Leo Brown Group Breaks Ground on Ohio Development
Seniors housing construction is still alive these days, as evidenced by the press releases we continue to get of projects breaking ground or even opening for business. We’re sure lease-up projections have changed, and a lot more developments were put on pause. We wonder if any design changes have been or will be implemented to account for potentially months (maybe years) of social distancing practices too. But we’re glad to see the activity. Leo Brown Group was one firm to announce the ground breaking of a new seniors housing development in Lebanon, Ohio (Cincinnati MSA). Featuring 146 units of independent living, assisted living and memory care, the community is located... Read More »
Lancaster Pollard Finances SNF Construction in California
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, just closed on a HUD construction loan for a to-be-built skilled nursing facility in Oceanside, California. Featuring 120 beds in 62 units, the project is already underway by a partnership between RangeComm Development and Providence Group, along with the contractor ARCO Construction. It will specialize in short-term rehabilitation, and we imagine by the time the project opens, elective surgeries will be somewhat back to normal and drive much of this facility’s census. Despite delays and challenges related to COVID-19, Brett Murphy of Lancaster Pollard was able to lead the way on a $25 million HUD loan ($208,000... Read More »
Cushman & Wakefield Arranges Construction Financing
Seniors housing construction may be slowing to a crawl, as is the lending market, but Cushman & Wakefield has bucked the trend and arranged both construction financing and joint venture equity for a development in South Portland, Maine. The team of Richard Swartz, Jay Wagner, Tim Hosmer and Sam Dylag advised the developer, Confluent Senior Living, on the deal. The project will feature 123 units of assisted living and memory care, with an array of amenities, at a cost of $40 million, or $325,000 per unit. Its operator, Harbor Retirement Associates, broke ground on the community last month, and its location is ideal near both the largest mall in the state and Old Port... Read More »
A Conversation with South Coast Improvement Company
We have been saying for years that there is a huge market for renovating any kind of senior living community, and that market will only grow as yesterday’s new development becomes today’s renovation project. And now, with the coronavirus pandemic, there will be a new emphasis on infection control and how to embed that into construction and renovation design. One company seems to have been ahead of the curve on this front, and we suspect their clients will be listening very closely in the future. We sat down with Tom Quinlan, the founder and President of Marion, Massachusetts-based South Coast Improvement Company, and Sean Whalen, Senior Vice President, to get their views on renovations in... Read More » Construction Continues in Southwest Florida
Two senior living construction projects just finished in Naples, Florida, probably not in the lease-up environment they were expecting. But you never know; we certainly hear of communities continuing to move in residents at a steady pace. The first development completed was a 127-unit assisted living/memory care community called The Pineapple House at Sapphire Lakes. It is being developed by Michael Kerner of Development Consulting LLC and Andy Baldo, with Guest Services Senior Living operating the community. Amenities include fitness and massage areas, a hydrotherapy room, beauty salon and a swimming pool, among others. Another joint venture announced the completion of Phase I for a CCRC... Read More »