Craig International and Mad Mag Development recently announced the purchase of 24 acres in Craig Ranch to develop a resort-style senior living project. Tuscarora at Craig Ranch will be a full-service Continuing Care Retirement Community (CCRC) in Collin County that offers senior living services from independent to assisted living. Tuscarora will primarily focus on independent living with 165 apartments and 24 villas and will have an onsite healthcare facility, which will include assisted living, skilled nursing, rehabilitation and memory care units.
Construction is scheduled to begin on phase one of the project in the first quarter of 2011 and includes the healthcare center, assisted living, skilled nursing and rehabilitation facilities. Pre-sales for the 24 independent living villas will begin this summer with an estimated completion date of 2012.
“We are proud to officially welcome Tuscarora to Craig Ranch,” said David Craig, Founder and developer of Craig Ranch. “We’ve been working to finalize this deal for two years. In an environment where projects are being scrutinized more than ever, it is a real testament to our team and Tuscarora that we made it over the finish line in this economy. I especially applaud the perseverance that Jeff Yates showed in making this deal come together.”
Are you working to live or living to work? Maybe a little bit of both for employees over 60 years old. A new survey shows that more the 70% of workers over the age of 60 are putting off their retirement because they cannot afford to retire. The CareerBuilder survey, conducted with over 700 workers over the age sixty, found that financial reasons were not the only criteria for putting off retirement. Other reasons cited were:
- Enjoyment of job and job location (71 percent)
- Need health insurance and other benefits provided by their current employer (50 percent)
- Fear retirement may be boring (24 percent)
- Enjoy feeling needed (15 percent)
"The economy continues to cast doubt in the minds of mature workers regarding executing on their future retirement plans. As a result, they are requesting to stay with employers a bit longer," said Jason Ferrara, senior career adviser at CareerBuilder. "Twenty-seven percent of hiring managers say they were approached about postponing retirements last year and were open to retaining mature workers. The key is to let your employer know sooner than later that you would like to put off your plans to leave."
National Health Investors, Inc.(NYSE:NHI) announced new investments totaling $7.2 million that include a purchase/leaseback of a 24-unit assisted living and memory care facility in Minnesota with Suite Living Senior Specialty Services (formerly known as Comforts of Home) for $4.2 million and the origination of a $3.0 million second mortgage secured by interests in three skilled nursing facilities in Texas totaling 311 beds as part of a bridge to HUD financing for the borrower. The investments were funded with borrowings from NHI’s revolving credit facility and bring NHI’s total transaction volume to date in 2010 to $103.9 million.
The Suite Living facility is six years old and leased for a term of 15 years at an initial lease payment of $420,000 plus annual fixed escalators. The purchase/leaseback transaction brings the total recent transactions with Suite Living to $21.4 million, including four assisted and memory care facilities totaling 126 beds and a total initial lease payment of $2,140,000 plus annual fixed escalators. The $3.0 million second mortgage includes a term of five years, a fixed interest rate of fourteen percent and a one percent origination fee.
Justin Hutchens, NHI President and COO, noted, "We are pleased to continue diversifying and expanding our portfolio with this additional transaction with Suite Living and an attractive mortgage investment in Texas. Both investments are backed by strong operators with good locations and were sourced by our in-house team."
Senators Herb Kohl (D-WI), Bob Casey (D-PA), Claire McCaskill (D-MO), and Al Franken (D-MN), all members of the Senate Special Committee on Aging, are hailing a provision included in the Restoring American Financial Stability Act to protect older Americans from fraud at the hands of unscrupulous financial advisors. The provision, included in the bill introduced by Senator Chris Dodd (D-CT), is based on S. 1661, the Senior Investor Protection Act, which calls for the creation of a new grant program to assist states in their efforts to protect seniors from misleading financial advisor designations. The U.S. House of Representatives included similar provisions in H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009.
“Many of the professions in which consumers place their greatest trust, such as lawyers, doctors, and CPAs, cannot offer their professional services without certain standardized credentials. Seniors should not have to worry that the title after their financial advisor’s name is scarcely more than a marketing ploy, and that it was not earned through sufficiently rigorous financial education or training,” said Senator Kohl, chairman of the Special Committee on Aging. “Currently, there is no nationwide standard governing the fiduciary responsibilities of financial planners. I will continue to work with Chairman Dodd in the coming weeks to enhance consumer protection and increase the accountability and oversight of this profession as part of regulatory reform.”
For more information, visit the Special Committee on Aging
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