Where There’s a Will, There’s a Way…To Construction Financing
Aron Will of CBRE brought together a joint venture between Harrison Street Real Estate Capital and Belmont Village Senior Living, and a national bank to arrange construction financing for the development of a brand-new assisted living/memory care community in Lincoln Park, Illinois. The project got its start in 2016, when Cain Brothers arranged the sale of a property adjacent to the former Children’s Memorial Hospital campus, which is currently undergoing a $350 million redevelopment run by McCaffery Interests and Hines Interests. The massive project will include 540 apartments in two 11-story buildings, 60 luxury condos and 162,000 square feet of retail space. Across the street, however,... Read More »
Solvere’s Southeast Strategy
Through a number of partnerships, Solvere Senior Living expanded its presence in three states by taking over management of three to-be-built assisted living/memory care communities in Florida (2) and Texas, and two existing independent living communities in Virginia. New Jersey-based Solvere has steadily grown its portfolio since its launch in 2009, with five senior living communities in five states (Virginia, West Virginia, Maryland, New York and Indiana) that it operates as either a third-party manager or an equity partner. However, by the end of 2018, Solvere expects to add five more properties to its portfolio. Lindell Investments, Inc. partnered with Solvere to develop the communities... Read More »Ridge Care Senior Living Looking To Grow In South Carolina
Already a force in West Virginia and North Carolina, Ridge Care Senior Living is expanding its assisted living/memory care portfolio into South Carolina with a brand-new 100-unit (60 AL and 40 MC) community in the beach town of Pawleys Island. Expected to open in Summer 2018, the community is expected to cost around $20.5 million, or over $200,000 per unit, to develop, which is close to the average for the regional cost for like-communities of $208,000 per unit, according to our in-house database. SunTrust Bank, through its Aging Services practice, provided an $11.3 million loan to fund the construction. Ridge Care, which currently manages 13 senior living communities on behalf of a small... Read More »HJ Sims Secures Financing For D.C. CCRC
A CCRC in northwest Washington, D.C. is ready to expand, and in a big way. Currently featuring 127 independent living units, seven assisted living units and 60 skilled nursing beds, not-for-profit Ingleside at Rock Creek faced a growing wait list and limited health care services. So, a couple of years ago, ownership decided it was time to grow, with a plan to add 105 IL units, 32 memory care units, 34 skilled nursing suites, 21 assisted living units and therapy/rehab spaces. Expected to break ground soon, the project will nearly double the CCRC’s units, even though most of the existing AL units will be taken offline to complete it. HJ Sims arranged the construction financing, through a mix... Read More »
Luxury Senior Living In Salt Lake City
A luxury assisted living/memory care community recently opened in Salt Lake City, Utah, and hopes to stand out among its competitors for not only its care, but its look too. Interior designer, studioSIX5, and architect AJC Architects designed the 148-unit community with an eye for its surrounding environment in view of the Wasatch Range, with many resident rooms designed to highlight the natural beauty. The community cost approximately $35 million, or $236,500 per unit, to develop, which is nearly equal to the average construction cost for the region of $233,700 per unit. We have not observed much seniors housing construction in the Salt Lake City MSA, at least on a relative basis, but... Read More »Schedule a demo
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