Welcome, Wardman Group
A boutique real estate investment firm, having just been founded in 2016, is making its first acquisition in seniors housing. The Wardman Group, based in Washington, D.C., plans to invest in value-add opportunities in the hospitality and seniors housing sectors, starting with a 92-unit independent living/assisted living/memory care community in Columbia, South Carolina. Bringing in Integral Senior Living to manage the property (its first in the state), Wardman will begin a $1.4 million renovation to the common areas, exterior and dining room, along with an expansion of its memory care offering from 14 units to 22. Post-renovation, the community will feature 38 IL, 32 AL and 22 MC... Read More »
Iron Will
We can’t go long without seeing another Aron Will (of CBRE) transaction, or two. The first of his latest deal duo took place in California when a joint venture between Auctus Capital Partners and Och-Ziff Capital Management acquired a 54-unit assisted living/memory care community in San Francisco. Located on an irreplaceable site, the building was originally built it 1923 as a hospital but was purchased by a Mom & Pop in the 1990s who then converted it to senior care. It has some underutilized “dead space” that the JV will convert to add significantly more assisted living and memory care units. Plus, Auctus and Och-Ziff will make some cosmetic improvements to help drive operations,... Read More »The long road to HUD
A senior living community with a troubled financial past recently refinanced its debt with HUD via a $13.3 million loan. But how did it both sink so low and then turn around to be viable for a HUD refinance? Built in 2005, this 112-unit community, with independent living, assisted living and memory care services, is located in Madera, California, near Yosemite National Park. With Woodset Partners LLC as the owner and Integral Senior Living as the operator, the community received ALFA’s Best of the Best Award in 2010. Then, the problems began in 2013 when the community’s bank decided against extending its construction financing and sold the loan to a finance company which chose not to... Read More »Integral Senior Living growing
Carlsbad, California-based Integral Senior Living is making a big move outside of its home state. Strictly a third-party manager, ISL was founded in 2000 by Sue Farrow (formerly of Aegis Living, Sunrise Assisted Living and Transamerica Senior Living) and is now one of the largest providers of senior care in California. But in addition to adding five more California communities to its management portfolio in the coming year, ISL is making a big push across the country. ISL already has a presence in 10 other states outside of California, but will manage new communities in Texas (3), Missouri (2), Colorado (2), Utah (1), Nevada (1), Tennessee (1) and Georgia (1). The properties, which will be... Read More »Schedule a demo
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