Lancaster Pollard’s $88 Million Financing
Lancaster Pollard closed a large construction on behalf of Los Angeles-based Ridge Senior Living to build a new luxury senior living community in Lakewood, Colorado (Denver MSA). Once complete, the community will comprise 318 total units of independent living, assisted living and memory care. To fund its development, Jason Dopoulos, Ross Holland and Joe Munhall of Lancaster Pollard identified a national bank to act as lead agent on an $88 million construction loan, with a portion syndicated to other bank participants. The development will be Ridge’s fifth community, joining four other properties in California and Utah. Read More »
Matthew Alley Sells 100th Texas Property
Cheers to Matthew Alley, who just sold his 100th facility in the state of Texas since joining Senior Living Investment Brokerage in 2006. In what was his 69th transaction in the state, Mr. Alley (and Patrick Byrne) represented a public healthcare REIT in its disposition of a 75-bed SNF in the Texas Panhandle, in the town of Wheeler. Built in 1982, the facility has a long way to go to stabilization, and its rural location doesn’t make it easier. It was just 55% occupied and operated just above breakeven under management of the outgoing Texas-based SNF operator. The buyer is a regional owner/operator that focuses on the state of Texas too. It purchased the facility for $1.8 million, or... Read More »
Big Rock Partners Opens Second Senior Living Community
Big Rock Partners had cause for celebration this week, as its second senior living development opened in Florida, at a total cost of $82 million, or $343,000 per unit. Situated on nine acres (purchased in 2014 with the help of a $4.5 million loan from Sabra Health Care REIT) in the Walt Disney Company-developed master planned community of Celebration (Orlando MSA), the community features 151 independent living units, 55 assisted living units and 33 memory care units. Life Care Services operates the campus, which not only is pet-friendly, but comes with a host of amenities such as gourmet dining venues, a high-end cinema, indoor aquatic center and a rooftop bar, among others. Adventist... Read More »
Building in Tampa Bay Area
The Tampa Bay seniors housing market continues to grow, marked most recently by a brand-new assisted living and memory care community developed by Pridgen Development and equity investor Lindell Investments, called Tessera of Brandon. The $28 million, 107,000 square-foot community in the town of Brandon was funded by a $21 million, five-year loan provided by Hancock Bank and designed by Bessolo Design Group to include a total of 138 units, 89 of which are assisted living apartments, and the other 49 units are for memory care, with several different floorplans available. Its per-unit cost (at $202,900) is above the average cost for like-projects in the area, which currently stands at... Read More »
Big Year For Capitol Seniors Housing Construction Pipeline
It’s full steam ahead for Capitol Seniors Housing’s construction strategy. The Washington, D.C.-based private equity firm just opened one assisted living community in Naperville, Illinois (Chicago MSA), but has nine more projects coming down the pike, all totaling nearly $300 million. The 95-unit Naperville community cost approximately $27 million to develop, or $284,200 per unit, and is operated by Arbor Company. It will soon be joined by another Chicagoland development in the form of an 83-unit senior living community in Glenview, expected to open later this year at a cost of $28.4 million, or about $342,200 per unit. That figure is more closely in line with Capitol Seniors Housing’s... Read More »Schedule a demo
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