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Seniors Housing News

Senior Campus Living continues East Coast expansion Baltimore-based Senior Campus Living (SCL), a premier developer of "campus style" retirement communities, announced ground breakings for two new facilities and ongoing site-acquisition work in the Northeast.

Last fall, SCL opened Seabrook Village in Tinton Falls, N.J., and Greenspring Village in Springfield, Va. This spring, SCL will break ground on Brooksby Village in Peabody, Mass., and Riderwood Village in Silver Spring, Md., both of which will be home to more than 2,100 retirees.

Site acquisition continues in New York, New Jersey and Pennsylvania, and the company plans to build at least two new communities per year during the next five years. By then, SCL expects to have a total of 20,000 retirees living in SCL communities.

In addition to an on-site medical center and assisted living care, the campus style communities feature educational programs, cultural and religious events, aerobics classes, wellness programs, beauty shops, woodshops, theater groups and various hobby clubs. Each community also supports its own closed-circuit television station.

The new community, a project of Deluca Enterprises, features two- and three-bedroom townhomes with vaulted ceilings and loft space.

The community also will feature meeting rooms, a fitness center and a covered, outdoor sitting area.

Hyatt senior living affiliate builds $110 million facility in Florida Classic Residence by Hyatt, the senior living affiliate of Chicago-based Hyatt Corp., will begin a $110 million life care community in Aventura, Fla., in February 2000.

Hyatt will provide upscale housing to more than 400 seniors. The community will feature 295 independent living apartments, 29 one-bedroom assisted living apartments, 16 Alzheimer's/memory support suites and 60 skilled nursing suites.

"The Aventura community will feature many of the same amenities and services that you would expect to find at a Hyatt resort," says Penny Pritzker, founder and president of Classic Residence by Hyatt.

Heritage Pines street addresses come with e-mail addresses Now getting hooked up with the grandchildren is as easy as settling down in a U.S. Home Corp. retirement community.

The Heritage Pines active-adult golf-course community in Pasco County, Fla., will give every home buyer an e-mail address as part of their purchase once the community's 18,500 sq. ft. clubhouse opens in April. Retirees will be able to enjoy free Internet access via the clubhouse's computer center.

The 650-acre community will have more than 1,400 single and multifamily homes once build out is completed during the next seven years. The residences range in size from 1,400 sq. ft. to more than 2,300 sq. ft. and are priced from $90,000 to $180,000.

ILM Senior Living Inc. to merge with Capital Senior Living Corp. Boston-based ILM Senior Living Inc. (ILM I) has agreed to merge with Capital Senior Living Corp. Under the agreement, ILM I will become a wholly owned subsidiary of Capital.

The aggregate value of the consideration to be paid in the merger to ILM I shareholders is $95.8 million and will consist of 65% cash and 35% convertible preferred equity securities issued by a newly established grantor trust and wholly owned subsidiary of Capital.

ILM I, with ILM II and affiliates, owns 13 senior living communities in nine states with approximately 1,900 units. Officials say there will be no disruption of services at the property level.

"We believe that this strategic merger provides our shareholders with an opportunity both for liquidity and the ability to participate in the potential growth of the senior living industry," says J. William Sharman Jr., chairman and CEO of ILMI.

The National Investment Center for the Seniors Housing and Care Industries (NIC) has created a reference sheet of Key Valuation Benchmarks for lenders and investors to evaluate seniors housing properties.

The benchmarks include: operating margins; how earnings are defined; the time period used to determine earnings; capitalization rates; and debt-service coverage ratios for seniors apartments with no services, rental congregate projects, assisted living, free-standing Alzheimer's/dementia units and nursing homes. NIC compiled the benchmarks from their annual Lender and Investor Survey. The Key Evaluation Benchmarks are posted on NIC's Website at

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