NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has completed Parkchester Gardens, a 221-unit affordable senior living project in The Bronx. Units are reserved for renters earning 50 percent or less of the area median income. Wells Fargo financed the project in conjunction with the New York City Housing Development Corp. and the Department of Housing Preservation & Development. Construction began in spring 2021.
WASHINGTON, D.C. — Jon Fletcher of Senior Housing Partners, the development arm of Roseville, Minnesota-based Presbyterian Homes & Services, offers this advice to developers undertaking a middle-market project: set aside your ego, focus on what the residents need, and avoid the temptation to provide a variety of “fringe luxury amenities.” Not every community needs two to four restaurants, for example. “The reality is that it’s just not going to work in a middle-market space. Residents obviously still need to be treated with respect and have an amazing life enrichment experience, …
AcquisitionsActive AdultAssisted LivingCCRCDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory CareOperationsWebinars
Tempo of Deal Velocity Increases as Industry Enters Homestretch of 2024
By Matt Valley Following a quiet end-of-summer period on the dealmaking front — “quieter than it has been for years with the exception of the pandemic” — Sabra Health Care REIT Chief Investment Officer Talya Nevo-Hacohen encountered a flurry of transaction activity in late August and early September. “It’s been gangbusters, and what we’re seeing is primarily seniors housing assets (independent living and assisted living) coming to market,” said the veteran REIT executive who participated in the webinar Seniors Housing Business hosted on Sept. 5, titled “Creating Value in Seniors Housing — …
By Jeff Shaw Every affordable housing project relies on an intricate combination of funding, partnerships and know-how to reach the finish line. Fortunately, developers have a lot of different levers they can pull to make a project work financially. Each development typically involves a mash-up of federal tax credits, support from various municipalities (state, county and/or city) and private funding. It requires immense creativity on the part of developers. But many developers are still finding success, as evidenced by the bevy of new projects coming to market across the country. …
ANN ARBOR, Mich. — Lockwood Cos., a developer and manager of senior living communities, has opened Lockwood of Ann Arbor. With a focus on independent living, the community features 154 senior apartments, with 65 of these units designated as affordable housing. Households earning up to 60 percent of area median income will be eligible for the affordable units. The $47 million development is designed to provide high-quality, accessible living for seniors in Washtenaw County, addressing the growing need for seniors housing as the local population continues to age. The facility is equipped …
LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new 172,163-square-foot luxury senior living community under development in Los Angeles. The borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor, and a variety of …
AcquisitionsActive AdultAssisted LivingCCRCDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory CareOperationsWebinars
Webinar: Creating Value in Seniors Housing — The Economics of Dealmaking in This Cycle
The Sept. 5 webinar “Creating Value in Seniors Housing — The Economics of Dealmaking in This Cycle,” sponsored by CBRE, brought together industry leaders to discuss the current trends shaping the seniors housing market, including occupancy rates, strategic investments and the evolving landscape of assisted living, memory care and independent living communities. This discussion covered innovative technologies, economic factors influencing cap rates, considerations about the future of care and analysis of increasingly sophisticated operations strategies. Expert panelists shared their experiences and projections for the sector, including the increasing demand for seniors housing …
SYLMAR, Calif. — Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corporation (CBCDC), has provided $37 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village. The affordable seniors housing property is located in Sylmar, northwest of Los Angeles. The development project will preserve its 88 existing homes and introduce 92 new housing options. Valley Pride Village’s rehabilitation and expansion will help alleviate the urgent need for …
LAWRENCE TOWNSHIP, N.J. — Marquis Health Consulting Services has opened a new memory care neighborhood at The Meadows at Lawrence, a cottage-style, long-term care skilled nursing community in Lawrence Township, a suburb of Trenton. The Journeys Memory Care model was developed by Marquis Health Consulting Services.
BUFFALO, N.Y. — Ned Perlman of Largo Real Estate Advisors Inc. has arranged $11.6 million in construction/renovation financing for a former nursing home that will be transformed into an upscale 84-unit multifamily property with luxury amenity spaces. The property will undergo extensive interior and exterior renovations and feature 57-one-bed, one-bath units; four two-bed, one-bath units; and 23 studios. The property is located in downtown Buffalo with access to the city’s major attractions and interstate highway system.