The Promote Podcast Reston Peace, Senioritis & A Capstack Crisis
Nov 12, 2025
The discussion dives into the chaotic world of senior housing, highlighting Blackstone's fire sale of a $1.8B portfolio and the challenges operators face. Brooklyn's skyline is at stake as Jonathan Landau attempts to raise funds for a new condo, navigating a complex cap stack amid high local prices. Meanwhile, Boston Properties is making moves, selling off legacy assets to finance high-end developments, positioning themselves for future success. Tune in for insights on these high-stakes real estate maneuvers!
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Senior Housing Is Operationally Layered
- Senior housing mixes apartment, hotel, restaurant and medical layers making operations unusually complex.
- Operators must be specialists because staffing, care levels, and programming drive outcomes and costs.
Getting Residents In Early Pays Off
- Will told a deal story where lowering average entry age by one year hugely improved actuarial returns.
- He compared the payoff timing to pet insurance where big costs occur only near the end.
Big Sellers Create Small-Buyer Opportunities
- When giants like Blackstone decide to exit, they create buying opportunities with steep haircuts for nimble buyers.
- Large sellers prioritize speed and certainty over squeezing extra price from a single asset.