median income. The financing will preserve the affordability of the property for its residents. The project received an allocation of $13 million in tax-exempt bonds from the Indiana Housing & Community Development Authority, enabling GHA to partner with Gorman to convert the property from public housing to a long-term Section 8 Housing Assistance Payments contract. Merchants Capital facilitated the bond purchase in the form of a $13 million construction loan from Merchants Bank of Indiana. Following construction completion, the loan will convert to a $5.2 million permanent loan pursuant to a Freddie Mac tax-exempt loan forward commitment, to be serviced by Merchants Capital. The project also received equity investments totaling roughly $9.7 million in return for federal low-income housing tax credits and federal historic rehabilitation tax …

August 1, 2022

Affordable Housing California Loans Multifamily Seniors Housing Western

BRIDGE Housing Receives $19.4M Refinancing for Magnolia Plaza Senior Apartments in San Francisco

by Amy Works July 29, 2022

SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. Magnolia Plaza Senior Apartments is adjacent to an architecturally distinguished school building, which was renovated by the City of South San Francisco as a senior center for the residents of both the development and the larger community. The complex includes a historic reconstruction of the city’s original one-room schoolhouse as a project office and community room. BRIDGE was a member of the original enterprise that constructed Magnolia Plaza Senior Apartments in 1988, and recently purchased the property from the remaining partners.

July 29, 2022

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

TD Bank Provides $22M Construction Loan for Boston Affordable Housing Conversion Project

by Taylor Williams July 29, 2022

BOSTON — TD Bank has provided a $22 million construction loan for a project in Boston’s Hyde Park neighborhood that will convert the former William Barton Rogers Middle School building to a 74-unit affordable housing complex. Residences will be specifically reserved for seniors in the LGBTQ community and will come in a mix of studio, one- and two-bedroom formats. The developer is a partnership between Pennrose and nonprofit LGBTQ Senior Housing Inc. The design plan includes the preservation of the century-old building’s auditorium, gym, cinema and front entrance. A tentative completion date was not disclosed.

July 29, 2022

Loans Seniors Housing Southeast Virginia

Ziegler Arranges $71M Bond Financing for Seniors Housing Community in Winchester, Virginia

by John Nelson July 28, 2022

WINCHESTER, VA. — Ziegler has arranged $71 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a continuing care retirement community (CCRC) in Winchester, approximately 75 miles west of Washington, D.C. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living unit expansion project known as the Hackwoods, the first phase of which will include 48 new independent living unit apartments. To fund the first phase of the project, SVWC issued two tranches of drawdown bank loans that Atlantic Union Bank and Pinnacle Financial Partners purchased. The first portion of the financing was $51 million in bonds via a 12-year bank commitment, with a variable interest rate. The second portion, totaling $20 million, features a 4.5-year final maturity to be repaid from initial entrance fees to the new independent living units.

July 28, 2022

Connecticut Loans Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Refinancing of 104-Unit Seniors Housing Property in Stamford, Connecticut

by Taylor Williams July 27, 2022

STAMFORD, CONN. — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of The Residence at Summer Street, a 104-unit seniors housing property in Stamford. The five-story, newly built facility offers assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone of Cushman & Wakefield arranged the financing through VIUM Capital and its affiliate Merchants Bank of Indiana. The borrower was a partnership between Virtus and LCB Senior Living.

July 27, 2022

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