Oppidan and Ebenezer Open New Senior Living Development in Minneapolis
Oppidan Investment Company, a national development firm, and Ebenezer Management Services announced the opening of their brand-new seniors housing community in Minneapolis, Minnesota. The large community features a 10-story building with 283 total units of independent living, assisted living and memory care. An additional 1,900 square feet is available for a retail tenant, although who that tenant will be is not known yet. Plus, another 6,230 square feet is designated for a childcare center serving 105 children. These other uses of the space are just part of the intergenerational living plan for the community, as seniors will be able to engage with the children at the daycare center by... Read More »
Greystone Arranges HUD Construction Debt
Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly helped attract residents, and the community consistently boasted a waiting list. With that full occupancy, ownership decided to embark on an expansion that would feature 32 new assisted living units and 23,000 total square feet, including the expansion of the campus’ existing communal spaces, all at a cost of approximately $7.5 million, or $234,400... Read More »
Leo Brown Group Breaks Ground on Ohio Development
Seniors housing construction is still alive these days, as evidenced by the press releases we continue to get of projects breaking ground or even opening for business. We’re sure lease-up projections have changed, and a lot more developments were put on pause. We wonder if any design changes have been or will be implemented to account for potentially months (maybe years) of social distancing practices too. But we’re glad to see the activity. Leo Brown Group was one firm to announce the ground breaking of a new seniors housing development in Lebanon, Ohio (Cincinnati MSA). Featuring 146 units of independent living, assisted living and memory care, the community is located... Read More »
Lancaster Pollard Finances SNF Construction in California
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, just closed on a HUD construction loan for a to-be-built skilled nursing facility in Oceanside, California. Featuring 120 beds in 62 units, the project is already underway by a partnership between RangeComm Development and Providence Group, along with the contractor ARCO Construction. It will specialize in short-term rehabilitation, and we imagine by the time the project opens, elective surgeries will be somewhat back to normal and drive much of this facility’s census. Despite delays and challenges related to COVID-19, Brett Murphy of Lancaster Pollard was able to lead the way on a $25 million HUD loan ($208,000... Read More »
Cushman & Wakefield Arranges Construction Financing
Seniors housing construction may be slowing to a crawl, as is the lending market, but Cushman & Wakefield has bucked the trend and arranged both construction financing and joint venture equity for a development in South Portland, Maine. The team of Richard Swartz, Jay Wagner, Tim Hosmer and Sam Dylag advised the developer, Confluent Senior Living, on the deal. The project will feature 123 units of assisted living and memory care, with an array of amenities, at a cost of $40 million, or $325,000 per unit. Its operator, Harbor Retirement Associates, broke ground on the community last month, and its location is ideal near both the largest mall in the state and Old Port... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
