CORVALIS, ORE. — Contemporary Healthcare Capital (CHC) has arranged a $1.2 million mezzanine loan to refinance a 32-unit memory care community in Corvalis, approximately 80 miles south of Portland. The borrower is Benicia Senior Living. Millennium Bank of Chattanooga provided the capital. The combined loans totaling approximately $5.45 million will be used for a bridge-to-HUD loan for Conifer House. The 24,640-square-foot, single-story facility was originally constructed in..
Lancaster Pollard Survey: 87 Percent of Seniors Housing Professionals Rate Industry as Highly Competitive
COLUMBUS, OHIO — Increasing competition is becoming a larger and larger issue within seniors housing, as 87 percent of owners, operators developers and investors rate their local environment as either competitive or extremely competitive. That’s according to the 2018 Seniors Housing and Care Survey conducted by Lancaster Pollard. In December 2017, the Columbus-based real estate services firm sent an online survey to approximately 4,000 leaders at seniors housing and care..
The outlook for the year in commercial real estate is cautiously optimistic, as several signs of excess that cause market corrections begin to amass, according to the 2018 edition of Viewpoint, an annual commercial real estate trends report released by Integra Realty Resources (IRR). Annual job growth dropped from 2.3 percent in early 2015 to 1.4 percent in October 2017, while real weekly incomes rose only 0.4 percent for the 12 months ending in October 2017. Production and non-supervisory..
In 2017 alone, over $35 billion in CMBS loans were exposed to risk of default by retailers declaring bankruptcy, according to New York City-based Trepp LLC, which monitors the performance of securitized commercial mortgages. The loans were largely backed by mall properties that had leased space to retailers, many of which are now closing stores. “In the first 11 months of 2017 alone, more than 30 U.S. retailers filed for bankruptcy protection. That news certainly made those in structured..
The Tax Cuts and Jobs Act — signed into law by President Trump at the end of 2017 — should be a net positive for the commercial real estate industry, according to a special report by Marcus & Millichap. By adding business-friendly provisions and reducing uncertainty, the new law “holds favorable prospects for commercial real estate,” the report states, with “potential to boost space demand and capital flows.” Among the business-positive results are minimal changes to the..
When Gene Munster, managing partner of Minneapolis-based venture capital firm Loup Ventures, predicted that e-commerce giant Amazon (NASDAQ: AMZN) would buy department store chain Target (NYSE: TGT) this year, he knew such a declaration would make waves. In a New Year’s Day post on the Loup Ventures website titled “8 Tech Predictions for 2018,” Munster admitted it was his “boldest prediction.” “Seeing the value of the combination is easy. Amazon believes the future of retail is a..
Del Markward will be logging a lot of frequent flyer miles over the next year as he travels around the country and abroad to meet with several chapters of the Society of Industrial and Office Realtors (SIOR), an organization with more than 3,200 members in 685 cities and 36 countries. In addition to serving as the 2018 global president of SIOR, Markward is founder of the Markward Group, a real estate consulting, advisory and brokerage firm based in Allentown, Pa. Markward was officially..
Middle-Class Affordability Is ‘Single Biggest Issue’ Facing Seniors Housing Industry, Says HJ Sims’ Landreville
NEW ORLEANS — Many seniors housing developers, owners and operators are already looking forward to the “silver tsunami” of Baby Boomers reaching the proper age to enter seniors housing. However, if current trends continue, many of those seniors won’t be able to afford seniors housing anyway, according to panelists at the LeadingAge Annual Meeting and Expo. The panel, titled “Understanding the Economics & Financing Structures of Moderately Priced Life Plan Communities,” took..
ANAHEIM, CALIF. — New York-based finance and investment firm Square Mile Capital Management LLC has provided a $136 million loan for Jefferson Platinum Triangle, a 400-unit multifamily community in Anaheim. Proceeds from the loan, which was provided for Irving, Texas-based development firm JPI, will be used to repay existing construction debt and to bridge through stabilization of the property. Jefferson Platinum Triangle is located at 1781 S. Campton Ave. within the 840-acre Platinum..
LAS VEGAS — The Howard Hughes Corp. has unveiled plans to develop and construct the Las Vegas Ballpark in Downtown Summerlin, the urban core within the 22,500-acre master-planned community of Summerlin in Las Vegas. The new ballpark will be the future home of the Las Vegas 51s, the city’s professional baseball team. The name refers to Area 51, which is located roughly 80 miles north of the city. The team's logo depicts one of the gray aliens thought by UFO believers to inhabit the site,..