Cain Brothers and Pilgrim’s Place
Pilgrim’s Place, a not-for-profit CCRC in Claremont, California was originally established over 100 years ago, and now is planning a $9 million renovation with the help of a $36 million tax-exempt bond issuance from Cain Brothers. The community has grown over the years to feature 182 independent living units, 56 assisted living units and 62 skilled nursing beds on a 32-acre neighborhood campus. Cain Brothers structured the bonds with a 4.25% coupon priced at a discount, and an all-in total interest cost of 4.46% and net present value savings on the advanced refunding portion of more than $1.5 million, or 6.4% of refunded par. Read More »
Luxury in Fort Lauderdale
Luxury has come to Fort Lauderdale. A joint venture between Capital Health Group and AEW Capital Management just opened its 106-unit senior living community directly on the Intracoastal Waterway, part of a much larger development pipeline planned across 12 states. With eight stories of assisted living (86) and memory care (20) units, this community boasts a number of attractive amenities. It takes advantage of its waterfront views with an eighth-story lounge (complete with grand piano) and restaurant. Plus, there is a spa/salon, fitness center, movie theater and a waterside café. Compass Pointe Healthcare System, an affiliate of Capital Health Group, will operate the community. All roads... Read More »When it works, it works
Success really can breed success. At least, that is the case for a skilled nursing facility in Lubbock, Texas that has already expanded once, and will soon grow again. Built in 2011 with 78 beds, all in private rooms, this skilled nursing facility added another 30 private beds and expanded its therapy gym by 1,300 square feet in 2013, at a cost of $2.6 million. Now, with occupancy averaging 89% from January 2015 to mid-year 2016, the local family owner/operator has decided to invest again in improvements and an expansion. They turned to Kevin Giusti and Michael Vaughn of Walker & Dunlop to arrange a $15.5 million refinance, which will provide the cash necessary to continue to grow... Read More »
Canterbury Tales
Ziegler is helping a not-for-profit CCRC that has been operating for about 25 years in Waterford, Michigan (about 40 miles from Detroit) both refund existing debt and fund an extensive repositioning project. Already with 255 rental units, including 75 independent living units, 40 assisted living units and 140 skilled nursing beds, the community is owned by Canterbury Heath Care, Inc. and operated by LCS, which has been managing it since 1995. Times have changed though, and ownership is partnering with Greenbrier Development to build a new 32-bed memory care building (connected by a to-be-built two-story structure) and renovate the existing skilled nursing building to convert 24... Read More »Minnesota Building Boom
Construction of seniors housing communities seems to be speeding up in Minnesota, with a slew of groundbreakings announced in the last month. Two developments in the Minneapolis/St. Paul MSA will be managed by Ebenezer Management Services upon completion. The first, a 105-unit community with 80 independent/assisted living and 25 memory care units, is being developed by Oppidan Investment Company. The second is an 84-unit community (with 60 IL/AL and 24 MC units) which is being built at a cost of $16 million, or $190,500 per unit. That is about $27,000 less than the state average for seniors housing ($217,200 per unit), according to our database, which includes developments since late 2013.... Read More »Schedule a demo
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