What was the biggest surprise or story in seniors housing in 2024, and what will be the biggest surprise or story in 2025? Decline in Construction Starts By Curtis King, Executive Vice President, HJ Sims The most significant seniors housing story of 2024 was the continued decline in construction starts, a trend that began in 2022, driven largely due by the lack of development financing. In 2025, the biggest story will be improved operating performance from rising real rental rates and occupancy levels due to the lack of new inventory. …
BOSTON — 2Life Communities has received funding in the form of low-income housing tax credits, state bond funds and rental subsidies from the state of Massachusetts for the development of an affordable seniors housing community in the Boston neighborhood of Mattapan. Massachusetts Gov. Maura Healey’s administration awarded the funding. Dubbed Brooke House at Olmsted Village, the project will comprise 127 apartments reserved for seniors earning at or below 60 percent of the area median income. The property will also feature a 2,400-square-foot public community space with a small convenience store. Brooke House will …
SAN JOSE, Calif. — Forbright Bank has provided a $44.2 million HUD loan to finance a 318-bed skilled nursing, assisted living and memory care facility located in the San Jose area of California. Provided under the HUD 232/223(f) program, the 35-year fully amortizing term loan will be used to refinance existing Forbright Bank bridge and partnership debt, as well as cover the cost of recent capital expenditures and critical repairs. Forbright originally provided acquisition financing and a line of credit for working capital for the undisclosed borrower in 2022.
MATTESON, Ill. — Tutera Senior Living & Health Care has acquired a 75-unit seniors housing community located in Matteson, roughly 30 miles south of Chicago. Built in 2021 for $21 million, the property formerly operated under the name Alexi Senior Living before closing in 2022. Tutera plans to make improvements to the community and reopen it as Ridgeland Senior Living this spring. Situated on 5.5 acres, the 81,589-square-foot development features 55 assisted living and 20 memory care residences. Amenities at the property will include a restaurant-style dining room; poker area and …
Demographic shifts prompt developers to focus on fast-growing cities in the South and West to attract new residents. Which markets are hot? While developers scour the Mountain West and Mid-Atlantic states for promising sites, one senior living investor likes the somewhat unlikely spot of Rockford, Illinois. LTC Properties (NYSE: LTC), a real estate investment trust, has provided a construction loan for The Courtyard at Loves Park, a 116-unit senior living project under development in Loves Park, Illinois, a suburb of Rockford. The mid-size, Midwestern city with a rocky history after the …
KING OF PRUSSIA, Pa. — Legend Senior Living has taken partial ownership of Anthology Living, a seniors housing community located in King of Prussia, roughly 20 miles outside Philadelphia. Effective immediately, the community — which offers independent living, assisted living and memory care residences — will be known as Revelle King of Prussia. Legend will also operate community. This brings the Wichita, Kansas-based company’s portfolio to a total of 65 owned and/or operated communities in Florida, Colorado, Texas, Kansas, Oklahoma and Pennsylvania. Amenities at Revelle King of Prussia include a fitness …
ANNAPOLIS, Md. — Maryland legislators have proposed a bill — HB576 — that would require video surveillance within assisted living and nursing home facilities in the state, with the aim of detecting abuse, neglect and exploitation of residents. This follows several incidences of mistreatment in Maryland. Under the legislation, operators would be required to install and maintain video surveillance equipment within facility common areas. Private spaces and areas where residents receive medical care or nursing services would be exempt from surveillance requirements. According to the Maryland General Assembly’s website, the bill …
CHANHASSEN, Minn. — BWE has secured $20 million in permanent financing for Lake Place, an active adult community located in Chanhassen, roughly 20 miles outside Minneapolis. Silver Creek Equity, a Minnesota-based development company, is the borrower. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower. The loan features a 10-year term with a 35-year amortization period and five years of interest-only payments. Proceeds from the loan will be used to close out the existing high-interest floating rate construction financing. Built in 2023, Lake Place totals …
WASHINGTON, D.C. — Maplewood Senior Living and Omega Healthcare Investors Inc. have opened Inspīr Embassy Row, a 174-unit luxury senior living community in the Fairfax at Embassy Row building in Washington, D.C. Located with proximity to the Dupont Circle Metro, the community features apartments in studio, one- and two-bedroom layouts. Architect Beyer Blinder Belle led the project, an adaptive reuse renovation. “Inspīr Embassy Row showcases our commitment to raising the bar in senior living,” says Shane Herlet, co-CEO of Maplewood Senior Living and Inspīr Senior Living. “By combining cutting-edge technology, personalized …
LONG ISLAND, N.Y. — MonticelloAM has arranged $115 million in acquisition financing for a portfolio of seniors housing communities located in Long Island. The undisclosed borrower plans to use the proceeds from the senior bridge loan to both acquire the properties and expand the services offered across the communities. The portfolio comprises 1,000 beds across multiple assisted living and memory care communities. With two six-month extension options, the financing carries a 36-month initial term.
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