HJ Sims Arranges Funding for CCRC’s Recovery
With bank financing arranged by HJ Sims in hand, a CCRC in West Chester, Pennsylvania is set to rebuild after a 2017 fire destroyed its main building and also killed four residents. The Barclay Friends community, affiliated with The Kendal Corporation, had moved most of its residents into its 96-bed skilled nursing facility less than a year after the fire. But the destroyed building had not only housed most of the residents, but also the dining/common areas and administrative space, so the time to replace it could not have come soon enough. Kendal will build a two-story, 60-unit building to house both assisted living and memory care residents. Property and casualty insurance was expected... Read More »
A Restaurant-To-Seniors Housing Conversion
A former restaurant and banquet facility in Lower Providence, Pennsylvania is being converted to seniors housing, so the kitchen and dining room are covered. The restaurant, known as the Collegeville Inn, had its heyday in the 1950s and 60s, but after a couple of unsuccessful reboots, it closed for good in the early 2000s, when M&T Bank took over ownership. Now, Providence Place Senior Living, which already operates five communities in Pennsylvania, has broken ground on a $19 million conversion/addition project to develop a 113-unit senior living community. Included in the plans is a two-story addition that will house the residential units, which would serve independent living,... Read More »
Ziegler Arranges Bond Financing For First Vermont CCRC
When Vermont’s first CCRC, Wake Robin, was ready to expand its services and its campus to accommodate for its growing demand, it turned to Ziegler to arrange a $67.1 million bond financing to fund the project. Situated near Lake Champlain in a wooded 123-acre campus with many walking trails, the not-for-profit community got its start in 1984 and currently features 212 independent living, 51 skilled nursing and 31 residential care units. However, strong demand led the owners to expand each of the CCRC’s offerings, adding 38 new independent living units, 10 residential care units, six skilled nursing units, in addition to renovating the common areas and the existing skilled nursing facility.... Read More »Building Boston
Aaron Rosenzweig, Jim Dooley and Rick Swartz of Cushman & Wakefield recently arranged $16.3 million in construction financing and joint venture equity for LCB Senior Living and Blue Moon Capital Partners to develop an 80-unit senior living community in Shrewsbury, Massachusetts. Located about 35 miles west of Boston on a 5.4-acre site, the three-story building will feature 60 independent/assisted living units (though all AL-licensed) and 20 memory care units. C&W arranged a five-year loan at 65% loan-to-cost, provided by M&T Bank. At an estimated cost of $25 million, or $310,000 per unit, the project is expected to break ground this month, with an opening scheduled for... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
