Joint Venture Building Assisted Living In Bakersfield
Two companies are joining forces to build a brand-new assisted living/memory care community in Bakersfield, California, with the help of Aaron Rosenzweig, Jay Wagner, Sam Dylag and Alex Petrosian of Cushman & Wakefield. Situated on three and a half acres next to a newly constructed skilled nursing/sub-acute care facility, the to-be-built community will feature 44 assisted living and 24 memory care units on one story. It is the third ground-up development between the joint venture between real estate developer Blue Mountain Enterprises and California-focused operator Pragma Management. To fund it, the Cushman & Wakefield team arranged an $11.55 million construction loan, funded by... Read More »
Live Oak Bank Comes Alive In Seniors Housing Lending
After launching its senior care lending division and hiring Adam Sherman (most recently of Blueprint Healthcare Real Estate Advisors and before that of RED Capital Group) as the new division’s industry expert late last year, Live Oak Bank just provided its first loan to a seniors housing property. The bank (the second-largest SBA lender in the country) closed a $3.6 million SBA 7a construction loan for a private owner/operator to build a 24-unit memory care community in Springboro, Ohio (Cincinnati MSA). It came with a 24-month interest-only period and 26-year fully amortizing term. The bank is looking to grow this business in the seniors housing space, rather than the more-regulated... Read More »
Congress Building Corp. Builds In Fairfield County
Congress Building Corp. has been named construction manager at Formation Development Group and Atria Senior Living’s latest senior living project in Ridgefield, Connecticut. The project commenced in November 2017, with Congress guiding the project through the pre-construction and construction phases. The company will also coordinate the subcontractor and supplier pricing, as well as the procurement process. Being developed in the high-income, highly desirable Fairfield County, where average rents can often surpass $10,000 per month for memory care services, the 86-unit community will be Atria Senior Living’s fourth in the county, with locations already in Darien, Stamford and Stratford. It... Read More »
Clearwater Living Develops In Familiar Territory
Cushman & Wakefield Capital Markets Group arranged $20.6 million in construction financing on behalf of Clearwater Living to build a 90-unit/104-bed assisted living/memory care community in Rohnert Park, California. PNC Bank provided the financing, which was arranged by C&W’s Richard Swartz, Aaron Rosenzweig, Timothy Hosmer and Alex Petrosian. The new community will feature amenities including a community pub, display kitchen, outdoor dining, theater and dog park, and is located next to a 207-unit 55+ community that was developed by Clearwater Living’s CEO, Tony Ferraro, back in the early 2000s. Clearwater clearly knew the area well. Read More »
Cain Brothers Finances CCRC Construction On College Campus
Many have extolled the advantages of senior care communities partnering with universities. Through collaborative programming, the relationship helps keep seniors engaged with other generations, and students in turn can benefit from the residents’ years of wisdom and experiences. With that in mind, a partnership between an affiliate of Arizona State University (ASU) and Pacific Retirement Services (PRS) is building a 20-story CCRC on ASU’s main campus in Tucson. Under PRS’s “Mirabella” high-rise CCRC brand, this community will have four levels of care and around 252 total units. The first floor will feature a public restaurant and retail space, while three restaurants will likely be placed... Read More »Schedule a demo
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