December 18, 2014:
Your biweekly update on people, places, projects, plus…

Top Senior Living Developments





Good Samaritan Society-Fairfield Glade,
Crossville, TN

IL-54, AL-24, SN-30

The Good Samaritan Society

$28.5 million

Ledgestone Senior Living,
Dripping Springs, TX

IL-120, AL-60, MC-10

Civitas Senior Living

Not disclosed

Maplewood at Cuyahoga Falls, 
Cuyahoga Falls, OH


Maplewood Senior Living

Not disclosed


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Blake Management Group building its brands across the Deep South
With five properties opened and at least eight more in development, Blake Management Group (BMG), with its several development partners, is quickly growing its assisted living and memory care brands in the Southeast.

The company, with its new “The Blake” brand developed with partners Cardinal Ventures and Quality Senior Living (QSL), currently has four communities open in Mississippi, Alabama and the Florida Panhandle, another two communities under construction in Oxford, Mississippi and Lafayette, Louisiana, both expected to open late in 2015, and two more in the pipeline. The properties typically are broken down into 70 AL units and 30 MC units, and cost roughly $15 million, or $150,000 per unit, to develop. Average cost per unit for AL/MC developments in the Deep South (excluding Florida, since the bulk of seniors housing is in the southern part of the state which is not really comparable to the Mississippi or Alabama markets) is about $175,000 based on our data, and since most of the existing portfolio is still in the lease-up period, we don’t know how quickly these properties may fill up.

Working with CR Properties, BMG also has its “Claiborne” brand, opening the first in Hattiesburg, Mississippi in October of this year, with four more on the way within the next 10 to 14 months in Louisiana and Mississippi, plus a 132-unit IL building at the Hattiesburg property. The Claiborne communities typically feature 44 AL units, 24 MC units and 12 IL cottages.

Finally, under the “VantagePointe” brand, BMG and development partner Ron Wilkinson, owner/Managing Partner of Montgomery, Alabama-based VantagePointe Investments and VantagePointe Homes, have just one community in development, an 80-unit AL/MC community in Ashland City, Tennessee, but the company has another three possible VantagePointe’s in the early stages of development.
BMG, which was started in 2007 by Cardinal Ventures and QSL, has an ownership stake at its “Blake” and “VantagePointe” properties, but not at the “Claiborne” communities. To finance the projects, BMG and its partners turned to traditional financing, with the exception of one EB-5 financing. And the company is interested in finding development partners to grow further into Florida, South Carolina and Kentucky, in college towns if possible………………..Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today

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RED Capital fueling Discovery Senior Living
RED Capital Partners is helping to fuel the growth of one Florida seniors housing developer with six to 10 properties in the works in the Sunshine State. Discovery Senior Living currently manages and partially owns (through its affiliate Discovery Management Group) six large “Aston Gardens” independent living communities in Florida, and the company took over operations and received an ownership interest from Plano, Texas-based Conservatory Senior Living at five independent living communities in Texas (totaling 1,051 units) in March 2014. The company has also made other acquisitions in Florida and Alabama.
But, Discovery is fast getting into assisted living and memory care development too. Working in high barrier-to-entry markets in Florida, Discovery opened its first Discovery Village community in Fort Myers in October 2013 and later that year broke ground on its second, Discovery at Naples. The company has two more properties currently in development, one in Bradenton and one in Palm Beach Gardens. Typically, each property contains 60 assisted living units, 30 memory care units and 30 independent living units, which are really considered assisted living “light” and are licensed for AL. For the development pipeline, Discovery has brought in several lending partners. Community & Southern Bank is providing conventional 70% LTV first mortgages, while RED is funding half the equity with mezzanine financing. Discovery also has a big equity partner deal with Boca Raton, Florida-based Kayne Anderson Capital Advisors. Also, RED will help refinance the properties down the road. Each property is estimated to cost approximately $30 million, or $250,000 per unit, and the company expects to have six to 10 total developments completed in the next couple of years………………..Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today

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MorseLife’s $150 million Expansion
MorseLife, a not-for-profit provider of senior care and housing at its campus in West Palm Beach, Florida, is currently undergoing a four-phase $150 million capital expansion project called The Campaign to Transform MorseLife. The company embarked on the campaign in 2010, and has so far raised about $25 million, with more to come from individual philanthropists. Two phases have already been completed, including the addition of a short-term rehab facility that houses 120 beds and a significant renovation of the campus’ 160-bed long-term care building. MorseLife has already commenced construction on a new 82-unit assisted living/memory care building that is set to open in May 2015. Finally, in mid-2015, the company will break ground on a new 182-unit, 10-story independent living building that will bring the campus’s total number of IL and AL apartments to 326. The building, called Tradition Tower, will be completed in two years. The company started in 1983 as a 120-bed SNF and today is looking to expand even more in Palm Beach County. MorseLife is also one of two SNF/rehab centers in the state that is designated by the Florida State Legislature as a “Teaching Nursing Home,” making it a center of research and training of future health care professionals…………………Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
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