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Arizona

Chaparral Winds in Surprise, Arizona
ArizonaFinanceNews

JLL Secures $96.5M Refinancing for Seniors Housing Portfolio in Arizona

by Channing Hamilton

MESA, SURPRISE, PEORIA, SEDONA AND YOUNGTOWN, ARIZ. — JLL Capital Markets has arranged $96.5 million in refinancing for a five-property, 971-unit seniors housing portfolio in Arizona. Alanna Ellis, Brad Miner and Ace Sudah of JLL Capital Markets Debt Advisory secured the financing for the borrower, Douglaston Development and The Hampton Group. Recently renovated between 2021 and 2024, the portfolio consists of 510 independent living units, 339 assisted living units and 122 memory care units. The portfolio includes Canyon Winds at 2851 N. Boulder Canyon and 7311 E. Oasis St. in Mesa; …

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ArizonaFinanceNews

Live Oak Bank Provides $54M Bridge Loan for Four-Property Portfolio in Arizona

by Channing Hamilton

PHOENIX and PRESCOTT, Ariz. — Live Oak Bank has provided a $54 million bridge loan for an Arizona-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt for a four-property campus portfolio in the metropolitan statistical areas (MSAs) of Phoenix and Prescott Valley. The loan provides a bridge-to-agency option and features a two-year initial term and 24 months of interest-only payments.

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AcquisitionsArizonaAssisted LivingNews

Joint Venture Acquires 108-Unit MorningStar at Arcadia in Phoenix

by Jeff Shaw

PHOENIX — A joint venture between Sabal Investment Holdings, 12 North Capital LLC and affiliates of MorningStar Senior Living has acquired MorningStar at Arcadia in the Biltmore neighborhood of Phoenix. The property consists of 78 assisted living suites across studio, one-bedroom, and two-bedroom floorplans as well as 30 memory care suites. The community was purchased in a special situation transaction via auction facilitated through a federal receivership. The venture is planning a targeted capital expenditure program at the asset to facilitate a series of enhancements aimed at improving resident experience, …

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AcquisitionsArizonaIdahoNewsOperationsUtah

Grace Management Inc. to Operate Three Communities in the West

by Jeff Shaw

MERIDIAN, Idaho; SANTA CLARA, Utah; and CREEK, Ariz. — Grace Management Inc. has added three senior living communities to its management portfolio: The Pointe at Meridian in Meridian; Snow Canyon Retirement Community in Santa Clara, opening in fall 2024; and Cave Creek Assisted Living in Cave Creek, opening late 2024. Gold Stream Retirement Communities owns all three properties. Based in Salt Lake City, Gold Stream has strategically honed its focus on the development of upscale retirement communities in previously underserved markets. With this expansion, Grace Management now manages 64 communities …

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ArizonaDevelopmentIndependent LivingNews

Senior Resource Group Begins Expansion of Maravilla Scottsdale in Arizona

by Jeff Shaw

SCOTTSDALE, Ariz. — Senior Resource Group has started the planned expansion of Maravilla Scottsdale, a seniors housing community in the Phoenix suburb of Scottsdale. Neighboring the Fairmont Scottsdale Princess hotel and The Champions Course at TPC Scottsdale golf course, Maravilla Scottsdale has served older adults since its opening in 2012. The current community comprises 217 units, including 157 independent living, 36 assisted-living and 24 memory care residences.  The expansion will add 162 more independent living residences, consisting of 47 casitas and 115 lodge homes. Construction is ahead of schedule on …

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ArizonaFinanceNewsSkilled Nursing

Greystone Funds $29.4M HUD Financing for Skilled Nursing Facility in Tucson, Arizona

by Jeff Shaw

TUCSON, Ariz. — Greystone has provided a $29.4 million HUD-insured loan to refinance a 240-bed skilled nursing facility in Tucson.  Eric Rosenstock originated the loan on behalf of Sapphire of Tucson Properties LLC. Sandstone of Tucson Rehab Centre in Pima County is a long-term skilled nursing and post-acute rehabilitation facility that includes 127 units, consisting of 43 private and 84 semi-private rooms.  The permanent FHA loan carries a 35-year term and amortization.

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ArizonaFinanceNews

JLL Arranges Financing for 165-Unit Inspira Arrowhead in Glendale, Arizona

by Jeff Shaw

GLENDALE, Ariz. — JLL Capital Markets has arranged financing for Inspira Arrowhead, a newly constructed seniors housing asset in Glendale, Arizona. The borrowers are funds managed by affiliates of Fortress Investment Group LLC and COGIR Senior Living. The amount of the financing was not disclosed. Inspira Arrowhead is a 187,393-square-foot, Class A community featuring 165 seniors housing units across three stories. Alanna Ellis and Alex Sheaffer led the JLL Capital Markets team.

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AcquisitionsArizonaCCRCNews

SLIB Negotiates Sale of 198-Unit North Chandler Place in Arizona

by Jeff Shaw

CHANDLER, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of North Chandler Place, a 198-unit continuing care retirement community in the Phoenix suburb of Chandler. The property features 119 independent living, 16 assisted living, 28 memory care and 35 skilled nursing units. It was built in 1966 with additions in 2002 and 2007. The property totals 192,208 square feet on approximately 15.2 acres of land. The seller is a group of investors that will reinvest their proceeds in other core assets in the portfolios. The buyer is …

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ArizonaCCRCDevelopmentIndependent LivingNews

Ryan Cos. Completes 142,000 SF Second Phase of Friendship Village Tempe Redevelopment in Arizona

by Jeff Shaw

TEMPE, Ariz. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre campus of Friendship Village Tempe.  The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both …

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Affordable HousingArizonaDevelopmentFinanceNews

Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona

by Jeff Shaw

GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 …

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