TENNESSEE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has arranged the sale of a 48-unit assisted living and memory care community in Central Tennessee. The property sits on 12 acres and totals 28,000 square feet. It was originally constructed in 2009. The price was $6.5 million. The buyer and seller were not disclosed. Justin Knapp led the transaction.
PORT ST. LUCIE, Fla. — BCC Construction, a Prospect Real Estate Development Group company, has been awarded the contract to build AVIVA at Port St. Lucie, a $30 million senior living center in the South Florida city of Port St. Lucie. Miami-based developer Lloyd Jones is leading the project. The age-restricted residential complex will feature 159 units. Construction is expected to begin in early August 2021 and for completion in early 2023.
KAILUA-KONA, Hawaii — Berkadia Seniors Housing & Healthcare has provided a $16.6 million refinancing for a 123-unit assisted living community in Kailua-Kona, located on the west coast of the Hawaii Island. Jay Healy secured the 35-year loan through HUD’s 232/223(f) program. The financing retired an $11.7 million Berkadia bridge loan funded in August 2017 to facilitate the acquisition and subsequent $4.5 million renovation completed in early 2020. The borrower was also able to utilize HUD loan proceeds to pay off the remaining balance of the unsecured seller financing, as well …
CHARLOTTE, N.C. — HJ Sims has arranged a $44 million refinancing for Aldersgate United Methodist Retirement Community, a continuing care retirement community in Charlotte. Sims partnered with Aldersgate in 2019 with a financing for Generations at Shalom Park. In 2020, Sims identified a refunding opportunity for Aldersgate’s outstanding 2013 bonds. In 2017, the Tax Cuts and Jobs Act (TCJA) eliminated advance refundings using tax-exempt municipal bonds. Therefore, Sims utilized Cinderella Bonds, which would be taxable until the optional redemption date, after which the bonds would convert to tax-exempt, complying with …
SARATOGA SPRINGS, N.Y. — Axiom Capital LLC has arranged a $17.4 million loan for the refinancing of a 178-unit independent living community located in the Upstate New York city of Saratoga Springs. Units at the property, which was built on 14 acres in the late 1990s, feature stainless steel appliances and enclosed balconies. Amenities include a bank branch, a full-service restaurant, library, fitness facility with steam and sauna, health spa and unisex salon, lounges, putting green and an arts and crafts studio. An undisclosed life insurance company provided the nonrecourse …
ATLANTA — Isaakson Living has hired Brandon O’Ree as the new executive director of The Terraces at Peachtree Hills Place, an assisted living, memory care, skilled nursing and short-term rehabilitation community in Atlanta’s upscale Buckhead neighborhood. O’Ree will be responsible for daily operations, including management, staffing and regulatory compliance of the 85-unit community. O’Ree has previously led teams at continuing care retirement communities (CCRCs) and senior healthcare facilities throughout the Southeast, including recently directing the daily operations for three properties encompassing 111 independent living apartments, 131 assisted living apartments and …
Newer senior living developments feature environmental sustainability, amenities and services far beyond the residences of the past. By Jeff Shaw The development strategy for affordable seniors housing of the past seemed to have one overarching goal: Don’t spend too much. Generally, the apartments were simply typical affordable housing units with age restrictions for residents, built as cheaply as possible to counteract the lower rents. That’s not the case anymore. Affordable seniors housing today features a host of amenities and services on site, and a strong focus on environmental sustainability. “Prior …
Strategies of the industry’s biggest publicly traded owners range from billion-dollar purchases to exiting seniors housing altogether. By Jeff Shaw Publicly traded seniors housing REITs have experienced a roller coaster ride over the past 18 months. Stock prices soared in early 2020, then crashed in March 2020 as the pandemic began. Occupancy rates hit record lows and are just now showing signs of recovery. It has been a volatile period of highs and lows. As an example, Welltower (NYSE: WELL), the largest owner of seniors housing in the United States, …
With operational history in its front office, the publicly traded REIT is succeeding where others have feared to tread — skilled nursing. By Jeff Shaw The skilled nursing sector faces some unique headwinds. As the most healthcare-heavy form of seniors housing, nursing homes require intense specialization on the part of operators. The falling occupancy rates stemming from COVID-19 have put enormous strain on operator’s net operating income. NIC data shows skilled nursing hit an all-time low of 70.7 percent in January, compared with 80.7 percent for independent living and assisted …
Opportunities are available in renovating old stock and building niche communities. By Richard Ackerman Upheaval in the continuing care retirement community (CCRC) market is changing the assumptions and opportunities that fueled the senior living trend for over 40 years. Today’s investors can find new opportunities at two ends of the spectrum — redevelopment of aging CCRCs and new development of smaller-scale CCRCs in upscale niche markets. With conventional private equity financing hard to come by, creative approaches, including structuring CCRCs as nonprofits, offer a proven path to bring communities to …