New Development Is Not Dead
New development is not dead, as Chelsea Senior Living and global real estate developer Trammell Crow Company teamed up to open a brand-new assisted living/memory care community in Fair Lawn, New Jersey. In this current environment, most agree that the only developments that work are high-end communities in high-barrier-to-entry markets where intense competition and pressures on staffing costs are less. Most lenders certainly agree with that, too, and The Chelsea at Fair Lawn is located in an affluent suburb of New York City. Not only that, it is the borough’s first assisted living/memory care community. The three-story community opened in September 2023 with 67 units. Residents can... Read More »
DHC Announces A New President
Diversified Healthcare Trust announced that with its failed merger with Office Properties Income Trust (both companies are managed by The RMR Group) it would be making changes to its board and executive leadership team. Well, President and CEO Jennifer Francis is retiring at the end of the year, to be replaced by Christopher Bilotto, an executive vice president of The RMR Group and current president and COO of Office Properties Income Trust. If the aforementioned merger had been completed, Bilotto was set to lead the combined companies. Francis had been a part of Diversified Healthcare Trust’s (DHC) senior management team since 2018 and was a managing trustee since 2021. She will continue... Read More »
New Seniors Housing Community Coming to Virginia
Hoffman & Associates and Experience Senior Living are teaming up to develop a seniors housing community in Northern Virginia, with opening expected sometime during fourth quarter 2026. The Reserve at Falls Church is set to be 15 stories with over 200 units of independent living, assisted living and memory care. The community will have numerous amenities such as a spa with a saltwater pool, a sky bar and electric vehicle transportation services. It will be located within the 10-acre West Falls mixed-use development that’s currently underway. West Falls will feature apartments, condominiums, shops, restaurants, service retailers, a hotel and a medical office building, plus a central... Read More »
Strawberry Fields REIT Reports Q3 Earnings
Strawberry Fields REIT released its third quarter results, and it featured some good and could-be-better news. First, to the positive news, the REIT collected 100% of its contractual rents during quarter three, something other REITs have not been so lucky to experience. Revenues did increase, however, NOI decreased year over year from $9.3 million to $4.7 million for several reasons on the expense side. First, general and administrative expenses increased by 113.7%, mostly due to non-capitalized expenses related to the acquisition of Indiana senior care campuses. Next, interest expense increased by 14.6%, primarily because of additional debt service related to Series D Bonds and an... Read More »
From AL/MC to Behavioral Health
Blueprint’s Behavioral Healthcare and Seniors Housing teams were brought on by a regional seniors housing owner looking to lease its vacant assisted living/memory care community in Tennessee. Because the community was empty, Blueprint could effectively market the asset as both seniors housing and behavioral healthcare conversion candidates. Blueprint recommended the owner deploy a behavioral healthcare marketing strategy given strong demand within Brentwood. Lease rate, term, credit and certainty of execution were all considered for the incoming tenant. The owner received three strong offers before selecting a regional behavioral healthcare provider. The owner and incoming tenant... Read More »Schedule a demo
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