60 Seconds with Steve Monroe: Not So Merry This Year?
As many of you know, this time of year I often do my “Twas The Night Before Christmas” roast of senior participants in our industry, picking on either REITs, brokers, provider CEOs, or anyone else. Somehow, this year it just didn’t seem appropriate. They have been picked on enough, but not in jest like I try to do, even though some seem to take it a bit too personally. You shouldn’t. It seems the media, in particular The New York Times and The Washington Post, have decided to pick on the assisted living industry, maybe figuring nursing homes have already been through the media meat grinder, which they have. Last weekend, The Post came out with two articles blasting the assisted living... Read More »
JLL Finances Active Adult Development
The United Group of Companies is building a new active adult community in Worcester, Massachusetts, thanks to bank financing arranged by JLL Capital Markets. The Arbella at Bramble Hill will include 123 units across three elevator-serviced buildings, with one- and two-bedroom units and an 8,500-square-foot clubhouse. UW Senior, LLC, an affiliate of United Group of Companies, borrowed $35 million in construction financing from Washington Trust. The property is owned by Premier Property Group LLC of Dracut, which bought it in 2018 for $820,000. Read More »
Covenant Living Communities Expands in Illinois
Covenant Living Communities and Services enlisted Chicago-based construction company, Leopardo, and Atlanta-based architects, THW Design, for a $66.5 million expansion project at the assisted living community Covenant Living of Northbrook in Northbrook, Illinois. This expansion involves the construction of three new three-story carriage homes, resulting in the addition of 36 new one- and two-bedroom apartments. Each apartment will feature a spacious patio or balcony and a private garage. Additionally, the “Town Center” will undergo a substantial 9,000-square-foot expansion, enhancing both indoor and outdoor dining venues. The project is slated for completion in late 2025. Read More »
Construction Coming to a Close for NY Development
FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53 two-bedroom units (semi-private “friendship” units each with approximately 600 square feet) across 133,675 total square feet. There will also be shared public spaces on the main, second and third levels. The community is adjacent to the Montebello Commercial Center, which offers retail, entertainment, dining and medical services. Good Samaritan... Read More »
60 Seconds with Swett: CCRCs Still Ahead on Occupancy
Ziegler recently came out with its analysis of the latest NIC MAP occupancy statistics for CCRCs, or LPCs, and the sector continues to outperform the separate seniors housing and care sectors. For independent living units, the average occupancy for CCRCs was 90.5% compared with 84.2% for IL units not within a CCRC. In the assisted living sector, AL units within CCRCs were on average 87.5% occupied, versus 83.1% outside of CCRCs. Memory care averaged 86.5% occupancy within CCRCs and 83.4% outside of them, and skilled nursing beds were 83.6% and 82.2% occupied, respectively, although CCRCs have been shedding their SNF beds over the last several years and the beds remaining would... Read More »Schedule a demo
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