Seniors Find New Home In Former Hotel
During this construction boom in seniors housing, developers are getting creative with where to build their communities. Although the majority of senior care communities are purpose-built, ground-up developments, some developers are taking advantage of existing buildings (like medical office buildings or hotels) that may not have been built for senior care but could be converted to house seniors. Hotels, one would assume, are especially suitable for conversion, with each room already having a bathroom. So, when Bruckal Development saw a need for private pay seniors housing in north Phoenix, Arizona, the firm decided to buy a 126-bed, four-story hotel and reconfigure it into a 119-unit... Read More »Big Deals Are Back
Big seniors housing and care companies are back in vogue as acquisition targets, and they are all occurring with the specter of a Brookdale Senior Living buyout looming over the market. First came Kayne Anderson Real Estate Advisors’ $825 million acquisition of Sentio Healthcare Properties and its portfolio of 34 seniors housing and medical office properties. Then, we learned of Sabra Health Care REIT and Care Capital Properties’ all-stock merger valued at nearly $4 billion. Now, in the midst of rumors that Brookdale is in exclusive talks with a Chinese investor (Zhonghong Zhuoye Group) for a potential sale valued at $3.0 billion, we learned of another major deal in the works. Columbia... Read More »Blueprint Booms In June
Adam Sherman of Blueprint Healthcare Real Estate Advisors brought several parties together to arrange the capital for a $30 million assisted living/memory care development in Kissimmee, Florida. Located on a 3.4-acre site in the Osceola Corporate Center, a 900+ acre master planned mixed use development, the community will feature 104 units/114 beds of assisted living and 24 private memory care units, in addition to multiple dining venues and amenities. The developer, Providence One Partners, LLC, and the operator, Watercrest Senior Living, expect to open the three-story community by late summer of 2018. Construction began immediately after Mr. Sherman arranged the capital stack, which... Read More »Pennsylvania CCRC Refinances 2008 Bonds With Help From HJ Sims
A large CCRC in Lititz, Pennsylvania (Lancaster area) that expanded in 2008 (tough time to do that…) recently refinanced $123 million of Series 2008 bonds, as well as $10 million of Series 2015 bonds, with the help of HJ Sims. Tracing its roots to 1897, the community now features 505 independent living units, 141 assisted living/personal care units, 120 skilled nursing beds and a 20-bed rehab center. In 2008 it expanded its IL offering and also reconfigured its healthcare services, which was funded by $123 million of bonds. Then in 2015, the CCRC opened its rehab center, in addition to upgrading its buildings and technology, with $10 million of bonds funding the project. The call date for... Read More »Maplewood Grows Its Fairfield County Portfolio
A few weeks ago, we wrote of LCB Senior Living’s latest investments in the high-income Fairfield County, Connecticut, with developments going up in Stamford and Darien. We have wondered whether the demand is there for those projects, and others that have finished in recent years. We know that some of them are operating very well, with full occupancy at $10,000+ per month rents. But now Maplewood Senior Living, headquartered in nearby Westport and already established in the area with five communities in the county, just closed on a 27-acre site in Southport where it plans to build a 98-unit assisted living/memory care community. Construction is expected to begin this summer and will include... Read More »Schedule a demo
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