•  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 »
Del Webb Expanding Its 55+ Portfolio 

Del Webb Expanding Its 55+ Portfolio 

Active adult is attracting a lot of attention from developers and investors these days, but one of the pioneering companies in the sector is continuing to add to its own portfolio. Last month, Del Webb announced the groundbreaking of a new community, Del Webb Southern Harmony, in Murfreesboro, Tennessee, which will feature around 1,100 single-family homes and an abundance of amenities. Now, the company is opening a new active adult community in North Fort Myers, with at least 900 homes.   Called Del Webb Oak Creek, the gated community will offer single-family homes in dozens of designs ranging from 1,405 to just more than 3,000 square feet of living space with two to four bedrooms, two to... Read More »
Carnegie Capital Secures Bank Loan for Assisted Living Project  

Carnegie Capital Secures Bank Loan for Assisted Living Project  

A construction project that was set to break ground in early 2020 is finally getting off the ground thanks to a bank loan arranged by JD Stettin of Carnegie Capital. Set in the Dallas-Fort Worth metro area, the cottage-style community will feature 48 assisted living and 16 memory care units. It is the second ground-up construction project for the undisclosed sponsor.  To finance the development, Mr. Stettin arranged a $9 million loan from a North Texas regional bank with a five-year term and two years of interest only. That comes to 65% loan-to-cost and under 50% loan-to-value, putting the construction cost at $215,000 per unit, which was fixed with the general contractor. Seven banks and... Read More »
Welltower and Sparrow Partners Team Up on Active Adult 

Welltower and Sparrow Partners Team Up on Active Adult 

Sparrow Partners and Welltower will open a 193-unit active adult community in the Dallas-area suburb of Sachse this fall. Part of The Station, a $500 million mixed-use community developed by PMB Capital Investments, Amberlin at the Station will feature resort-style amenities and a daily schedule of free activities. There will be one- and-two-bedroom apartments ranging in size from 615 square feet to 1,285 square feet with private terraces or fenced-in backyards. Rents range from $1,400 to $2,500 per month.  Amberlin at the Station will be the third active adult community that Austin-based Sparrow Partners will build and develop in in the Dallas-Fort Worth area. Founded in 2017, the company... Read More »
Who Says New Construction Is Dead?

Who Says New Construction Is Dead?

We all have heard how construction costs have soared, rendering some new developments to be too expensive, at least for now. They just won’t pencil out at current cost levels, and you can only push unit rates just so far. Bucking this trend is Carlson Management, a California-based provider and developer. The company has developed five ground-up seniors housing communities to date, totaling 518 units in California, and has four other communities under construction or pre-construction with another 368 units. It also purchased two small communities in 2018. To help continue with its growth, Carlson launched an equity joint venture with RSF Partners to pursue its growth objectives. To kick... Read More »
Ziegler Facilitates Campus Expansion in Wisconsin 

Ziegler Facilitates Campus Expansion in Wisconsin 

Ziegler closed bond financing for Cedar Crest, Inc. to expand its 274-unit CCRC campus in Janesville, Wisconsin, and to refund outstanding debt. The financing is comprised of $57.46 million of Series 2022A fixed rate revenue bonds issued through the Wisconsin Health and Educational Facilities Authority and $30 million of bank debt directly purchased by BMO Harris Bank. Proceeds of the debt will pay off the outstanding Series 2013 bonds and also fund a debt service reserve fund, fund interest on the bonds and pay certain costs of issuance.  The expansion project will add a new 24-unit independent living building and a replacement 76-unit assisted living building on the campus. In addition,... Read More »
Del Webb Adds To Tennessee Portfolio 

Del Webb Adds To Tennessee Portfolio 

One of the pioneers of the growing active adult sector announced the groundbreaking of a new community in Murfreesboro, Tennessee. The project will be of typical Del Webb size: so, 1,100 single-family homes with an abundance of amenities. Del Webb Southern Harmony will offer 12 single-story home designs with 2-4 bedrooms, large kitchen islands, tall sliding glass doors to maximize natural light and flow easily between indoor and outdoor living, and spacious owner’s suites with spa-like baths.  The open-concept residents’ clubhouse will be anchored by a great room leading to a large patio and event lawn with fire feature. Adjoining the great room will be a fully equipped... Read More »