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Affordable HousingDevelopmentNewsTennessee

Partnership Breaks Ground on 254-Unit Workforce Housing Development for Seniors in Nashville

by Hayden Spiess

NASHVILLE, Tenn. — The Clear Blue Co., Urban Campus and Core and Born Again Church have broken ground on Northview Housing Development, a new 254-unit workforce housing development for seniors in Nashville.  Upon completion, the property will feature one- and two-bedroom units reserved for seniors earning between 40 and 80 percent of the area median income (AMI). Amenities at the community will include a fitness center, rooftop deck, walking trails and recreational space. The community will also offer job skills training, social programming and wellness management and health education resources, through …

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Assisted LivingFinanceFloridaIndependent LivingMemory CareNews

Marathon Provides $154.5M Refinancing for Senior Living Portfolio in Florida

by Hayden Spiess

NEW YORK CITY — Marathon Asset Management has provided a $154.5 million mortgage loan for the refinancing of a senior living portfolio, The American House Florida Portfolio, located in Florida. A joint venture between Monarch Alternative Capital and REDICO is the borrower.  Totaling 817 units, the portfolio comprises six communities offering 40 independent living, 306 assisted living and 102 memory care residences. The communities were built between 2015 and 2018.  According to a press release issued by New York-based Marathon, each of the properties is located in a Florida market currently …

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ArizonaAssisted LivingDevelopmentIndependent LivingMemory CareNews

Thoma-Holec to Design Five Acanthus Senior Living Communities in Metro Phoenix

by Hayden Spiess

PHOENIX — Thoma-Holec Design has been tapped to lead the interior design of five new Acanthus Senior Living developments. Each of the projects, all located throughout metro Phoenix, will be situated on a Catholic church property. The developments, which will comprise roughly 150 units each, will be located at St. Benedict Catholic Church in Ahwatukee, St. Clare of Assisi Catholic Church in Surprise, St. Raphael Catholic Church in Glendale, St. Gabriel Catholic Church in Cave Creek, and St. Joesph Catholic Church in Phoenix. Open to individuals of all faiths, the communities …

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Mark-Myers
CaliforniaCompany NewsNewsPeople

Mark Myers Joins SVN SLA as Managing Director

by Hayden Spiess

SAN DIEGO — As of Jan. 1, Mark Myers has joined SVN Senior Living Advisors (SVN SLA) as a managing director. Myers will also serve as a member of the executive committee.  Myers joins an existing team that includes Tony Yousif, Torey Riso, Don Husi, John Klement, Joshua Salzman, Aaron Thompson, Jacob Bennema, Fabio Riso, Shelly Bird and Michael Watson. According to a press release issued by the firm, Myers specializes in large, complex transactions. He recently facilitated the sales of a 76-facility, 5,000-unit portfolio and a 400-bed portfolio.  “We’re thrilled …

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AcquisitionsAssisted LivingFinanceIndependent LivingMemory CareNewsOregon

JLL Arranges $40M Acquisition Financing for Three Seniors Housing Communities in Oregon

by Hayden Spiess

EUGENE and SPRINGFIELD, Ore. — JLL Capital Markets has arranged $40 million in acquisition financing for a portfolio comprising three seniors housing communities in Oregon. Totaling 344 units, the properties are located in Eugene and Springfield.  Built between 1996 and 2006 and renovated in 2021, the communities include Evergreen Senior Living in Eugene and Timber Pointe and Woodside Senior Living in Springfield. Together, the properties offer 43 independent living, 245 assisted living and 56 memory care residences. Amenities at the communities include on-site dining, complimentary transportation, television lounges, libraries, beauty salons …

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Assisted LivingCaliforniaDevelopmentFinanceMemory CareNews

Live Oak Bank Provides $40M Construction Financing for Assisted Living, Memory Care Community in California

by Hayden Spiess

Wilmington, N.C. — Live Oak Bank has provided a $40 million loan to finance the ground-up construction of a new seniors housing community in California.  Upon completion, the property will feature 140 assisted living and memory care units.  Live Oak Bank provided the financing, which features a five-year term and 42 months of interest-only payments, in conjunction with a $39.6 million CPACE loan provided by Nuveen Green Capital.  A joint venture between Harbert Seniors Housing Fund II and Harbert South Bay Partners is the borrower.

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AcquisitionsNewsSkilled NursingTennessee

CareTrust REIT Acquires 13 Skilled Nursing Facilities in Tennessee for $176M 

by Hayden Spiess

SAN CLEMENTE, Calif. — CareTrust REIT has acquired 13 skilled nursing facilities in Tennessee for $176 million, as the second phase of a portfolio transaction in the state. California-based CareTrust purchased the properties through a joint venture arrangement with a third-party healthcare real estate owner.  Each of the 13 facilities will be operated by existing CareTrust tenants under new, long-term master lease agreements. Affiliates of the Ensign Group will operate six of the facilities, with affiliates of Links Healthcare Group operating the remaining seven.  The portfolio transaction totals $421 million and …

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AcquisitionsAssisted LivingFloridaIndependent LivingMemory CareNews

Titan Development Sells Three Seniors Housing Communities in Florida

by Hayden Spiess

THE VILLAGES and WINTER PARK, Fla. — Titan Development has sold a portfolio of three seniors housing communities located in The Villages and Winter Park.  The properties included in the portfolio — which totals 416 units — are Watercrest Buena Vista, Watercrest Spanish Springs and Watercrest Winter Park. JLL Capital Markets brokered the sale on behalf of Titan. AEW Capital Management acquired the portfolio for an undisclosed price.  Watercrest Buena Vista and Watercrest Spanish Springs are located in The Villages, a master-planned community roughly 45 miles northwest of Orlando. Built in 2018, …

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Assisted LivingFinanceIndependent LivingMemory CareNewsTennessee

Brookdale Receives $344.2M Financing for Seniors Housing Portfolio

by Hayden Spiess

BRENTWOOD, Tenn.  — Brookdale Senior Living has received a $344.2 million loan to refinance a seniors housing portfolio. The portfolio comprises 47 communities across 14 states.  Tennessee-based Brookdale has used the proceeds to repay $312.5 million of variable-rate debt due September 2027. Allison Holland and Alex Sheaffer of JLL Capital Markets secured the seven-year, fixed-rate financing on behalf of Brookdale under JLL’s master credit facility agreement with Fannie Mae. JLL Real Estate Capital LLC will service the loan.  Totaling 5,102 units, the portfolio features independent, assisted living and memory care residences. 

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FeaturesFinanceNews

Why Are So Many Banks Still on the Sidelines? Capital Markets Panel Weighs in

by Hayden Spiess

PHILADELPHIA — Despite industry-wide improvement in operating performance, many senior living providers are still finding it difficult to secure bank financing. Kathleen Shields, founder and president of Health Financing Consultants, says there are three root causes of the problem, starting with insufficient cash flow. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “Operators have done a good job of pushing through [rental] rate increases in order to keep up …

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