Link Senior Development Building Albuquerque Community
A luxury senior living community is going up in Albuquerque, New Mexico, with the help of construction financing secured by JLL Capital Markets. Alanna Ellis led JLL’s Debt Advisory team on the transaction. Link Senior Development is building the three-story community to include 144 units of independent living, assisted living and memory care, along with a host of amenities. It is situated on 6.5 acres adjacent to a new ambulatory urgent care center and an MOB. Link received a $51.8 million loan to fund the project. Assuming more conservative leverage on the transaction, the construction cost could be between $550,000 and $600,000 per unit. Read More »
Ziegler’s Construction Financing in Minnesota
Ziegler announced the closing of $47 million in construction financing for a new senior living community in Corcoran, Minnesota (Minneapolis MSA). Saint Therese of Corcoran, LLC, and its sponsor, Saint Therese, will comprise 99 independent living units, 34 assisted living units and 20 memory care units and sits on a 13-acre site. The financing comprises $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Campus-wide amenities will include restaurant-style dining, outpatient therapy and wellness areas, as well as indoor and outdoor social gathering spaces. Organized in 1965 as a single-site nursing home in New Hope, Minnesota,... Read More »
Active Adult Development in Texas
Grace Management, Inc, a subsidiary of CPF Living, and Padua Realty Company have announced the groundbreaking of The Lakes at Woodhaven Village, its newest active adult community in Conroe, Texas. The community will complement the existing 171-unit Woodhaven Village Campus which comprises 27 independent living cottages, 60 IL units, 24 memory care units and 60 assisted living units. The 130,000-square-foot community will sit on five acres just north of Houston and is expected to open in spring 2024. Working on this development are developers Padua Realty Company, its affiliated construction company Dorado Builders, Grace Management, Investwell Architects, interior design firm Lizabeth... Read More »
A Ventas-Priority Life Care Turnaround Success
We all know that seniors housing census has pretty much increased across the board since the bottom was hit in March 2021, nearly two years ago. But the pace of that increase has been slowing. A case in point is Brookdale Senior Living’s stall in October and November, and we have not even hit the worst flu months yet, and this one is supposed to be a doozy. Late last year, after Ventas removed the operator for its Eclipse Senior Living portfolio (the former Elmcroft Senior Living portfolio) and basically shut down the management company, the REIT dispersed the management of the roughly 90 communities in 20 states across eight other operators. Maybe some old-fashioned TLC from smaller... Read More »
Latest Seniors Housing Development Activity
We have tracked multiple seniors housing projects announcing their groundbreakings across the country this past week. In East Chicago, funding for a $51 million affordable seniors housing development has been secured by several investors. Lakeshore Manor will comprise 206 units across two separate four-story buildings. DTM Real Estate will develop the new affordable seniors housing project, which will replace the 1972-built John B. Nicosia Senior Housing high-rise that stood nine stories tall for the past 50 years. In a separate development, we have learned that the 2,200-acre, 3,500-home development along Lake Travis, just outside of Austin, Texas will include seniors housing units. The... Read More »Schedule a demo
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