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FinanceNewsWashington

CBRE Arranges $49M Refinancing for Four-Property Portfolio in Metro Seattle

by Jeff Shaw

SEATTLE — CBRE Senior Housing has arranged a refinancing for a portfolio of four senior living properties in the Seattle metropolitan area. The four senior living communities are located on infill sites. The portfolio features 368 total units, of which 91 units are for independent living and 277 units are for assisted living. CBRE secured a five-year, $49 million, floating-rate loan with 36 months of interest-only payments through a national bank. MBK Senior Living will continue to operate the four properties as it has since acquisition. Aron Will, Austin Sacco, …

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AcquisitionsMinnesotaNews

SLIB Negotiates $7.2M Sale of Community in Wayzata, Minnesota

by Jeff Shaw

WAYZATA, Minn. — Senior Living Investment Brokerage has arranged the sale of a 67-unit independent living and assisted living property in Wayzata, approximately 13 miles west of Minneapolis. The 78,000-square-foot property is located on a four-acre plot and was vacant at the time of sale. A nonprofit entity sold the property to a local owner-operator for $7.2 million. The buyer plans to implement a renovation plan before reopening the community Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.

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FinanceNewsPeople

Bellwether Enterprise Hires Ryan Stoll as National Director of Seniors Housing and Care

by Jeff Shaw

DENVER — Bellwether Enterprise Real Estate Capital LLC has hired Ryan Stoll as national director of seniors housing and care. Stoll will be responsible for the creation of a specialized production team and the development and implementation of a growth strategy for Bellwether Enterprise’s seniors housing mortgage lending platform. Stoll will be based in the Denver office. Stoll has nearly a decade of experience working in seniors housing finance and has originated $2 billion in seniors housing capital markets transactions throughout his career. Before joining Bellwether Enterprise, Stoll served as …

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DevelopmentNewsWashington

Aegis Living Opens Bellevue Overlake Community Near Seattle

by Jeff Shaw

BELLEVUE, Wash. — Aegis Living has opened Aegis Living Bellevue Overlake, located in the city of Bellevue where the company is headquartered. The community features 122 senior living apartments in the 106,000-square-foot-building. Its opening follows Aegis Living’s joint acquisition of 10 communities across California, Washington, and Nevada. Aegis has eight additional communities under development, including communities in Kirkland and the Eastlake neighborhood of Seattle. Aegis Living Bellevue Overlake is the first community Aegis Living has designed to be fully centered in the scientific benefits of biophilia and the innate connection …

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Affordable HousingCaliforniaFinanceNews

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Property in Pomona, California

by Jeff Shaw

POMONA, Calif. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is …

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DevelopmentFinanceIllinoisNews

American House Receives Financing for Senior Living Project in Oak Park, Illinois

by Jeff Shaw

OAK PARK, Ill. — American House Senior Living Communities has received financing for its latest senior living project in Oak Park, eight miles west of downtown Chicago. American House Oak Park will be a seven-story seniors housing community featuring 76 independent living, 66 assisted living and 35 memory care units. Expected to open fall 2022, demolition work was completed in late February and construction began in March. American House will operate the community upon completion.

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DevelopmentNewsOregon

Alliance Residential Breaks Ground on 237-Unit High-Rise in Downtown Portland

by Jeff Shaw

PORTLAND, Ore. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland. The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents. The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property upon completion. Although a development cost was not disclosed, CBRE arranged a $103 million construction loan for the project. Aron …

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Affordable HousingDevelopmentNewsPennsylvania

Grace Inspired Ministries Plans for Sellersville Affordable Senior Apartments in Telford, Pennsylvania

by Jeff Shaw

TELFORD, Pa. — Grace Inspired Ministries (GIM), along with development partner Leon N. Weiner Associates Inc. (LNWA), has unveiled plans for Sellersville Senior Apartments, an affordable housing community in Telford, approximately 30 miles north of Philadelphia. The community will feature 50 apartments, eight of which will be dedicated as supportive housing. “Sellersville Senior Apartments will bring much needed affordable and supportive housing to an area with a growing cost of living and a very limited supply of high-quality, cost-effective, rental housing for seniors,” says Dan McKee, president and CEO of …

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Assisted LivingColoradoFinanceNews

HJ Sims Partners Arranges $3.8M in Retroactive PACE Financing for StoneCreek Real Estate Partners

by Jeff Shaw

DENVER — HJ Sims has arranged $3.8 million in Retroactive Property Assessed Clean Energy (PACE) financing for StoneCreek Real Estate Partners, a Dallas-based developer. StoneCreek develops and owns seniors housing communities in Texas, Colorado and Arizona, with Civitas Senior Living as the operator. The StoneCreek Littleton development is a 92-unit senior housing community with 70 assisted living units and 22 memory care units. The community opened in January of 2020 and provides local access to quality senior housing and care in the Littleton area of Denver. With occupancy and operational …

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DevelopmentFeaturesNews

InterFace Panel: Developers Continue to Build Projects through Pandemic

by Jeff Shaw

The seniors housing industry has had a rough ride through the COVID-19 pandemic. First-quarter occupancy clocked in at a record-low 78.8 percent, a drop of 870 basis points from the year prior, according to NIC MAP Data, Powered by NIC MAP Vision. But seniors housing is a needs-based product, and most industry professionals expect a strong rebound. As a result, new construction projects are starting to make a comeback in preparation for pent-up demand. That was the topic of discussion during “The Power Panel: CEOs Discuss the State of Development” …

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