FAIRBANKS, ALASKA — Live Oak Bank has provided a $15 million construction loan for owner-operator Frontier Partners LLC to support the development of a 68-unit assisted living community in Fairbanks. The community will consist of 50,680 square feet and will be situated on 7.8 acres. The debt was structured into two loans utilizing the SBA 504 program. The interim construction loan will be held by Live Oak Bank in the amount of $10.2 million, and the second bridge loan prior to the 504 Debenture will be in the amount of $4.8 million.
GLEN MILLS, PA. — Erickson Senior Living has completed Evergreen Pointe, an expansion at Maris Grove, a continuing care retirement community (CCRC) in the western Philadelphia suburb of Glen Mills. The project, which is part of a multi-year plan to grow and renovate the CCRC, added a 76,000-square-foot assisted living building to the property. In addition to its continuing care neighborhood, Maris Grove has three independent living neighborhoods, with more than 1,200 independent living apartments on an 87-acre campus. Evergreen Pointe’s designer was architectural firm SFCS.
HOLBROOK, MASS. — Port One Cos. and Tiderock Cos. have formed a partnership to develop a 410-unit seniors housing community on a 48-acre parcel in Holbrook, approximately 15 miles south of Boston. The estimated budget for this project is $190 million. The developers are under contract to acquire the site for $19 million. Tiderock will provide operational support and oversight including but not limited to project management, marketing, budgeting, product mix and review of and negotiations for limited partner equity and debt. Further details on the project were not disclosed.
NOBLESVILLE, IND. — Capitol Seniors Housing has broken ground on The Outlook at Hamilton Town Center, a 164-unit active adult community in Noblesville near Indianapolis. The 145,000-square-foot, four-story community will serve residents aged 55 and older. The property will be situated adjacent to Hamilton Town Center, an outdoor shopping, dining and entertainment destination. Amenities will include a pool, clubhouse, library, theater and fitness studio. Element Architects and Core Construction make up the project team. Completion is slated for early 2023.
MARBLEHEAD, MASS. — Callahan Construction Managers has broken ground on The Mariner, a seniors housing project in Marblehead, located in the southern coastal part of the state, that will house 61 assisted living units and 26 memory care units. The Northbridge Cos., in partnership with Heather Cairns, Michael Lafayette and Philip Helmes, a local development team, is developing the building. EGA is serving as the project architect. The Mariner will feature a full-service restaurant, private dining, lounge, café, living rooms, beauty salon, health and wellness room, library and a movie theater. Completion is slated for February 2023.
FORT WORTH, TEXAS — Developer and operator Tradition Senior Living has begun construction on a 309-unit facility within the 270-acre Clearfork mixed-use development in Fort Worth. The Tradition-Clearfork will offer independent living, memory care and assisted living services. The property’s 214 independent living residences and 95 acute and memory care units will be available in one- and two-bedroom formats and will range in size from 880 to 2,200 square feet. Residents will have access to 24-hour concierge and valet services, secure parking and transportation options. Common areas will include lounges, card rooms, a movie theater, fitness center, pool and other spaces for daily social activities and wellness programs. Completion is slated for summer 2023.
FOUNTAIN HILLS, ARIZ. — Focus Healthcare Partners and Life Care Services (LCS) have acquired Fountain View Village, a senior living community in Fountain Hills, a suburb of Phoenix. LCS will operate the community following the acquisition. Fountain View Village consists of 90 independent living units, 68 assisted living units, 45 memory care units and 48 units within its dedicated health center.
NEWTON, MASS. — MassHousing has provided $23.5 million in financing for the expansion of Golda Meir House in the western Boston suburb of Newton. The project will expand the existing 199-unit affordable seniors housing property, adding 68 new apartment homes that will be reserved for renters at various income levels that fall below the area median income. The capital stack includes $17 million in Low-Income Housing Tax Credit equity allocated by the Massachusetts Department of Housing & Community Development, as well as various other subsidies. The borrower and developer is 2Life Communities. Prellwitz Chilinski Associates is the project architect, and Colantonio Inc. is the general contractor. Construction is expected to be complete in spring 2023. Golda Meir House was originally built between 1978 and 1995 and was renovated in 2018.
NORTHBRIDGE, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing campus featuring 154 skilled nursing beds and 26 assisted living units in the Worcester suburb of Northbridge. The community, which was not named, was built in 1970 on 13 acres. It totals 93,000 square feet following expansions in 1995 and 2005. Owner-operator Salmon Health and Retirement sold the property as a non-core community in its portfolio. A Massachusetts-based investor acquired the asset for an undisclosed price.
NORTH KINGSTON, R.I. — New Jersey-based investment firm Tryko Partners has purchased Scalabrini Villa, a 120-bed skilled nursing facility in North Kingston, about 25 miles south of Providence. The property opened in 1994 at a site along Narragansett Bay and consists of 60 two-bed units. The seller and sales price were not disclosed. Tryko Partners plans to make capital improvements to the facility, which offers memory care, long-term and sub-acute care services.