NEW BALTIMORE, Mich. — Commonwealth Senior Living has completed a $6.5 million expansion of its community in New Baltimore, located near Anchor Bay approximately 30 miles northeast of Detroit. The renovations to Commonwealth Senior Living at New Baltimore included a two-story addition, enlarged common areas and a capacity for 23 additional residents in memory care and 45 in assisted living.
Owners and operators test new strategies and scrutinize all expenses as the number of financially beleaguered assets multiplies. By Jane Adler Despite encouraging signs of a seniors housing turnaround, the challenging operating environment is creating an uptick of troubled properties in need of their own turnaround. The triple whammy of the pandemic, rising interest rates and higher expenses has hit the sector hard. Margins are squeezed and valuations are depressed. What’s more, the recent banking crisis and the growing prospects for a recession have added to financial pressures. “There’s a …
With high inflation eating away at personal savings, the number of low-income seniors is growing and LIHTC development struggles to keep up. By Jeff Shaw Today’s high inflationary environment is tough on everyone, but persons of limited financial means are getting hit the hardest. Most affordable seniors housing properties are fully occupied with a long waiting list, signaling that there is a strong need for the product. But the myriad issues facing the commercial real estate industry — especially rising construction costs — have an outsized impact on affordable housing …
With its acquisition of Cadence Living, Cogir Senior Living is building a company with wide-ranging expertise. By Jeff Shaw In a time when large-scale, entity-level acquisitions have been nearly non-existent, Cogir Senior Living’s acquisition of Cadence Living in November stood out. Both companies have a focus on the West Coast, and the combined total number of units is approximately 8,000 across nine states, making the company the 21st largest operator in the United States. Cogir is the Sacramento-based subsidiary of Cogir Services LP, a Montreal-based real estate company operating over …
SHALIMAR, Fla. — Victory Village is slated to receive $2 million from Florida’s Framework for Freedom Budget for fiscal year 2023-24. The funding will be used to purchase 80 acres of land from the U.S. Air Force, which will be used to develop a military senior living community with resources and services for wounded warriors and their caregivers. Victory Village will be located adjacent to Air Force Enlisted Village (AFEV). Plans for the community include multiple neighborhoods for 800 people to reside, a community center, a multi-denominational chapel, a fitness …
PITTSBURGH — Tryko Partners has broken ground on Cedarwood Homes, an affordable seniors housing community in Pittsburgh’s West End neighborhood. In 2020, the Pittsburgh Urban Redevelopment Authority (URA) named Tryko to lead a redevelopment at the former Fairywood School site. Key financing agencies have contributed to the project’s viability. This includes 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by the Pennsylvania Housing Finance Agency; and approximately $2.1 million in gap financing funding, along with 24 project-based Section 8 vouchers from Housing Authority City of Pittsburgh (HACP). The community will …
SAN CLEMENTE, Calif. — Harbert South Bay Partners has broken ground on The Seville, an assisted living and memory care community in San Clemente, a coastal city approximately 60 miles southeast of Los Angeles. The property will feature 63 assisted living and 24 memory care units. Completion is scheduled for summer 2024. Project partners include Momentum Senior Living as operator, Banvard & Soderbergh as architect, Rodrigo Vargas Design as interior designer and W.E. O’Neil as general contractor.
PORTLAND, Maine — CVS Health (NYSE: CVS) has made an $8.4 million investment with Community Housing of Maine (CHOM), the Portland Housing Authority and Boston Financial that will lead to the construction of 52 affordable housing units for older adults in Portland. The new four-story building, called Winter Landing, is part of the historic redevelopment of the former Northern Light Mercy Hospital’s State Street building and parking lots in the West End neighborhood of Portland. When complete, the 3.5-acre campus will have commercial retail space and over 250 mixed-rate apartments …
DALLAS — Developers in the active adult sector are subject to the same struggles as any other sector. Interest rates are as high as they’ve been since before the Global Financial Crisis of 2008, making construction financing difficult to attain. Construction costs, both for labor and materials, have skyrocketed since the COVID-19 pandemic began. Quality sites are few and far between. But for developers that can overcome those challenges, there has rarely been a market as ripe for new construction as active adult, according to Michael Hartman, principal of active …
CYPRESS, Texas — Granite Harbor Advisors, an investment advisory firm based in Houston, has hit its funding goal for its private equity offering to finance an expansion project at Spring Cypress Senior Living located in Cypress, a suburb of Houston. Spring Cypress Senior Living is an independent living, assisted living and memory care living facility. The center’s expansion project will bring 43 new independent living units split between townhomes and cottages, 95 new assisted living apartments, and 14 new memory care units. The project’s first phase is completed and has …