Upscale Seniors Housing in the News
As the recovery from the pandemic seems to be slowing (or stabilizing), we have always said that the more upscale communities would have a better go of it than the more middle market ones. Location seems to be more important than age, as well. We toured a large community in Stamford, Connecticut that opened last year, and another smaller one in Darien, Connecticut that opened more than 25 years ago. The former is operated by Epoch Senior Living and the latter by Atria Senior Living. We actually went to the Atria property for the open house 25 years ago when CareMatrix (Abe Gosman) built it. Both communities were very nice and doing very well but could not have been more different,... Read More »
CCRC in the Works in Los Angeles Area
Spieker Senior Development Partners broke ground on a major CCRC project in Woodland Hills, California, about 25 miles northwest of Los Angeles. Wisteria at Warner Center will feature six stories on 17 acres, with a total of 695 units, the vast majority of which would be reserved for independent living residents. In addition to the independent living, assisted living, memory care and skilled nursing services, the community will include over 1.1 million square feet of medical office space. Entrance fees will start in the $500,000s and surpass $1 million for the larger penthouses, which can reach nearly 3,000 square feet. KTGY designed the project, and W.E. O’Neil Construction is the... Read More »
Blueprint Handles Nevada Land Deal
Blueprint Healthcare Real Estate Advisors advised a client on the sale of a fully entitled parcel of land in Minden, Nevada, near Lake Tahoe. Located adjacent to Carson Tahoe Minden Medical Center, which is operated by the region’s largest healthcare provider, Carson Tahoe Regional Health, the five-acre parcel had been issued a special use permit by the Douglas County Planning Commission in 2017 allowing for the development of a seniors housing community of up to 130 total units. The surrounding market consisted of older communities, more than 20 years old, and an average occupancy of over 98% prior to the pandemic. So, the potential for a new development was apparent. Amy Sitzman and... Read More »
CFG Closes Construction Loan for Hotel Conversion
Capital Funding Group closed a $27.2 million construction loan for the conversion of a partially-completed hotel to a 191-unit assisted living community in Sunrise, Florida. SGSL Fee Owner LLC, based in Coral Gables, Florida, originally acquired the 291-room Sawgrass Grand Hotel and Suites and the 11.6-acre site in 2019 for $15.13 million and had started converting it into a 184-unit assisted living/memory care community, thanks to a $35.8 million bond. However, UMB Bank, which was the trustee for the bond, filed a lawsuit against SGSL Fee Owner over allegations that it missed bond payments and wasn’t paying its project contractors and suppliers. A judge appointed Travis Grody of Aurora... Read More »
Joint Venture Teams Up on Orange County Development
MorningStar Senior Living, Confluent Senior Living and Concord Development Partners have completed a 166,000-square-foot senior living community in Mission Viejo, California. The 132-unit community, MorningStar of Mission Viejo, broke ground in March 2021 and actually completed ahead of schedule, which does not happen often. There are studio, one- and two-bedroom suites as well as 126 below-grade parking spaces. The property also features a pool, dog run, resident garden and al fresco dining. MorningStar of Mission Viejo represents the 14th joint venture between Denver-based Confluent Senior Living (a subsidiary of fully integrated real estate investment and development firm Confluent... Read More »Schedule a demo
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