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Affordable HousingCaliforniaDevelopmentNews

Standard Communities Leads Public-Private Development of $55M Affordable Community in San Ramon, California

by Jeff Shaw

SAN RAMON, Calif. — Standard Communities has released plans to lead a public-private partnership in the ground-up development of Aspen Wood, a $55 million affordable seniors housing community in San Ramon, approximately 20 miles east of San Francisco Bay. Aspen Wood will provide 123 units of affordable housing for seniors with incomes between 30 and 60 percent of the area median income. Aspen Wood will be built on a currently vacant site of 1.4 acres. Amenities at the 130,000-square-foot community will include a community room, recreation deck/courtyard, fitness center, business …

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FinanceIowaNews

Cambridge Provides $22.3M HUD Refinancing for The Views at Marion in Iowa

by Jeff Shaw

MARION, Iowa — Cambridge Realty Capital Cos. has provided a $22.3 million HUD Lean loan to refinance The Views at Marion in the Cedar Rapids suburb of Marion. The Views at Marion is a continuum-of-care facility with 40 skilled nursing beds, 38 assisted living beds and 34 memory care beds. The fully amortized, 40-year loan was provided for the owner, an Iowa limited liability company, using the HUD Section 223(a)(7) funding program, which is used to refinance existing HUD loans. The underwriter was Cambridge Realty Capital Ltd. of Illinois, the …

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DevelopmentFeaturesFinanceNews

CBRE Research: Cost of New Development Has Increased 17.8% in Last Two Years

by Jeff Shaw

DALLAS — Seniors housing development costs have risen sharply over the past two years, with labor and land the primary drivers of higher expenditures, according to new research from CBRE. The average cost of a seniors housing development has increased by 17.8 percent since 2020 to $317,400 per unit, or $333 per square foot. Dallas-based CBRE derived data from the valuations of 142 seniors housing developments scheduled for delivery. The properties in the data set included independent living, assisted living and memory care communities. Average returns (stabilized net operating income …

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DevelopmentIndependent LivingNewsTexas

Braintree, Cadence McShane Break Ground on 163-Unit Aviva Terranova in Spring, Texas

by Jeff Shaw

SPRING, Texas — A joint venture between Braintree Properties and Cadence McShane has broken ground on Aviva Terranova Independent Senior Living Community in Spring, a suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures and 163 units. Additional features include a fitness center, pool, theater, library, Cyber Café and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023.

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NewsPeople

Watercrest Senior Living Group Promotes Stephanie L’Heureux to Director of Accounting

by Jeff Shaw

VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has promoted Stephanie L’Heureux to director of accounting, overseeing the financial systems of all Watercrest senior living communities and its associated brands. L’Heureux is one of the longest tenured Watercrest associates, having joined owners Marc Vorkapich, CEO, and Joan Williams, CFO, just one year after the organization’s inception in Summer 2012. From her start as an accountant to her promotion to senior accountant, she supported Watercrest Senior Living Group during its growth throughout the Southeast. L’Heureux’s experience includes …

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FeaturesNews

Occupancy, Revenues Recover from COVID, but Profit Margins Trail Behind, Say Webinar Panelists

by Jeff Shaw

For many seniors housing operators, occupancy is back to where it was before the COVID-19 pandemic struck. In addition, aggressive rent increases have resulted in elevated revenues. However, as a result of high inflation, an extremely tight labor market and supply constraints increasing costs, profit margins have not yet returned to pre-pandemic levels. “As an appraiser I’ve been getting all kinds of questions about what’s happening with margins and when they’ll return,” said JP LoMonaco of Valuation & Information Group. “Over the past two-and-a-half years, trying to calculate a cap …

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AcquisitionsConnecticutMemory CareNews

Cushman & Wakefield Arranges Sale of 46-Unit Buckingham Heights Memory Care Community in Glastonbury, Connecticut

by Jeff Shaw

GLASTONBURY, Conn. — Cushman & Wakefield has arranged the sale of Buckingham Heights, a 46-unit, 52-bed memory care community in Glastonbury, a suburb of Hartford. Richard Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Jack Griffin represented the seller, Longview Senior Housing, in the transaction. Hamister Group, a seniors housing investor and operator, purchased the property for an undisclosed price. “This community had some of the most durable cash flow we’ve seen in today’s market and its strong location was especially attractive,” says Wagner. The property is a single-story building …

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CCRCDevelopmentIndependent LivingKansasNews

Erickson Opens Independent Living Expansion at Tallgrass Creek in Overland Park, Kansas

by Jeff Shaw

OVERLAND PARK, Kan. — Erickson Senior Living has opened Santa Fe Ridge, an independent living expansion at its Tallgrass Creek continuing care retirement community. Located on 65 acres in the Overland Park suburb of Kansas City, Tallgrass Creek now features 96 new units. In addition to the new residences, Santa Fe Ridge features an indoor pickleball court and a new restaurant. The building is named for the historic Santa Fe Trail, which opened in 1821 and served as the most important route to the West before the era of the …

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CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $30M Bond Financing for Vicar’s Landing CCRC Expansion in Ponte Vedra Beach, Florida

by Jeff Shaw

PONTE VEDRA BEACH, Fla. — Ziegler has arranged $30 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. The community occupies a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. Sawgrass includes four golf clubs including TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing currently features 227 independent living units, 38 assisted living apartments and 60 skilled nursing beds. The financing will fund a Phase …

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AcquisitionsNewsSkilled NursingTexas

Dwyer Workforce Development Acquires 50-Property Skilled Nursing Portfolio in Texas for $590M

by Jeff Shaw

BALTIMORE — The Jack and Nancy Dwyer Workforce Development Center Inc., a Baltimore-based investor, has acquired Regency Integrated Health Services and its 50-property skilled nursing portfolio throughout Texas for $590 million. The Regency properties are home to approximately 4,600 residents. Dwyer plans to transition the portfolio from a for-profit to a nonprofit organization under the terms of the transaction. The seller is a group of multiple owners. The transition to a nonprofit was the vision of entrepreneur Jack Dwyer to end systemic poverty and address the growing workforce crisis plaguing …

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