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 »Shovels in the ground for first NFL-alumni community
Validus Group recently received plenty of press for its proposed venture (together with investment bank Piper Jaffray) to develop a $1.1 billion dollar pipeline of 33 new assisted living/memory care communities geared towards former NFL players. With over 18,000 former NFL alumni in the country and nearly one-third of them likely to develop some memory impairment, that’s a healthy chunk of the NFL population who may need Alzheimer’s or dementia care. Validus’ plan is to open a community in cities with high concentrations of NFL alumni. While some cities will certainly have higher concentrations of NFL alumni than others, if just a couple of former players move into one of these communities... Read More »Oakmont Senior Living growing
Already with a $150 million Freddie Mac Revolving Credit Facility provided to them in December 2013 to support their robust development pipeline, Oakmont Senior Living obtained an additional $23.5 million tranche with the help of Greystone. The financing enabled Oakmont to take out its construction loan on its newly constructed 71-unit assisted living/memory care community (with 45 AL units and 26 MC units) in Carmichael, California. Just nine months out from the community’s opening, the property was already 96% occupied at closing, which is impressive considering the recent declines in overall AL occupancy. Oakmont received low floating rate, non-recourse debt with an interest-only... Read More »High-end in Hawaii
The master planned, pedestrian-oriented city of Kapolei, near Honolulu, Hawaii, will soon see the opening of a luxury senior living community. Developed by Carlsbad, California-based Kisco Senior Living, ‘Ilima at Leihano will feature 84 units of independent living, assisted living and memory care on 3.8 acres of the 40-acre that Kisco purchased to develop a mixed-use community called Leihano. The Leihano project has been in the works since before the Great Recession, with the company closing on the land only in the last four years, including selling two parcels to First Hawaiian Bank and home furnishings company C.S. Wo & Sons. Monthly rents at the senior living community will... Read More »RED funds Avanti’s growth
Avanti Senior Living, which is developing five senior living communities in the Southeast (three in Texas and two in Louisiana) turned to RED Capital Partners to help fuel its construction pipeline, receiving a second $13.8 million balance sheet construction loan to build a 90-unit assisted living/memory care community in Flower Mound, Texas. The community will feature 50 units of assisted living and 40 units devoted to memory care, and represents Avanti’s third project to break ground under its joint venture with an affiliate of real estate fund manager, Iron Point Partners. Last December, RED also arranged a $13.5 million balance sheet construction loan for Avanti to construct a 90-unit... Read More »Schedule a demo
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