PHOENIX — Berkadia’s Seniors Housing & Healthcare group has provided $20.3 million in financing for two separate deals. The first was a series of loan closings totaling $15.3 million for a seven-property nursing home portfolio. The second was a $5 million loan for an assisted living facility in Louisiana. Ed Williams and Bianca Andujo closed the $15.3 million, 24-month bridge loan for the acquisition of seven nursing homes, comprising 426 operating beds. The properties are located throughout the Midwest. The 87 percent loan-to-cost financing included $2.5 million for capital improvements …
LOS ANGELES — If you look hard enough, it’s easy to see seniors housing opportunities throughout the U.S. Leftover land, raw sites, office buildings and obsolete malls can all serve as promising locations, according to participants in the “Experts Analyze the Smartest Plays for Developers in 2020” panel. The discussion took place during France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. Though there was no one-size-fits-all approach to identifying development opportunities, panelist David Waite, partner at Cox, Castle & Nicholson, believes there are …
EVANSTON, Ill. — JLL has arranged construction financing and joint venture equity for Trulee Evanston, a 163-unit luxury seniors housing community in Evanston, just north of Chicago. Although the amount of the financing was not disclosed, the total development cost was estimated at $75 million. Construction is scheduled to start immediately. The borrower is a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living. A national bank provided the debt, while an institutional private equity fund manager provided the equity. Trulee Evanston will be …
VENICE, Fla. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, improved the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided …
SEATTLE — The coronavirus pandemic has had a noticeable impact on seniors housing REIT stocks, particularly following the news of several outbreaks in skilled nursing facilities in and near Seattle. Stocks in nearly all industries have been falling amid the pandemic. According to data compiled by stock news site SeeekingAlpha, among the seniors housing REITs, Sabra Health Care (NASDAQ: SBRA) fell 15 percent; Welltower (NYSE: WELL) fell 12.7 percent; Omega Healthcare (NYSE: OHI) fell 11.1 percent; New Senior Investment Group (NYSE: SNR) fell 10.4 percent; Medical Properties Trust (NYSE: MPW) …
NORTH TUSTIN, Calif. — CBRE has arranged an undisclosed amount of financing for construction of Clearwater of North Tustin in Orange County. The borrower is a joint venture between Clearwater Living and an institutional investor. The development will feature 72 assisted living units and 28 memory care units on an infill, 7.5-acre plot. Within a one-mile radius of the property, average home values are over $1 million and incomes are over $192,000. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the non-recourse, five-year, floating-rate loan with full-term, interest-only …
CHARLOTTE, N.C. — Caring.com, a senior care referral service and review site based in Charlotte, has acquired SeniorAdvice.com. The SeniorAdvice website includes a directory of senior living communities and senior care options with consumer reviews and a SeniorScore index — a tool using local data to grade the senior-friendliness of U.S. cities and areas. Caring.com claims to be home to one of the largest senior living and senior care directories in the United States — with tens of thousands of business profiles, about 250,000 consumer reviews and a referral phone …
Remember the signature tagline of the E.F. Hutton commercials of the 1970s and 1980s touting the sharp insights of the American stock brokerage firm? “When E.F. Hutton talks, people listen.” In its heyday, E.F. Hutton was one of the largest stock brokerage firms in the country. When Lucinda “Cindy” Baier, president and CEO of Brookdale Senior Living (NYSE: BKD), speaks, the seniors housing industry also listens intently — in part because of the company’s sheer size. As of Feb. 1, the Brentwood, Tennessee-based company operated and managed independent living, assisted …
SANFORD, Fla. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rent for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in Low-Income Housing Tax …
NORTH PORT, Fla. — Civitas Senior Living and Experience Senior Living Development have started construction of The Gallery at North Port, a seniors housing community in the Sarasota County city of North Port. The three-story community will feature 79 independent living apartments, 28 independent living cottages, 66 assisted living units and 24 memory care units. The development is located across the street from the city’s downtown area. The community is slated to open in August 2021. OZ Architecture and Senior By Design designed the property, which Core Construction is building.