Seniors Housing

Grandbridge Arranges $30M Recapitalization for Senior Living Campus in Jackson, Michigan

by Kristin Harlow April 5, 2022

JACKSON, MICH. — Grandbridge Real Estate Capital has arranged the recapitalization of Vista Grande Villa, a 318-unit senior living campus in Jackson, about 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the community. Jay Jordan and Dave Kliewer of Grandbridge arranged the financing through Lapis Advisers. Kauhale Health is managing operations.

April 5, 2022

Loans Massachusetts Multifamily Northeast Seniors Housing

Greystone Provides $24.8M Agency Refinancing for Seniors Housing Community on Cape Cod

by Taylor Williams March 31, 2022

MASHPEE, MASS. — Greystone has provided a $24.8 million Freddie Mac Optigo loan for the refinancing of a 70-unit seniors housing property in Mashpee, a town on Cape Cod. Built in 2018, Laurentide at Mashpee Commons includes studio, one- and two-bedroom units and offers assisted living and memory care services. Approximately 10 percent of the units are designated as affordable housing by the Cape Cod Housing Authority. Shailini Nehra of Greystone arranged the transaction on behalf of the owner-operator, Northbridge Cos. The fixed-rate, nonrecourse loan carries a 10-year term and 30-year amortization schedule.

March 31, 2022

California Development Multifamily Seniors Housing Western

Joint Venture Starts Construction of 158-Unit Seniors Housing Community in Los Angeles

by Amy Works March 29, 2022

LOS ANGELES — A joint venture between Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles. Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for senior housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc. “We’re going to continue seeing demand significantly outpace supply because of the high barriers to entry in this submarket,” says Patrick Dimaano, vice president of senior living development, Ryan Cos. Just two miles from the ocean, the 175,810-square-foot, four-story independent living and assisted living community will offer 158 apartments and 177 underground parking spaces. Ryan is the developer, builder and capital markets partner for the project. Upon completion in 2023, Cadence Living will lead day-to-day operations and Ryan will support asset management. AO Architects is the architect of record and Ryan A+E Inc. has been engaged as the interior designer. Wells Fargo provided construction financing for this project. This is the first Acoya-branded location in California and fifth in the Western United States.

March 29, 2022

Acquisitions Georgia Multifamily Seniors Housing Southeast

Atlas Senior Living Acquires Three Seniors Housing Communities in Metro Atlanta

by Julia Sanders March 28, 2022

PEACHTREE CITY, KENNESAW AND MARIETTA, GA. — Alabama-based Atlas Senior Living has acquired three assisted living and memory care communities, all located in the greater Atlanta area. The properties include Legacy Ridge at Brookstone in Kennesaw, Legacy Ridge at Peachtree in Peachtree City, and Legacy Ridge at Sandy Plains in Marietta Atlas will replace the current operator, Heritage Senior Living, effective April 1. The acquisitions bring Atlas’ total number of properties to 35, with 10 in Georgia.

March 28, 2022

Development Multifamily New Jersey Northeast Seniors Housing

Marquis Completes $4M Renovation Project at Skilled Nursing Facility in New Providence, New Jersey

by Taylor Williams March 28, 2022

NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation project at Spring Grove Rehabilitation & Healthcare Center in New Providence, about 30 miles west of Manhattan. The renovation included a retrofit of the facility’s dedicated subacute unit and enhancements throughout its long-term care accommodations. The work also centered on an expansion of the rehab therapy gym and the incorporation of an activities of daily living (ADL) suite.

March 28, 2022

Acquisitions Florida Multifamily Seniors Housing Southeast

Castle Lanterra Acquires 160-Unit Active Adult Community in Bonita Springs, Florida

by Julia Sanders March 24, 2022

BONITA SPRINGS, FLA. — Castle Lanterra has acquired Diamond Oaks Village, a 160-unit seniors housing community in Bonita Springs. Built in 2017 by the United Group of Cos., Diamond Oaks Village is an age-restricted residential community for households with members age 55 years or older. Cody Tremper and Mike Garbers of JLL represented the seller, The United Group of Cos. Inc., in the sale. In addition, Allison Holland of JLL worked on behalf of the buyer to secure a three-year, floating-rate loan through Square Mile Capital Management. The sales price and loan amount were not disclosed. The gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a pub. Located with easy access to Highway 41 and Interstate 75, Diamond Oaks Village is close to the North Naples Hospital, NCH Bonita Emergency Room and Lee Health’s Coconut Point hospital complex.

March 24, 2022

Loans Multifamily Seniors Housing Texas

CBRE Arranges $54.4M Refinancing for The Village at Woodlands Waterway in Metro Houston

by Taylor Williams March 24, 2022

THE WOODLANDS, TEXAS — CBRE has arranged the $54.4 million refinancing of The Village at Woodlands Waterway, a seniors housing community located north of Houston. Built on 2.7 acres in 2011, the property comprises 116 independent living residences, 63 assisted living units and 28 memory care units. Aron Will, Austin Sacco and Tim Root of CBRE arranged the three-year, nonrecourse loan, which carried a floating interest rate, through an undisclosed debt fund. The borrower was a partnership between the Saudi Economic & Development Co. and Madison Marquette.

March 24, 2022

Development Multifamily New Jersey Northeast Seniors Housing

Thrive Nears Completion of 203-Unit Seniors Housing Community in Montvale, New Jersey

by Taylor Williams March 23, 2022

MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood near the New York-New Jersey border. Located just off the Garden State Parkway, the three-story community will offer independent living and assisted living services, plus a small-house model senior living environment focused on memory care. The welcome center is currently open, and residents are scheduled to begin moving in this spring.

March 23, 2022

Development Massachusetts Multifamily Northeast Seniors Housing

Benchmark Nears Completion of 97-Unit Seniors Housing Community in Hanover, Massachusetts

by Taylor Williams March 16, 2022

HANOVER, MASS. — Benchmark Senior Living is nearing completion of Benchmark at Hanover, a 97-unit assisted living and memory care community located about 25 miles southeast of Boston. Benchmark at Hanover totals 91,000 square feet. Udelsman Associates designed the community, which Callahan Construction is building. The community is scheduled to open this summer.

March 16, 2022

Loans Multifamily New Jersey Northeast Seniors Housing

Cambridge Provides $10.7M HUD Refinancing for Skilled Nursing Facility in Madison, New Jersey

by Taylor Williams March 15, 2022

MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for the refinancing of Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The borrower was not disclosed.

March 15, 2022

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