Hunt Capital Partners Secures Financing for Ohio Property
An affordable senior apartment community is going up in Findlay, Ohio, about 45 miles south of Toledo, thanks to a combination of financing sources. Located on 3.7 acres, the community will feature 50 units for seniors who earn up to 30%, 50% and 60% of the area median income. Blanchard Valley Health System (BVHS) is building the community on its mixed-use development site that includes medical offices, market-rate apartments and single-family condos. BVHS also owns and operates an adjacent CCRC, Birchaven Village, which future residents of the senior apartment community will be able to use its services and amenities. Construction commenced in August and will be... Read More »
Newmark Knight Frank Refinances Florida Community
A brand-new senior living community that has already reached stabilization just secured a bank refinance thanks to the efforts of the Newmark Knight Frank team. Located in an affluent submarket of Jacksonville, Florida, HarborChase of Mandarin is set on a 4.1-acre parcel purchased by Vestcor Communities in 2016 for $2.5 million, and groundbreaking quickly followed. The community features 94 independent living and assisted living units, along with 20 units set aside for memory care residents. Back in 2016, development cost was estimated at $27 million, or over $235,000 per unit. The community opened in 2018 and quickly stabilized by January 2020. Even with the pandemic, occupancy remained... Read More »
Capital Square 1031 Manufacturing Success
In the 2020s, seniors housing investors will be forced to invest in communities designed and priced for the middle- to low-income seniors. One company, Capital Square 1031, is doing just that, acquiring an age-restricted manufactured housing community on the Peace River in Port Charlotte, Florida. This is the second such community in Capital Square’s portfolio, but won’t be the last. The community has 147 units on 26 acres, with rents averaging $448 per month, or about a third less than the area’s average. About 38 units were vacant at the time of the sale, offering a value-add opportunity for Capital Square. Walker & Dunlop originated a $3.6 million loan from Fannie Mae, with a... Read More »
Cushman & Wakefield’s Latest Closing in South Carolina
A new senior living community obtained bank financing from Truist Financial, with the help of Cushman & Wakefield. Richard Swartz, Tim Hosmer and Chris Remeika led the transaction, which featured a $37.1 million loan, coming out to about $200,000 per unit. Opened in 2018, the 186-unit community is located in the Daniel Island area of Charleston, South Carolina, overlooking the 5th fairway of the Daniel Island Club Beresford Creek course. It features 90 assisted living, 48 memory care and 48 skilled nursing units. Charlotte, North Carolina-based Maxwell Group developed the property, while Wellmore Living operates it. This is the third South Carolina community managed by Wellmore, with... Read More »
Greystone Finances Community Redevelopment in Miami Beach
A 12-story senior apartment community in Miami Beach, Florida is undergoing a major redevelopment thanks in part to HUD construction financing arranged by Greystone. Originally built 40 years ago and operating with a Section 8 contract, the affordable community has 250 one-bedroom units. Its owner, Elderly Housing Development and Operations Corporation (EHDOC), and equity partner Stratford Capital, will begin a $78 million project to substantially rehabilitate the building. The 20-month project will include exterior façade and common area renovations, new kitchens and bathrooms in the units, a new roof, elevator modernizations and a paint refresh. All will be completed without displacing... Read More »