WMD’s in Williamsburg!
What would you pay for an empty assisted living/memory care community? What about a nearly-finished 48-unit memory care community in Williamsburg, Virginia whose previous owner filed for bankruptcy? Well, Jacksonville, Florida-based investment bank/brokerage firm WM Dougherty & Co. (WMD) purchased that unfinished site for $7.5 million, and has plans to invest another $2 million to finish the community. All in, the WMD will end up paying nearly $200,000 per unit for a brand-new, but empty, memory care community. That may seem high, given that according to the 2016 Senior Care Acquisition Report, assisted living/memory care communities sold on average for $207,400 per unit, compared with... Read More »
Investor group expands in Michigan
The owner/operator of a senior living community in Saginaw, Michigan is set to open a second location next month in nearby Hampton Township, at a cost of $13 million, or around $185,000 per unit. Founded by K. Rumi Shahzad and a team of 19 local investor/doctors, the Saginaw community has already expanded to include a 60-unit independent living community, and has a $15 million addition planned for its assisted living portion. So there is an apparent need. The investor group’s move into Hampton Township seems to be well founded, with 40% of the AL/MC units already preleased. In addition, there are plans to add independent living. Monthly rents at the new community are on the high side,... Read More »
Mainstreet growth
Mainstreet Health Investments (Mainstreet) is adding seven seniors housing and care properties to its portfolio from several sellers, representing a total purchase price of approximately $152 million. First, the company bought four Mainstreet Property Group (MPG)-developed transitional care/assisted living facilities, which are scheduled to open between November 2016 and March 2017 in Texas and Kansas, for $92.8 million, or almost $247,000 per bed, with a year-one cap rate of 7.7%. The Ensign Group will manage the facilities. Second, Mainstreet is acquiring one transitional care/memory care facility in Evanston, Illinois from its existing operating partner Symphony Post-Acute Network for... Read More »TLC and Seniors Housing
Lancaster Pollard’s Propero® Seniors Housing Equity Fund II is in the news again. BMO Harris Bank’s Commercial Real Estate Healthcare group recently closed a $30+ million construction loan for the development of a 242-bed assisted living/memory care/skilled nursing facility in Ocala, Florida. TLC Management, an owner/operator of skilled nursing facilities and seniors housing communities for nearly 30 years in Indiana and Florida, is developing the property with Propero, which provided the equity. Read More »
Love in Carrollton
A new independent living community is being developed in Carrollton, Texas, with the help of a $26.3 million HUD construction loan arranged by the team at Love Funding. Sitting on 5.5 acres in the Dallas-Fort Worth area, this community will feature 183 apartments and five stand-alone cottages, as well as a clubhouse and other amenities. The 40,000-member Prestonwood Baptist Church is also located across the street, which should provide a boost to occupancy. Laura Saull-Smith of Love secured the financing, which came with a 40-year term. An ownership group is behind the development, which includes principals Charlie Nicholas, Luke Harry, Steven Rumsey and Chris Willhite. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
