60 Seconds With Ben Swett: Staffing Scarcity Stunting the Recovery?
Driving through New England this past weekend, I was struck by the number of “help wanted” and “we’re hiring” signs across dozens of storefronts and billboards advertising job fairs for many types of businesses. All I kept thinking about was how senior care facilities were faring across the country with finding help. Not only that – qualified help. We know that senior care jobs paying somewhere just above minimum wage can be difficult, emotionally draining and receive little positive recognition from the public. So higher overall wages and hiring bonuses could easily sway a chunk of the labor force to other industries and away from senior care, which will need many... Read More »
CBRE Finances Harrison Street/Anthology Joint Venture
CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged construction financing on behalf of a joint venture between Anthology Senior Living and Harrison Street. The five-year floating rate loan with 42 months of interest only was provided through a regional bank for Anthology Boynton Beach, a 130-unit senior living community in Boynton Beach, Florida. It comprises 98 assisted living units and 32 memory care units on 5.3 acres within a larger planned development named Main Street at Boynton. The to-be-built community will be operated by Anthology Senior Living, a seniors housing-focused subsidiary of CA Ventures. Amenities will include a fitness center, spa,... Read More »
High-End Medicaid Assisted Living
More than 25 years ago, when private-pay assisted living burst on the scene, there was a large percentage of nursing home residents that had no other choice in their local communities, but had the financial resources to pay out-of-pocket. Many of them turned to assisted living. For those on Medicaid, the choices were slim. We have long advocated that states could save money with their Medicaid-funded residents if Medicaid covered more assisted living for those who truly can’t afford any private pay living arrangement, especially those needing any kind of nursing care. The fear, of course, was that the Medicaid pie would expand as opposed to merely shifting where the money... Read More »
Marcus & Millichap Arranges Refinancing for Arizona Portfolio
Marcus & Millichap pulled double duty for a Tucson, Arizona-area owner for several of its assisted living communities, arranging a refinance for their existing AL/memory care portfolio in the area and acquisition financing for two others. Representing a limited liability company and seniors housing operator, Volt Migrino and Alex Snyder of Marcus & Millichap worked on deal, which resulted in total consideration of $4.61 million, for a loan-to-value of 125%. Part of the proceeds will help fund working capital needs at the properties. Both acquired communities feature 30 beds. Read More »
Link/MedCore Join to Develop Arizona Active Adult Community
Link Senior Development and MedCore Partners announced the development of Ativo of Sundance, a 202-unit senior living community inside Sundance Active Adult master planned community in Buckeye, Arizona. The 1,100-home community is managed by Associate Asset Management (AAM) and boasts an 18-hole public golf course, community center and more than 20 different clubs from which homeowners can become members. It is also located in Buckeye, the fastest growing small city in the United States. The new senior living campus will offer 103 independent living, 75 assisted living and 24 memory care units immediately adjacent to the Sundance Adult Village... Read More »
Saudi Investment Team Adds to Florida Portfolio
Real estate giant Madison Marquette has teamed up with Saudi Arabia-based Arbah Capital to build a $37 million senior living community in Punta Gorda Isles, Florida. This high-quality, 135-unit community has 116,000 square feet, making the total price per square foot $319. It is scheduled for completion in early 2023 and will be operated by Meridian Senior Living. Banesco USA provided the debt for the project. Tampa-based Diaz Fritz Group is the project’s general contractor and St. Louis-based CASCO+R|5 is the architect. This is the second enterprise for the Madison Marquette-Arbah Capital duo. They previously joined together to build a 117,000-square foot, 144-unit... Read More »
JLL Represents BIG in Seniors Housing Sale
Earlier this week, we covered private equity firm Bridge Investment Group’s (BIG) sale of its 79-unit senior living community in Savannah, Georgia to a 1031 investor. But some additional details came out that we can reveal now. The JLL Capital Markets investment advisory team including Mike Garbers, Cody Tremper and Michael Sivewright, represented BIG in the deal. Located on Wilmington Island, an affluent suburb located about 10 miles southeast of downtown Savannah, the 1998-era community features 28 independent living, 39 assisted living and 12 memory care units. It offers restaurant-style full-service dining, a full-service salon, community library, and... Read More »
Greystone Provides Loan for AL Community in Alaska
Greystone is back again, with Vice President Stella Plotkin providing a $22.5 million bridge loan to refinance Aspen Creek Senior Living in Anchorage, Alaska. This 96-unit assisted living community was completed in 2019, with 21 of the units designated for memory care residents. The loan pays off existing debt that funded the property’s initial construction, allowing the borrower to complete current renovation projects, including on the secured memory care wing. Greystone’s interest-only, floating-rate bridge loan has a 24-month term with two six-month extension options, with the goal of transitioning to permanent HUD-insured financing. The transaction was completed on behalf... Read More »
Tutera Adds to Kansas Portfolio
After operating it for a couple of years, Tutera Senior Living took over ownership of a skilled nursing facility in receivership in Derby, Kansas. Nick Cacciabando of Senior Living Investment Brokerage handled the sale on behalf of the receiver. This small facility, which features 45 beds, was built in 1976. A few years ago, Virginia-based alternative asset manager Mooring Financial purchased the distressed HUD debt on the property. This was their only senior care asset and decided to exit the facility. Operations had declined during the pandemic, and the facility was losing money at the time of the sale with an occupancy of around 80%. During that time, the facility had an initial... Read More »
Homebuilder Toll Brothers Announces Another Active Adult Development
Long-time luxury home developer Toll Brothers has joined a slew of other builders to break into the active adult market. It most recently announced the anticipated opening of Regency at Waterside in the Philadelphia metropolitan area, which includes 496 high-end single-family homes, carriage-style townhomes and a community clubhouse for seniors. Prices range from mid-$500,000s to upper $700,000s. Across its 227 acres of landscaping and four “collections”, buyers can choose between 23 different one- and two-story story home designs. The 10,700-square foot clubhouse contains an outdoor and indoor pool, a pavilion, fire pit, fitness center, putting green and walking trails throughout the... Read More »Schedule a demo
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