Huntington National Bank Finances Discovery Expansion Project
Construction loan activity has slowed to a relative trickle, but Huntington National Bank closed a $26.5 million loan for the development of a 90-unit, Phase II expansion project at an existing senior living community owned and operated by Discovery Senior Living. Located in Dallas, Texas, the community currently features 175 units of independent living. The 81,500-square-foot expansion would add 72 units of assisted living and 18 of memory care, and it is set to open in 12 months. Working with Huntington’s Healthcare team for the first time, Discovery Senior Living obtained a $26.5 million loan with a floating interest rate. Lisa Silvers of Huntington handled the... Read More »
JLL Capital Markets Arranges JV Equity for Construction Project
At a time when construction financing is hard to come by, JLL Capital Markets announced that it worked on behalf of Centric Development LLC to arrange joint venture equity for a seniors housing development project in Fredericksburg, Virginia. Located across the street from Spotsylvania Regional Medical Center, the project is a 153,000-square-foot building on a 16.2-acre parcel that will contain 106 assisted living one- and two-bedroom units and 36 memory care units. It is set to open in 2025 and will include luxury finishes. The JLL Capital Markets Advisory team was led by Managing Director Joel Mendes, Senior Managing Director Anthony T. Fertitta Jr. and Associate Billy... Read More »
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 »Schedule a demo
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