Ohio Renovation Receives Variety of Funding
A senior apartment community in Dayton, Ohio is getting a substantial renovation with the help of financing from a variety of sources. The building is a federal historic site, originally built in 1929 as the Dayton Biltmore Hotel. It converted to affordable senior living in 1981 and currently features 230 units in 18 stories, with over 23,000 square feet of communal space and 14,000 square feet of commercial space. According to county records, Related Companies, a New York City-based developer, purchased the building in August 2020 for $4.2 million as part of a larger $590 million transaction for 51 affordable housing properties formerly owned by Aimco. Now, Related Companies and... Read More »
Greystar Expanding Its Seniors Housing Presence
Real estate developer Greystar continues its expansion into the seniors housing industry with the launch of Album, its new seniors housing brand. This is not Greystar’s first rodeo, however, already with 12 active adult communities under the “Overture” brand and six “Everleigh” communities either open or soon to be. Most recently, the company announced the development of a 180-unit Overture community in Winter Garden, Florida. The new Album communities will also cater to the 55+ age cohort and will be developed in partnership with The Carlyle Group. The first community will be located in Fort Worth, Texas, and similar to the Winter Garden property, it will feature 180 units. Amenities... Read More »
Shuttered College Redeveloped into Seniors Housing
Small, private colleges in the Northeast have had a tough time in recent years with declining enrollment and ensuing financial hardship, and several campuses have closed for good. One of those former campuses is getting a second life as a seniors housing community, an industry that is also currently undergoing hardship but that has a bright future for growth. The College of St. Joseph in Rutland, Vermont shut down in 2019 and returned the campus to the bank, Heritage Family Credit Union. Several buyers were interested in the property, but Florida-based Heartland Communities rose above the rest and entered into a purchase and sale agreement for an undisclosed amount. Heartland will... Read More »
Joint Venture Develops D.C.-Area Senior Living Community
In a joint venture with Flournoy Development Group, Cadence Living has broken ground on a new senior living development in Olney, Maryland (Washington, D.C. MSA). Set on 37 acres that includes 31 acres of forest preserve, which residents will be able to take full advantage of, the community will feature a three-story, 75-unit independent living and assisted living building and a two-story, 32-unit memory care building, for a total of 107 units. There will also be plenty of indoor and outdoor amenities. When it opens in 2022, this will be Cadence’s first community in Maryland, and first in the Mid-Atlantic region. Same thing for Flournoy Development, which was previously focused on the... Read More »
Senior Capital Advisors Secures Construction Financing For Florida Property
Bruce Gibson of Senior Capital Advisors successfully closed construction financing for a to-be-built senior living campus with a unique addition to it. Located in the Westchester suburb of Miami, Florida, The Contemporary will feature 85 units of independent living along with MedSquare Place, a 33,000-square foot medical office component on the first floor of the building. We have always been a fan of adding services like these to senior care campuses, which not only add a convenience to the seniors living there but also provide some revenue diversification for the building. The added visibility for the community by patrons of the MOB doesn’t hurt either with its... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
