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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Page 35 of 80 35 August-September 2018 n Seniors Housing Business MERIDIAN'S SENIOR HOUSING AND HEALTHCARE TEAM HAS ARRANGED $850 MILLION IN FINANCING IN 2018 Shouldn't you be working with America's most active deal maker? Ari Adlerstein 212.612.0174 Ari Dobkin 212.612.0165 1 Battery Park Plaza, 26th Floor New York, NY 10004 212.972.3600 tion of the train depot retained the building's 21-foot ceilings and pal- ladium windows. "Our CEO was inspired to cre- ate Balfour after researching retire- ment communities for his mother, a fashionable, well-traveled and fun-loving New Yorker who only wanted a Four Seasons experi- ence," says Barklow. For programming, Balfour focuses more on engaging its resi- dents with outside activities in the arts and travel, and communities provide chauffeur and valet ser- vices around the clock. Butlers and wine tasting Mount Laurel, New Jersey-based Brandywine Living places a high premium on service. In fact, for about 20 percent more than a typi- cal assisted living unit, residents can opt for a Serenade unit, which comes with butler service. "In our opinion, people care less about what the door knobs are made of than they do about the level of service you get in a luxury product," says Brenda J. Bacon, co-founder, president and CEO of Brandywine Living. The Serenade units offer resi- dents extra privacy and personal attention. Butlers can be tasked with breakfast in bed, shopping, picking up dry cleaning, cocktails, meals — the sky's the limit. These units also include upgraded décor and private lounges. A typical assisted living suite at Brandywine averages $6,000 to $6,500 per month. Serenade units cost 20 percent more. Neither fig- ure includes the cost of care and medications. Brandywine owns and oper- ates 29 properties and will soon be announcing a new development in Potomac, Maryland, where the average household income is $181,890. The portfolio currently contains 2,783 total units, 2,122 of which are assisted living, 606 are memory care and 55 are indepen- dent living. Kayne Anderson Real Estate Advisors (KAREA) is a luxury owner focused on delivering cus- tomized programming. The firm just closed a $1.85 billion fund ear- marked predominately for seniors housing. The private equity firm likes to build in high-barrier-to- entry markets, such as San Fran- cisco and Napa Valley, California, two markets where KAREA has seniors housing developments underway. "Kayne Anderson only invests in private-pay rental communi- ties and, with few exceptions, all of our communities offer amenity- rich offerings in best-in-market buildings," says Max Newland, managing director with the com- pany. These buildings offer units with finishes such as granite countertops and high-end cabine- try, and amenities such as pools, wellness programs and multiple dining venues, including private options. "We also tailor our product offerings to a given market," says Newland. "At a new community in Arizona, for example, we offer equine therapy programming for residents. In our project in Napa, we'll offer a wine tasting studio comparable to what would be found at a local vineyard." Tucson, Arizona-based Water- mark Retirement Communities relies on local arts organizations to deliver a luxury amenity package. The company also targets high- barrier-to-entry markets for its communities, such as The Water- mark at Beverly Hills in Beverly Hills, California. The property is dubbed "boutique assisted living in the heart of Beverly Hills" and offers room service, personal shop-

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