Seniors Housing Business

JUL 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Development 16 www.seniorshousingbusiness.com Seniors Housing Business n July 2018 will be enhanced units that provide high-acuity assisted living services to residents in need of more direct and frequent care. The expansion will nearly double the community's existing 130 units. The first new units are scheduled to come online in Sep- tember 2019. CA Senior Living LLC, the senior housing investment and develop- ment division of Chicago-based CA Ventures, formed a joint venture with Living Care Lifestyles and an affiliate of Goldman Sachs to pur- chase the 15-acre community in 2017. The sellers were affiliates of Living Care Lifestyles, which con- tinues to operate the property. CBRE arranges construction financing for two communities near Hartford, Connecticut Farmington and Simsbury, Conn. — CBRE has arranged an undis- closed amount of financing for a joint venture between CA Ventures and a global investment manager. The funds will be used toward the construction of two seniors hous- ing communities in the Hartford area. Farmington Senior Living in Farmington and Simsbury Senior Living in Simsbury will each of- fer 80 assisted living units and 40 memory care units. Integral Senior Living will operate the two proper- ties under a third-party manage- ment contract. Aron Will of CBRE National Se- nior Housing arranged the five- year, floating-rate loans with 42 months of interest-only payments. A regional bank provided the two identical loans. Walker & Dunlop closes $17.3 million construction loan for affordable facility in Indiana Indianapolis — Walker & Dunlop has structured a $17.3 million loan for construction of Oasis at 56th, a 124-unit affordable assisted living facility in Indianapolis. Once completed in early 2019, Oasis at 56th will be the only facil- ity in the immediate neighborhood catering to low-income seniors in an assisted living property. Con- sisting of one four-story building, the property will offer 73 one-bed- room units and 51 studios. The transaction is one of few as- sisted living facilities in the country financed with a Low-Income Hous- ing Tax Credit (LIHTC) from the Department of Housing and Urban Development (HUD). Residents must make 60 percent or less of the area median income for 85 percent of the units. Jeff Lawrence and Matt Baptiste led the Walker & Dunlop team in arranging a 40-year, fixed-rate loan with interest-only payments dur- ing construction. The borrower is the project's developer, Integral Community Development. Oasis at 56th will be situated on 3.2 acres near a variety of ameni- ties and attractions such as golf clubs, parks, grocery stores and museums. A sister property, Oasis at 30th, is located 20 minutes away from the facility. E x i t S t r a t e g y • C a p i t a l S o l u t i o n s • P a r t n e r s h i p P l a c e m e n t • C o n s u l t i n g Delivering Results. Focused On Solutions. The leading advisory firm exclusively focused on seniors housing and healthcare real estate. g e t i n t o u c h blueprintHCRE.com C h i c a g o • L o s A n g e l e s • B a l t i m o r e • D e n v e r • S a l e m Expansion plans at Quail Park of Lynnwood in Lynnwood, Wash., call for 122 units to be added to the existing community.

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