VENICE, Fla. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, improved the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided …
News
SEATTLE — The coronavirus pandemic has had a noticeable impact on seniors housing REIT stocks, particularly following the news of several outbreaks in skilled nursing facilities in and near Seattle. Stocks in nearly all industries have been falling amid the pandemic. According to data compiled by stock news site SeeekingAlpha, among the seniors housing REITs, Sabra Health Care (NASDAQ: SBRA) fell 15 percent; Welltower (NYSE: WELL) fell 12.7 percent; Omega Healthcare (NYSE: OHI) fell 11.1 percent; New Senior Investment Group (NYSE: SNR) fell 10.4 percent; Medical Properties Trust (NYSE: MPW) …
CBRE Arranges Construction Financing for 100-Unit Clearwater Living Development Near Los Angeles
by Jeff Shaw
NORTH TUSTIN, Calif. — CBRE has arranged an undisclosed amount of financing for construction of Clearwater of North Tustin in Orange County. The borrower is a joint venture between Clearwater Living and an institutional investor. The development will feature 72 assisted living units and 28 memory care units on an infill, 7.5-acre plot. Within a one-mile radius of the property, average home values are over $1 million and incomes are over $192,000. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the non-recourse, five-year, floating-rate loan with full-term, interest-only …
CHARLOTTE, N.C. — Caring.com, a senior care referral service and review site based in Charlotte, has acquired SeniorAdvice.com. The SeniorAdvice website includes a directory of senior living communities and senior care options with consumer reviews and a SeniorScore index — a tool using local data to grade the senior-friendliness of U.S. cities and areas. Caring.com claims to be home to one of the largest senior living and senior care directories in the United States — with tens of thousands of business profiles, about 250,000 consumer reviews and a referral phone …
Brookdale CEO Sees ‘Great Progress’ in Company Turnaround Effort After Two Years at the Helm
by Jeff Shaw
Remember the signature tagline of the E.F. Hutton commercials of the 1970s and 1980s touting the sharp insights of the American stock brokerage firm? “When E.F. Hutton talks, people listen.” In its heyday, E.F. Hutton was one of the largest stock brokerage firms in the country. When Lucinda “Cindy” Baier, president and CEO of Brookdale Senior Living (NYSE: BKD), speaks, the seniors housing industry also listens intently — in part because of the company’s sheer size. As of Feb. 1, the Brentwood, Tennessee-based company operated and managed independent living, assisted …
Wendover Housing Partners Plans $15.9M Norton Commons Affordable Community Near Orlando
by Jeff Shaw
SANFORD, Fla. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rent for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in Low-Income Housing Tax …
NORTH PORT, Fla. — Civitas Senior Living and Experience Senior Living Development have started construction of The Gallery at North Port, a seniors housing community in the Sarasota County city of North Port. The three-story community will feature 79 independent living apartments, 28 independent living cottages, 66 assisted living units and 24 memory care units. The development is located across the street from the city’s downtown area. The community is slated to open in August 2021. OZ Architecture and Senior By Design designed the property, which Core Construction is building.
HAYDEN, Idaho — Blueprint Healthcare Real Estate Advisors has arranged the sale of Honeysuckle Place, a 39-unit assisted living community in Hayden, approximately 30 miles east of Spokane, Washington. A national owner-operator sold the property to a regional operator looking to expand into Idaho. The price was not disclosed. Originally built in 1996, the community was positioned as a value-add opportunity, though the seller did increase occupancy by 20 percent during the transaction process, according to Blueprint. The sale is part of a larger portfolio of strategic dispositions for the …
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How One Lender is Expanding to Meet the Evolving Needs of Seniors Housing Borrowers
If they haven’t already, it may be time for investors to reject the notion that seniors housing is a niche asset class. To meet surging demand for the properties brought on by the aging baby boomer population, sophisticated owners have spent years building modern, amenity-rich properties that feel like home, a far cry from 20th century versions of the model, which were often bare-boned and sterile environments. Despite the complex nature of underwriting healthcare operators, the number of lenders serving seniors housing developers has ballooned over the years given the …
LOS ANGELES — Most seniors housing executives see this industry as a long-term play, according to panelists at France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles in Downtown Los Angeles. However, the industry “lifers” don’t necessarily see today’s investors taking the same approach to this product. The comments came during a session titled “Investment Update: Should Today’s Investors Buy, Sell or Hold in the 2020 Market?” “The investor community is focused on the quarter-to-quarter results and not thinking about the 10- to 20-year …