HJ Sims Secures Financing For CCRC Expansion

HJ Sims Secures Financing For CCRC Expansion

We mentioned last week that the lending market for not-for-profit CCRCs has been quite active, particularly to fund expansion projects, and another one was announced by HJ Sims.   Sims raised $38.18 million for Presbyterian Villages of Michigan (PVM), a Michigan-based not-for-profit that has been operating since 1945. Sims’ relationship with PVM began in 2015 when they underwrote a bond issue and then continued to provide advisory services.  In 2002, PVM acquired land adjacent to its Village of East Harbor campus for an expansion project. Sixteen years later, they opened a new health and wellness center. The current financing by HJ Sims will finance the... Read More »
Cain Brothers Finances North Carolina CCRC Expansion

Cain Brothers Finances North Carolina CCRC Expansion

A CCRC in Greensboro, North Carolina is about to embark on a massive expansion with the backing of a bond financing underwritten by Cain Brothers, a division of KeyBanc Capital Markets. Founded over 100 years ago as the first Masonic retirement community, the not-for-profit WhiteStone, which is owned by The Masonic and Eastern Star Home of North Carolina, is set on a 43-acre campus. It has been managed by Life Care Services since 2006.   LCS Development is handling the expansion, which will feature 67 additional independent living units, a 36-unit assisted living/memory care building and an extensive renovation of the existing 20-year-old skilled nursing facility which will convert many... Read More »
Sinai Residences of Boca Raton Embarks on IL Expansion

Sinai Residences of Boca Raton Embarks on IL Expansion

Sinai Residences of Boca Raton, a 366-bed/unit CCRC in southeast Florida managed by Life Care Services, obtained a large bond financing to fund an independent living expansion that will grow its IL offering by nearly 50%. Just four years ago, the community opened with 234 independent living units, 48 assisted living units, 24 memory care units and a 60-bed skilled nursing facility, all at a cost of $265 million, or nearly $725,000 per unit/bed.   Upon the ribbon cutting, all of the IL residences were already sold, and about $90 million of entrance fee principal redemption bonds helped fund the project in addition to another $124 million fixed-rate bond financing, both arranged by HJ Sims.... Read More »
Waco Seniors Housing Project Gets Variety of Funding

Waco Seniors Housing Project Gets Variety of Funding

Construction just started on a 90-unit seniors housing community in Waco, Texas, and a variety of financing sources have already been announced. Mears Development and Construction Inc. and Harris284 Team Inc. are developing the project to include 11 market-rate units and 79 units set aside for low-income seniors. Six of the units will cater to the mobility impaired and three others will be for either hearing or visually impaired residents.   Amenities include a business center, clubhouse, fitness center, picnic area and swimming pool, while Meadowlake Medical Center, Heart Hospital and Ascension Providence, a specialty care hospital, are all located nearby. Completion is expected for... Read More »
Ohio Renovation Receives Variety of Funding

Ohio Renovation Receives Variety of Funding

A senior apartment community in Dayton, Ohio is getting a substantial renovation with the help of financing from a variety of sources. The building is a federal historic site, originally built in 1929 as the Dayton Biltmore Hotel. It converted to affordable senior living in 1981 and currently features 230 units in 18 stories, with over 23,000 square feet of communal space and 14,000 square feet of commercial space. According to county records, Related Companies, a New York City-based developer, purchased the building in August 2020 for $4.2 million as part of a larger $590 million transaction for 51 affordable housing properties formerly owned by Aimco.  Now, Related Companies and... Read More »
Greystar Expanding Its Seniors Housing Presence

Greystar Expanding Its Seniors Housing Presence

Real estate developer Greystar continues its expansion into the seniors housing industry with the launch of Album, its new seniors housing brand. This is not Greystar’s first rodeo, however, already with 12 active adult communities under the “Overture” brand and six “Everleigh” communities either open or soon to be. Most recently, the company announced the development of a 180-unit Overture community in Winter Garden, Florida.  The new Album communities will also cater to the 55+ age cohort and will be developed in partnership with The Carlyle Group. The first community will be located in Fort Worth, Texas, and similar to the Winter Garden property, it will feature 180 units. Amenities... Read More »