CCRC in the Sooner State
A CCRC in Stillwater, Oklahoma is full steam ahead, having just received approximately $111 million in tax-exempt fixed-rate bond financing from Ziegler. The project has been 20 years in the making in the local community, which is home to Oklahoma State University and many of its retired faculty, staff and alumni. Located on 55 acres, the 380,000-square foot building will feature 114 independent living units, 23 IL villas, 48 assisted living units, 20 memory care units and 40 skilled nursing beds. Sponsored by Epworth Living, it broke ground in the summer of 2015, and was already 70% presold at the time of pricing the bond issuance. The Series 2016 bonds will be used to fund the... Read More »
Pillar delivers
A 96-unit assisted living community in Glen Cove, New York undergoing an expansion to add a dedicated memory care wing also refinanced with HUD at the same time. The community, built in 1992 and owned by the not-for-profit National Healthplex, Inc., sought to repay existing municipal bonds, as well as to fund the conversion/rehabilitation project. Josh Hausfeld of Pillar originated a $32.5 million HUD loan, with a 40-year term. The financing was more complicated than usual, with a ground lease on the project land, a payment in-lieu of taxes (PILOT) agreement, and the existing tax-exempt bonds issued by Glen Cove Industrial Development Agency. Following the expansion, the community will... Read More »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 »Schedule a demo
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