New Development Is Not Dead
New development is not dead, as Chelsea Senior Living and global real estate developer Trammell Crow Company teamed up to open a brand-new assisted living/memory care community in Fair Lawn, New Jersey. In this current environment, most agree that the only developments that work are high-end communities in high-barrier-to-entry markets where intense competition and pressures on staffing costs are less. Most lenders certainly agree with that, too, and The Chelsea at Fair Lawn is located in an affluent suburb of New York City. Not only that, it is the borough’s first assisted living/memory care community. The three-story community opened in September 2023 with 67 units. Residents can... Read More »
Moravian Manor Communities and Morningstar Living Affiliate
Moravian Manor Communities and Morningstar Living finalized their affiliation and will now operate under the umbrella of Unitas Communities. The two faith-based, not-for-profit organizations each operate two CCRCs in Pennsylvania, with Moravian operating two communities in Lititz and Morningstar operating two in the Nazareth area. There was already a loose connection between the organizations before a formal affiliation was established. Under the agreement, both will retain separate corporate identities with separate financial and legal operations. However, they will share services and resources, and J. David Swartley, president and CEO of Moravian, becomes president and CEO of... Read More »
Two Doctors Acquire MC Community
Haven Senior Investments, a faith-based advisory and brokerage firm, sold a long-standing, family-owned memory care community in eastern Kansas. The high-end community features 48 units and 48 beds across four buildings, serving the Lawrence area west of Kansas City. The first building opened in 2012, followed by the remaining three in 2017, 2019 and 2022, respectively. The local owner/operator that developed the community is exiting the industry with the sale in order to retire and wished the community to go to a buyer with similar values. Haven sourced the buyer, MD Memory Care LLC, which is headed by a medical doctor and IT duo, Dr. Chaitanya Musham and Sri Vallak, both of whom were... Read More »
Cambridge Secures HUD Refinancing Loan
Cambridge Realty Capital provided a $2.1 million HUD loan to refinance Wells Point Lodge, a 60-bed seniors housing community in the northern Austin suburb of Pflugerville, Texas. Anthony Marino of Cambridge originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company. Cambridge also utilized the early rate lock program, which allowed the owner to avoid the recent run-up in interest rates. Read More »
Blueprint Handles Virginia AL/MC Divestment
The owner of two assisted living/memory care communities in central Virginia engaged Blueprint to sell the assets. The deal closed with a buyer seeking to scale a regional management platform paying an undisclosed price. Located about 75 miles apart, one in a densely populated, affluent market and the other in a tertiary submarket, the communities totaled 128 units. They were not stabilized assets. A targeted marketing campaign resulted in multiple offers before the seller chose the eventual buyer due to their incentive to expand into the geographies, their “vigorous” pursuit of the deal, and a demonstrated commitment from their local banking and equity investment partners. Kory Buzin,... Read More »
DHC Announces A New President
Diversified Healthcare Trust announced that with its failed merger with Office Properties Income Trust (both companies are managed by The RMR Group) it would be making changes to its board and executive leadership team. Well, President and CEO Jennifer Francis is retiring at the end of the year, to be replaced by Christopher Bilotto, an executive vice president of The RMR Group and current president and COO of Office Properties Income Trust. If the aforementioned merger had been completed, Bilotto was set to lead the combined companies. Francis had been a part of Diversified Healthcare Trust’s (DHC) senior management team since 2018 and was a managing trustee since 2021. She will continue... Read More »
Private Owner in Indiana Exits Seniors Housing Industry
At the encouragement and direction of their lender, a private owner sold their only seniors housing asset in Indiana, with the help of Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage. The community, which was built in 2000, features 45 units of assisted living in the town of Anderson. At just above 50% occupancy, it was losing money on about $1.125 million of revenues. It did not help that the single-site family owner managed it with obsolete reporting and operating systems. Another private owner that has provided owners with operating, clinical and environmental consulting services for many years emerged as the buyer. This was their first foray into ownership, and the... Read More »
60 Seconds with Monroe: Happy Thanksgiving
Rarely does the entire clinical staff at a nursing home walk out in protest of working conditions, but that was the case a few months ago in New Mexico. I was made aware of it when I received a call from an 82-year old woman in New Mexico who volunteers to help the elderly make decisions who are at the end of their life. The manager is a company called OpCo NM, very original, and apparently they have been buying up nursing homes in New Mexico. She believed the people running it were formerly associated with Skyline Healthcare, the company that walked away from more than 100 leased nursing homes after sucking all the cash from them. While I could not verify the connection, given what... Read More »
New Seniors Housing Community Coming to Virginia
Hoffman & Associates and Experience Senior Living are teaming up to develop a seniors housing community in Northern Virginia, with opening expected sometime during fourth quarter 2026. The Reserve at Falls Church is set to be 15 stories with over 200 units of independent living, assisted living and memory care. The community will have numerous amenities such as a spa with a saltwater pool, a sky bar and electric vehicle transportation services. It will be located within the 10-acre West Falls mixed-use development that’s currently underway. West Falls will feature apartments, condominiums, shops, restaurants, service retailers, a hotel and a medical office building, plus a central... Read More »
Strawberry Fields REIT Reports Q3 Earnings
Strawberry Fields REIT released its third quarter results, and it featured some good and could-be-better news. First, to the positive news, the REIT collected 100% of its contractual rents during quarter three, something other REITs have not been so lucky to experience. Revenues did increase, however, NOI decreased year over year from $9.3 million to $4.7 million for several reasons on the expense side. First, general and administrative expenses increased by 113.7%, mostly due to non-capitalized expenses related to the acquisition of Indiana senior care campuses. Next, interest expense increased by 14.6%, primarily because of additional debt service related to Series D Bonds and an... Read More »Schedule a demo
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