As the credit crisis worsens, many developers are having to turn to non-traditional lenders to finance their projects.  Metro Funding Corp. (MFC), a private asset-based lender, headquartered in Paramus, N.J., recently announced the funding of a $1,300,000 loan for the construction of an assisted living facility in Big Bear, CA. The loan was cross-collateralized with […]

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Want to know what we think are going to be senior housing trends in 2009?  We looked into the magic, crystal ball and here is a preview of 10 topics and issues that may be hot in 2009….we will be addressing these further over the next month or so: 
1.  When will housing prices find a […]

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Last week the CEO of Sunwest Management filed for personal bankruptcy as part of an effort to restructure the company.  The turnaround consulting firm, Hamstreet and Associates of Portland, Ore., took over Sunwest Management and filed the Chapter 11 bankruptcies last week for different entities affiliated with Sunwest Management.  The most interesting part of this […]

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Last month, the board of the New York State Housing Finance Agency (HFA) approved $10.3 million in financing for the construction of Birches at Chambers, a 67-unit affordable senior citizen housing development in the Town of Ulster in Ulster County. The Ulster approval was included in a total package of $64.2 million in funds approved […]

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Will lenders look at senior housing projects that have only sold half of their inventory thus far half empty or half full in 2009?  Crain’s Chicago Business ran an article about foreclosure proceedings on a north shore senior housing project that had sold approximately half its inventory.  The article outlined the history of the project […]

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Mirabella Seattle, a new Continuing Care Retirement Community (CCRC), recently opened ahead of schedule in the South Lake Union neighborhood of Seattle. Mirabella is a 12-story residential community for seniors age 62 and better who want to live in Independent Living apartments and penthouses with views of Seattle. There are also Assisted Living apartments that […]

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