Confluent/HRA Enters Connecticut Senior Living Market
Confluent Senior Living and Harbor Retirement Associates are entering the Connecticut market with their development of a 113-unit assisted living/memory care community in the greater Hartford area. Set to break ground this month, the project is set on a 5.8-acre site in the town of South Windsor and will feature 65 assisted living and 48 memory care units. It is located a half-mile from a high-end, outdoor mall with specialty shops and restaurants and one mile from The Shoppes at Buckland Hills, which feature big-box retail, dining and entertainment. Amenities will be plentiful at the property, including a barber and beauty salon, fitness and wellness center, bar/lounge, club room,... Read More »
Confluent Opens Five Communities Across the Country
The general consensus (with several dissenters) is that senior living construction has (finally) slowed down, after a long period of overdevelopment in many markets. Considering the downstream effects of this, from a tighter, more expensive labor market to lower occupancy, the slowdown is a good thing, especially since most of those elusive baby boomers won’t be moving into senior living any time soon. However, not every market experienced the woes of overdevelopment, and Confluent Senior Living announced that it has recently opened five senior living communities away from those biggest problem areas (were looking at you, Houston). Partnering with MorningStar Senior Living, Confluent... Read More »
Propero Funds Mission Development
Lancaster Pollard’s Propero Seniors Housing Equity Fund III helped fund the construction of a new independent living community in Reno, Nevada. Mission Senior Living is building the community, which will feature 130 total units when it opens in the summer of 2020. A combination of equity provided by Propero and a bank loan funded the $22 million, or $169,200 per unit, construction project. The Propero structure allowed Mission to minimize the amount of upfront capital needed for the development and provides a clear path to ownership. Read More »
Cushman & Wakefield Arranges Equity for New Jersey Development
Acting as exclusive advisor to a joint venture between Pike Properties, Thrive Senior Living and Gallium Real Estate, the Cushman & Wakefield team of Richard Swartz, Jay Wagner and Jim Dooley arranged institutional equity capital for a to-be-built senior living community in Montvale, New Jersey. Located on an 11.5-acre site with a spacious 33,000-square foot interior courtyard, the development will feature 203 units of independent living, assisted living and memory care. The $26.5 million of equity (provided by a private equity fund) will complement $54.6 million of debt financing from another seniors housing lender. Read More »
Canyon Partners Provides Preferred Equity for California Development
Canyon Partners Real Estate LLC, the real estate direct investing arm of global alternative asset manager Canyon Partners, just made its third equity investment in a seniors housing development, partnering with operator Griffin Living in each project. The latest development is located near Westlake Village, California, and will feature 86 units, 58 for assisted living and 28 for memory care. There are two medical centers nearby, along with retail centers, entertainment and other amenities. To finance its construction, Canyon Partners provided $10.9 million of preferred equity. The two other senior living projects developed in collaboration between Canyon Partners and Griffin Living are... Read More »Schedule a demo
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