Joint Venture Teams Up on Orange County Development
MorningStar Senior Living, Confluent Senior Living and Concord Development Partners have completed a 166,000-square-foot senior living community in Mission Viejo, California. The 132-unit community, MorningStar of Mission Viejo, broke ground in March 2021 and actually completed ahead of schedule, which does not happen often. There are studio, one- and two-bedroom suites as well as 126 below-grade parking spaces. The property also features a pool, dog run, resident garden and al fresco dining. MorningStar of Mission Viejo represents the 14th joint venture between Denver-based Confluent Senior Living (a subsidiary of fully integrated real estate investment and development firm Confluent... Read More »
Ziegler Arranges Bank Bonds for CCRC Expansion Project
Ziegler, a national boutique investment bank, closed $76.0 million of Series 2023 bank bonds for Brazos Presbyterian Homes, Inc. (BPH) to fund an expansion of the company’s community in Austin, Texas, called Longhorn Village. In addition, the bonds refinanced a portion of the outstanding Series 2013B bonds and paid costs of issuance. The Series 2023 bonds are tax-exempt, draw-down bonds supported by a three-bank syndicate comprised of Amegy Bank, Hancock Whitney and Trustmark. Founded in 1960, BPH is a not-for-profit corporation that owns and operates three CCRCs in Texas: Brazos Towers at Bayou Manor, The Hallmark and the aforementioned Longhorn Village. The expansion project consists of... Read More »
Northeast Developer Acquires Land for Active Adult Development
North Reading, Massachusetts-based developer Habitech Acquisitions completed its purchase of a 37.32-acre, four-parcel lot in Stow, Massachusetts for $930,000, with plans to develop an active adult community consisting of 141 units. Jake Parsons of SVN | Parsons Commercial Group | Boston represented the seller, EFMC Associates, and procured the buyer. The project, called The Cottages at Wandering Pond, is in its final stages of permitting. It will consist of two neighborhoods that will be connected by a wetland area. Plans also include a recreation area facing public-access walking trails, a clubhouse, small pool, activity lawn, and a pickleball court. Read More »
60 Seconds with Swett: SVB, Signature and the CPI’s Impact on Seniors Housing and Care Lending
The last week could have given many on Wall Street whiplash. The closure of Silicon Valley Bank and Signature Bank by the FDIC led to a selloff in the shares of many regional banks late last week and a panicked weekend for many more, with calls for some government intervention to bail out SVB and Signature to stop the spread of more systemic issues. The Biden administration is obliging with a sort-of bailout of both banks by making their depositors whole and hopefully stemming a depositor panic across the country’s banks. And as of Tuesday, stocks for many regional banks started to rally, albeit remaining below their levels before the sell-off. The ordeal, plus favorable CPI data released... Read More »
Blueprint Sells SavaSeniorCare SNF
Blueprint Healthcare Real Estate Advisors sold a 92-bed skilled nursing facility in Kenansville, North Carolina, to an experienced investor looking for growth opportunities for its operating partner in the Tar Heel State. Built in 1975, Kenansville Health and Rehab is located 75 miles southeast of Raleigh and adjacent to ECU Health Duplin Hospital. It had historically maintained stable census and cash flows, helped by the fact it had no direct local competition, but the facility saw census and margin decline after the pandemic. Blueprint was engaged by a longstanding ownership group, led by a distinguished Georgia-based entrepreneur and philanthropist, to effectuate the facility’s sale... Read More »
New England AL Portfolio Secures HUD Refinance
Walker & Dunlop closed a $46 million HUD refinance of Terrace Portfolio, a group of four affordable assisted living communities in Vermont and New Hampshire. Frank Cassidy led the Senior Housing Finance team in the transaction, which took out a bridge loan that the Walker & Dunlop team previously arranged in December 2020 to facilitate a partner buyout and re-leveraging of the portfolio. The bridge loan was structured as eligible debt in anticipation of the HUD takeout. The portfolio includes Wheelock Terrace, a 70-unit assisted living community located within 15 miles of two hospitals in Hanover, New Hampshire, and Windham Terrace, a 71-unit assisted living community in... Read More »
Harbert South Bay Partners Planning Orange County Community
Harbert South Bay Partners released plans for The James, a 350-unit, eight-story seniors housing community in Irvine, California (Orange County). The site is walkable to The District at Tustin Legacy, a popular shopping and restaurant area, and will feature 210 independent living, 110 assisted living and 30 memory care units. The leasing office for The James is scheduled to open early 2024, with occupancy planned for summer 2025. Momentum Senior Living, which is based in Orange County, will be the operator. At the end of 2021, Harbert Management Corporation, which has over $8 billion in assets under management across multiple asset classes, bought the majority interest in Texas-based... Read More »
Brookdale Senior Living Census Drops
As you may remember, in October 2020 we did a comprehensive study of seniors housing occupancy for the 10 years leading up to the pandemic. What we found surprised us in many ways. We used assisted living occupancy as a proxy for the entire seniors housing market, mostly because it is the largest segment, using the NIC MAP census numbers. What we found was that for the 11 years prior to the pandemic, occupancy had never increased in the first quarter of any year. In the first quarter of 2022, however, Brookdale Senior Living beat those odds by posting a 50-basis point increase in month-end occupancy after dropping 30 basis points in January. Weighted average occupancy for that quarter was... Read More »
Marquee Capital Launches Second Fund, Targeting Seniors Housing
After successfully deploying the vast majority of capital from its inaugural fund, Marquee Capital announced that it is formally launching its second real estate fund, Marcus RE Fund II, LP, that will also include seniors housing in multiple geographies as well as opportunistic real estate plays with proven sponsors. The firm seeks to raise $100 million from other family offices, high-net-worth individuals, consultants, wealth managers and institutions. Marquee Capital recently rebranded from Berengaria Development, however the firm is still closely affiliated with Marcus Investments, the Marcus’ family office. Marquee Capital noted seniors housing’s stable cash flow and extreme... Read More »
Blake Parsons Acquires Carpinteria, California Community
Blueprint Healthcare Real Estate Advisors sold GranVida Senior Living, a senior living community located in Carpinteria, California. Initially built as an office building, the community was acquired and converted to assisted living in 2017. It now consists of 55 assisted living and 15 memory care units, with 77 total beds, in a high barrier-to-entry submarket of Santa Barbara. It also benefits from being the only seniors housing community within approximately 10 miles. Plus, there is an additional 1.81 acres adjacent to the site that is available for development of a second building with 50 units and 54 beds of assisted living. Blueprint ran a competitive marketing process for an... Read More »Schedule a demo
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