The Industry Today
The seniors’ housing deal factory that churned out record numbers over the past 3 years hasn’t shut down completely, but financing terms have become increasingly difficult as lenders and investors alike retool their expectations amid the credit crunch. Most of the deals that are going through today are getting re-priced downward, and sellers are starting to face that reality. On the other hand, with more discerning residents, longer life expectancies, growing acceptance by consumers and an outdated supply, players will be able to capitalize on the need for quality independent living, assisted living and continuing care retirement communities. Cap rates will rise in the second half of 2008, partly because of the liquidity issues in the capital markets and less aggressive bidding. As a result of that, sales of the higher-end properties that tended to have the lowest cap rates will not be as prevalent as in the past few years.
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