Big Rock Partners Embarks on $250 Million Development
Green Cay Life Plan Village announced plans for a $250 million development in Boynton Beach, Florida. The 15-acre site at Jog Road and Flavor Pict Road will be developed by BRP Senior Housing Management LLC (an affiliate of Big Rock Partners) and Greenbrier Development LLC. The resort-like CCRC will comprise around 170 independent living, 16 assisted living and 16 memory care units in a three-story, 340,000-square-foot building. That puts the development cost at more than $1.2 million per unit. Amenities will include multiple dining options, a bar and bistro, fitness and wellness centers, yoga studio, salon, movie theater, multi-purpose spaces, a pool, patios and outdoor areas, as well as... Read More »Greystone Finances Florida Active Adult Development
Greystone arranged $52.5 million in debt and equity financing for an active adult development in Gainesville, Florida. Developed by Discovery Senior Living, the 180-unit active adult community will be named Discovery Place at Celebration Pointe, which will feature outdoor gathering areas, restaurants, entertainment options, a high-tech theater and a full calendar of festivals and special events. The community sits miles away from The University of Florida. Construction began in May 2022, and the community should open by early 2024. Cary Tremper and Matt Miller of Greystone originated the financing. Read More »KIRCO/Phoenix Open Alabama Community
Michigan-based KIRCO, a commercial real estate development and investment firm with operations in 17 states, and Phoenix Senior Living, a Georgia-based operator with over 50 communities across the Southeast, announced the opening of Madison Crossings in Madison, Alabama, 10 miles outside of downtown Huntsville. Operated by Phoenix, the community offers 105 independent living and 27 memory care units, beginning to welcome residents this April. Amenities include an outdoor pool, wellness center, pub, beauty salon and spa, yoga studio, pickleball and bocce ball courts. The project represented the 10th Alabama property under the Phoenix Senior Living brand. Read More »Joint Venture Building High-End Nashville Community
A joint venture between Ryan Companies, LCS and Harrison Street Real Estate Capital broke ground on Clarendale West End, a planned 261,000-square-foot, five-story seniors housing community in Nashville’s West End district. Situated near Vanderbilt University and downtown Nashville, the property will offer 172 independent living, assisted living and memory care units, with plentiful amenities. Rents will start at $4,400 a month for independent living, $6,000 for assisted living and $7,200 for memory care. Ryan Cos. is the developer and builder for the project, Ryan A+E Inc. is the architect of record, and Direct Supply Aptura is the development’s interior designer. Plus, upon completion in... Read More »Sabra Health Care REIT Plans to Diversify
Sabra Health Care REIT’s plan to diversify its assets away from mostly skilled nursing is underway, with its growing behavioral health portfolio representing a total investment of approximately $730 million with a weighted average cash yield of over 8%. The REIT’s portfolio currently includes 272 skilled nursing/transitional care facilities, 55 leased seniors housing communities, 50 seniors housing communities operated by third-party property managers, 15 specialty hospitals/other facilities, and finally, 14 behavioral health facilities. So, Sabra is not morphing into a behavioral health giant, per se, but the sector represents 13% of its annualized cash NOI, and is still growing. However,... Read More »Schedule a demo
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