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 »
Senior Housing Development Breaks Ground in California
A major seniors housing community is going forward in Orcutt, California, with an eye toward inter-generational living. Having just received approval from the Santa Barbara County Planning Commission, Ranch at Orcutt will comprise a 103-unit assisted living/memory care building, 48 independent living apartments, one single-story duplex and four two-story fourplex IL units. To combat ongoing labor concerns within the senior care industry, this development will include 20 employee dwelling units that could also be used as workforce housing. The 9.5-acre campus will also comprise a day care center for up to 36 children at a given time. The community is hoping to establish close relationships... Read More »Ziegler Finances Chicagoland CCRC Expansion
Ziegler closed two series of revenue bonds for Plymouth Place, an Illinois not-for-profit that owns and operates a CCRC in La Grange Park, Illinois. Incorporated in 1939 on about 18.6 acres, the campus includes 182 independent living units, 52 assisted living units, 26 memory care units and 82 skilled nursing beds. Ownership wished to expand by building 59 new independent living units within one two-story building, two three-story buildings, one four-story building and related common areas, parking and equipment. The units are expected to open in early 2024. A connector building with additional common areas will also be built, along with outdoor amenities like a yoga lawn, bocce ball and... Read More »Is The Public Option Passe?
Last month, we raised issues about Sonida Senior Living and its ability to survive through next year without additional capital. Its market cap is low ($86 million), its share price is falling as are its cash balances. G&A expenses have been way too high, but they are beginning to address that. Another company, AlerisLife, is facing similar problems, such as a small market cap ($25 million), a falling share price and G&A expense out of line with its operations ($17 million in the third quarter alone). One good thing going for the company is that it has $79.1 million of cash and just $67 million of long-term debt. And, quarter-end occupancy in the third quarter increased... Read More »
CareTrust REIT’s Mark Lamb Steps Down as CIO
The Board of Directors of CareTrust REIT, Inc. announced the appointment of James Callister as Chief Investment Officer, to be effective as of December 31, 2022. Mr. Callister will succeed Mark Lamb, who is leaving the company after a transition period to pursue entrepreneurial opportunities. Mr. Callister currently serves as CareTrust’s Executive Vice President. In the release, CEO Dave Sedgwick stated,“On behalf of the Board and all of us at CareTrust, I express our admiration and gratitude for the tremendous impact Mark has had on building the company since the beginning. Mark has always been a true partner and friend and we wish him continued success in the future.” Mr. Lamb said,... Read More »Schedule a demo
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