• Interview with Bryan Lockard of JLL Value and Risk Advisory

    Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »
  • Wow…Sonida Senior Living

    The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take... Read More »
  • Marcus & Millichap Arranges SNF Leases

    After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses.  While the portfolio... Read More »
  • LSS Absorbs Diakon

    Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles,... Read More »
  • SNF Under Receivership Is Acquired in Kansas

    Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the... Read More »
CCRC Development Set to Break Ground in North Carolina

CCRC Development Set to Break Ground in North Carolina

A large, not-for-profit CCRC that is home to 300 residents in Wilmington, North Carolina is set to break ground on an expansion project to the tune of nearly $57 million. Opened in 1988 on property donated by retired railroad executive Champion “Champ” McDowell Davis, Plantation Village sits on 58 acres. It is managed by Iowa-based Life Care Services, which will help oversee the expansion. The project will include 44 new homes in four new buildings, with two-bed/two-bath and two-bed/2.5-bath options starting at 1,515 square feet that include under-building garage parking. There will also be new indoor and outdoor dining venues and services. CJMW Architecture and Frank L Blum Construction,... Read More »
LCS Hires Joe Weisenburger from Welltower

LCS Hires Joe Weisenburger from Welltower

LCS has picked up a noteworthy hire from Welltower, welcoming Joe Weisenburger as their new vice president, senior director of business development.  Mr. Weisenburger brings 23 years of industry experience to LCS, one of the country’s largest senior care operators with over 130 properties in its portfolio. He has developed multibillion-dollar senior housing deals and previously served as Welltower’s senior vice president of business development.   At Welltower, he worked on the management team that brought the company’s assets from $1 billion to $30 billion dollars. He will now be tasked with creating business development strategies aimed at increasing revenue across all LCS... Read More »
BMO Harris Bank Finances New Jersey Development

BMO Harris Bank Finances New Jersey Development

BMO Harris Bank’s Healthcare Real Estate Finance group announced that it led and closed a $73.4 million construction financing for a joint venture between LCS and an institutional partner to develop a 220-unit senior living community in Florham Park, New Jersey. People’s United Bank was also a $30 million participant in the deal.  Set to open in March 2023, the community will feature 128 independent living units (53 one-bedroom and 75 two-bedroom options), 58 assisted living units (10 studio, 40 one-bedroom and eight two-bedroom options) and 34 memory care units (32 private and two semi-private units).  Read More »
LCS’ Westchester Development Hits 60% Presales

LCS’ Westchester Development Hits 60% Presales

A massive independent living development in the works on the campus of Purchase College SUNY in Purchase, New York is already 60% presold. And the ground has yet to be broken. Set on a 40-acre neighborhood, the development is expected to cost around $320 million. That’s nearly $1.5 million per unit. This isn’t Manhattan real estate, but building on a college campus in Westchester County must come at a cost.   It was originally conceived back in 2008, when the state legislature approved a plan for the college to lease some of its land for senior living purposes. The governor at the time, David Paterson, vetoed the bill, but current Governor Andrew Cuomo signed the bill into law in... Read More »
Truist Finances Connecticut CCRC, Benchmark Doubles Down

Truist Finances Connecticut CCRC, Benchmark Doubles Down

One of the top CCRCs in Connecticut, Meadow Ridge in Redding, was developed nearly 20 years ago by Senior Care Development (SCD) and continues to thrive. Occupancy remained reasonably steady during the pandemic, and while the health center lost census in April and May (who didn’t?), it is back to pre-COVID levels. During the pandemic they separated the residents in the healthcare center into a COVID wing and a non-COVID wing.  The big news, however, is twofold. First, SCD completed an $80 million refinancing of the community with Truist at a much lower interest rate than was on the books, providing a nice annual savings. After an interest rate swap, the... Read More »