CAMBRIDGE, MASS. — MassDevelopment has issued $10.3 million in tax-exempt bond financing to Putnam School Apartments LLC, an affiliate of the Cambridge Housing Authority. The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted to multifamily in 1983; most of the housing units have not been updated since. Renovations will include upgrading mechanical, electrical, plumbing and ventilation systems, as well as installing new flooring, lighting, cabinets, counters, fixtures and appliances within the units.
ENNIS, TEXAS — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Ennis Care Center, a 155-bed skilled nursing facility located in the southern Dallas suburb of Ennis. The seller and sales price were not disclosed. The facility will be added to CareTrust’s existing master lease with affiliates of Eduro Healthcare, which took over operations on Feb. 1.
MOUNTAIN LAKES, N.J. — Sunrise Senior Living has opened Sunrise of Mountain Lakes, a 99-unit assisted living and memory care facility located in the Northern New Jersey borough of Mountain Lakes. Nearby medical support is available to support care coordination and wellness though Saint Clare’s Denville Hospital and Morristown Medical Center. Information about starting rents was not disclosed.
KEENE, N.H. — Covenant Living Communities & Services has acquired Hillside Village Keene, a continuing care retirement community (CCRC) in Keene, located about 20 miles north of the Massachusetts-New Hampshire border. Covenant acquired the community out of bankruptcy and has renamed it Covenant Living of Keene. The property opened in 2019 and features 141 independent living units, 43 assisted living units, 18 assisted memory care units and 20 nursing care suites.
SAGINAW, TEXAS — A partnership between Journey Capital and SilverPoint Senior Living has completed Phase I of Edition of Saginaw, a 6.2-acre senior living campus in Saginaw, a northern suburb of Fort Worth. Phase I comprised 22 one- and two-bedroom independent living cottages. The development team has also broken ground on Phase II of the project, which will add 74 assisted living and memory care apartments. The 57,000-square-foot expansion is slated for a fall-2023 completion.
FLAGSTAFF, ARIZ. — Fort Worth-based operator Civitas Senior Living is nearing completion of The Bluffs of Flagstaff, with a tentative opening date of April 2022. The Bluffs of Flagstaff is a 210,572-square-foot, three-story assisted living and four-story independent living campus. The property features 123 independent living, 64 assisted living and 25 memory care residences. Janet Mars will be executive director of the community. The architect is Kaas Wilson, contractor is Greenberg Construction and the designer is Senior By Design.
COVID-19 has changed many investors’ approaches to the seniors housing sector. The pandemic caused a major shift in who’s buying and who’s selling. Some of the biggest buyers in 2019 were the biggest sellers in 2021. For example, institutional investors went from buying more than $2 billion in 2019 to selling more than $3 billion through the first three quarters of 2021. That’s according to Real Capital Analytics, a New York City-based data firm. The numbers are based on publicly announced deals over $2.5 million. “There still is an element of fear and uncertainty,” says Jim Costello, senior vice president with Real Capital Analytics. “We saw early in the pandemic that some of the management issues resulted in more fatalities. It’s not the problem now that it was then, but that comes with higher costs. More spending has to be done to mitigate the risks involved. That changes the investment opportunities.” These changes have led to a growing bid-ask spread in the marketplace. Buyers aren’t willing to spend as much, knowing that expenses are higher now, but sellers aren’t necessarily willing to reduce prices, says Costello. At least in 2020, this resulted in a massive dip in overall deal volume, …
LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able to capitalize on the low rate environment while also taking equity out of the property.”
YAPHANK, N.Y. — Chelsea Senior Living has completed an assisted living and memory care expansion project at The Chelsea at Brookhaven, located in the Long Island hamlet of Yaphank. The number of units was not disclosed. While the community’s independent living portion has been open for the past two years, the assisted living and memory care building next door recently received licensing approval from the state.
LUBBOCK, TEXAS — Seniors housing developer LifeCare Properties and New Orleans-based investment group ERG Enterprises have unveiled plans for The Blake at Lubbock, a seniors housing community in West Texas. The number of units was not disclosed. The property will offer assisted living and memory care units. Blake Management Group will operate the property upon completion, which is slated for 2023.