Capitol Seniors Housing’s Latest High-End Development
Always one to develop in affluent, high barrier-to-entry markets, Capitol Seniors Housing is expanding its presence in the New York City metro area with a brand-new assisted living/memory care community in Clarkstown, New York. Situated in the affluent community of New City, the property will feature 80 units upon its completion in early 2020. Atria Senior Living will operate it, drawing on its experience operating similar communities in the tri-state area. Construction costs come in at an approximate $30 million, or $375,000 per unit, which makes sense given the expensive real estate, number of amenities and the high-end finishes. Read More »
HJ Sims Finances Delray Beach Development
A senior living development in Delray Beach, Florida is inching towards opening its doors and just received $51.45 million in bonds to cover lease-up costs and other cash needs, arranged by HJ Sims. The mix of tax-exempt and taxable bonds, including $11.6 million in subordinate tax-exempt bonds, were sold to institutional investors and to Sim’s investors. They featured step-coupons, which would have an initial lower coupon during construction and lease-up and increase to a more traditional, non-rated coupon after that period. Sims also structured an optimal redemption window starting in five years with a mandatory tender of 11 years from closing. The project is sponsor Tuscan Garden’s... Read More »
BMO Harris Bank Finances Watercrest’s Latest Senior Living Development
Watercrest Senior Living Group’s latest development in Florida just obtained a construction loan courtesy of BMO Harris Bank’s Healthcare Real Estate Finance group. The community just broke ground last August and is anticipated to open in Summer 2020 with 72 independent living, 96 assisted living and 30 memory care units. Watercrest is developing the community in partnership with United Properties, after previously collaborating on a senior living development down the coast in Naples, Florida (expected to open this year). BMO arranged a $46.5 million loan to fund the Sarasota construction. Read More »
NHI Finances CCRC Expansion Project in Phoenix
The Phoenix, Arizona market has been a hotbed of senior living construction activity thanks to its rapidly growing retiree population, and a large CCRC catering to high-income residents is looking to capture part of that growth with an independent living expansion. Sagewood already has 316 independent living units, 44 assisted living units, 28 memory care units and 78 skilled nursing beds. Demand for independent living was strong (with the IL units fully occupied in 2018), so ownership decided to build a Phase II, which included 101 more units. It was clearly the right decision, as 96% of the new IL units are already presold, with entrance fees projected to average $700,000. Recently, the... Read More »
Big Rock Partners’ Next Big Project
No stranger to big senior living projects, Big Rock Partners (BRP) announced it will be building its second senior living community in Palm Beach County, Florida, at an estimated cost of $150 million, or over $530,000 per unit. BRP kicked it off with the $9 million acquisition of a 15-acre site in Delray Beach, where it will build 185 independent living, 50 assisted living and 44 memory care units. LCS will operate the community upon completion in 2021. Trez Forman Capital financed the land acquisition, and Al Rex of Walker & Dunlop is the project’s financing advisor. Last year, BRP opened a 320-unit community in Lake Worth at a cost of $106 million, which means the company’s total... Read More »Schedule a demo
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