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 »
Monarch Funds New Ohio Development
We haven’t seen much construction lending these days, with construction costs and interest rates rising, but Alec Blanc of Monarch Advisors secured an $18.9 million loan to fund a 105-unit/116-bed senior care project in Bowling Green, Ohio. The community is being developed by Trilogy Opportunity Fund I, an affiliate of Louisville, Kentucky-based Trilogy Health Services, at a cost of $23.625 million, or $225,000 per unit. Construction costs went up during the process, but the bank modified the loan to main an 80% loan-to-cost. There are 50 skilled nursing beds, 34 assisted living/memory care units and 25 independent living units. Monarch secured a senior loan commitment from a... Read More »
Walker & Dunlop Hire Dedicated Housing Expert in Southern California
Walker & Dunlop, Inc. has hired Gideon Orion as Managing Director on its investment sales platform. Most recently working for Blueprint Healthcare Real Estate Advisors, Mr. Orion is based in Los Angeles and will join the firm’s national seniors housing property sales team led by Managing Director Joshua Jandris. Mr. Orion will be focused on originating and executing seniors housing property sales opportunities across the United States. He has a strong track record and brings additional skill to Walker & Dunlop’s seniors housing sales team, in addition to expanding the firm’s existing footprint in Southern California. In fact, Mr. Orion represents the first dedicated... Read More »Schedule a demo
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