Insiders weigh the odds of success for this emerging product type. By Jane Adler Win or lose, investors and developers are placing big bets on the newly emerging product category of active adult rental communities. Aimed at the huge cohort of 74 million aging baby boomers, the projects are amenity-rich but lack many of the services found in traditional senior living communities, such as housekeeping, meals and assistance. The bet is that a certain segment of baby boomers will sell their homes and opt for a worry-free lifestyle that comes …
Developers seize on the opportunity to build communities geared specifically for certain groups of overlooked elders. By Jane Adler Long ignored but no longer forgotten, seniors with diverse backgrounds are getting their own niche communities. A number of new projects are underway for LGBTQ seniors and members of growing ethnic and religious groups. Of course, niche communities are nothing new. There are retirement campuses for everyone from Hollywood actors to military officers. Many niche properties revolve around special interests such as a love of nature or an interest in the …
The government goes on hiatus, deal size grows, and ORIX shows its dominance. By Matt Valley Despite enduring a federal government shutdown for 35 days that temporarily put a crimp in loan processing, the HUD/FHA Section 232 mortgage insurance program used to finance seniors housing properties rallied to post a solid performance in fiscal year 2019. The volume of loans closed during the 12-month period that started Oct. 1, 2018 and ended Sept. 30, 2019 totaled $3.7 billion. That’s up from $3.6 billion the prior fiscal year. The HUD/FHA Section …
Executive returns to her old position at a time of explosive growth for the owner-operator. By Jeff Shaw Tana Gall is returning to a familiar role at a familiar company. Gall took over the reins at Seattle-based owner-operator Merrill Gardens at the start of the year, replacing the retiring David Eskenazy. Strangely enough, one of Eskenazy’s predecessors was… Tana Gall. Gall served as president from 2013 to 2015, before leaving to pursue other job opportunities. This was during a period of major divestment for the company. Her second stint will …
Don’t let the small stuff damage your move-ins. (Editor’s Note: Bobby Towery passed away suddenly in October 2019 shortly after submitting this column. With ProMatura’s permission, we are publishing it in memoriam.) By Bobby Towery, ProMatura A few overgrown bushes here, a peeling paint job there — it’s easy to put off fixing a community’s little flaws, perhaps for so long you don’t notice them anymore. But for visitors evaluating your community, these details stand out like bright red flags. Little things cost sales. With occupancy rates for service-enriched housing …
United We Stand Owner-operator United Group of Companies finds success using its diverse real estate background and targeting middle-class seniors. By Jeff Shaw When real estate developer United Group entered the seniors housing sector in the late 1990s, it sensed a huge opportunity in the market: rental active adult properties for middle-income seniors were considerably underbuilt. United Group was founded in 1972 by Walter Uccellini in the small Upstate New York city of Troy. (The city’s population is estimated by the U.S. Census Bureau to be 50,000.) His son Michael …
What will be the biggest storyline in 2020? Is this our rebound year? By Aron Will Vice Chairman, National Senior Housing CBRE Capital Markets With construction waning and the culling of many non-strategic assets having taken place over the past two years, will 2020 truly be the rebound year that many are anticipating? Or will labor pressures and an underestimation of development velocity continue to push this rebound out to 2021 or 2022? This remains to be seen, but would be warmly received by equity analysts and industry investors alike, …
ROCKLIN, Calif. — Greystone has provided a $37 million Fannie Mae structured adjustable rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only …
SAN DIEGO — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of a portfolio of seven communities located in California, Oregon, Arizona, Florida and Rhode Island for a combined $103.3 million. Diversified Healthcare Trust was the seller of all properties. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard. Further details on the properties and transaction were not disclosed.
FORT OGLETHORPE, Ga. — Summit Contracting Group has started construction of The Canopy at Boynton Ridge, an assisted living and memory care community n Fort Oglethorpe, just across the state border from Chattanooga, Tennessee. The community will feature 64 units in a two-story, 49,697-square-foot building. building, Construction is scheduled for completion in January 2021. The developer is Rimrock Cos. and the architect is Group 4 Design Inc.