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Webinar: Seniors Housing Valuation Outlook — What’s Next Now that the Pandemic End is in Sight?

by Sarah Daniels

  How do owners, operators, investors, developers and lenders view valuation in seniors housing? Seniors Housing Business and sponsor V&IG hosted the webinar “Seniors Housing Valuation Outlook — What’s Next Now that the Pandemic End is in Sight?” to weigh in as trends in the market solidify. What can the seniors housing industry expect when it comes to construction, labor, the impact of equity and debt on valuations, changing operating models and more? How can the industry bounce back from low occupancy rates? What will determine value now and in the immediate …

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DevelopmentFloridaNews

Validus Opens 127-Unit Alura Community in Rockledge, Florida

by Jeff Shaw

ROCKLEDGE, Fla. — Validus Senior Living has opened the doors on Alura by Inspired Living, an independent living, assisted living and memory care community in Rockledge, a coastal city east of Orlando. Situated on 11.3 acres, the 113,935-square-foot building will feature a total of 127 one- and two-bedroom apartments. Alura by Inspired Living is part of an ongoing relationship between Tampa-based operator Validus and developer Premium Edge LLC. “Inspired Living” is the upscale brand of Validus.

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DevelopmentFinanceNewsPennsylvaniaSkilled Nursing

Lument Arranges $35.6M USDA Loan to Fund Replacement Skilled Nursing Facility in Pennsylvania

by Jeff Shaw

BELLEFONTE, Pa. — Lument has arranged a $35.6 million U.S. Department of Agriculture (USDA) Community Facilities (CF) loan to fund the construction of Centre Care Rehabilitation and Wellness Services, a 240-bed skilled nursing facility in Bellefonte, near State College. The new facility will replace an existing 240-bed facility that was deemed unsuitable for substantial renovations due to its age and location. Miles Kingston, director at Lument, worked with Complete Healthcare Resources Eastern (CHRE) to develop and execute the financing strategy. CHRE is an experienced management company that has managed and …

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DevelopmentFloridaNews

LifeStar Living Acquires Site in St. Petersburg, Florida for $125M Development

by Jeff Shaw

ST. PETERSBURG, Fla. — LifeStar Living has acquired a site in St. Petersburg for development of The Manhattan St. Petersburg, a seniors housing community. Neighboring the Gulf of Mexico and Boca Ciega Bay, the resort-style community will be situated in the heart of St. Petersburg’s Skyway Marina District. The property will feature 80 condo-style residences ranging from 1,050 to 2,600 square feet, with assisted living and home health services available. Development costs are estimated at $125 million. At the helm of this innovative project are LifeStar’s co-founders, elite sports agent …

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Assisted LivingDevelopmentGeorgiaNews

Griffin Living Plans Varenita Seniors Housing Community in Acworth, Georgia

by Jeff Shaw

ACWORTH, Ga. — Griffin Living has received financing for the development of Varenita of West Cobb, a seniors housing community in the Atlanta suburb of Acworth. The two-story, 75,516-square-foot project will feature 58 assisted living and 23 memory care units. As one of the few major financial closings for ground-up construction in senior living since the pandemic started, Varenita at West Cobb provides insight into how post-pandemic investing and innovation will look in the senior living industry, according to the developer. “The pandemic severely affected senior living products, so it …

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CaliforniaDevelopmentNews

Kayne Anderson, Watermark Open 189,000 SF Adaptive Reuse Community in Los Angeles

by Jeff Shaw

LOS ANGELES — Kayne Anderson Real Estate and Watermark Retirement Communities have opened The Watermark at Westwood Village, a seniors housing community in Los Angeles. The community is the latest addition to Watermark Retirement Communities’ Elan Collection, a group of high-end senior living communities. The property offers independent living, assisted living and memory care. The Watermark at Westwood Village was previously a University of California, Los Angeles (UCLA) dormitory dating back to the 1960s, before going through a four-year renovation. The property has 188 residences with studio, one- and two- …

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Affordable HousingDevelopmentFloridaNews

Carrfour Supportive Housing Opens $15.3M LGBTQ-Friendly Community in Wilton Manors, Florida

by Jeff Shaw

WILTON MANORS, Fla. — Carrfour Supportive Housing, Florida’s largest nonprofit affordable housing developer, has teamed up with The Pride Center, one of the nation’s largest nonprofit LGBTQ+ community centers, to complete The Residences at Equality Park, an LGBTQ-focused supportive housing community. The $15.3 million, 48-unit, four-story development is located on The Pride Center’s Equality Park campus just north of Fort Lauderdale in the city of Wilton Manors. The community provides permanent affordable housing coupled with on-site supportive services for low-income residents over age 55 living with disabling conditions such as …

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DevelopmentFloridaNews

Newmark Arranges Construction Financing for 187-Unit Development in Delray Beach, Florida

by Jeff Shaw

DELRAY BEACH, Fla. — Newmark has arranged construction financing for Holden of Boca/Delray, a 187-unit seniors housing development in the South Florida city of Delray Beach. The borrower is a joint venture between Alliance Residential Company and a global institutional real estate manager. Sarah Anderson, Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders represented the borrower in the financing efforts. A bank provided the construction loan. The development, which will feature 89 independent living units, 76 assisted living units and 22 memory care units, has received site plan approval. …

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CCRCDevelopmentNew JerseyNews

LCS Completes $8M Renovation at Laurel Circle in Bridgewater, New Jersey

by Jeff Shaw

BRIDGEWATER, N.J. — Life Care Services has completed an $8 million renovation project at Laurel Circle, a life plan community in Bridgewater, located between New York City and Philadelphia. The 28,317-square-foot renovation added a new bistro-style, grab-and-go dining venue; enhanced the wellness and fitness center, salon, main lobby and common areas in independent living; and redesigned spaces in The Arbor health center. Laurel Circle features 202 units on 28 wooded acres. Hord Coplan Macht (HCM) served as the architect and interior designer for the renovation.

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Assisted LivingDevelopmentFloridaNews

The Blake Prepares to Open New Community Near Orlando

by Jeff Shaw

HORIZON WEST, Fla. — The Blake has neared completion of The Blake at Hamlin, a seniors housing community in Horizon West, a master-planned community west of Orlando near Disney World. The property will offer assisted living and memory care services. The number of units was not disclosed. Angie Layfield will serve as executive director while Joshua Bentley will be director of sales and marketing. The property is scheduled to open in fall of 2021.

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