As the fourth-quarter draws to a close, new senior housing facilities continue to develop at a rapid pace. The fast pace of construction in the industry demonstrates the appeal of these assets as investors are drawn to them for a variety of reasons, including the strong demand for senior housing services taking place as a result of the country’s changing demographics and their resilience to economic shocks and downturns. Accordingly, investors and other senior housing participants who are seeking capital to acquire senior housing assets should continue to look to the Chicago-based financing firm Cambridge Realty Capital for their financing needs.
Construction Ramps Up in the Midwest
In Westfield, Indiana, CarDon & Associates broke ground on the senior living community Copper Trace. When it is complete, Copper Trace will offer assisted living and memory care units, and will also provide short-term rehabilitation stay services. The facility will include private suites and apartment homes and will house up to 176 residents. It is expected to open by the end of 2015.
Also taking place in the Midwest, the Jennie M. Melham Memorial Medical Center is partnering with Vetter Health Services to construct a full service nursing home in Broken Bow, Nebraska. Once it is complete, the nursing home will contain 70 beds and will offer skilled care, Alzheimer’s care, and rehabilitation care. The facility should open to residents by the second half of 2016, and it will be managed by Vetter Health Services.
New Developments Continue in the Western and Northeastern Regions
In Arrowhead, Arizona, Dr. David Ott and his partners are developing the Arrowhead Skilled Nursing Facility. The skilled nursing facility will be 76,000 square feet and will contain 96 private rooms for its residents. Dr. Ott wants the facility to feel more like a resort than a nursing home. To achieve that, he and his partners decided to include a healing garden on the grounds, and its residents will also be able to order food from a private chef. Dr. Ott and his partners chose Arrowhead as its development site because of the aging population and rising acuity levels in the area. They expect demand for skilled nursing homes in the region to rise significantly in the coming years because of the area’s changing demographics. They are planning to build additional communities in the Phoenix metropolitan area.
Lastly, in Peabody, Massachusetts, the senior living community Brooksby Village decided to expand in order to meet additional demand for senior housing services taking place in that region. Brooksby’s expansion will house up to 32 residents. Construction on the addition is scheduled to begin in May 2015 and should finish by the following spring.