Financings EBSC Lending provides $26.2M for affordable housing EBSC Lending provided $26.2 million in financing for a 41-unit affordable senior housing complex in Michigan. According to a press release, the non-profit owner and borrower will use the financing to to refinance existing debt and fund capital improvements to the community to maintain its affordable status, […]
Category: Finance & Development
Average employee wages in senior living have risen at a greater rate than those in the private sector, but staffing remains an ongoing pain point for the wider industry. That’s according to a new Argentum report analyzing wage growth over the span of five years from 2019 to 2023. The report, released this week, is […]
Privately owned real estate and private equity firm Pacifica Companies has purchased a 15-community portfolio from Retirement Housing Foundation. That’s according to an April 19 press release from Chicago-based specialty investment bank Ziegler, which advised on the $180.5 million transaction for the non-profit. The purchased portfolio represents “the majority of RHF’s presence in market-rate senior […]
Senior living operators continue to push rental rate increases, but a new data release shows the pace of those increases is decelerating. In an analysis of aggregated pricing data from 1,700 communities, LivingPath, an online platform that collects and provides data on senior housing communities, found that rates are rising 20% to 30% less quickly […]
Management LCB takes over management of The Reserve at East Longmeadow LCB Senior Living announced it has assumed management of The Reserve at East Longmeadow on April 9. According to a press release, the community has over 100 residential apartments and has assisted living and memory care services. The community was opened in 2014. Partnerships […]
Favorable demographics and demand spell good news for senior living operators in the months and years ahead, but a low rate of new supply and quickly aging properties could limit how many residents the industry can ultimately serve. The incoming baby boomer generation is expected to bring with it more demand for senior living services. […]
A senior living community and senior living operator in Florida has declared bankruptcy after running into financial difficulties. According to reporting from the Tampa Bay Business Journal, the 491-unit Unisen Senior Living in Tampa, Florida, operated by Tampa Life Plan Village, owes roughly $43.2 million to unsecured creditors and $86.9 million to secured creditors. That […]
New federal guidelines around mortgage insurance applications could help more senior living providers access financing. The new U.S. Department of Housing and Urban Development (HUD) rules change a corporate credit review period of 18 months and increase the threshold for when a corporate credit review is required as it pertains to seeking HUD financing. According […]
Acquisitions The Aspenwood Company acquires four North Texas communities The Aspenwood Company announced that it has acquired four retirement communities in North Texas operating under The Village on the Park brand. According to a press release, the communities are located in Plano, Denton and McKinney, Texas, and consist of 336 units. The release states the […]
Management transactions Merrill Gardens named management company for multiple communities Senior living owner-operator Merrill Gardens announced the management of three new communities in Missouri and Washington, according to a news release from the Seattle, Wash.-based company. Merrill Gardens is now the management company for Murano Senior Living in Seattle, Washington and Merrill Gardens at Tukwila, […]
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