Financing for continuing care retirement communities is making a comeback, says Senior Housing News. To illustrate this point, it features the hard-hit Florida market and the success that SantaFe Senior Living has enjoyed with the financing of new development in Bonita Springs and redevelopment of a campus in Cutler Bay.
The Cutler Bay project — East Ridge — makes a particularly representative example. Working with Greystone and Ziegler, SantaFe Senior Living and its board came to the cusp of financing redevelopment of East Ridge in 2010. Economic challenges forced SantaFe to delay those plans, though. Four years later, in a stronger economy, redevelopment of East Ridge finally moved forward with a $68.95 million financing and strong marketing results.
Read more about Florida’s senior living market and SantaFe’s success, including quotes from Greystone’s Roger Randall. See early photos of East Ridge’s redevelopment in the gallery below.