TEXAS CITY, Texas — Oldham Goodwin Group has opened The Huntington at Lago Mar, an apartment community for seniors in Texas City, located southeast of Houston. The property features 148 independent living residences with easy access to major medical centers, airports, public beaches, parks, libraries, shopping and dining. Construction on The Huntington started in November 2019. Oldham Goodwin manages the property, the 13thmultifamily asset in its portfolio.
CHICAGO AND NEW YORK CITY — Ventas Inc. (NYSE: VTR) has entered into a definitive merger agreement to acquire New Senior Investment Group (NYSE: SNR), a New York City-based owner of independent living communities across the country. The deal between these two seniors housing real estate investment trusts (REITs) is valued at $2.3 billion, including $1.5 billion of debt. The transaction will bolster the number of independent living communities for Ventas, which as of March 31 owned (fully or partially) 1,200 properties. As of first-quarter 2021, 48 percent of Ventas’ …
LOUISVILLE, Ky., WINTER PARK, Fla., and TOLDEO, Ohio — In a blockbuster deal for seniors housing, the seventh-largest operator of seniors housing in the United States (Atria Senior Living) will acquire the third-largest (Holiday Retirement), with the largest owner in the country (Welltower) buying up a large portfolio of the affected assets. Atria, a privately held seniors housing operator based in Louisville, has agreed to buy the operations business of Winter Park-based Holiday Retirement. Meanwhile, Toledo-based REIT Welltower (NYSE: WELL) will buy the 86 properties that Holiday owns and self-manages …
KEARNEY, Neb. — Ziegler, in partnership with M&T Realty Capital Corp., served as financial advisor in a $4.4 million Fannie Mae refinancing on behalf of Essex Communities. The loan will finance the existing debt on The Regency, an independent living community in Kearney, located along the Platte river in the southern portion of the state. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with two years of interest only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule. The deal …
PLAINVIEW, N.Y. — EW Howell Construction Group has completed The Residences at Plainview, an upscale independent living community in the Long Island hamlet of Plainview. Capitol Seniors Housing is the developer and Chelsea Senior Living is the operator for the new 150,000-square-foot community, which features 114 units. EW Howell Construction Group provided pre-construction and construction management services for the project, which converted a former Residence Inn by Marriott into seniors housing. Meyers Architects designed the conversion, with Meyer Senior Living Studio handling interiors and amenities.
How do owners, operators, investors, developers and lenders view valuation in seniors housing? Seniors Housing Business and sponsor V&IG hosted the webinar “Seniors Housing Valuation Outlook — What’s Next Now that the Pandemic End is in Sight?” to weigh in as trends in the market solidify. What can the seniors housing industry expect when it comes to construction, labor, the impact of equity and debt on valuations, changing operating models and more? How can the industry bounce back from low occupancy rates? What will determine value now and in the immediate …
MACON, Ga. — NorthMarq has arranged a $7.7 million refinancing for Cottages on Wesleyan, a 45-unit independent living community in Macon. The transaction was structured with a 10-year term on a 30-year amortization schedule through Fannie Mae. Mark Ebersold, vice president of NorthMarq’s Charlotte regional office, arranged the transaction. “The owner constructed the asset over 20 years ago, and has done an outstanding job of maintaining it as a Class A asset in the market,” says Ebersold. “The property offers its residents patio-style living with one- and two-bedroom floorplans, and …
DALLAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lakeland Hills Senior Living, a 170-unit community in Dallas. The asset was originally constructed as an independent living community. An assisted living wing was added along with cosmetic renovations in 2013. However, the assisted living units were subsequently delicensed, and the entire building was again operated as independent living. The Seller, Valstone, had recently closed on the asset in November of 2020 and had intended to stabilize. However, it was an operational outlier, so Valstone elected to instead …
HOUSTON — The Montrose Center has opened the doors on the Law Harrington Senior Living Center, an independent living community in Houston’s historic Third Ward. The community features 112 units available to residents 62 or older meeting mximum income requirements. The programming is specifically designed to appeal to LGBTQ seniors, making it the largest community of its kind in the United States and the first in Texas, according to Montrose Center. Development costs are estimated at $26.5 million. A ribbon-cutting ceremony will be held in June. Legacy Community Health will …
SOUTHFIELD, Mich. — JLL Capital Markets has closed the $17 million sale of and arranged $25.4 million in acquisition and renovation financing for The Park at Trowbridge, a 298-unit seniors housing community in the northern Detroit suburb of Southfield, Michigan. JLL worked on behalf of a private investor seller to complete the sale to a regional owner-operator of multi-housing and age-restricted housing. JLL also represented the buyer in arranging the non-recourse acquisition and renovation loan from a regional bank. The property currently operates as an independent living facility, but the …
