60 Seconds with Swett: The Development Dilemma
The difficult thing about development right now is that it is both a very tough time to build because of higher capital costs but also may be the time that many developers and investors need to start projects. We know, easy for us to say, especially as the Fed signals that rates are likely to stay high for longer and as the 10-year Treasury rate peaks above 4.5% again. But the reality is that if indeed there will be a supply and demand imbalance in a couple of years, then the predevelopment work (if not shovels in the ground) has to start right now because of how long it would take to get those developments open and leased up by the time baby boomers begin turning 80. That process takes a... Read More »
The Benoit Group Finances Atlanta Project
The Benoit Group, in partnership with Atlanta Housing, received financing for the development of Englewood Senior in Atlanta. This affordable seniors housing project marks the first redevelopment phase of a master-planned, mixed-use, multi-plase community on the 30-acre site of the former Englewood Manor public housing site. Built in 1971, Englewood Manor offered 324 public housing units before the residents were relocated in 2007, followed by the property’s demolition in 2009 with HUD approval. The site is located in southeast Atlanta approximately 1.5 miles from Grant Park. Funding for this $72 million project includes federal and state equity tax credit investment by Raymond James and... Read More »
Active Adult Expansion A Hit With Investors
How often have we heard that new development is dead? Or that CCRCs (LPCs) are on their way out? Too often. But how often do you hear about an Active Adult expansion on a CCRC campus, and one with entrance fees? Not often enough. That didn’t stop Three Pillars Senior Living Communities and Cain Brothers from putting together a plan that may really change the 120-year-old CCRC in Wisconsin. Three Pillars was originally founded in 1905 as Masonic Home to provide care for indigent Masons. Today, it has a 50-bed nursing center, 17 memory care units, 52 assisted living units (CBRF), 75 catered living/assisted living units (RCAC) and 123 Type C independent living units. The rents for the... Read More »
Evans Running Pennsylvania Bankruptcy Deal
Evans Senior Investments was hired to run a court-appointed sale of two skilled nursing facilities in Pennsylvania, with the sale hearing scheduled (in person and via Zoom) for March 15, 2024, at 10AM Eastern. Built in the 1980s and renovated in the 1990s, the facilities up for sale include Beacon Ridge, a 118-bed skilled nursing facility in Indiana, Pennsylvania, and The Patriot, a 100-bed SNF and 76-unit personal care/independent living community, together licensed to run as a CCRC, in Somerset, Pennsylvania. Both were losing money. There is also a 92-unit personal care community in Johnstown that has been closed, but is still included in the sale. The previous operator, Senior... Read More »
Planned Seniors Housing Development Receives Construction Funding
Lument closed a $27 million debt placement to assist Mission Senior Living with the construction of a seniors housing community. Mission Senior Living is an owner/operator of senior living communities in the western U.S. with six communities totaling 639 units under management. Located in Durango, Colorado, the community will be known as Mesa Verde Estates. It will total 124 units/129 beds of assisted living and memory care with the unit-breakdown being 92 assisted living units and 32 memory care units. The property will be situated on five acres and span 105,000 square feet across two stories. The financing structure included a $20.9 million USDA guaranteed loan provided... Read More »Schedule a demo
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