Growing in Winter Garden
An Orlando-based owner, developer and operator of senior living communities in Central Florida recently broke ground on its newest property in Winter Garden, located just west of the city of Orlando. Sonata Senior Living, a wholly owned subsidiary of Sonata Healthcare, LLC, will build 113 total apartments, including 78 independent living units and 35 assisted living units. Plus, the community will offer 10 exclusive “Club Level” units, which feature upgraded finishes and special access. Its location is excellent, within one mile of the new Florida Hospital and a local dining and shopping area. And Sonata runs a separate memory care community adjacent to the new property. At a cost of $30... Read More »
Allure of Brooklyn
Post-acute care is diversifying and specializing in more ways than one. A 200-bed skilled nursing facility in Brooklyn, New York recently opened a new 50-bed rehab and skilled nursing unit tailored to the needs of the local Chinese population. Called Longevity Garden, the fifth floor unit of the facility will feature a Chinese-inspired design, a menu consisting of Chinese entrees prepared on site and both Mandarin- and Cantonese-speaking staff, along with other dialects. The facility’s owner, The Allure Group, has been growing fast in the Brooklyn market, with five skilled nursing facilities in the borough (the fifth having been added in early 2015 at a cost of $36 million, or $132,841 per... Read More »Build up downtown
We have heard from some that there is a huge opportunity for urban seniors housing, with more seniors, and eventually (and we mean years down the road) desiring to live in a downtown setting, surrounded by shops, restaurants and entertainment outside of their own building. A few examples of developers looking to satisfy this in a big way are The Clare of Water Tower (the 53-story CCRC in Chicago that cost approximately $270 million to build) and Maplewood Senior Living’s latest development in Manhattan (with 20 stories and 214 units at a cost of $246 million), to name a couple. Columbia Pacific Advisors, a Seattle-based alternative investment firm, is now planning a 24-story, 237-unit... Read More »
HFF at it again
After topping our 2015 broker list in terms of dollar volume, with $1.45 billion in transactions closed that year, HFF is off to a strong start in 2016. On the financing side, the company, led by James Fowler, Ryan Maconachy and Chad Lavender, recently arranged $95.5 million in joint venture equity and construction financing for the development of a 201-bed luxury seniors housing community in Orange County, California. The transaction was made on behalf of the developer, Steadfast Companies, to arrange $27.9 million in JV equity capital with Fremont Realty Capital. Plus, HFF secured a $67.6 million construction loan for the JV through a local bank. The community is set to feature 61... Read More »
Love and Supportive
A brand new supportive living facility is set to go up on a 2.5-acre lot in an urban neighborhood around six miles from downtown Chicago. All 120 studio and one-bedroom units will be backed by Illinois’s Supportive Living Program, which is an apartment-style alternative to skilled nursing care for low-income seniors and those with disabilities under Medicaid. The project is estimated to cost approximately $27 million, or $225,000 per unit. MR Properties, which was formed in 2000 as a joint venture between two experienced Chicago developers, Phil Mappa and Colin Regan, is developing the facility, after having previously built a 335-unit community and a 224-unit community, both for... Read More »Schedule a demo
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