BUTLER, PA. — SunTrust has served as joint lead arranger and Ziegler as placement agent for a $71 million refinancing to Quality Life Services. The Butler-based healthcare services company will use the funds for an expansion of its communities, which include skilled nursing facilities and continuing care retirement communities (CCRC). The first renovation project is already underway at Quality Life Services – Sugarcreek, a CCRC in Worthington. The project is slated for completion in February 2019. When the projects are completed, all 10 of Quality Life Services’ skilled nursing facilities will be renovated and expanded. Additionally, the company will improve upon its home health and hospice divisions.
PRAIRIE VILLAGE, KAN. — Developer VanTrust Real Estate LLC has opened The Kessler Residences in Prairie Village’s Meadowbrook Park. The 282-unit luxury apartment community features amenities such as a clubhouse, fitness center, private dining room, outdoor kitchen and walking trails. Floor plans range from studios to three-bedroom units. Monthly rents start at $1,281. Pinnacle Property Management Services LLC is managing the property. Meadowbrook Park was formerly a golf and country club.
SEATTLE — Áegis Living has opened the doors on Áegis of West Seattle, an 83-unit assisted living and memory care community in Seattle. The project was designed to look like a Mediterranean resort. Áegis’ most recent communities are designed on such themes. Its community under construction on nearby Mercer Island is lodge-themed, and the company recently opened an Italian-themed community in Seattle. Áegis Living is a Bellevue-based developer and operator with 31 seniors housing communities in Washington, California and Nevada.
BROCKPORT, N.Y. — Greystone has provided a $20.6 million Fannie Mae DUS loan for the refinancing of Autumn Woods Community in Brockport. Located on more than 25 acres, Autumn Woods is a recently constructed multifamily property comprising 296 units. Brockport is approximately 19 miles west of Rochester. Brian Liske of Greystone arranged the 10-year, fixed-rate refinancing on behalf of borrower, Carl Grasta of Outlook Development LLC. The refinancing replaces an existing construction loan from Genesee Regional Bank.
PHILADELPHIA, PA. — Marcus & Millichap has negotiated the sale of a five-building, 31-unit, multifamily portfolio in Philadelphia. The asset sold for $5.6 million or $182,258 per unit. Dana Newton and Mike Maxwell of Marcus & Millichap represented both the undisclosed seller and the buyer, a New York-based firm, in the transaction. The portfolio consists of 2105-2107 Green St., 2034 and 2036 Mt. Vernon St., 321 South 12th St., and five scattered condominiums.
TAMPA, FLA. — CBRE has arranged the $274.3 million sale of a six-property multifamily portfolio located in Atlanta, Orlando, Raleigh, Charlotte and Charleston. Shea Campbell, Kevin Kempf, Ashish Cholia, Colleen Hendrix and Phil Brosseau of CBRE arranged the transaction on behalf of the undisclosed seller. Tampa-based American Landmark Apartments acquired the 1,863-unit portfolio, which comprised Arbor Terrace and Summerset in Atlanta, Bella in Orlando, Sterling Town Center in Raleigh, Integra Springs at Kellswater in Charlotte and Arbor Village in Charleston. A majority of the portfolio is less than 10 years old, and all six assets offer value-add opportunities, particularly on the interior units, according to CBRE. Community amenities across the portfolio include swimming pools, fitness centers, playgrounds, grilling areas and picnic areas.
BROOKHAVEN, GA. — Berkadia has arranged the $50 million sale of the Briarwood Park portfolio, a three-property apartment portfolio in Brookhaven, roughly 11 miles north of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia arranged the transaction on behalf of the seller, Atlanta-based Marquis Investments. Richard Levine of Berkadia arranged a $38 million Fannie Mae loan for the acquisition on behalf of the buyer, Washington-based Wilkinson Corp. The portfolio includes Northeast Plaza and Terraces at Brookhaven, which Wilkinson will combine into one property and rename The Commons at Briarwood. Located at 3506-3510 Buford Highway, the 344-unit property includes a mix of one- to three-bedroom floor plans and features a swimming pool, playground and laundry facilities. The third property, Epic Gardens, is located at 3460 Buford Highway, adjacent to The Commons at Briarwood, and includes 112 units with a mix of one- to three-bedroom floor plans. The community features private balconies or patios, two swimming pools and laundry facilities.
ST. LOUIS — Tarlton Corp. has completed a $28 million renovation of two historic buildings that formerly housed Shriners Hospital for Children and Central Institute for the Deaf in St. Louis. The general contractor converted the adjacent buildings into a 160-unit apartment property known as The Core Apartment Residences. Amenities include common kitchens, a community room, game room, media lounge, fitness center and music practice space. The scope of work included restoring the existing masonry facade, window repair or replacement, installation of new mechanicals, plumbing, electrical systems and fire protection, paving and landscaping. The Shriners and CID buildings, both of which originally opened in the 1920s, are listed on the National Register of Historic Places. BOBB was the developer and Lawrence Group served as the project architect.
ATLANTA — The seniors housing business is beset with labor concerns, and developers and operators are convinced that the solution lies in upping the number of millennials on staff. According to recent data from Pew Research Center and the U.S. Census Bureau, approximately 56 million American workers are between the ages of 21 and 36. That means more than one-third of all labor force participants are millennials, a generation that industry experts say generally wants emotionally meaningful careers with fast-tracked advancement. There are challenges in creating and marketing a positive perception of the seniors housing industry to prospective millennial workers, as well as in retaining them. This subject was broached during the “State of the Industry” panel at the InterFace Seniors Housing Southeast conference on Wednesday, Aug. 29. Held at the Westin Buckhead hotel in Atlanta, the event drew nearly 520 developers, lenders, investors and operators in the senior living space. “There’s a lot of talent that’s drawn to hospitality, but it can be hard selling them on seniors housing,” said panelist Eric Mendelsohn, president and CEO of Tennessee-based REIT National Health Investors (NYSE: NHI). “We have to show people that there’s so much more to this business than serving Jell-O …
HOUSTON — New York-based GAIA Real Estate, along with partners Menora Mivtachim Insurance and Grand China Fund, has sold a portfolio of nine multifamily properties totaling 2,594 units in the greater Houston area. The Class A properties were built between 1998 and 2006, with each asset featuring somewhere between 200 and 400 units. The buyers were not disclosed. GAIA originally acquired the portfolio in 2013 for approximately $245 million.