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Active AdultFeaturesNews

Active Adult Communities Thrived During Height of Pandemic, Say NIC Panelists

by Jeff Shaw

HOUSTON — Although the seniors housing industry as a whole suffered big setbacks throughout the COVID-19 pandemic, hitting record-low occupancy rates across the board, one sub-segment was an exception to the rule. “During COVID there were clear winners and losers in commercial real estate,” said Aron Will, vice chairman of debt and structured finance at CBRE, where he is also co-head of CBRE Senior Housing. “Industrial, life sciences, medical office and multifamily were very clear winners. But one asset class that’s been overlooked is active adult, as it was also …

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ColoradoFinanceNews

Ziegler Arranges $32.5M Bond Refinancing for Christian Living Neighborhoods

by Jeff Shaw

ENGLEWOOD, Colo. — Ziegler has arranged $32.5 million in bond financing for Christian Living Neighborhoods, a nonprofit owner-operator based in Englewood. The borrower comprises three communities in Colorado — Holly Creek, Someren Glen and Clermont Park — and is one of the largest senior living systems in Colorado with a total of 782 units, according to Ziegler. Bond proceeds, along with other available funds, will refinance bonds from 2011 and 2012, fund $11.8 million of capital expenditures at Someren Glen, fund a deposit to the reserve fund and pay cost …

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AcquisitionsActive AdultNewsTennessee

SLIB Brokers Sale of 150-Unit Tranquility at Hickory Hill Active Adult Community in Memphis

by Jeff Shaw

MEMPHIS, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Tranquility at Hickory Hill, a 150-unit active adult community in Memphis. The property offers the opportunity to rebuild 10 units that were previously damaged by fire. The community was originally built in 1985, totaling 161,990 square feet on a 13-acre plot. A regional owner sold the asset to a Southern California-based multifamily group looking to increase its footprint in active adult. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the …

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AcquisitionsAssisted LivingNewsTennessee

ESI Arranges Sale of Main Street Senior Living in Hendersonville, Tennessee for $4.9M

by Jeff Shaw

HENDERSONVILLE, Tenn. — Evans Senior Investments (ESI) has arranged the sale of Main Street Senior Living, a 58-unit assisted living and memory care community in the Nashville suburb of Hendersonville. A private equity company sold the asset a Southeast-based regional owner-operator for $4.9 million. The community is licensed for 99 beds and the resident base is 100 percent private pay. At the time of marketing, the community was averaging 62 percent occupancy on total revenue of $1.5 million. Due to the low census the community was not profitable and was …

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AcquisitionsCompany NewsNews

Blackford Capital Expands Interior Design, Procurement Portfolio with Acquisition of ID Collaborative

by Jeff Shaw

GREENSBORO, N.C. — Blackford Capital has acquired ID Collaborative Inc. (IDC), an interior design firm that specializes in continuing care retirement communities. Terms of the deal were not disclosed. The deal is Blackford’s third in the commercial interior design industry in 2021, following the acquisition of Georgia-based Design Environments and the merger of Vertically Integrated Projects and Boston Trade Interior Solutions. “We are aggressively executing against our strategic plan to address the highly fragmented interior design and procurement industries to better serve our customers and the industry as a whole,” …

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Affordable HousingCaliforniaDevelopmentNews

R.D. Olson Breaks Ground on Two Affordable Housing Communities in Los Angeles County

by Jeff Shaw

LONG BEACH and WEST CARSON, Calif. — R.D. Olson Construction has broken ground on two affordable housing communities in Los Angeles County: Anaheim and Walnut in Long Beach and West Carson Villas in West Carson. The projects are slated for completion by summer 2023. Developed by Bridge Housing in partnership with the City of Long Beach and the Long Beach Housing Authority, Anaheim and Walnut will feature 207,000 square feet of mixed-use space at 1500 E. Anaheim St. in Long Beach. The $44 million project will offer 88 housing units …

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Company NewsNews

Capital Senior Living Raises $154.8M, Retools Board, Rebrands as Sonida

by Jeff Shaw

DALLAS— Capital Senior Living Corp. (NYSE: CSU), an owner-operator of senior living communities across the United States, has closed the previously announced financing transactions with Conversant Capital and has raised a total of $154.8 million, including aggregate gross proceeds of approximately $34 million from a common stock rights offering. With the closing of the transaction, the company’s board of directors has been reconstituted. Noah Beren, Benjamin Harris, Dave Johnson, Max Levy, Shmuel Lieberman and Elliot Zibel will join the board, effective immediately. Philip Brooks, Jill Krueger and company CEO Kimberly …

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Company NewsFinanceKeyBankNews

KeyBank Launches $750M Healthcare Real Estate Fund with Welltower

by Jeff Shaw

CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and …

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Affordable HousingDevelopmentNewsVirginia

Enterprise Community Development Completes $15.8M Baker Senior Apartments in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Enterprise Community Development has completed construction at Baker Senior Apartments in Richmond’s North Jackson Ward neighborhood. The project was a redevelopment projects that transformed the former Baker School, originally built in 1939, into 50 units of seniors housing. Development estimates were $15.8 million. Project partners include Virginia Housing and Richmond Redevelopment & Housing Authority (RRHA). Enterprise worked with RRHA to acquire the property and leveraged Low-Income Housing Tax Credits; state and federal Historic Rehabilitation Tax Credits; tax credit equity provided by Enterprise Housing Community Investments and Sugar …

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AcquisitionsMemory CareNewsVirginia

IPA Negotiates Sale of 48-Unit White Oaks Memory Care Community in Williamsburg, Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arrangd the sale of White Oaks at Williamsburg, a 48‐unit memory care facility in Williamsburg. Built in 2015 and opened in early 2017, White Oaks at Williamsburg is a campus with three buildings, 16 units each. The seller is a private investor with seniors housing communities located in the Midwest. This community was determined to be outside of its normal operating region and thus was sold. The buyer is English Meadows Senior Living, a Mid‐ Atlantic …

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