DALLAS — Harbert South Bay has broken ground on The Marianne on Inwood, a 162-unit seniors housing project in Dallas. The site is adjacent to the Highland Park area, and the 294,000-square-foot facility will offer independent living, assisted living and memory care residences. Amenities will include multiple dining venues, indoor and outdoor pools, a gym, hair salon, media lounge and a golf simulator. Project partners include Arcadis (architect), Bozzuto Construction (general contractor) and Momentum Senior Living (operator). Completion is scheduled for 2027.
ISSAQUAH, WASH. — Co-developers PMB and The Springs Living have broken ground on a 225-unit senior living community in Issaquah, roughly 20 miles southeast of Seattle. Makenzie and GBD Architects designed the project, and Exxel Pacific is serving as the general contractor. Harrison Street Asset Management, Huntington National Bank, BOK, MVB, First National Bank Alaska and Northwest Bank are providing financing. Upon completion, The Springs Living at Issaquah Highlands will span 329,250 square feet. Units will include 114 independent living, 84 assisted living and 27 memory care apartments. The community is scheduled to open in late 2028. This marks the second co-development between The Springs Living and PMB.
MAGNOLIA, TEXAS — Berkadia has brokered the sale of Alders Magnolia, a 184-unit active adult complex located roughly 40 miles northwest of Houston. Built in 2021, the property offers amenities such as a pool, spa, theater, fitness center, demonstration kitchen, coffee bar, private wine lockers, a putting green, bocce ball court and a lounge. Aspens Senior Living acquired the community from Capitol Seniors Housing for an undisclosed price. Cody Tremper, Mike Garbers, Ross Sanders and Dave Fasano of Berkadia brokered the deal.
COLLEGE STATION, TEXAS — LifeCare Development is underway on construction of a 117-unit seniors housing project in College Station. The Blake at College Station will offer 73 assisted living units and 44 memory care units, in addition to various culinary- and wellness-themed amenities. Blake Management Group will operate the property. Completion is scheduled for 2028.
DU QUOIN, ILL. — North Arrow Partners, in partnership with Turnstone Development, has closed on the financing and commenced construction on The Blackstone, a 36-unit seniors housing development in Du Quoin, a city in southern Illinois. Located at 1223 S. Washington St., the two-story independent living property will be reserved for seniors age 55 and up. Amenities will include a garden and fitness center. The Illinois Housing Development Authority, Hudson Capital and Associated Bank are providing financing and support.
LYNN, MASS. — MassDevelopment has provided $29 million in tax-exempt bond financing for a 150-unit affordable seniors housing project in Lynn, located northeast of Boston. The financing will support construction of 105 units for the project at 500 Lynnfield St., which is being developed by an affiliate of 2Life Communities. The development will consist of three buildings with 138 one-bedroom units and 12 two-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. Eastern Bank purchased the bond.
HUNTINGTON BEACH, CALIF. — The Bluhm Family Foundation has broken ground on The Marisol, a 214-unit luxury seniors housing project located in Huntington Beach in Southern California. In May, the developer received $252.1 million in bond financing for the project. Upon completion, the community will feature a mix of studio, one- and two-bedroom apartments. Amenities will include a coffee and snack bar, community store, wellness lounge, pool, spa, beauty salon, golf simulator, gym, art studio, craft studio, community room and three courtyards. The opening is scheduled for 2028. Momentum Senior Living will manage the community.
LEAGUE CITY, TEXAS — Berkadia has brokered the sale of Grand Living at Tuscan Lakes, a 186-unit seniors housing property in League City, about 30 miles southeast of Houston. Opened in 2023, the property offers independent living, assisted living and memory care residences. Amenities include a pool, theater, spa, fitness center, library and a lounge. Town Land and Arcole Partners acquired the property from Bow River Capital and Ryan Cos. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia brokered the deal.
NORTH PALM BEACH, FLA. — Blueprint Capital Markets has arranged the refinancing of an assisted living and memory care community located in North Palm Beach in South Florida. Alta Senior Living is the borrower. The property totals 100 units and recently underwent a capital expenditure, operational turnaround and lease-up process. The undisclosed lender has provided a non-recourse bridge-to-HUD loan for an undisclosed amount. Kristen Ahrens, Pat Maloney and Ben Firestone of Blueprint secured the loan on behalf of Alta Senior Living.
DULUTH, GA. — Dominium has acquired Sweetwater Terraces, a 165-unit affordable seniors housing community located in Duluth, a northeast suburb of Atlanta. The property was originally developed in 2008 under the Low-Income Housing Tax Credit (LIHTC) program. Dominium has planned a $9.9 million renovation of the property to include updates to roofing, siding and unit interiors, as well as the clubhouse and amenity spaces. The Plymouth, Minn.-based affordable housing developer and investor plans to preserve the affordability status of Sweetwater Terraces during its ownership period. The four-story residential community comprises studio, one-, two- and three-bedroom apartments ranging in size from 496 to 1,158 square feet, according to Apartments.com. Amenities include a community garden, fitness center, salon and shuffleboard courts.
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