•  Northwestern Mutual Divests California Community

    Northwestern Mutual has divested its 150-unit assisted living community in Brentwood, California with the help of Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets. Named Cortona Park, the community was built in 2007 with studio, one-bedroom and two-bedroom unit options averaging 761 square feet. Pets are welcome at the... Read More »
  • SLIB Handles Port Orange, Florida Sale

    Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty helped facilitate a private REIT’s exit of an operational outlier from a previous portfolio with the sale of a memory care community in Port Orange, Florida (Daytona Beach MSA). Consisting of over 54 units on a three-acre parcel, the high-quality community was well... Read More »
  • Jacaranda Trace Sale Arranged by Ziegler

    We have learned that Dan Revie and Don Husi of Ziegler represented the seller of Jacaranda Trace, an independent and assisted living community in Venice, Florida. Sarasota, Florida-based not-for-profit Convivial Life acquired the property, which was built in phases from 1999 to 2015 to now include 295 units on 33 acres with a plethora of... Read More »
  • Executives on the Move

    Greystone, a real estate lending, investment and advisory company based out of New York City, has appointed a new CEO, Hafize Gaye Erkan. A former executive at publicly traded First Republic Bank, she takes over this position after 18 years of experience in the banking sector. She has a distinguished background, holding a Ph.D. in Financial... Read More »
  • 60 Seconds with Steve Monroe: The Road to Recovery

    We are now halfway through 2022, and 15 months into the post-pandemic recovery. But with interest rates and inflation rising, there could be new headwinds to a full recovery. Speaking of full recovery, most of the talk has been about getting back to pre-pandemic levels of occupancy, NOI and NOI margin. That is certainly a first step. But there is... Read More »

Creativcap Secures Two Construction Financings

With interest rates rising and inflation not slowing down, the seniors housing construction market is definitely becoming a riskier venture. However, Scott Kavel of Creativcap successfully arranged two construction financings for a couple of clients where the lenders decided to hold the entire exposure on their balance sheets, despite participation interest. These must be high-quality projects in strong markets with “best-in-class” operating partners to justify that confidence level. First, Mr. Kavel arranged a $70 million construction/permanent loan for a to-be-built 157-unit independent/assisted living community in California. Building the community in an opportunity zone, the buyer... Read More »
Senior Living Tower Going Up in Vancouver, Washington 

Senior Living Tower Going Up in Vancouver, Washington 

PMB, a leading healthcare real estate developer, joint ventured with The Springs Living to break ground on a new 12-story seniors housing community in Vancouver, Washington, to be fully open by the first half of 2024. The urban community is set in the Vancouver Waterfront master plan, which includes 32 acres of parks, residential units, office space, retail and hotels. The seniors housing community, called The Springs at The Waterfront will feature 250 units and 360,000 square feet of independent living, assisted living and memory care. Amenities will include a spa and wellness center, indoor pool, and multiple dining venues including a pub and full bar. The community commands views of the... Read More »
Del Webb’s Development Spree Continues in Chicagoland 

Del Webb’s Development Spree Continues in Chicagoland 

Del Webb is at it again. After already announcing new (and large) construction projects in Tennessee and Florida in the last month, the national builder of active adult communities disclosed that it was building another new community in Illinois, its first in the Chicagoland area in over 15 years. Similar to other Del Webb projects under the company’s GenYou collection, the community (named Lincoln Prairie by Del Webb) will feature 550 detached single-family homes on 474 acres.   At its grand opening this fall, Lincoln Prairie by Del Webb will debut six model homes available to tour. But floor plans will include large kitchen islands, tall sliding glass doors to maximize natural light,... Read More »
Artemis/Avenida Partnership Building AA Community  

Artemis/Avenida Partnership Building AA Community  

Texas’s active adult space is booming, with many new construction projects and several acquisitions having been announced so far this year in the Lone Star State. Avenida Partners is getting in on the action, announcing a partnership with Artemis Real Estate Partners to develop a 155-unit community in Carrollton, a suburb north of Dallas.   There will be one- and two-bedroom floorplans, as well as 48 duplex and triplex cottages. Spread across 10 landscaped acres, with over 35,000 square feet of best-in-class interior and exterior amenities, the community’s units will feature designer flooring, quartz countertops, walk-in closets, step-in showers, and private patios and balconies.... Read More »
Trilogy Building Senior Care Campus in Ohio 

Trilogy Building Senior Care Campus in Ohio 

Trilogy Health Services is building a brand-new community with a full continuum of care services in the greater Cincinnati area. Located in Liberty Township, the community will feature 25 independent living units, 23 assisted living units, 18 memory care units, and 42 skilled nursing beds, 12 skilled memory care beds. Amenities include a full-service bistro, multiple dining areas served by a certified executive chef, an activity room, a beauty and barber salon, theater room, a physical therapy and rehab gym and a resident fitness center.   It will be Trilogy’s third community in Butler County when it opens next year, and sixth in the Cincinnati MSA. Louisville-based DMK Construction is... Read More »
A Focus on Treplus Communities

A Focus on Treplus Communities

Active Adult communities have been the hot topic for the past year for many reasons. First, they fill a void in the senior living spectrum, a void that will be growing. Second, there are very few labor concerns with Active Adult – no care providers, kitchen help or much of anything else – which is huge in today’s labor-constrained market. Third, they are a cheaper alternative to traditional senior living communities. Fourth, if all fails, they are very easy to convert to traditional multifamily apartments or sell as condos. And five, the average length of stay appears to be between four and five years, although it may be too early to say that with any conviction. At the recent NIC... Read More »