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 …
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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 …
Monticello Provides $35.9M Financing for Four-Property Portfolio in Florida, South Carolina
by Jeff Shaw
FLORIDA and NORTH CAROLINA — Monticello has provided $35.9 million in first lien debt financing for the acquisition and renovation of four communities in Florida and South Carolina. The properties, totaling 345 units, offer assisted living and memory care services. The names and specific locations were not disclosed. The borrower is an owner-operator with a total portfolio of 1,116 units.
CALIFORNIA — JCH Senior Housing Investment Brokerage has arranged the sale of two assisted living communities in California. The first community totals 49 beds in Riverside County. A local owner seeking to grow its portfolio paid $5 million for the property. The second property was a 15-unit boutique community in Orange County. A local buyer interested in entering the seniors housing market paid $3.3 million for the asset. Both sellers were family owner-operators looking to retire. Jim Hazzard, and Cindy Hazzard handled the transaction process in both sales. The specific …
Disruption of Current Healthcare Model is Just What the Doctor Ordered, Says NIC Keynote Speaker
by Jeff Shaw
SAN DIEGO — As the long-standing “continental divide” between the healthcare industry and seniors housing begins to close due to economic realities, the disruptors who embrace the opportunity to build a more integrated model of care for the elderly will be the big winners. That’s the message Andy Waldeck, senior partner at Boston-based growth strategy consulting firm Innosight, delivered Thursday afternoon during his keynote address to several hundred attendees at the NIC Spring Conference. “Disruption is actually a process. It explains how industries change, how they become more affordable, more …
MARYLAND — Ziegler has closed $99.3 million in bond financing for Integrace Inc., a group of four continuing care retirement communities (CCRCs) in Maryland. The company officially affiliated with Acts Retirement-Life Communities in April 2019. Founded in 1974, Integrace is a nonprofit system of retirement communities consisting of Bayleigh Chase in Easton; Buckingham’s Choice in Adamstown; Fairhaven in Sykesville; and Copper Ridge in Sykesville. Integrace also operates a research institute, The Integrace Institute. The financing consists of $87.1 million in tax-exempt bonds and $12.2 million in taxable bonds. The tax-exempt …