Trilogy Health Services expands in Louisville, again
Trilogy Health Services recently announced that it is opening its 91st health campus, and its fifth in the Louisville, Kentucky area alone. Dubbed “Forest Springs Health Campus,” the community follows Trilogy’s basic prototype of 50 skilled nursing beds and 45 assisted living units, but with the addition of about 30 independent living villas. Altogether, the 115,000-square foot campus will cost approximately $13 million or $104,000 per bed. Louisville-based DMK Development was the developer of the project, having previously done 18 senior living projects with Trilogy in Kentucky, Ohio, Indiana and Michigan, and with more to come (Trilogy, as you may know, has also worked with Mainstreet in... Read More »Hotel conversion to seniors housing
When a hotel in downtown Fort Myers, Florida is lying vacant for almost 10 years, what do you do with it? Convert it to seniors housing of course! At least, that is the plan of The MacFarlane Group, a developer of residential housing in Fort Myers who is looking to make its first move into seniors housing (who isn’t these days?). The reason behind the hotel’s vacancy is rooted in a one family’s dysfunction, who, when the family patriarch passed away, couldn’t agree on what to do about the property. Meanwhile, the empty hotel took up valuable acreage in downtown Fort Myers, much to city officials’ chagrin. So, MacFarlane stepped in last year to buy the property, which it eventually did in... Read More »MOB to Senior Living?
Monarch Senior Living is trying something new in seniors housing development. The company acquired a vacant 17,800 square-foot medical office building (MOB) in La Jolla, California for $7.115 million, which it plans to convert into a 26-unit/44-bed memory care community. Monarch will own the community with Menlo Park, California-based real estate equity sponsor HG Capital, and will also manage it upon completion. To fund both the purchase and the repurposing of the building, Aaron Beck of NorthMarq Capital arranged a five-year $9.96 million first mortgage loan for Monarch. The financing featured interest-only payments, a floating rate and minimal recourse so as to give the joint venture... Read More »County conversion
In what turned out to be a multi-year saga, the former director of development for Elderwood Senior Care (which was acquired in 2013 by Post-Acute Partners, a New York City-based health care services company), David Tosetto, is finally set to open a 150-unit assisted living community in Lockport, New York. In 2007, Niagara County closed the Mount View Health Facility, a 172-bed nursing facility, with the intention of replacing it with a new assisted living community, which was later determined to be financially infeasible. So in 2012, Mr. Tosetto, offered to purchase the facility for $550,000 and convert it into a 150-bed assisted living community. The sale closed in 2013, and Tosetto... Read More »Developer investing in Kansas City area
Four years ago, Hunt Midwest, a real estate developer with a focus on industrial, commercial, retail, mission critical, multifamily, residential and senior living, invested $32 million to build four assisted living/memory care communities in the Kansas City metro area, all to be managed by Principal Senior Living Group under the “Benton House” brand. The final community of that investment just opened in Tiffany Springs, Missouri, but Hunt Midwest isn’t stopping there. The developer has already broken ground on two communities in Raymore and Blue Springs that will open later this year. Plus, there are two more set to break ground in Lenexa and Kansas City, which will bring the total for... Read More »Schedule a demo
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