News
A PEACHTREE BATTLE FOR SENIORS?
April 27, 2011
| Isakson Living is about to go to battle again behind Peachtree Battle shopping center. For financing, that is. |
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| Andy Isakson, who heads up Isakson Living, says his firm plans torestart a $200M senior living project along Peachtree Hills Avenuein Buckhead—this time as a not-for-profit facility. He's one of our keyspeakers at tomorrow's Atlanta Senior Housing Summit at the Westin Buckhead, which includes Arcapita's Laine Kenan, Carlyle Senior Housing's Scott Stewart, Arnall Golden Gregory Partner Hedy Rubinger, Health Care REIT's Steve Blazejewski, and Reznick Capital Markets' Michael Hartman (sign up here). Plans for the mid-rise, 274-unit complex were scuttled in 2008 when the credit markets tanked. While getting financing for new CRE projects is still tough, the designation as a non-profit would give Isakson Living access to tax-exempt bond financing with the aim of restarting the project later this year. Andy (the brother of Sen. Johnny Isakson) says the senior housing industry has been altered by the Great Recession as demand has shifted from lifestyle buyers—younger seniors who want the lifestyle of a mordern senior living community—to those who come in by necessity. |
