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, …
Development
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 …
WEATHERFORD, Texas — Civitas Senior Living and PremCap Senior Living have opened West Fork at Weatherford, located west of the Dallas-Fort Worth Metroplex. The 75,800-square-foot community offers 70 assisted living apartments and 19 memory care suites. The community is located near Weatherford’s historic downtown and directly adjacent to Medical City Weatherford.
FERN PARK, Fla. — Maitland-Based Strive Senior Living has opened its first community, Strive at Fern Park, approximately eight miles north of downtown Orlando. The property features 79 assisted living and 46 memory care units. Strive Senior Living is managing the community in partnership with KR Management, a Clearwater-based operator. The Agency for Health Care Administration approved the license, effective Feb. 14 and the first residents moved in Feb. 19.
HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, located in the Suffolk County town of Huntington on Long Island. The community can accommodate up to 108 residents and offers assisted living and memory care services. “According to a recent independent study, the population of seniors over 85 years old, in Suffolk County specifically, has increased by 56 percent over the past 13 years,” says Jenifer Salamino, senior vice president of operations for Sunrise Senior Living. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for …