• Skilled Nursing: Is There A Market Disconnect?

    On September 29th, 2022, our Editor Ben Swett discussed the skilled nursing M&A market with a couple of industry experts that included Laca Wong-Hammond of Lument and Toby Siefert of Senior Living Investment Brokerage. The conversation ran over an hour and covered SNF values, the current buyer’s mindset, what sellers are thinking and... Read More »
  • Skilled Nursing Facility Sells in Indiana

    A skilled nursing facility in Spencer, Indiana (Bloomington MSA) sold to a group of skilled nursing operators based in Indiana and the Midwest for an undisclosed price. The facility will be renamed Owen Valley Rehabilitation and Healthcare Center. Built in 2006, it has 113 beds, including a 31-bed memory care unit, sitting on 3.52 acres.... Read More »
  • CBRE Refinances Coastal California Community

    California-based owner/operator Westmont and a group of individual investors refinanced their senior living community on the central California coast. Located near San Luis Obispo, The Oaks at Nipomo opened in 2017 with 97 units of independent living, assisted living and memory care. Westmont has operated the community since its opening, and... Read More »
  • Orange County AL Community Finds New Owner

    Scott Frazier of Blueprint Healthcare Real Estate Advisors helped an independent owner/operator exit the seniors housing business with the sale of their only asset in Orange County, California. Built in 1970 and renovated in 2008, the community comprises approximately 70 units of assisted living and memory care. The current owner bought the... Read More »
  • Newmark Sells SNF Portfolio, and a Florida Community Too

    Newmark announced a couple of closings this week. First and most notably, the team sold a portfolio of skilled nursing facilities in New England. Including five facilities in Massachusetts and two in New Hampshire, the portfolio totaled 771 beds, with an average age of more than 50 years. The deal closed at the start of the month. Next, Newmark... Read More »

Active Adult Developments Stay Active Across America

Active adult new construction activity continued apace this past week with multiple developers breaking ground on communities throughout the country. We are sure rising interest rates have stopped a number of projects, but many developers surely see plenty of opportunity in the emerging sector. As covered in our active adult webinar in June, one question that arose was whether it’s better to build or buy active adult communities right now. Back then, the answer was a resounding “Both.” However, in light of the high capital costs these days, purchasing a community at a 4% cap rate when the 10-Year Treasury Yield is approaching 4% may not make as much sense right now. In Northampton,... Read More »

Texas Development Lands Construction Financing

A major theme coming out of the NIC Fall Conference was the drying up of the construction lending market, but JLL Capital Markets announced it has arranged $61 million in construction financing for the development of The Preserve at Spring Creek, a 230-unit assisted living, memory care and independent living community in Garland, Texas. JLL worked on behalf of the joint venture sponsor, JAMP Enterprises LLC and Frontier Management LLC, to secure the 15-year, 75% loan-to-cost, floating-rate loan through a regional bank, with five years of interest only. The community will consist of a 120-unit apartment-style complex as well as 110 additional two-bed, two-bath independent living cottages... Read More »

Resthaven Breaks Ground on The Farmstead

Resthaven broke ground on a $72.5 million development project called The Farmstead, an independent and assisted living community in western Michigan. The community will serve greater Ottawa County, and will be situated on 40 acres just southwest of Grand Rapids, Michigan. The Farmstead will comprise 24 single-family homes/duplexes, 24 assisted living and memory care units and 80 independent living apartments. Filling a high demand for seniors housing in the area, all the stand-alone homes are already reserved, but there are still a few apartments that have yet to be pre-leased. The community also comes with a clubhouse. Resthaven is a not-for-profit healthcare and senior living... Read More »

Big Rock Partners Embarks on $250 Million Development

Green Cay Life Plan Village announced plans for a $250 million development in Boynton Beach, Florida. The 15-acre site at Jog Road and Flavor Pict Road will be developed by BRP Senior Housing Management LLC (an affiliate of Big Rock Partners) and Greenbrier Development LLC. The resort-like CCRC will comprise around 170 independent living, 16 assisted living and 16 memory care units in a three-story, 340,000-square-foot building. That puts the development cost at more than $1.2 million per unit. Amenities will include multiple dining options, a bar and bistro, fitness and wellness centers, yoga studio, salon, movie theater, multi-purpose spaces, a pool, patios and outdoor areas, as well as... Read More »

Greystone Finances Florida Active Adult Development

Greystone arranged $52.5 million in debt and equity financing for an active adult development in Gainesville, Florida. Developed by Discovery Senior Living, the 180-unit active adult community will be named Discovery Place at Celebration Pointe, which will feature outdoor gathering areas, restaurants, entertainment options, a high-tech theater and a full calendar of festivals and special events. The community sits miles away from The University of Florida. Construction began in May 2022, and the community should open by early 2024. Cary Tremper and Matt Miller of Greystone originated the financing. Read More »

KIRCO/Phoenix Open Alabama Community

Michigan-based KIRCO, a commercial real estate development and investment firm with operations in 17 states, and Phoenix Senior Living, a Georgia-based operator with over 50 communities across the Southeast, announced the opening of Madison Crossings in Madison, Alabama, 10 miles outside of downtown Huntsville. Operated by Phoenix, the community offers 105 independent living and 27 memory care units, beginning to welcome residents this April. Amenities include an outdoor pool, wellness center, pub, beauty salon and spa, yoga studio, pickleball and bocce ball courts. The project represented the 10th Alabama property under the Phoenix Senior Living brand.  Read More »