Zom Living Enters the Senior Living Market
A major seniors housing development is about to break ground in Palm Beach County, Florida, after the developers finalized the purchase of a 46-acre plot in a transaction handled by Charlie Hilding, Mark Myers and Josh Jandris of Institutional Property Advisors, a division of Marcus & Millichap. Additionally, Ryan Nee of Marcus & Millichap’s Fort Lauderdale office was the broker of record for the transaction. Originally owned by a partnership and entitled for 462 units of seniors housing, the land sold for $23.25 million to a joint venture between Zom Living and Liberty Senior Living. This is multifamily developer Zom’s first seniors housing deal, and North Carolina-based Liberty’s... Read More »
Another Civitas Development in the Lone Star State
Civitas Senior Living may have already expanded outside its home state of Texas, with three existing communities and four more on the way in Florida, Kentucky, Colorado and Arizona, but the Fort Worth-based company is coming home for its latest development. The 188-unit community, located in the Red Oak suburb of Dallas, will feature independent living, assisted living and memory care services and will join the 32 other properties currently owned and operated by Civitas. To finance the development, HJ Sims invested $5.85 million of preferred equity, which it funded by placing corporate taxable bonds. The subordinate financing was structured to meet the requirements of the senior lenders... Read More »
CCRC Expands With Help From HJ Sims Financing
A not-for-profit CCRC in Sandy Spring, Maryland that has been in business since 1962 was looking to expand and obtained financing from HJ Sims to fund the project. On a 62-acre campus, the community (called Friends House) features 32 independent living units and 75 low-income rental apartments, 82 comprehensive care beds and 21 assisted living units. However, ownership saw the need to replace the low-income apartments with a new 80-unit low-income housing building in a joint venture with Homes For America (HFA). But that’s not where the future changes stop. The CCRC will also renovate and expand the existing communal building, remove two vacant cottage units, and develop 14 new cottage... Read More »
Love Funding in the Last Frontier
Love Funding secured financing for the Last Frontier’s newest assisted living community. Located in Anchorage’s U-Med district (and less than two miles from three hospitals), the community is being purpose-built by Baxter Senior Living as a high-end assisted living option for Alaskans. Along with 63 private AL and 33 private and semi-private memory care units, the private pay community will feature amenities including a theater, café and pub, fitness studio and art center, with Portland, Oregon-based Paradigm Senior Living as its manager. Love Funding’s Holly Bray secured a $20.1 million bridge loan provided by Love’s parent company, Midland States Bank, with First National Bank Alaska... Read More »
County-Owned Skilled Nursing Facility Gets More Than A Facelift
Usually we hear of counties selling their unprofitable skilled nursing facilities, but not this time. A county in Pennsylvania is building a brand-new facility to replace its existing 80-year old SNF, with the help of a $34 million loan from the USDA. Located in Bellefonte, Pennsylvania, the old facility was originally built in 1938, with additions in the 1970s and 1990s, and was experiencing higher and higher maintenance costs. Owned by Centre County, the facility was also operated by the county until 2013, when a not-for-profit board took over, leasing the property for $1 a year. Since then, the not-for-profit has improved occupancy, with a 75% Medicaid census, and made the facility... Read More »Schedule a demo
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