Going up in downtown
A well operating CCRC in Buffalo, New York looking to expand needed quick financing to take advantage of building a new independent living campus on the site of a former acute care hospital in downtown Buffalo. Built in 1999 by Episcopal Church Home & Affiliates, the CCRC features 243 IL units and patio homes, as well as enriched housing and skilled nursing beds. Over the years, it has consistently enjoyed high occupancy across all levels of care under its not-for-profit management. HJ Sims has had a relationship with the CCRC since providing seed capital for its initial development in 1996, and so was a natural fit to finance this new expansion project. After site demolition and... Read More »
It takes a village
A number of hands are in the pot in an assisted living development that just broke ground outside of Tampa, Florida. The 80-unit community is being developed by Enriched Community Development, LLC, in partnership with North Carolina-based Retirement Living Associates, Inc., which will serve as the community’s manager. Plus, an investment group headed by Robert Gries Jr., the founder and managing director of Gries Investment Funds, is an equity partner in the project. The community will feature 58 assisted living and 22 memory care units, and is expected to open in Spring 2017. Enriched Community Development, through its affiliate Lithia Assisted Living, turned to Robert Hernandez of... Read More »The Growing Memory Care Market
Memory care is a growing need, and it has been the focus of a lot of new development. But it can be risky as well. Last week I talked about the first quarter occupancy and new construction stats, but today let’s focus on memory care. This has been an area of heightened investment interest because there are fewer memory care units in the market then AL and IL and, unfortunately, the need for memory care will only increase, and may increase at a faster pace than traditional assisted living. Some providers are even seeing an increase in the “young” population with memory care or other dementia-related issues, and I am talking about under 70 years old and not just retired NFL players. It is a... Read More »
Welltower in NYC?
Welltower, in partnership with real estate investment firm (and newbie to seniors housing), Hines, has acquired a site to develop an assisted living/memory care community in Midtown Manhattan. The original owners of the two adjacent properties that make up the one site brought in Eastern Consolidated to represent them in the sale, for which the terms were not disclosed. Design and development plans have been started, but no scheduled start date has been announced. So, it looks like Omega Healthcare Investors and Maplewood Senior Living will have some competition for their Manhattan senior living development, which is located on the Upper East Side and comprises 20 stories of 214... Read More »
Senior living hits the slopes
Three years after opening on a piece of land that was a former ski slope in North Andover, Massachusetts, a 133-unit senior living community is refinancing its debt with the help of Richard Thomas of Grandbridge Real Estate Capital. Built by Shelter Development at a cost of approximately $20 million, the community is operated by Brightview Senior Living and features 65 independent living units, 41 supportive living units and 27 memory care units. It is located on 33 acres, of which 25 have remained open space and the original ski slopes have been preserved. Mr. Thomas originated a $30.25 million floating-rate first mortgage loan through Fannie Mae’s DUS Structured Adjustable Rate Mortgage... Read More »Schedule a demo
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