We are interested in developing senior housing. Where do we to start?
There are a number of factors that determine whether senior housing is an appropriate project type to pursue. A quick call or email to a specialist at Marathon Development can quickly determine your best course of action, go ahead and reach out to us!
What would you charge to meet or consult with us?
A high percentage of Marathon’s clients are board-governed organizations. Consequently, Boards of Directors typically have many questions from many different points of view. Marathon will provide two site visits pro bono to discuss the development process, financing options, answer questions, and discuss Marathon’s potential scope of services. The only cost incurred would be reimbursement for travel expenses, if any.
Does Marathon offer on-going management of the completed development?
Marathon does not do third party management, instead, we assist in the selection of a strong management company. Because of our experience we can provide seasoned guidance in finding the appropriate facility operator.
Does Marathon do any development outside of senior housing?
Yes! Marathon will engage in a number of project types on a case by case basis.
Does Marathon have any experience working with not-for-profit organizations?
The majority of Marathon’s development work has been with board governed, not for profit organizations. This includes faith based 501c3, private not for profit 501c3, Housing Authorities, Health Districts, Hospital Districts, and Senior Centers. Marathon has also consulted with several for profit organizations including Emeritus, Life Care Services, Senior Services of America, and Village Concepts.
What is turn-key development?
In short, Marathon Development provides the services needed to bring a project from vision to occupancy. Services to owners typically include:
- Project feasibility
- Assists in creating the project vision
- Creating a pro forma and project estimate
- Identify appropriate financing types
- Procurement of all third-party professionals
- Facilitate and provide team coordination
- Project oversight
- Permitting, and state licensing assistance
- Overall project budget accounting and lender interface
- Managing punch list items, monitor commissioning of new systems and equipment, overall coordination and delivering of a completed project
How do you get paid?
Payment structures vary from project to project. Typically, the ownership base will contribute to the developer fee and/or the lender disburses payment from the construction loan in the same manner as the architect or general contractor would be paid. Lenders generally prefer to have an experienced developer involved to ensure coordination and professional project management.
How long does a project take from the vision to completion?
Senior housing projects can take time. Typically, a project will take 3-5 years to complete with feasibility, design, permitting, construction and lease up stabilization. Project timelines varying by jurisdiction as well as site specific conditions.
- Feasibility Period - 6 months
- Design and Permitting - 9-18 months
- Construction - 12-18 months
- Occupancy (Stabilization) - 18-24 months
How much does it cost to develop a senior community?
The per unit cost varies by location and funding source. Call us for details.
Example of Expenses to Consider:
- Land cost
- Soft costs (permitting, design, financing, nurse call systems, etc.)
- Hard costs (vertical construction, landscaping, etc.)
Why should we select Marathon over other companies to handle our project?
Marathon specializes in long-term care and senior housing. Having experienced many of the difficulties that come with senior housing on a personal level, Marathon’s staff has a true passion for what we do and it reflects in our work. We are a one-stop-shop alleviating the need for sourcing additional outside professionals resulting in a seamless, simplified process for the client. We are based in the Pacific Northwest but travel nationally. Our strong network of professionals have successfully honed their skills on projects of this type. We clearly understand Board governance and appreciate the time and decision processes involved. Our track record is full of satisfied clients and references are eagerly shared with potential clients. We strive to bring our client’s mission, vision, and goals to reality.