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 »Two Seniors Housing Developments Find Financing With HJ Sims
HJ Sims helped land financing for a couple of luxury senior living developments across the country this month, with two bond placements totaling over $45 million. The larger project, located in Palm Coast, Florida, is being developed by affiliates of the Tuscan Garden Group to include 86 assisted living and 44 memory care units (166 total beds). At a cost of approximately $56 million, or $430,000 per unit, the three-building community is located adjacent to the master-planned community of Grand Haven. Sims sold about $11 million of the bonds to its accredited investor base, with the balance going to six institutional investors. The issuance included $39.55 million of senior... Read More »
Lifespace Communities Redeveloping Its Chicago-Area CCRC
A 247-unit CCRC in Downers Grove, Illinois (Chicago MSA) is in line for a massive $150 million redevelopment of its campus. In the first phase breaking ground this Fall, the owner, not-for-profit Lifespace Communities, Inc., will look to add 66 assisted living units, 28 memory care units and 102 skilled nursing suites, with private courtyards. The initial project will cost an estimated $61 million, or $311,200 per unit. According to our in-house construction database, which tracks senior care developments dating back to 2013, CCRC expansion or new construction projects cost approximately $420,000 per unit, or more than $100,000 per unit over the cost of Phase I. But, when you add in the... Read More »
Dover Development Goes Back To School
Knoxville, Tennessee-based Dover Development has gone back to school on its latest senior living development projects. That is, the firm has specialized in renovating neglected historic buildings, including most recently a couple of former schools, into seniors housing. First, Dover has already begun work on renovating an 80-year old (and unoccupied for 25 years) former high school in South Knoxville. After purchasing the school for $1,000 from the city of Knoxville, Dover embarked on $9.5 million ($158,300 per unit) renovation of the building, which will include 60 units of assisted living and memory care by its expected 2018 opening. Dover didn’t stop there in Knoxville. The company is... Read More »
Watercrest Partners With United Properties In Latest Development
Watercrest Senior Living Group has announced its latest senior living development project, and a brand-new partnership too with United Properties. The joint venture plans to break ground this Fall on a 128-unit luxury assisted living/memory care community in Naples, Florida, with an expected opening in early 2019. United Properties has already purchased the property and is entering the Florida market with this project, after developing 15 seniors housing communities in the Minneapolis, Minnesota and Denver, Colorado areas. Watercrest, on the other hand, is well versed in the Florida seniors housing market, having opened communities in Lake Nona, Sebastian, Jacksonville and Viera, so far.... Read More »Schedule a demo
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