Hunt Capital Partners Secures Financing for Ohio Property
An affordable senior apartment community is going up in Findlay, Ohio, about 45 miles south of Toledo, thanks to a combination of financing sources. Located on 3.7 acres, the community will feature 50 units for seniors who earn up to 30%, 50% and 60% of the area median income. Blanchard Valley Health System (BVHS) is building the community on its mixed-use development site that includes medical offices, market-rate apartments and single-family condos. BVHS also owns and operates an adjacent CCRC, Birchaven Village, which future residents of the senior apartment community will be able to use its services and amenities. Construction commenced in August and will be... Read More »
Newmark Knight Frank Refinances Florida Community
A brand-new senior living community that has already reached stabilization just secured a bank refinance thanks to the efforts of the Newmark Knight Frank team. Located in an affluent submarket of Jacksonville, Florida, HarborChase of Mandarin is set on a 4.1-acre parcel purchased by Vestcor Communities in 2016 for $2.5 million, and groundbreaking quickly followed. The community features 94 independent living and assisted living units, along with 20 units set aside for memory care residents. Back in 2016, development cost was estimated at $27 million, or over $235,000 per unit. The community opened in 2018 and quickly stabilized by January 2020. Even with the pandemic, occupancy remained... Read More »
Greystar Expanding Its Seniors Housing Presence
Real estate developer Greystar continues its expansion into the seniors housing industry with the launch of Album, its new seniors housing brand. This is not Greystar’s first rodeo, however, already with 12 active adult communities under the “Overture” brand and six “Everleigh” communities either open or soon to be. Most recently, the company announced the development of a 180-unit Overture community in Winter Garden, Florida. The new Album communities will also cater to the 55+ age cohort and will be developed in partnership with The Carlyle Group. The first community will be located in Fort Worth, Texas, and similar to the Winter Garden property, it will feature 180 units. Amenities... Read More »
Capital Square 1031 Manufacturing Success
In the 2020s, seniors housing investors will be forced to invest in communities designed and priced for the middle- to low-income seniors. One company, Capital Square 1031, is doing just that, acquiring an age-restricted manufactured housing community on the Peace River in Port Charlotte, Florida. This is the second such community in Capital Square’s portfolio, but won’t be the last. The community has 147 units on 26 acres, with rents averaging $448 per month, or about a third less than the area’s average. About 38 units were vacant at the time of the sale, offering a value-add opportunity for Capital Square. Walker & Dunlop originated a $3.6 million loan from Fannie Mae, with a... Read More »
Shuttered College Redeveloped into Seniors Housing
Small, private colleges in the Northeast have had a tough time in recent years with declining enrollment and ensuing financial hardship, and several campuses have closed for good. One of those former campuses is getting a second life as a seniors housing community, an industry that is also currently undergoing hardship but that has a bright future for growth. The College of St. Joseph in Rutland, Vermont shut down in 2019 and returned the campus to the bank, Heritage Family Credit Union. Several buyers were interested in the property, but Florida-based Heartland Communities rose above the rest and entered into a purchase and sale agreement for an undisclosed amount. Heartland will... Read More »
Regaining The Trust of the Consumer
If you believe the results of a recent survey done by Transcend Strategy Group, the senior living industry has a lot of work to do to get the consumer back on board. A company called Transcend Strategy Group just came out with the results of a survey of 1,000 family caregivers. Of this group, 65% said that COVID-19 has completely changed their opinions about the best way to care for aging seniors, and 68% did not agree that quality care can be provided in “facilities.” Worse yet, 78% are concerned about their loved one catching the virus in a “facility.” These are not good numbers for our sector. But, there were ways to change these opinions. They centered on facilities providing... Read More »
The New York Times Is At It Again
The New York Times decided to use Labor Day weekend as its bully pulpit to bash the nursing home industry yet again in one of the longest editorials we can remember. They called it “The Shameful Toll of Nursing Homes.” Surprisingly, there were actually some decent recommendations and even a few actual facts that we can’t dispute. But, like always, they just don’t get it when it comes to health care, money and policy. First of all, they started with the proposition that the nation’s nursing homes “had months of warning about the coming threat.” Come again? Warning from whom? The first confirmed death “by” COVID-19 did not occur until the end of February, and most... Read More »
A Focused Turnaround Sale in Oregon
In a turnaround project gone right, Focus Healthcare Partners sold its independent living community in King City, Oregon (Portland MSA) after three years of ownership. Built in 1988 and previously renovated in 2008, the community featured 114 units, with 13 studios, 67 one-bedroom units, 24 two-bedroom units and 10 two-bedroom cottages. A partnership sold it to Focus in May 2017 for $14.8 million, or nearly $130,000 per unit. At the time, besides being 10 years on from its last renovation, the “C” quality community was under 80% occupied. In came Focus Healthcare, which invested $2.3 million in renovations, upgrading all the common areas and units and bringing the community to “B”... Read More »
Cushman & Wakefield’s Latest Closing in South Carolina
A new senior living community obtained bank financing from Truist Financial, with the help of Cushman & Wakefield. Richard Swartz, Tim Hosmer and Chris Remeika led the transaction, which featured a $37.1 million loan, coming out to about $200,000 per unit. Opened in 2018, the 186-unit community is located in the Daniel Island area of Charleston, South Carolina, overlooking the 5th fairway of the Daniel Island Club Beresford Creek course. It features 90 assisted living, 48 memory care and 48 skilled nursing units. Charlotte, North Carolina-based Maxwell Group developed the property, while Wellmore Living operates it. This is the third South Carolina community managed by Wellmore, with... Read More »
Greystone Finances Community Redevelopment in Miami Beach
A 12-story senior apartment community in Miami Beach, Florida is undergoing a major redevelopment thanks in part to HUD construction financing arranged by Greystone. Originally built 40 years ago and operating with a Section 8 contract, the affordable community has 250 one-bedroom units. Its owner, Elderly Housing Development and Operations Corporation (EHDOC), and equity partner Stratford Capital, will begin a $78 million project to substantially rehabilitate the building. The 20-month project will include exterior façade and common area renovations, new kitchens and bathrooms in the units, a new roof, elevator modernizations and a paint refresh. All will be completed without displacing... Read More »Schedule a demo
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