Memory Care slowing down?
Have we begun to see a slowdown in the interest in building memory care? The last few weeks, we have been hearing some rumblings of developers beginning to be even more cautious, if not dismissive, of constructing stand-alone memory care centers or memory care units within assisted living in certain markets. Last week, we wrote of an assisted living community undergoing a $4.5 million expansion, in which the developer planned to nearly double its assisted living capacity, while taking away one memory care unit. What influenced this decision was the number of AL inquiries the developers received, and the fact that the Cleveland, Ohio market already had plenty of new memory care communities,... Read More »Home is where the Heartis
We’ve written about senior care development in Texas quite a bit recently, but a relatively new brand is making its mark in the Lone Star State. The Heartis brand, developed by Dallas-based Caddis (formerly Caddis Partners), launched in 2013 with the development of Heartis Conroe in Conroe, Texas. Two more communities are set to open next month in Cleburne and Eagle Mountain (Ft. Worth area), and by the end of the year, Caddis will have secured financing (mostly conventional bank financing) for a total of 12 projects. The size and unit breakdowns vary by each community, though currently the company builds a prototype of approximately 78 units (90 beds) with a combination of 54 assisted... Read More »A new Kansas City senior living project
Sentio Healthcare Properties, with development partner O’Reilly Development Company of Springfield, Missouri, is taking a big step into the Kansas City-area market, with the development of a $22.4 million, 142-unit senior living project (costing $157,747 per unit), The Parkway of Blue Springs, Missouri, expected to open in the summer of 2015. Arrow Senior Living will be brought in to operate, which is a new management relationship with Sentio, though currently operates one of O’Reilly’s communities. Key to Sentio’s move into Kansas City was its local partners, with O’Reilly and Arrow (based out of St. Louis) which helped with obtaining the CON. Sentio, which owns senior housing properties... Read More »To expand or not to expand with HUD?
Obtaining construction lending for addition or expansion projects from HUD is rare and is difficult. In fact, in fiscal year 2013, the Department insured mortgages for only 3 projects with 398 units, totaling $16.9 million. The time it takes to go through HUD alone, because it is longer than traditional or commercial financing, steers many away from that option. Plus, the property to be expanded must already have a HUD mortgage on it, and it has to be stabilized. But, if you are willing to wait it out, it may be worth it. Governor’s Village, a 48-unit assisted living community which includes 24 units for residents in need of memory care, was built in 2001, but has been itching to expand... Read More »Schedule a demo
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