Seniors Housing Business

FEB-MAR 2018

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

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In this issue 4 www.seniorshousingbusiness.com Seniors Housing Business n February-March 2018 Developers, investors increasingly seek densely populated, underserved markets to inoculate themselves against overbuilding. Also: Manhattan high-rise tops barriers-to-entry list About the cover Inspir Carnegie Hill is a $300 million senior living project now under construction on Manhattan's Upper East Side. n Cover story Why urban development is in high demand 26 Editor's Letter 6 Kudos to six Hall of Fame inductees Finance 8 Ziegler closes $94.7 million bond refinancing for CCRC in Texas. Stock Snapshot 8 Capital Corner 12 Lender moves cautiously on development in Texas. Development 14 Cain Brothers issues $252 million bond financing for CCRC on Arizona State campus. Acquisitions 20 Welltower buys four Sunrise CCRCs for $368 million, adds partner for NYC development. | Validus receives $117.5 million credit facility to buy three communities in the Southeast. Question of the Month 24 What impact will the newly passed Tax Cuts and Jobs Act have on the industry in the short and long run? Market Research is More Important Than Ever Increased competition means knowledge is key to knowing where, when to develop. By Susan Brecht, Brecht Associates 54 n Mergers & Acquisitions Transaction volume tumbles again 36 Downward trend that started in late 2016 continued through 2017 as REITs became sellers rather than buyers of seniors housing. For years we've helped investors, lenders, operators and developers make informed investment decisions in the healthcare and seniors housing industries. How can we help you? Valuation | Consulting | Litigation | Feasibility | Tax | Transaction Support BIRMINGHAM | BOSTON | DENVER | LOS ANGELES | SARASOTA healthtrust.com | 941.363.7500 WE KNOW YOUR MARKET Do You? H E A L T H T R U S T n People Following in their parents' footsteps 30 The seniors housing leaders of tomorrow are already making their mark, drawing encouragement and inspiration from their role models. Also: Battle-tested parents act as sounding board Also: Industry icon Jim Moore builds a legacy n The SHB Interview Doug Schiffer, President and COO, Allegro Senior Living 50 Company morphs from a mortgage banker to a top regional seniors housing operator over 150-year history. n Development Affordability is urgent matter 40 With today's seniors housing prices too high for tomorrow's residents, the industry is searching for answers to ease the burden. Also: How technology, design create affordability n Finance Lenders rein in construction financing 44 Capital still flows to seniors housing developments, though overbuilding concerns have led to stricter underwriting. Also: Overbuilding issue varies widely from market to market, says NIC

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