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Page 6 — Health Care Properties Quarterly — July 2017
THE HEALTHCARE
REAL ESTATE EXPERTS
Health Care News
permanent loan proceeds at
an attractive rate and term,”
said Michael Thomas, vice
president of Gershman Mort-
gage.
Healthcare Trust closes on
Duke Realty’s medical assets
Healthcare Trust of America
Inc. closed on its previously
announced $2.75 billion
acquisition of Duke Realty’s
medical office assets, which
included four Colorado prop-
erties, and the medical devel-
opment platform of Duke
Realty Corp.
Included in the acquisition
were SCL Health facilities in
Aurora, Northglenn, Littleton
and Westminster.
HTA is the largest dedicated
owner and operator of medi-
cal office buildings in the
United States.
“This transaction solidi-
fies HTA as the dominant
owner and operator of medi-
cal office buildings located in
key, gateway markets in the
United States,” added Chair-
man and Chief Executive
Officer Scott D. Peters.
MorningStar of Wheat Ridge
changes hands
Harbert Seniors Housing
Fund I LP acquired a pair of
senior living communities,
including MorningStar of
Wheat Ridge.
Confluent Senior Living, a
subsidiary of Denver-based
real estate investment and
development firm Conflu-
ent Development, sold the
Morningstar of Wheat Ridge
and MorningStar of Albu-
querque communities for an
undisclosed price. Confluent
Senior Living co-developed
each community with its
operating partner, Morning-
Star Senior Living, which will
continue as operator of both
properties.
Holliday Fenoglio Fowler
brokered the deal on behalf
of the new owner.
Located at 10100 W. 38th
Ave., MorningStar of Wheat
Ridge comprises 58,000
square feet. The develop-
ment, completed in March
2016, features 64 assisted
living and memory care
suites. It was fully leased by
February and is 96.9 percent
occupied.
“We’re thrilled with the
successful sale of two qual-
ity senior living assets,” said
John Reinsma, managing
director of Confluent Senior
Living. “These sales rep-
resent the strength of our
senior living portfolio, with
the projects fully stabilized
and primed for a smooth
transition of ownership
fewer than 12 months after
completion.”
The Wheat Ridge and
Albuquerque communities
represent Confluent’s first
sale of senior living assets
to Harbert Seniors Housing
Fund. The HFF investment
sales team was led by senior
managing directors Ryan
Maconachy and Chad Lav-
ender. HFF’s debt placement
team was led by director
Sarah Anderson.
Harbert Seniors Housing
Fund I LP is sponsored by
Harbert Management Corp.
HMC, together with its spon-
sored funds, owns, develops
and manages multifam-
ily, office, industrial, retail
and self-storage proper-
ties throughout the United
States.
Pathfinder Partners says
hello to Shalom Village
Pathfinder Partners, a San
Diego-based firm special-
izing in opportunistic and
value-add real estate invest-
ments, paid $16.13 million
for a 104-unit independent
living community within the
Shalom Park Senior Living
Campus, a nonprofit rental
continuing care retirement
community at 5240 Park
Circle in Aurora.
Pathfinder partnered with
Hillcrest Development Group
LLC, a Denver-based compa-
ny with experience in oper-
ating senior communities,
on the acquisition.
The community, Shalom
Village, which Pathfinder will
rebrand as V-Esprit, is situat-
ed on approximately 15 acres
and comprises 60 apart-
ments and 44 patio homes
averaging 1,050 square feet.
The property was acquired
from Shalom Park, the Colo-
rado nonprofit organization,
which owns the balance of
the Shalom Park Senior Liv-
ing Campus. V-Esprit resi-
dents will have shared use
of the campus amenities,
including the wellness cen-
ter, exercise facilities, salon,
bistro, swimming pool and
spa.
Additionally, the new own-
ership plans to invest $3
million into the renovation
of the community, including
converting four of the one-
bedroom apartments into
a clubhouse and cardroom,
and renovating and mod-
ernizing the theater room,
library, communal dining
area and leasing office. Path-
finder also plans to renovate
the apartment interiors to
include new hard surface
countertops, flooring, cabi-
nets and appliances as well
as update all finishes, fix-
tures and paint, according to
Mitch Siegler, senior manag-
ing director of Pathfinder
Partners.
Siegler noted the property
marks the company’s first
senior living acquisition and
was an appealing buy on
multiple levels. “The com-
munity is ideally located in
a beautiful, peaceful setting
just 15 miles south of down-
town Denver. Colorado con- MorningStar of Wheat Ridge was one of two senior living communities sold by Confluent Senior Living.