When in Need of Renovations
How often have you heard that the vast majority of skilled nursing facilities need substantial renovations in order to compete? Now, we are hearing it about all those assisted living communities built in the 1990s, and even the early 2000s. All of the new development in the past six or seven years has really caused owners and operators to take a hard look at their real estate and decide what to do. What needs to be done to compete and how much will it cost? One of the nice things about going to a NIC conference is meeting new companies and people. One of the companies we met with, South Coast Improvement Company, specializes in renovating senior living buildings while the residents are... Read More »
Newly Renovated Assisted Living Community Refinances with IDB Bank
Lisa Silvers, SVP of IDB Bank, headed to the Jacksonville, Florida suburb of Green Cove Springs to refinance a fully renovated assisted living community on behalf of its single-asset owner/operator. Originally built in 1993, the 49-unit community was previously owned by a local doctor, who sold it in 2015 for around $2 million, or $40,800 per unit. The buyer, who had previously third-party operated other assisted living communities in the Orlando area but was making his first acquisition, closed the community and gutted it in a $2 million renovation. The community has since stabilized at 85% occupancy, geared towards the middle market. To fund the acquisition and renovation, the buyer had... Read More »
Love Funding Secures HUD Construction Financing For New Jersey Projects
Love Funding arranged financing for the construction of two new senior apartment buildings in Paterson, New Jersey. Love’s Leonard Lucas (say that five times fast) secured the HUD loans which totaled $55.6 million and came with low rates for the duration of construction and for a subsequent 40-year term. One location will feature 81 units in four stories, with two elevators, that will also offer a community room with a kitchen, on-site management and maintenance offices, lounge areas, an outdoor patio and garden space. A central laundry facility will be located on each floor. Social services will also be provided on-site via the Housing Authority of the City of Paterson, as well as... Read More »
PMB Turns Copper Into Gold
What do you do with a former copper mill that once produced 25% of the world’s copper but also produced substantial toxic waste? Well, after 30 years of remediation and being removed as an EPA Superfund site, you build a luxury senior living community, of course. That is exactly what San Diego-based PMB, a healthcare real estate developer and GenCare Lifestyle are planning in Tacoma, Washington. The two companies are developing GenCare Lifestyle at Point Ruston, a 144,000 square foot retirement community with 155 units. It is located in a mixed-use waterfront resort-inspired village on the southern edge of Puget Sound in Point Ruston, a master-planned urban... Read More »
Lancaster Pollard Finances New Transitional Care Facility
Lancaster Pollard recently helped Innovative Health secure construction financing for their to-be-built skilled nursing facility in Aurora, Illinois. The transitional care facility will operate under the THRIVE brand and focus on short-term rehabilitation. It is being built with 68 beds in 60 units and 50,582 total square feet on a 4.25-acre site. According to public documents, the project cost is around $15.9 million, or $233,800 per bed. Brett Murphy of Lancaster Pollard secured a $14.75 million loan through HUD to fund the project, which is the third currently under construction by Innovative Health and its Chicago-based parent company. Those other developments are located in Mundelein... Read More »