What are the essential components of a successful middle-market product? Start with the price point By Bryon Cohron Vice President, Market Analysis, Business Development ProMatura Group We see countless developers initially planning to serve the middle market, yet once development and operational costs are taken into account, the final product becomes unaffordable to that segment. Ensuring the development is affordable to your target market is key. Working from price points backwards may be the best strategy. From a consumer perspective, ensure that despite a lower price point, your product is …
SIMI VALLEY, Calif. — Ziegler has arranged $29 million in bond financing for Ensō Verde, a seniors housing currently under development in Simi Valley. The borrower is Kendal Corp., which began developing the continuing care retirement community in 2022. Locate don 21 acres, plans call for 237 independent living units, 24 assisted living units, 24 memory care units and related amenities and common areas. The California Public Finance Authority issued the unrated bonds, which are a mix of tax-exempt and taxable. The bonds will be used to purchase the development …
TEXAS and WISCONSIN — Lument has closed a series of bridge loans totaling more than $78 million to acquire or refinance four memory care facilities totaling 311 beds in Texas and Wisconsin. The borrower is Silverado, a large memory care operator with communities throughout California, Kansas, Nevada, Maryland, Texas, Illinois, Virginia, Washington, and Wisconsin. Doug Harper, Chris Mauger, and Casey Moore led the transaction for Lument. The four loans were underwritten with a 36-month initial term and one-year extension, with earn-outs for each loan and variable interest rates. The deal …
AURORA, Colo. — Anthem Memory Care has named Trisha Thomas as executive director for Chelsea Place, a memory care community in Aurora. In this capacity, she will oversee all daily care, programming and operations. Thomas previously was executive director with Brookdale Westland Meridian in Lakewood. She also served as executive director for Pinehurst Park Memory Care in Denver. Thomas brings over 20 years of senior living and 15 years of nursing experience to this position. She earned an associate’s degree in nursing from Denver School of Nursing.
SANTEE, Calif. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. The collection of Lantern Crest communities represents one of the highest quality …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC ), a REIT that primarily invests in seniors housing and healthcare properties, has announced plans to diversify its portfolio through the transition and possible sale of some of the properties in its Brookdale Senior Living (NYSE: BKD) portfolio, following Brookdale’s election not to exercise its lease renewal option. Brookdale is contractually obligated to pay rent on the portfolio of 35 assisted living communities across eight states through the end of the lease term on Dec. 31, 2023. The portfolio represents 8.4 …
WILLISTON and ST. ALBANS, Vt. — Affordable Housing Investment Brokerage Inc. (AHIB) has negotiated the sale of a three-property affordable seniors housing portfolio in the greater Burlington area. Consisting of 191 units across all properties, the three communities — Hawk’s Nest in St. Albans, and Falcon Manor and Eagle Crest in Williston — serve independent senior tenants and were all developed under the Section 42 Low Income Housing Tax Credit program. The price was not disclosed. AHIB’s Kyle Shoemaker represented both the seller, a local development company, and the buyer, …
BOSTON — Beacon Communities, a developer in the affordable, market-rate and mixed-income property space, including seniors housing, has hired Justin Babineaux as associate general counsel of property management. Most recently, Babineaux served as staff attorney at Columbia Residential, where he managed and oversaw legal matters relating to fair housing and regulatory compliance. In his new role, Babineaux will serve as primary legal support for the property management team in all legal aspects of the ownership and management of affordable and mixed-income housing communities. Reporting to Beacon’s general counsel, he will …
By Matt Caine, Managing Director, SOLIC Capital Advisors As 2023 kicks off, seniors housing operators are looking for ways to find optimism regarding the market’s outlook. While there are ways operators can counteract the damages of the past couple of years (more on that below), unfortunately many may find themselves at risk of default as they continue to grapple with labor shortages, higher wages, occupancy rates that have not quite recovered to pre-pandemic levels, and a lack of any new or ongoing government stimulus funding programs. According to data compiled …
LOS ANGELES — Participants in the “Best-in-Class Operators” panel at France Media’s InterFace Seniors Housing West conference, held Feb. 2 at the Omni Los Angeles, had one task, albeit a large one: provide the blueprint for operational success in a challenging market. Though there were various strategies thrown out to combat the whack-a-mole challenges currently plaguing operators, panelists noted that the goal of seniors housing remains the same in any market: to increase occupancy and rents, which is done by providing a product people not only need, but also want. …