Author

Jeff Shaw

DevelopmentIndustry Voices

The Benefits of Borrowing from Other Sectors

by Jeff Shaw

How can senior living design benefit from ideas that stem from unlikely markets? By Shannon Remaley The next time you enter a senior living community, take a close look around. You may notice some design features that feel oddly familiar. For example, you might see a reception area akin to a concierge desk, luxury furnishings and materials adorning common areas, or ample amounts of natural light and diverse meeting areas of varying sizes.  Today’s best senior living communities borrow best practices from various markets, including high-end hotels and innovative office …

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Active AdultDevelopmentIndustry Voices

The SHB Interview: Michael Hartman, Capitol Seniors Housing

by Jeff Shaw

Real estate investor carves out a niche in the active adult sector. By Jeff Shaw Michael Hartman believes in active adult housing. The demographics are just too good. The demand is so much greater than the supply. It’s just a matter of giving the people what they want, he says. “I’m known in my company as the guy who will die on that hill.” In 2003, Hartman co-founded seniors housing investment firm Capitol Seniors Housing (CSH), which has built or acquired 116 private-pay seniors housing communities in the 20 years …

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DevelopmentFinanceIndustry VoicesInvestment

Question of the Month: Inflation

by Jeff Shaw

How is persistently high inflation impacting investment and development activity in the seniors housing space? An economic double whammy By Chris Blanda Senior Managing Director  VIUM Capital This a well phrased question because both inflation and, in turn, high interest rates have doubled down to restrict development activity.  It’s been a compounding effect that has moved several major levers to the economic viability of development projects in the wrong direction. Inflation has pushed development budgets and operating cost budgets up, while high interest rates have pushed construction leverage points down, …

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FinanceFrom The Magazine

HUD Lending Activity Set to Reach Crescendo in Second Half of FY 2024

by Jeff Shaw

By Matt Valley Loan production in the HUD Section 232 mortgage insurance program is running slightly behind last year’s pace through the first half of fiscal year (FY) 2024 due to two main factors: elevated interest rates and margin compression experienced by operators of skilled nursing and seniors housing facilities. But a growing deal pipeline will likely result in loan closings in FY 2024 surpassing last year’s total of $2.87 billion, says one seasoned lender. Michael Gehl, chief investment officer on the FHA lending team at NewPoint Real Estate Capital, …

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AcquisitionsAssisted LivingNewsPennsylvania

Prestige Group Brokers Sale of 220-Bed Former High School in Milton, Pennsylvania

by Jeff Shaw

MILTON, Penn. — The Prestige Group Realty Advisors has brokered the sale of Rockwell Center, a 220-bed assisted living community in Milton, a small borough in Central Pennsylvania. In the early 1980s, a local real estate entrepreneur born and raised in Milton purchased a former Milton high school and repositioned the property into a 220-bed assisted living facility. The building, being a former high school, was equipped with an auditorium with ample seating and a full stage. For over 40 years the facility was run by the founder and then …

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Company NewsFinanceInvestmentNews

Focus Healthcare Partners Closes $370M Seniors Housing Investment Fund

by Jeff Shaw

CHICAGO — Focus Healthcare Partners LLC has completed the final closing of Focus Senior Housing Fund II LP, a closed-end, commingled, discretionary real estate fund targeting private-pay seniors housing. The fund raised approximately $370 million in capital commitments.   The fund is 20 percent larger than its predecessor vehicle despite a challenging fundraising period for commercial real estate, thanks to strong support from new and existing limited partners, according to Chicago-based Focus. Investors in the fund include university endowments, state and corporate pension funds, insurance companies, wealth managers, family offices and …

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AcquisitionsAssisted LivingNewsVirginia

Berkadia Negotiates Sale of 77-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Berkadia has arranged the sale of a 77-unit assisted living and memory care community in Richmond. The seller was a publicly traded REIT. A private equity group acquired the property for an undisclosed price and has installed Commonwealth Senior Living as the operator. The new owner plans to implement a renovation plan, scheduled for completion in the first quarter of 2025. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders led the Berkadia team.

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NewsOperationsPeople

Grace Management Appoints Madelyn Hill as Operations Analyst

by Jeff Shaw

MAPLE GROVE, Minn. — Grace Management Inc., a Maple Grove-based owner-operator, has hired Madelyn Hill, a recent graduate of Cornell University’s prestigious Nolan School of Hotel Administration, as operations analyst.  Hill graduated with a bachelor’s degree in hotel administration and a minor in healthy futures. During her time at Cornell, she distinguished herself through her commitment to seniors housing and her involvement with the Cornell Institute for Healthy Futures (CIHF). Hill’s previous roles include a summer analyst position at RSF Partners in Dallas, where she developed financial models for senior …

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AcquisitionsAffordable HousingMinnesotaNews

JLL Arranges Sale of 96-Unit Rivertown Commons Affordable Community in Stillwater, Minnesota

by Jeff Shaw

STILLWATER, Minn. — JLL Capital Markets has arranged the sale and financing of Rivertown Commons, a 96-unit Section 8 affordable seniors housing community situated along the St. Croix River in Stillwater.  The seven-story building totals 55,800 square feet.  Josh Talberg and Doug Childers of JLL represented the seller, Dominium Management, and procured the buyer, an investment firm that specializes in affordable and workforce housing. The buyer plans to refresh the units and common areas in addition to extending the existing affordability restrictions.  C.W. Early, Ken Dayton and Pat McMullen of …

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AcquisitionsAssisted LivingNewsSouth Carolina

Berkadia Brokers Sale of Two Communities in South Carolina

by Jeff Shaw

COLUMBIA and MYRTLE BEACH, S.C. — Berkadia has arranged the sale of two assisted living and memory care communities in South Carolina.  Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders, closed the 156-unit transaction on behalf of a publicly traded REIT. The properties, located in the Columbia and Myrtle Beach MSAs, were purchased by a regional owner-operator. The price was not disclosed.

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