Seniors Housing

Seniors Housing Occupancy on the Mend, but NOI Trails, Say Industry CEOs

by Jeff Shaw March 15, 2022

LOS ANGELES — After bottoming out at 78.7 percent in the second quarter of 2021, private-pay seniors housing occupancy has been on a slow, steady climb, according to data from the National Investment Center for Seniors Housing and Care (NIC). The most recent data — for the fourth quarter of 2021 — showed occupancy at 81 percent. However, the pace of recovery varies widely among individual markets, individual companies and even individual properties. “Some people are able to manage the turmoil. Some are even thriving, or at least doing pretty well,” said J.P. LoMonaco, president of Valuation & Information Group. “Other people are really floundering. The questions I’m getting all revolve around occupancy, inflation, maintaining margins and revenue growth.” LoMonaco’s comments came as moderator during a panel titled, “The Power Panel: CEOs Discuss the State of the Industry” at France Media’s InterFace Seniors Housing West conference in Los Angeles on Feb. 24. Nearly 225 industry professionals attended the event. Other panelists included Chris Belford, CEO, Sinceri Senior Living; Rob Leinbach, principal, Cadence Living; Bill Pettit, president, R.D. Merrill Co.; Courtney Siegel, president and CEO, Oakmont Management Group; and Dave Sedgwick, president and CEO, CareTrust REIT. All the panelists reported their …

March 15, 2022

Affordable Housing California Development Multifamily Seniors Housing Western

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Amy Works March 14, 2022

SANTA FE SPRINGS, CALIF. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units and is scheduled to break ground in April. The Richman Group, based in Newport Beach, Calif., is developing the three-building intergenerational portion of the project. This part of the development will total 102 affordable apartment homes on nearly four acres. The first building, at four stories tall, will provide homes to 50 seniors. The other two buildings will be three stories tall and offer 52 family apartments. These homes will also share a 1,000-square-foot clubhouse with a fitness facility, laundry room, mail room and clubroom. The Whole Child is developing the three-story interim housing, which will serve up to 40 homeless families at any given time. Habitat for Humanity will build the 18 for-sale …

March 14, 2022

California Loans Multifamily Seniors Housing Western

Ziegler Arranges $23.6M Bond Financing for Seniors Housing Asset in Mill Valley, California

by Amy Works March 10, 2022

MILL VALLEY, CALIF. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While federally taxable, the bonds were issued through the California Municipal Finance Authority to allow for exemption from State of California income tax. The bonds amortize over a 15-year period, which is eight years shorter than the maturity on the existing 2013 bonds, and carry a bond yield of 2.9 percent. The bonds were issued with a 10-year par call.

March 10, 2022

Acquisitions Montana Multifamily Oregon Seniors Housing Western

Harrison Street Sells Five Seniors Housing Properties in Oregon, Montana to Springs Living for $193.5M

by Amy Works March 9, 2022

MEDFORD AND EUGENE, ORE., AND BUTTE AND BILLINGS, MONT. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.

March 9, 2022

Loans Multifamily Oregon Seniors Housing Western

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

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