U.S. Home Corp. teams up with The Goodman Group Houston-based U.S. Home Corp., a national builder of single-family and seniors housing, has formed a joint venture with The Goodman Group based in Chaska, Minn., to develop an assisted living community called The Residence at Timber Pines. This state-of-the-art facility will have 300 units designed for assisted living, dementia-related and skilled nursing residences. Timber Pines will be located in Spring Hill, Fla., within a 3,500-home, age-restricted community built by the U.S. Home Corp. The $16 million project will start construction this month and is slated for completion in mid-1999. At present, The Goodman Group owns or manages 21 seniors communities throughout the nation.
Cambridge Realty launches first website for seniors housing In February, Cambridge Realty Capital Ltd., a Chicago-based merchant banking company specializing in seniors housing, has launched the first website targeting the seniors housing financial market. Cambridge's website will deliver up-to-date information on interest rates and funding for the seniors housing, healthcare and acute-care industries. According to a recent three-year period study by HUD, Cambridge has financed more units than any HUD 232 lender in the nation. The new website can be accessed at www.cambridgecap.com.
Castle Senior Living purchases sole ownership of Prospect Park Castle Senior Living LLC, a seniors housing provider based in Teaneck, N.J., haspurchased the remainder of ownership in two projects.Castle bought Prospect Pa rk Residence, an assisted living community located in Brooklyn, N.Y., from Costa Mesa, Calif.-based ARV Assisted Living Inc. ARV and Castle were formerly partners in the property at 50% each until Dec. 31, 1997, when the deal closed and Castle became the sole owner of the facility. Castle also received 100% ownership from ARV in a seniors living development site in Monroe Township, N.J. Prospect Park is a nine-story property consisting of 128 apartments where residents can partake in seniors programs operated by the Northern Metropolitan Foundation and the Park Slope Geriatric Center. Castle's purchases follow the January announcement of a joint venture formed with AEW Partners II, an affiliate of Boston-based AEW Capital Management. AEW has committed $100 million in equity capital to Castle to develop future projects in metropolitan New York, New Jersey and Pennsylvania.
C&W, Irving Levin Associates form strategic alliance In creating one of the largest valuation teams in the nation, New York-based Cushman & Wakefield and Irving Levin Associates, a research and publishing firm based in New Canaan, Conn., have formed a strategic alliance for the valuation of seniors housing and healthcare properties on a national basis. C&W will assume the valuation portion of Irving Levin Associates' business, while Levin will remain as an independent research and publishing firm. Initially, nine appraisers with seniors housing and healthcare experience have joined together. Appraisers and other team members will be located in Stamford, Conn.; Tampa, Fla.; Denver; Phoenix; Atlanta; Portland, Ore.; San Jose, Calif.; and Washington, D.C.
ElderTrust goes public with REIT offering at nearly $97 million Kennett Square, Pa.-based ElderTrust SBI, an assisted living provider, has launched its initial public offering (IPO) at $18 per share for 6.05 million common shares. ElderTrust expects to receive nearly $97 million from the offering. The IPO is being underwritten by New York-based Merrill Lynch & Co.
ASHA announces 1998 executive board members The American Seniors Housing Association (ASHA), based in Washington, D.C., announced its 1998 executive board members during its annual meeting held in January in Boca Raton, Fla.
The ASHA executive board elected Philip J. Downey, vice president of Washington, D.C.-based Marriott Senior Living Services, to serve as chairman, and D. Lee Field, senior vice president of Tacoma, Wash.-based Alternative Living Services, to serve as vice chairman. Also, ASHA announced that David J. Freshwater, CEO of Fountains Retirement Communities located in Tucson, Ariz., has joined its executive board. For further information about ASHA, please call (202) 974-2300.
Associate Editor Randy Henry covers the seniors housing news beat for NREI. He welcomes comments and news items via e-mail to [email protected].