CCRC Invests $60 Million in Small House Design Concept

A Massachusetts senior living provider is looking to fulfill its care continuum while also positioning itself for the next wave of senior living design through a new $60 million “small house” project. North Hill, a nonprofit continuing care retirement community (CCRC) located in Needham, Mass. intends its “household” approach to care will not only round […]

Financial Times: Occupancy Woes Risky for Short-Term CCRC Financing

Frustrations with variable-rate demand structures have birthed a new, preferred fixed-rate borrowing structure for many continuing care retirement communities (CCRCs), however, this short-term financing vehicle has its risks, reports a Financial Times article. Rather than competing over liquidity with banks that provider letters of credit (LOCs) that back variable-rate demand notes (VRDNs), investors in occupancy-dependent deals […]

In the Pipeline: Senior Housing Construction Projects (10/31/13)

Construction: Planned Developers Propose St. Louis-Area $20 Million Assisted Living Project The Grove Assisted Living, LLC, and Long Road Acquisition, LLC, are proposing a $20 million assisted living and memory care project for the Sunset Hills area located just outside of St. Louis, Missouri, reports St. Louis Business Journal. The project, dubbed The Grove in […]

CCRC Construction Slow to Recover, But Comeback Expected

Senior housing construction is on the rise, with most property types showing year-over-year increases indicating a recovery in new development is under way. But for continuing care retirement communities (CCRCs), the landscape is quite different, with new construction down nearly 80% from its 2007 quarterly peak and still falling, according to National Investment Center for […]

After Downturn, Non-Profits Start to Look Again at New CCRC Construction

A slowdown in continuing care retirement community (CCRC) construction may be reaching its end as occupancy rates improve and non-profits see increased competition from for-profit organizations building standalone memory care and assisted living communities. Data from the National Investment Center for Seniors Housing shows for-profit companies are doing the majority of new construction during the […]

Fitch Improves CCRC Rating Outlook on Creative Marketing, Reinvestment

Creative, aggressive marketing plans and increased capital spending contributed to boosting Fitch’s ratings outlook for not-for-profit continuing care retirement communities (CCRCs) from negative to stable as median ratios for investment grade borrowers were mostly stable in 2012.  “As in the years since 2008, management teams utilized tight expense controls, creative marketing plans, and better skilled […]

Senior Housing Finance Activity: Skilled Healthcare Group, Greystone, Lancaster Pollard

Greystone Closes $117 Million Portfolio Acquisition of Affordable & Senior Housing Greystone recently announced the closing of a $117 million multifamily transaction in Georgia to be used toward the acquisition and rehabilitation of 44 affordable housing properties, more than half of which are designated senior housing. The portfolio contains 1,362 units that serve low-income households in […]

Erickson to Own the Devonshire CCRC Through Pre-Packaged Bankruptcy

Devonshire PGA Holdings LLC and its associated entities, a continuing care retirement community based in Palm Beach Gardens, Fla., filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Wilmington, Delaware on Thursday. A consensual deal has been reached by the CCRC’s owners and Erickson, the secured lender, and will be implemented through a […]

Kisco Senior Living Takes Unique Approach to CCRC Acquisitions

Kisco Senior Living acquired ownership of a 289-unit Florida continuing care retirement community (CCRC) in August about a year after purchasing $48 million of its debt. The for-profit senior living developer and operator has acquired about $107 million of debt for three CCRCs in the past few years, going on to gain ownership of two […]

CCRCs Break Down Walls to Partner with Financial Planners

Retirement communities and financial planners: historically the two have not gone hand in hand. But a push for working together, rather than separately when planning for long term care—and paying for it—could work to break down the walls that have existed in the past. “[Twenty years ago] you never heard of a financial planner being […]