In Indiana
Life Care Services (LCS) recently announced it was breaking ground on the Clarendale of Schererville in Schererville, Indiana, the third “Clarendale” property for LCS and construction partner Ryan Companies. The community will feature 177 units of independent living, assisted living and memory care at a cost of $40 million, or $226,000 per unit, to build. The two other “Clarendale” properties are located in Illinois: a 186-unit community in Algonquin and a 156-unit community in Mokena. While the newest property will be ready to open in spring 2017, it will not be short on company. There has been plenty of building going on in the state of Indiana, particularly in the Gary and Indianapolis... Read More »Go with Propero
For operators looking to own their own facilities while minimizing the amount of capital committed to construction, Lancaster Pollard offers a program that may help them do just that. Launched in 2012 and led by Craig Jones, LP’s Propero™ Senior Housing Equity Fund has provided a total of $88 million in gross investments spanning across the acuity spectrum, from IL/AL to memory care to skilled nursing. The way it works is the Fund invests in seniors housing properties as the sole owner and then triple-net leases them to an operator. The operator, therefore, doesn’t have to invest as much equity in the project or acquisition and can then choose from a predetermined purchase option schedule... Read More »A lot of building, but what’s the cost?
Taking a look at the NIC MAP® Construction Monitor as of Q2:15, which examines seniors housing construction in the Top 99 MSAs, we noticed on the AL side there were 22 MSAs with a construction vs. inventory ratio above 10%. If that doesn’t show a frothy development market, then what does? But, what is the cost to build in some of those MSAs? The Sarasota market, which has gotten a good amount of attention for its development pace, has eight assisted living properties under construction, and 893 units, representing a construction vs. inventory ratio of 30.7%. According to our data, which tracks senior living construction projects since 2013, majority-AL communities in the Sarasota market... Read More »Mix of financing funds project
An assisted living/memory care community to be built in North Seattle’s Bitter Lake neighborhood has plenty of supporters, financial or otherwise, wanting to help it fill up and succeed. Zenith Capital, a Seattle-based leader in alternative financing for the seniors housing industry, is planning to build a 100-unit community, with 79 units of assisted living and 21 units of memory care. To operate, Zenith brought on Village Concepts, which manages 15 senior communities in Washington with over 1,400 residents. We will have to wait and see how fill-up goes, but it certainly helps this project that the “newest” seniors housing community in the area was built in 2006, with the majority dating... Read More »Active developer at it again
Smith/Packett Med-Com, a developer of seniors housing across the Southeast but concentrated in Virginia, is adding a 102-unit assisted living/memory care community to its portfolio. Located on a high-visibility spot in Yorktown, Virginia, The Crossings on the Peninsula will feature 68 assisted living units and 34 memory care units, in addition to an in-house rehabilitation and therapy space for its residents. Working with Cushman & Wakefield/Thalhimer, Smith/Packett closed on the 8.43 acre site in June for $1.16 million and has begun clearing the site for construction. When the community opens in the summer of 2016, to the tune of nearly $16 million, or $156,900 per unit,... Read More »Schedule a demo
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