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 »Trying Out Transitional Care
Joint venture partners Harrison Street Real Estate Capital and Pisula Development Company (the development arm of RRC Medical Real Estate LLC) are venturing into the transitional care/skilled nursing space with the acquisition of a brand-new facility in Conroe, Texas. Featuring 150 beds in two stories, the transitional care facility was developed in late 2016 by the seller, an in-state developer relatively new to senior care, on about three acres adjacent to the 342-bed Conroe Regional Hospital Campus. We have historically known Harrison Street as a seniors housing investor, and Pisula Development has mostly focused on medical office buildings. But they have partnered with OnPointe Health,... Read More »MorningStar Shines Brightly In Phoenix Market
MorningStar Senior Living is set to open its fourth senior living community in the Phoenix market, with the help of construction financing arranged by Aron Will of CBRE. Together with joint venture partners N-Shea Group and an institutional equity partner, MorningStar is developing a 144-unit independent living (38 units), assisted living (71) and memory care (35) community in Glendale, a growing suburb roughly 10 miles northwest of downtown Phoenix. Although the development cost was not disclosed, MorningStar’s three previous projects in the metro area had cost between $200,000 per unit and $230,000 per unit to develop, and we imagine the Glendale project is similar. Mr. Will provided a... Read More »Schedule a demo
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