CLERMONT, Fla. — Greystone Health has cut the ribbon on The Lakes of Clermont Health and Rehabilitation Center in Clermont, a suburb of Orlando. The skilled nursing facility offers 80 beds in 40 private and 20 semi-private rooms. The property totals 60,000 square feet. Greystone Health manages 43 facilities throughout Florida, Illinois and Missouri. The Clermont location represents Greystone Health’s third center located in Lake County.
Development
In the face of growing competition, assisted living owners and operators are renovating and repositioning their aging properties. By Jane Adler Over the last few years, the construction boom that delivered thousands of new senior living units to the market has produced tough competition for existing projects. New buildings open near old ones. A 20- or 30-year-old assisted living building can easily look tired, especially when compared with the state-of-the-art project down the street. Owners and operators of older properties are taking different approaches to maintain occupancy. The amount spent …
Independence, technology and affordability hold the keys to winning them over. By Dean Maddalena, President, StudioSIX5 What do boomers want? It’s the question on everyone’s mind as we near the entry of the first baby boomers into senior living. Approximately 10,000 baby boomers turn 65 each day, and with them comes a shift in the industry to meet expectations. There has been a massive shake-up in senior living looking toward what’s next. But in an industry obsessed with innovation, where are we still missing the mark? Aging in place Boomers’ …
After decades working for REITs, experienced executive makes the jump to operations. By Jeff Shaw For having held only three jobs in the seniors housing industry, Mercedes Kerr has quite the resume. Moving from a career in the hospitality industry in Mexico, Kerr was recruited into seniors housing in 1997 by Irvine, California-based Healthpeak Properties (NYSE: PEAK), then known as Healthcare Property Investors and later HCP. She served as vice president of acquisitions before leaving in 2006 to take two years off to spend time with her children. In 2008, …
By Jeff Shaw When Jeramy Ragsdale founded Thrive Senior Living in 2008, it was not his intent to challenge the industry to redefine itself. At the time, he was a residential home developer and knew that seniors housing was a niche property type for which he could find financing. He built his first assisted living and memory care community in the company’s hometown of Atlanta. He immediately fell in love with the business and its ability to positively impact people. By 2016, the company operated eight communities with another 12 …
Love Funding Provides $55.6M in HUD Financing for Multigenerational Development in New Jersey
by Jeff Shaw
PATERSON, N.J. — Love Funding has provided two loans totaling $55.6 million for the construction and permanent financing of Riverside Village Senior Apartments and Riverside Village Family Apartment, both in Paterson. Riverside Village Senior Apartments will feature 81 units in a four-story, elevator-serviced building. The Housing Authority of the City of Paterson and other third-party providers will offer social services at the property. Riverside Village Family Apartments will feature 165 townhouse-style rental units. The construction will be part of an existing public housing development known as Riverside Terrace, currently containing …
Artis Buys 176,269 SF Site in California Mixed-Use Development for Seniors Housing Project
by Jeff Shaw
MORGAN HILL, Calif. — Artis Senior Living has acquired 176,269 square feet within the Evergreen Village mixed-use development in Morgan Hill, a city at the southern tip of Silicon Valley. Artis plans to build a memory care community on the four-acre site, though details and a timeline have not yet been released. Frans Construction Inc. is the general contractor on the site and MH Engineering Co. is the civil engineer. Evergreen Devco Inc., a retail and multifamily development company in the West, is building Evergreen Village on 20.4 acres. The …
PROSPECT, Ky. — Civitas Senior Living has opened the doors on The Grand Senior Living in Prospect, a suburb of Louisville. The property totals 191,832 square feet near Norton Commons, a massive mixed-use development with restaurants, retail services, annual festivals and single-family homes. The development was completed approximately 10 years ago on 600 acres of vacant farmland. The Grand features 91 independent living, 62 personal care and 24 memory care residences. Guttman Properties, based in nearby Cincinnati, developed The Grand, which Civitas will operate.
OKLAHOMA CITY — HarborChase has completed HarborChase of South Oklahoma City, a luxury seniors housing community. The property offers assisted living and memory care services, as well as respite stays. A grand opening will be held at the property on Thursday, March 12, led by Willie Ferguson, the community’s executive director.
Collaborations with builders and designers could help developers achieve profitability in this growing sector. By Drew Blaylock, Director of Preconstruction, ARCO Living Group As developers work to stay in front of the changing seniors housing market, the development of active adult rental communities continues to increase, but not without challenges. For seniors housing developers, there is a high amount of risk associated with creating a new product type that is similar to traditional seniors housing facilities but charges rent rates more in line with a standard multifamily product. There are …