Despite chatter about development, many senior living industry giants seem to be focusing more on repositioning, renovating, and rebranding their communities than on building new ones. Brookdale Senior Living spent $7.9 million of net cash in the third quarter as part of its multi-million Program Max initiative to expand, redevelop, and reposition many of its […]
Category: Finance & Development
An independent living community that’s part of a continuing care retirement community (CCRC) in Kansas is getting sued for its inability to refund some entrance fees, reports the Kansas City Star. The Villas at Grace Gardens, an upscale retirement center in Leawood, Kans., is sponsored by Baptist Senior Ministries, Inc., a subsidiary of nonprofit organization […]
With the economic downturn and housing market decline, more continuing care retirement communities (CCRCs) are offering alternative entrance fee refund options to help attract prospective residents, but while many say it’s good business to do so, not all have adopted this practice. There’s a clear trend toward communities offering 50% and even 0% refund options […]
Healthcare Loan Volume Up 19% in Q3 Although commercial and multifamily mortgage origination volumes were down 7% in the third quarter of 2012 compared to the same period one year ago, the healthcare property loan volume grew 19%, according to the Mortgage Bankers Association’s Quarterly Survey. However, compared to the second quarter, healthcare property loans […]
Construction: Planned Meridian Realty Advisors Acquires Site to Build Memory Care Community Dallas-based developer Meridian Realty Advisors, LP recently acquired a site in southwest Fort Worth, Tex. with plans to develop a 52-unit memory care and assisted living community. Silverado Senior Living-Fort Worth will be located on a five acre site and will be the […]
Brookdale Senior Living (NYSE:BKD) is considering options for structuring the company going forward, including the possibility of being bought out by a real estate investment trust, executives said during the Stephens Fall Investment Conference held last week in New York. As the largest national senior living provider, Brookdale operates about 67,000 units and owns 22,000 of […]
Defaults and bankruptcies by continuing care retirement communities (CCRCs) are the exception and not the norm in the senior living industry, but the ability to avoid financial pitfalls and adapt to consumer demand is crucial in attracting and reassuring prospective residents, executives agree. Only a small percentage of the industry’s 1,900 CCRCs—about 80% of which […]
Despite a huge year for REIT deals in the senior housing space, REITs may be gearing up for even more growth, according to REIT publication REIT.com. Based on input from panelists are this year’s REITWorld annual convention, REIT.com reports that these trusts are still in the “sweet spot” for health care mergers and acquisitions. The […]
Tampa, Fla.-based CLW Senior Housing recently represented a court-appointed receiver in the $23 million sale of an Ohio continuing care retirement community. Concordia of Ohio, a subsidiary of Concordia Lutheran Ministries, acquired Sumner on Ridgewood, a ‘Type C’ CCRC built in 2003, from Jeffrey T. Heintz of Brouse McDowell. The 64-acre property’s overall occupancy was at […]
McMinnville, Ore.-based senior living operator The Springs Living recently acquired a four-property portfolio in the Portland area from Grayco LLC for $65 million. The Springs Living partnered with Harrison Street Real Estate Capital LLC, a Chicago-based private equity firm, to purchase the properties and used $56 million in financing arranged by Holliday Fenoglio Fowler LP, also […]
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