To expand or not to expand with HUD?
Obtaining construction lending for addition or expansion projects from HUD is rare and is difficult. In fact, in fiscal year 2013, the Department insured mortgages for only 3 projects with 398 units, totaling $16.9 million. The time it takes to go through HUD alone, because it is longer than traditional or commercial financing, steers many away from that option. Plus, the property to be expanded must already have a HUD mortgage on it, and it has to be stabilized. But, if you are willing to wait it out, it may be worth it. Governor’s Village, a 48-unit assisted living community which includes 24 units for residents in need of memory care, was built in 2001, but has been itching to expand... Read More »Budding building boom in Omaha?
When one thinks of overdevelopment in seniors housing, Omaha, Nebraska doesn’t typically come to mind right away. Nonetheless, the effects of the building boom in senior living communities may already be beginning to show in Nebraska’s largest city, with occupancy (we hear) weakening in certain parts of the city. NIC MAP also shows this trend, with penetration rates for independent living and assisted living (which often includes memory care units) at 5.3% and 8.2% respectively. According to NIC, construction for assisted living is also hot in that area, with new construction representing 13.6% of the current inventory in the area. Two Omaha-based developers have recently broken ground on... Read More »Responsible building is key these days
As a developer, owner and operator, Watercrest Senior Living Group develops its communities with the intent of being in it for the long haul. Uniquely equipped with its own internal market development team, Watercrest uses higher-income thresholds than seen in many typical market studies (with even higher income thresholds to build memory care), and approaches each site by engaging in the local community to identify its specific needs. In the high-income, master-planned community of Lake Nona in Orlando, Florida, the age and income demographics combined with there being no assisted living competition within eight miles of the site suggested the need for a high-end community. So, Watercrest... Read More »Fast fill-up at a Los Angeles CCRC
When Los Angeles hasn’t seen a new CCRC in 20 years, either there is no demand for one, or the city is starving for one. Clearly with the new Fountainview at Gonda Westside, which presold 92% of its units with 10% deposits in less than nine months, there was a need. Outbidding several other developers, Los Angeles Jewish Home for the Aging (LAJHA) secured 2.5 acres in Playa Vista, a highly-desirable, master-planned community that had already pre-zoned this land for a senior living community. Numbering at 200 units (176 IL, 12 AL, 12 MC) and 460,000 square feet in six stories, this entrance-fee, not-for-profit CCRC sponsored by LAJHA is the first on the city’s wealthy Westside and the... Read More »Top Senior Living Developments, 10/9/2014
Top Senior Living Developments Name Type Developer Cost The Springs at Monarch Landing, Naperville, IL Rehab/LTC-96, MC-28 Senior Care Development N/A Tapestry at Woodland Hills, Tulsa, OK IL-140 Avenida Senior Living/Black Oak Partners $18 million Copper Trace, Westfiled, IN SN-104, AL-36 CarDon & Associates $19 million Read More »Schedule a demo
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