HJ Sims Secures Bond Financing for Tennessee CCRC
A new life plan community (or continuing care retirement community, as we still call them) is going up in Collierville, Tennessee (Memphis MSA) thanks to a large $219.25 million bond placement arranged by HJ Sims. Situated on 36 acres with 176 independent living apartments, 63 independent living garden homes, 52 assisted living units, 32 memory support units and 60 skilled nursing units, the community will also feature an impressive array of amenities. For dining, there will be five venues, an outdoor kitchen, a pub and sports bar. There will also be an athletic club, massage therapy, Jacuzzi, day spa, beauty shop, barber shop, performing arts center, movie theater, library, bank, gift... Read More »
Long Island 55+ Developer Gets Equity Investment
A brand-new age-restricted town home community is going up in the Long Island hamlet of Mount Sinai, thanks in part to $18 million of joint venture equity secured by Evan Pariser, Rob Hinckley, Nicco Lupo and Sophie Cohen of JLL Capital Markets. Sculptor Capital Management Inc., formerly known as Och-Ziff Capital Management Group, provided the equity. Ornstein Leyton Company (OLC) is developing the community, which will feature 91 for-sale homes. It is OLC’s fifth active adult community branded under “The Vineyards.” In 2018, Messrs. Pariser and Hinckley (when they were with HFF) also helped raise equity for the development of another community in Center Moriches, New York (also Long... Read More »
Green Brick Partners Adds Atlanta-Area Age-Restricted Community
Age-restricted (or active adult or 55+) housing has been a popular investment target in the last couple of years, and Green Brick Partners, Inc., a residential land developer, is making a huge investment in a community to be built in the Atlanta, Georgia MSA. The company, though its subsidiary The Providence Group of Georgia, purchased a 115-acre tract of land with 4,000 feet on frontage along the Chattahoochee River to develop a 916-unit age-restricted community in the town of Peachtree Corners. Atlanta-based active adult land investment group East Jones Bridge, LLC is the joint venture partner for the project. The plan includes a mix of condos, townhomes and single-family homes for sale,... Read More »
NorthMarq Closes Construction Financing in Cincinnati
When at first you don’t succeed, try again. That was one borrower’s motto when a financing placement attempt fell through with one lender, so they decided to go to Noah Juran of NorthMarq to get the deal done. To fund the construction of a senior care facility on the borrower’s existing senior living campus in Cincinnati, Ohio, Mr. Juran secured an $18.2 million construction loan through Stearns Bank, plus $5.5 million of equity from an undisclosed source. The debt, which features a three-year, interest-only term, comes in at 64% loan-to-cost. That puts the development cost at $28.4 million, or $346,300 per unit. Set to open in either late-2020 or early-2021, the project will include a mix... Read More »
Independent Living Tower Breaks Ground in Seattle
Perhaps as a sign of the strength of both the CCRC and independent living markets, a CCRC in Seattle, Washington just broke ground on a 21-story, 77-unit independent living tower on its existing campus in the First Hill neighborhood. Owned by Transforming Age, a national not-for-profit with existing communities in Washington, Minnesota and Nebraska, it announced that the project is already 70% presold two years before the expected 2021 opening. The tower will include a mix of one-bedroom and two-bedroom units, as well as penthouse apartments. There will also be a 240-seat performing arts center, full-service spa, bar, café and a club room with panoramic views of Puget Sound and the Olympic... Read More »Schedule a demo
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