• CFG Provides Simi Valley Refinance

    Capital Funding Group (CFG) announced that it provided a $40 million loan to refinance an assisted living/memory care community in Simi Valley, California, with Meridian Capital Group arranging the transaction. Griffin Living, a large privately held real estate developer, obtained the loan, which repaid an existing construction loan and provided... Read More »
  • Pennant Releases Q2 Earnings

    The Pennant Group, Inc. has announced second quarter earnings for the year, coming out with adjusted diluted earnings of $0.14 per share, which is down from the year-ago quarter’s $0.17 per share but in line with various expectations. It seemed that more focused operations and portfolio pruning offset labor and inflationary headwinds. It also... Read More »
  • Greystone Provides $47 million in HUD Financing

    Greystone has provided a total of $47 million in HUD financing for five skilled nursing facilities in California, Connecticut, North Carolina and Ohio. The debt comprised $8.2 million for a 35-bed skilled nursing facility in San Diego, California, a $10.5 million loan for a 103-bed facility in Dayville, Connecticut, an $8.1 million loan for a... Read More »
  • 60 Seconds with Steve Monroe: Brookdale Has Great Start To Third Quarter

    Brookdale Has Great Start To Third Quarter Nearly two years ago, we wrote that the first half of every year was a census downer for the industry, but that the third quarter was always a winner. We are making history, or better said, you are making history. The first half of this year has been a winner, which it should have been because of the... Read More »
  • Avanath Acquires Northern California Portfolio

    Avanath Capital Management has acquired a six-property multifamily and affordable seniors housing portfolio in the Sacramento, California market. The communities sold for $182 million, or $176,400 per unit, and expand the real estate investment firm’s presence in the Northern California market.  The entire portfolio consists of four multifamily... Read More »
Artemis/Avenida Partnership Building AA Community  

Artemis/Avenida Partnership Building AA Community  

Texas’s active adult space is booming, with many new construction projects and several acquisitions having been announced so far this year in the Lone Star State. Avenida Partners is getting in on the action, announcing a partnership with Artemis Real Estate Partners to develop a 155-unit community in Carrollton, a suburb north of Dallas.   There will be one- and two-bedroom floorplans, as well as 48 duplex and triplex cottages. Spread across 10 landscaped acres, with over 35,000 square feet of best-in-class interior and exterior amenities, the community’s units will feature designer flooring, quartz countertops, walk-in closets, step-in showers, and private patios and balconies.... Read More »
Trilogy Building Senior Care Campus in Ohio 

Trilogy Building Senior Care Campus in Ohio 

Trilogy Health Services is building a brand-new community with a full continuum of care services in the greater Cincinnati area. Located in Liberty Township, the community will feature 25 independent living units, 23 assisted living units, 18 memory care units, and 42 skilled nursing beds, 12 skilled memory care beds. Amenities include a full-service bistro, multiple dining areas served by a certified executive chef, an activity room, a beauty and barber salon, theater room, a physical therapy and rehab gym and a resident fitness center.   It will be Trilogy’s third community in Butler County when it opens next year, and sixth in the Cincinnati MSA. Louisville-based DMK Construction is... Read More »
A Focus on Treplus Communities

A Focus on Treplus Communities

Active Adult communities have been the hot topic for the past year for many reasons. First, they fill a void in the senior living spectrum, a void that will be growing. Second, there are very few labor concerns with Active Adult – no care providers, kitchen help or much of anything else – which is huge in today’s labor-constrained market. Third, they are a cheaper alternative to traditional senior living communities. Fourth, if all fails, they are very easy to convert to traditional multifamily apartments or sell as condos. And five, the average length of stay appears to be between four and five years, although it may be too early to say that with any conviction. At the recent NIC... Read More »
Artemis/Avenida Partnership Building AA Community  

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 »