Recently released information from the Federal Housing Administration is showing that reverse mortgage borrowers are getting younger. The average age of a borrower in 2008 was 73 years old whereas in 1990 the average age was 76 years. The reverse mortgage has been most popular among single females but according to the 2008 data, this […]
Category: Finance & Development
Late last month Cherry Gardens, a 42-unit apartment community dedicated to serving seniors with low incomes, celebrated its groundbreaking in Charlotte, North Carolina. The Affordable Housing Group of North Carolina, Inc. and StoneHunt, LLC have teamed up to provide this senior apartment complex as parts of their efforts to implement a neighborhood revitalization strategy, which […]
Ventas, Inc. (NYSE:VTR) recently announced that closed on the sale of Samaritan acute care hospital to affiliates of the University of Kentucky (“UK”) for $35.0 million in an all cash transaction. The property is located in Lexington, Kentucky and is currently operated by UK. The purchase price represents a 6.8 percent capitalization rate on cash […]
Senior Housing Properties Trust announced its year end results last week that showed net income for the fourth quarter was $32.4 million or $.28 a share. For the full year, the company showed a net income of $106.5 million dollars compared to $85.3 million in 2007. The results for 2008 include impairment charges of $8.4 […]
Windsor Place of Wilmington, an assisted living community for seniors which includes a wing for individuals with memory impairment, announced today that project development is on schedule and nearing completion. Windsor Place iwill include 88 distinctive luxury suites in a variety of floor plans and sizes with classic New England shingle style architecture on a […]
The Department of Housing and Urban Development released Mortgagee Letter 2009-07 which raises the national FHA loan limit for reverse mortgages (HECMs) to $625,500. The changes are effective immediately for loans closed on or after February 24, 2009. The speed at which this mortgagee letter was released is shockingly fast but most likely in response […]
Intercommunity Mercy Housing announced that it received a $8.2 million grant from HUD and that the funding will go toward IMH’s first affordable housing property for low-income seniors in Tacoma. Representatives from Intercommunity Mercy Housing, the city of Tacoma and the Washington State Housing Trust Fund celebrated the groundbreaking of the property this week called, […]
Health Care Reit, Inc. (HCN) announced that achieved 4Q08 normalized funds from operations (FFO) of $0.83 per share, up 4% and had normalized FFO of $3.38 per share, up 8% for the full year 2008. The company completed a total of $1.0 billion in new net investments of which 85% related to preferred investments which […]
Earlier this month, architectural and interior design firm Rosemann & Associates, PC announced that construction of the 42 unit, independent senior living community in Kansas City, Mo. known as D.A. Holmes II Senior Apartments has been completed and 100 percent occupied. The owner, D.A. Holmes Senior Housing II, L.P. developed the $4.9 million, affordable senior […]
Horst Construction is hosting its 8th annual Senior Living Conference — Silver-Lined Strategies: Identifying Opportunities in Today’s Economy on Thursday, April 9, 2009 in Lancaster, Pennsylvania. The conference is designed for CEOs, CFOs and executive administrators of senior-care communities throughout the mid-Atlantic region and will discuss national trends in the senior living market as well […]
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