Phoenix rises

There has been an uptick in seniors housing and care construction in the Phoenix area in just this year. First, Mainstreet announced its first development in the state of Arizona, breaking ground in mid-February on its 94-bed skilled nursing/assisted living facility at a cost of $21.9 million, or $233,000 per bed. The facility also is the first to be operated by Mainstreet Health, the developer’s new operating company. Then, Love Funding announced that it provided a $15 million bridge loan to finance the construction of a 90-unit assisted living/memory care community in the adjacent town of Peoria. The private pay community, which will feature 58 memory care units and 32 assisted living units, should break ground soon. Midland States Bank, the parent company of Love, provided the loan, which was originated by Love’s Robyn Cunningham and Adrian Hartman. Phoenix is also awaiting the groundbreaking of a new 17-story, 262-unit senior living community, developed by J. Mitchell Advisors. We will see what happens when these facilities open in the next few years.

 

 

One thought on “Phoenix rises

  1. I am developing two senior assisted living and memory care facilities in Northeast Phoenix. I am interested in seeking construction and long-term permanent funding options.

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