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 »
Propero’s Second Tender Loving Care Deal
Lancaster Pollard’s Propero Seniors Housing Equity Fund teamed up with Tender Loving Care Management (TLC) for the second time to provide equity for a to-be-built senior living community in Florida. Three years ago, Propero helped finance the construction of a $63 million, 242-bed project in Ocala that was going to offer assisted living, memory care and skilled nursing services. BMO Harris Bank provided a $30 million construction loan, while Propero fronted the equity that minimizes TLC’s own upfront capital requirements but at the same time provides a clear path to ownership. For the most recent project in Brooksville, Florida, Propero again provided equity to complement a bank loan to... Read More »
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 »Schedule a demo
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