Celebration, indeed, for one Florida developer
When there’s no senior living community within 15 miles of a town with an aging, well-off population, opportunity’s knocking for the first developer to get in there. That was case for Richard Ackerman, founder of Big Rock Partners, a private real estate investment management firm based in Beverly Hills, California and Delray Beach, Florida that invests in and develops a wide variety of commercial real estate. Ackerman, before founding Big Rock in 2004, previously worked at Apollo Real Estate Advisors and Crocker Realty Trust specializing in development and ownership of office buildings and other commercial and residential real estate. Recently, Ackerman bought land in Celebration, Florida... Read More »Aging Maine
Mark Eves, the Democratic Speaker of Maine’s House of Representatives, released a report recently that showed a growing issue in Maine: that the state with the oldest population did not have enough adequate housing for its growing senior population. Maine already has the oldest population based on median age (44 years), and by 2030, one in four of Maine’s residents will be 65 or older. While the state’s Baby Boomers still have a ways to go before they need senior care, 17% of the state’s population is 65 and older, second only to Florida with 18%, according to the U.S. Census. If construction for seniors housing is so hot in Florida, what about Maine? In our seniors housing construction... Read More »Experienced developers ready to roll out new 20-property pipeline
The Bainum family is well-known in this industry. Stewart Bainum Sr. began building nursing homes in the late 1950’s and eventually formed Manor Care, which was known as a leader in the nursing home business, not only for is size but also for the quality of its homes. In the 1980s, the Bainums pioneered the development of specialized memory care in their nursing homes, and after Manor Care’s merger with HCR, the family invested in a new assisted living/memory care development company, Somerford Corp. About three years ago, Stewart Bainum Jr. approached Don Feltman, who had started working for Manor Care in his sophomore year of college, to assemble a team of experienced individuals from... Read More »Memory Care slowing down?
Have we begun to see a slowdown in the interest in building memory care? The last few weeks, we have been hearing some rumblings of developers beginning to be even more cautious, if not dismissive, of constructing stand-alone memory care centers or memory care units within assisted living in certain markets. Last week, we wrote of an assisted living community undergoing a $4.5 million expansion, in which the developer planned to nearly double its assisted living capacity, while taking away one memory care unit. What influenced this decision was the number of AL inquiries the developers received, and the fact that the Cleveland, Ohio market already had plenty of new memory care communities,... Read More »Home is where the Heartis
We’ve written about senior care development in Texas quite a bit recently, but a relatively new brand is making its mark in the Lone Star State. The Heartis brand, developed by Dallas-based Caddis (formerly Caddis Partners), launched in 2013 with the development of Heartis Conroe in Conroe, Texas. Two more communities are set to open next month in Cleburne and Eagle Mountain (Ft. Worth area), and by the end of the year, Caddis will have secured financing (mostly conventional bank financing) for a total of 12 projects. The size and unit breakdowns vary by each community, though currently the company builds a prototype of approximately 78 units (90 beds) with a combination of 54 assisted... Read More »Schedule a demo
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