Joint Venture Secures Financing for New Development
A joint venture between Singerman Real Estate and Darnell Capital is developing a brand-new assisted living/memory care community in Palos Verdes, California, thanks in part to construction financing arranged by Richard Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer and Bailey Nygard of Cushman & Wakefield. A large regional bank provided $23 million in debt at favorable terms. Set in a three-story former office building, the community will feature 87 units and 65,000 square feet. Phoenix-based Cadence Living will operate the community upon completion. Read More »
BMO Harris Funds Construction Project in North Carolina
BMO Harris Bank’s Healthcare Real Estate Finance business announced that it secured a $72.4 million construction loan for a senior living community in Charlotte, North Carolina. The Village on Morehead will feature 199 high-end independent and assisted living units in 12 stories. Bridgewood purchased the site for $11.5 million and will have its wholly-owned management group, Retirement Center Management, operate the community once it opens in 2023. CBRE arranged this loan through BMO Harris on behalf of a joint venture between Bridgewood Property Company and Harrison Street. CBRE originated a four-year, floating-rate loan with a full term of interest-only and extension options. Over the... Read More »
Evergreen Real Estate Completes Affordable Housing Project
Ravenswood Senior Living, a 193-unit affordable seniors housing development in Chicago’s Ravenswood neighborhood, was recently completed by Evergreen Real Estate Group (Evergreen), Synergy Construction Group (Synergy) and the Chicago Housing Authority (CHA). The original 10-story structure, formerly Ravenswood Hospital, was erected in 1974 and emptied in 2002. The $81 million redevelopment/renovation project took a year and a half to complete. The property now has 74 one-bedroom independent living apartments for Chicago Housing Authority residents and 119 units for participants in the Illinois Supportive Living Program, which is run by the Illinois Department of Healthcare and Family... Read More »
Is New Development Back Sooner Than Thought?
Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield represented Barberry Homes in their sale of two entitled seniors housing sites in Massachusetts. One site in Natick will consist of 86 assisted living and memory care units on 5.53 acres, while the other in Millis will feature 105 independent living, assisted living and memory care units on 7.697 acres. The sales price came to $14,550,000, or just over $76,000 per unit that will be built. That is a relatively high price, but they are both located in the Boston suburbs where land values are high the entitlement process can be tough. As originally proposed, the Natick building will have... Read More »
Capitol Seniors Housing Breaks Ground in Georgia
Construction is underway at The Outlook at the Exchange, an active adult community in Buford, Georgia. The 200,000-square-foot, four-story community will offer 180 residential units. The community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. Capitol Seniors Housing developed and invested in this project. This venture comes two months after CSH broke ground on Arbor Terrace Marlton, an 87-unit AL community in southern New Jersey. Element Architects is the design firm for The Outlook, and Core Construction is the general contractor. The project is scheduled to open in late 2022. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
