New builds are becoming increasingly rare in the skilled nursing space, and with material costs rising and inflation only going up it’s easy to see why. Prices for mid-level skilled nursing projects rose to between $260 and $306 per square foot during the spring of 2022 – up from between $252 and $295 per square […]
The Weitz Company
With most states operating under certificate of need (CON) laws and access to capital scarce for skilled nursing providers, new construction isn’t expected to pick up for skilled nursing until greater strides are made in COVID-19 recovery for the sector. While there has been some momentum with federally and state-backed projects, primarily through the U.S. […]
Operators across the senior living spectrum expect construction lending to pick up after seeing it slowed during the pandemic, with nearly half, 41% of respondents, reporting that they think their development pipelines will increase. Though it was not immediately clear how skilled nursing executives specifically responded to how development might grow, the National Investment Center […]
Optimism is growing for construction to pick back up as lumber costs have declined following a peak in May, according to the summer 2021 senior living construction costs report from construction firm The Weitz Company. “We saw projects drop off at the beginning of the pandemic when everybody was in panic mode and shutdown, but […]
Among properties in the senior housing and care space, skilled nursing facilities tend to be the oldest, with new construction largely constrained to higher-end rehab facilities — sometimes called “medical resorts.” While rehab continues to drive new development in the nursing home space, Skilled Nursing News found a variety of unique projects across the country, […]
Berkadia announced its involvement in a $76.8 million portfolio deal that saw a nursing facility operator take ownership of nine buildings it had leased since 2004. The New York City-based lender’s Seniors Housing & Healthcare Group extended the financing for an affiliate of an unnamed Tennessee-based owner-operator of skilled nursing facilities. The nine properties — […]
The cost to build a new skilled nursing facility crept up by a little under 3% from last summer amid tariffs and other pressures. A typical mid-level skilled nursing facility will cost between $207 and $242 per square foot to build new, according to the winter 2019 senior living construction report from Iowa-based general contractor […]
A tight labor market has continued to drive up construction costs for skilled nursing facilities — and that’s before accounting for the potential effects of disruptive new tariffs from the Trump administration. The cost to build a “high-level” SNF rose from $317 per square foot last winter to $326 this summer, according to the most […]
The cost of building new skilled nursing communities continues to rise due to labor shortages and a significant increase in the price of lumber. Lumber prices increased 13% mostly due to the number of hurricanes and concerns over tariffs imposed on Canadian lumber, according to the winter 2018 report from construction firm The Weitz Company. […]
Subscribe
Receive industry updates and breaking news from SNN.