Seniors Housing Business

AUG-SEP 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Development 16 www.seniorshousingbusiness.com Seniors Housing Business n August-September 2018 2,100 closed transactions in excess of $20 billion, $6 billion in mortgage servicing, 30+ years debt underwriting, dedicated M&A team, loan syndications and placements, bridge loan funding, taxable and tax-exempt bonds, equity financing for new development and acquisitions proprietary sale-leaseback financing, leading HUD LEAN lender, Fannie Mae Seniors Housing Program, approved USDA lender, trading desk with 80 years of experience, balance sheet lending, focused on seniors housing and care since 1988. Speak with a professional today lancasterpollard.com | (866) 611-6555 Perspective Matters We listen. We evaluate. We deliver. Lancaster Pollard is a subsidiary of ORIX USA, a division of leading international financial services group ORIX Corporation. Lancaster Pollard Mortgage Company is a Fannie Mae/GNMA/HUD-FHA/USDA approved lender. Lancaster Pollard & Co., LLC is a registered securities broker/dealer with the SEC and a member of FINRA, MSRB & SIPC. Kisco completes $35 million expansion at CCRC in Florida Palm Beach Gardens, Fla. — Kisco Senior Living has completed a $35 million expansion of La Posada, its 22-acre continuing care retirement community (CCRC) in Palm Beach Gardens. Residents began moving into the expansion, known as Mallorca, on June 26. The four-story building offers 54 new apartments, some as large as 2,600 square feet. New amenities at Mallorca include a restaurant, pub, salon/spa, fitness space and indoor/outdoor com- mon spaces. Other areas of the existing cam- pus were also renovated as part of the project, including major updates to the clubhouse and a new, free- standing wellness center that spans 3,400 square feet. Tradition Senior Living breaks ground on 23-story high-rise community in Houston Houston — Tradition Senior Liv- ing has broken ground on The Tradition-Woodway, a 23-story in- dependent living, assisted living and memory care community in Houston. The property is located in Hous- ton's high-end Tanglewood and Memorial neighborhoods. When completed, it will offer 222 inde- pendent living units and 92 units for assisted living and memory care. Jackson & Ryan Architects and D.E. Harvey Builders, both based in Houston, serve as the architect and general contractor. Tradition will manage the community. Tradition, a Dallas-based devel- oper, owner and operator, plans to open the community in April 2020. Woodway will be the company's fourth seniors housing campus in Dallas and Houston. Park Square Enterprises plans intergenerational community near Orlando Kissimmee, Fla. — Park Square Enterprises has unveiled plans for an intergenerational community in Kissimmee that will combine seniors housing with childhood education. The developer, based in nearby Capital Senior Living CEO Larry Cohen to retire at end of 2018 Dallas — Larry Cohen, CEO and vice chairman of publicly traded operator Capital Senior Living Corp. (NYSE: CSU), has announced he will retire effective Jan. 1, 2019. Cohen has been with Capital since 1996, and was promoted from CFO to CEO in 1999. A longtime industry icon, he was a founding member of the American Seniors Housing Association (ASHA) and later served as chairman of the organiza- tion. He also serves on the Operator Advisory Board of the National Investment Center for Seniors Housing & Care (NIC). "His keen understanding of the senior living business and his interest in public policy and research made him perfectly matched for a leadership role with ASHA," says David Schless, president of ASHA. "Larry did a stellar job carefully overseeing the implementa- tion of our broad strategic plan, which was an ambitious undertaking that reshaped our organization." The Capital Senior Living Board of Directors says it will work alongside Cohen and the leadership team to ensure a smooth tran- sition. The board has initiated a search to identify an external can- didate to serve as CEO and has engaged Heidrick & Struggles, an executive search firm, to assist with that process. Capital Senior Living Corp. is one of the largest owners and opera- tors of seniors housing in the United States, with an operational port- folio of 129 communities totaling 16,523 units. Like many other publicly traded owners and operators, Capital has seen its stock price fall dramatically in recent years amid record-low occupancy in the sector. CSU's stock price closed at $8.19 per share on Friday, Aug. 24, down from a five-year high of $27.51 in April 2015.

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