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We have two under construction now in California. Both had groundbreaking in Spring 2025. One for 140 units (conventional financing). The other 350 units using nonprofit bond financing that closed in November 2024 (JLL arranged). I have other projects that are taking longer to get financing.
Assuming you are a for profit and just bumped fees to get the most you could out of it? Did you form the non-profit for each project? With it being a newly formed non profit with no credit history, how’s the rate look?
I’m with a third party management company that has had a good track record operating senior living for developers.
Developer found a non-profit that liked the project and the developer sold the entitled site to them and is earning development fees. Interest rate for the project financed in Nov 2024 was a series of bonds tranches at 5.7% - 6.5% rates (the bond investors earn interest that is tax exempt).
That said, nothing is easy.
I'm told a lot is on hold with senior living. There's a ton of demand for the product from a resident standpoint, but there has been a lot of developers running into issues. After Inspired Healthcare blew up a few months ago, lending has been largely on hold while the SEC and lenders work through it.
That’s interesting. I hadn’t heard of that blow up. Thank you.
Almost impossible without a repayment guarantee to a bank. Other option is HUD if you have time to close it (~9-months)
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