The active adult segment, sometimes referred to as 55+ housing, has a bright future according to many of its developers. To stay ahead of the game, though, operators need to carefully consider both how they define their product and what they offer in order to capture a new resident who is looking for a certain type of lifestyle. That’s according to panelists on a webinar titled “Active Adult — How to Define It and Where is the Industry’s Hottest Segment Trending?” Seniors Housing Business hosted the webinar, which ProMatura Group sponsored. Panelists …
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ANNAPOLIS, Md. — Private-pay seniors housing occupancy fell 2.8 percentage points in the second quarter of 2020 from 87.7 percent to 84.9 percent, according to new data from the National Investment Center for Seniors Housing & Care (NIC). NIC experts said this is the largest quarterly decline since data reporting began 14 years ago, making this quarter’s occupancy rate the lowest on record. The Annapolis-based data service gathers the data from 31 primary metropolitan markets. The only two markets with occupancy gains between May and June per the recently released …
LAWRENCEVILLE and DACULA, Ga. — KeyBank Real Estate Capital (KBREC) has secured $50 million of fixed-rate Freddie Mac financing for Dominium, a developer and manager of affordable housing. The twin $25 million loans will be used for the construction of two affordable seniors housing communities — Grayson Ridge Apartments in Lawrenceville and The Preserve at Peachtree Shoals in Dacula, both suburbs of Atlanta. Both four-story, garden-style properties will each contain 240 units for residents age 55 and older. The unit mix for both will consist of 124 one-bedroom units, 100 …
Ziegler Arranges $22.5M Financing for Beacon Hill at Eastgate CCRC Expansion in Michigan
by Jeff Shaw
GRAND RAPIDS, Mich. — Ziegler has arranged $22.5 million in bank bonds for an expansion project at Beacon Hill at Eastgate, a 300-unit continuing care retirement community in the Eastgate neighborhood of Grand Rapids. The borrower is Michigan Christian Home. The financing package includes a $9.8 million long-term component with a 30-year amortization and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project. Built in 1960, the property currently features 170 entrance fee independent living units, 20 rental independent …
HURST, Texas — Senior Living Investment Brokerage has arranged the sale of Bishop Davies Nursing Care Center, a 161-bed skilled nursing facility in Hurst, located between Dallas and Fort Worth. An owner-operator looking to exit the industry sold the property to a regional owner-operator from Louisiana for $8 million. The 70,000-square-foot facility sits on a 5.2-acre lot. It was 74 percent occupied at the time it was placed on the market, which was before the COVID-19 pandemic struck the United States.
SOUTHFIELD, Mich. — Plante Moran Living Forward (PMLF), a senior living development consulting branch of Plante Moran Cresa and an affiliated entity of Plante Moran, has made several promotions at its executive level. The Southfield-based company promoted Sally Heffernan to senior vice president, while Jacob Boss and Kyle DeHenau were promoted to vice president. Heffernan is the practice leader for the firm’s market study service line, which has produced more than 350 market studies for providers across the nation since its inception 10 years ago. She is part of a …
MedCore Partners Purchases 582-Unit Seniors Housing Portfolio in Washington, California
by Jeff Shaw
WASHINGTON and CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California. The communities in the initial acquisition include five assets in Washington: Birchview Memory Care in Sedro-Wooley with 60 units Discovery Memory Care in Sequim with 55 units The Sequoia in Olympia with 92 units Cooks Hill Manor in Centralia with 72 units The Village in Tacoma with 136 units The transaction also …
ALGONQUIN, Ill. —McShane Construction Co. has started building The Oaks at Algonquin, an independent living, assisted living and memory care community in Algonquin, a northwest suburb of Chicago. The three-story property will feature a total of 166 units. It is scheduled for completion in January 2022. Spectrum Retirement Communities is the property’s developer, and Vessel Architecture is the designer.
Walker & Dunlop Arranges $14.6M Refinancing for Skilled Nursing Facility in Aurora, Illinois
by Jeff Shaw
AURORA, Ill. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.
Lancaster Pollard Provides $16.9M Refinancing for Assisted Living Community Near Chicago
by Jeff Shaw
BATAVIA, Ill. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has provided a $16.9 million HUD refinancing for Heritage Woods of Batavia, a 148-unit affordable assisted living community in the Chicago suburb of Batavia. The borrower is Gardant Management. Brett Murphy led the transaction for Lancaster Pollard.