Construction Continues in Southwest Florida
Two senior living construction projects just finished in Naples, Florida, probably not in the lease-up environment they were expecting. But you never know; we certainly hear of communities continuing to move in residents at a steady pace. The first development completed was a 127-unit assisted living/memory care community called The Pineapple House at Sapphire Lakes. It is being developed by Michael Kerner of Development Consulting LLC and Andy Baldo, with Guest Services Senior Living operating the community. Amenities include fitness and massage areas, a hydrotherapy room, beauty salon and a swimming pool, among others. Another joint venture announced the completion of Phase I for a CCRC... Read More »
CBRE Finances Orange County Senior Living Development
A senior living community is being built in California’s Orange County thanks to a bank loan arranged by CBRE. Located in North Tustin, the 100-unit community will feature 72 assisted living and 28 memory care units on a 7.5-acre infill site. The local market has high barriers to entry and an average home value in excess of $1 million within a one-mile radius. It took the developer, a joint venture between Clearwater Living and an institutional investor, 15 years to get this project off the ground due to tough zoning and entitlement processes and limited developable land in North Tustin. The opportunity must be worth the wait. To fund the project, Aron Will, Austin Sacco and Adam Mincberg... Read More »
When in Need of Renovations
How often have you heard that the vast majority of skilled nursing facilities need substantial renovations in order to compete? Now, we are hearing it about all those assisted living communities built in the 1990s, and even the early 2000s. All of the new development in the past six or seven years has really caused owners and operators to take a hard look at their real estate and decide what to do. What needs to be done to compete and how much will it cost? One of the nice things about going to a NIC conference is meeting new companies and people. One of the companies we met with, South Coast Improvement Company, specializes in renovating senior living buildings while the residents are... Read More »
Newly Renovated Assisted Living Community Refinances with IDB Bank
Lisa Silvers, SVP of IDB Bank, headed to the Jacksonville, Florida suburb of Green Cove Springs to refinance a fully renovated assisted living community on behalf of its single-asset owner/operator. Originally built in 1993, the 49-unit community was previously owned by a local doctor, who sold it in 2015 for around $2 million, or $40,800 per unit. The buyer, who had previously third-party operated other assisted living communities in the Orlando area but was making his first acquisition, closed the community and gutted it in a $2 million renovation. The community has since stabilized at 85% occupancy, geared towards the middle market. To fund the acquisition and renovation, the buyer had... Read More »
Love Funding Secures HUD Construction Financing For New Jersey Projects
Love Funding arranged financing for the construction of two new senior apartment buildings in Paterson, New Jersey. Love’s Leonard Lucas (say that five times fast) secured the HUD loans which totaled $55.6 million and came with low rates for the duration of construction and for a subsequent 40-year term. One location will feature 81 units in four stories, with two elevators, that will also offer a community room with a kitchen, on-site management and maintenance offices, lounge areas, an outdoor patio and garden space. A central laundry facility will be located on each floor. Social services will also be provided on-site via the Housing Authority of the City of Paterson, as well as... Read More »Schedule a demo
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