Who Says New Construction Is Dead?
We all have heard how construction costs have soared, rendering some new developments to be too expensive, at least for now. They just won’t pencil out at current cost levels, and you can only push unit rates just so far. Bucking this trend is Carlson Management, a California-based provider and developer. The company has developed five ground-up seniors housing communities to date, totaling 518 units in California, and has four other communities under construction or pre-construction with another 368 units. It also purchased two small communities in 2018. To help continue with its growth, Carlson launched an equity joint venture with RSF Partners to pursue its growth objectives. To kick... Read More »
Ziegler Facilitates Campus Expansion in Wisconsin
Ziegler closed bond financing for Cedar Crest, Inc. to expand its 274-unit CCRC campus in Janesville, Wisconsin, and to refund outstanding debt. The financing is comprised of $57.46 million of Series 2022A fixed rate revenue bonds issued through the Wisconsin Health and Educational Facilities Authority and $30 million of bank debt directly purchased by BMO Harris Bank. Proceeds of the debt will pay off the outstanding Series 2013 bonds and also fund a debt service reserve fund, fund interest on the bonds and pay certain costs of issuance. The expansion project will add a new 24-unit independent living building and a replacement 76-unit assisted living building on the campus. In addition,... Read More »
Del Webb Adds To Tennessee Portfolio
One of the pioneers of the growing active adult sector announced the groundbreaking of a new community in Murfreesboro, Tennessee. The project will be of typical Del Webb size: so, 1,100 single-family homes with an abundance of amenities. Del Webb Southern Harmony will offer 12 single-story home designs with 2-4 bedrooms, large kitchen islands, tall sliding glass doors to maximize natural light and flow easily between indoor and outdoor living, and spacious owner’s suites with spa-like baths. The open-concept residents’ clubhouse will be anchored by a great room leading to a large patio and event lawn with fire feature. Adjoining the great room will be a fully equipped... Read More »
Attention to Wellness in Active Adult Living
New construction in the senior care industry dropped during the pandemic for a variety of reasons, but we may be in the midst of a construction boom for active adult communities. We are reminded of 2014, when our inbox was starting to fill with many developers announcing their latest assisted living/memory care community groundbreakings. Not only that, investors and operators started to launch new development pipelines (some a little too ambitious), touting the unstoppable force of “demographics.” Eight years later, we are much closer to the baby boomers aging into seniors housing, and most of the new construction announcements have been in the lower-acuity, low-service active adult... Read More »
Knighthead Funds Active Adult Construction
Knighthead Funding, LLC has provided The Northwind Group with a $34.5 million first mortgage construction loan for the development of an active adult community in Selden, New York. The loan was underwritten to a roughly 69% “as-complete” value, and the property is fully permitted, planned and approved. Situated on 13.84 acres, the complex will comprise 124 two-bedroom, two-bath units, including 36 affordable homes in 15 two-story residential buildings. Considering the supply/demand imbalance and the limited prospects for new construction in the area, Knighthead’s capital will help Northwood bring needed quality senior housing to a market with high barriers to entry. This is the... Read More »Schedule a demo
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