Seniors Housing

Ridge Care Senior Living Secures $11.3M Construction Loan for Community on South Carolina Coast

by Camren Skelton September 7, 2017

PAWLEYS ISLAND, S.C. — Ridge Care Senior Living has secured an $11.3 million construction loan for the development of Arbor Landing at Pawleys, a 100-unit seniors housing community in Pawleys Island. SunTrust Bank provided the financing for the project. The new community will feature 60 assisted living and 40 memory care units and is expected to create roughly 70 new jobs in the Pawleys Island region. The project marks Ridge Care Senior Living’s entry into the South Carolina market. The Kernersville, N.C.-based company services more than 850 residents in 13 independent living, assisted living and memory care communities throughout North Carolina and West Virginia. Arbor Landing at Pawleys is slated for completion in summer 2018.

September 7, 2017

Multifamily Seniors Housing Southeast Virginia

Humanities Foundation, James Doran Break Ground on $16M Seniors Housing Community in Virginia

by Camren Skelton September 6, 2017

SPOTSYLVANIA, VA. — Humanities Foundation, in conjunction with James Doran Co., has broken ground on Keswick Senior Apartments, a 100-unit seniors housing community in Spotsylvania. The $16 million development is located within Keswick, a residential community under development by Jarrell Properties Inc. Located at the intersection of Lake Anna Parkway and Old Robert E. Lee Drive, the community will include 700 townhomes, single-family homes and apartments. Keswick Senior Apartments will features a security system, a community space with a meeting area, business center, exercise room, laundry facility, gazebo and a garden area. The project is being built utilizing Low Income Housing Tax Credits administered by the Virginia Housing and Development Authority. Citi Community Capital provided construction financing for the project with Boston Capital as the syndicator. The project team includes architect Martin Riley Associates, civil engineer Webb & Associates and land broker Coldwell Banker Elite/Coldwell Banker Commercial.

September 6, 2017

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive Top Stories

Smart Seniors Housing Design Can Offset Development Expenses, Says InterFace Panel

by John Nelson September 5, 2017

With construction costs rising and the supply of talented staff diminishing, doing business has never been more expensive for seniors housing developers. As such, both developers and operators are seeking new ways to save money. Increasingly, these groups are considering the role design plays in their projects, with a particular emphasis on identifying design concepts and elements that save on the bottom line without compromising the property’s sense of livability. A panel of seniors housing developers and operators gathered at the Westin Buckhead Atlanta on Wednesday, Aug. 23 as part of InterFace Seniors Housing Southeast to discuss development trends in today’s market. More than 400 industry professionals attended the conference. Moderator Will Childs, executive vice president of seniors housing for Oracle Healthcare Advisors and based in the firm’s Atlanta office, led the analysis of how construction and labor issues alike are driving developers to think outside the lines. At the most fundamental level, many new designs for seniors housing properties share the goal of repurposing common and outdoor spaces, according to panelist Alan Moise, chief investment officer for Atlanta-based Thrive Development Partners. “Overall pricing for development projects in the Southeast and mid-Atlantic is probably up about 6 percent this year,” …

September 5, 2017

California Multifamily Seniors Housing Western

CareTrust, HCP Escape Hurricane Harvey with Little Property Damage, Four Evacuations

by Jeff Shaw September 1, 2017

IRVINE and SAN CLEMENTE, Calif. — Two major healthcare REITs — Irvine-based HCP Inc. (NYSE: HCP) and San Clemente-based CareTrust REIT Inc. (NASDAQ:CTRE) — have separately announced that none of their properties in Texas received any significant damage due to Hurricane Harvey. However, HCP did note that three of its seniors housing communities were evacuated. CareTrust evacuated one property as well. Harvey swept through the country this week, causing major flooding, particularly in the Houston metro. HCP’s preliminary assessment indicates “either no or limited damage due to Hurricane Harvey.” The company did evacuate three seniors housing communities due to some water intrusion. Remediation work has already begun, with re-opening expected in a few days. HCP also noted that all damage to its properties will be covered by insurance. “Our thoughts go out to the many people impacted by this devastating storm,” commented Tom Herzog, HCP’s president and CEO. “Brookdale and our other operating partners, along with our on-site teams, were well-prepared and continue to work diligently to ensure the safety of our residents and tenants.” CareTrust reported that its seven properties in the area experienced no damage, but did evacuate The Courtyard Rehabilitation and Healthcare Center in Victoria, Texas, due …

September 1, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Presbyterian Senior Living Completes 41-Unit Expansion in Pennsylvania

by Jeff Shaw August 31, 2017

HOLLIDAYSBURG, PA. — Presbyterian Senior Living recently held a dedication for Inglenook at Presbyterian Village, a 41-unit expansion at Presbyterian Village at Hollidaysburg, approximately 90 miles east of Pittsburgh. The new building will add to the property’s existing 31 independent living, 43 assisted living and 67 skilled nursing units. Albarano Construction began work on the property in January 2016.

August 31, 2017

California Multifamily Seniors Housing Western

C.W. Driver Completes $120M, 199-Unit CCRC in Los Angeles

by Nellie Day August 30, 2017

LOS ANGELES — C.W. Driver Cos. has completed construction of Fountainview at Gonda West, a luxury continuing care retirement community in Los Angeles’ Playa Vista neighborhood. The 460,000-square-foot property features 199 units that incorporate independent living and assisted living with healthcare services. Development costs were estimated at $120 million. Gensler designed the project for Jewish Home for the Aging, while The Los Angeles Jewish home will be the sponsor. The property is already fully pre-leased and includes a 257-space underground parking garage. C.W. Driver is a builder serving California since 1919. The company has already built several seniors housing campuses in the Los Angeles area for Jewish Home for the Aging.

August 30, 2017

Loans Multifamily Seniors Housing Texas

Revere Capital Provides $9M Financing for 169-Bed Skilled Nursing Facility in Dallas

by Taylor Williams August 30, 2017

DALLAS — Revere Capital has provided $9 million in short-term financing for a 169-bed skilled nursing facility located in the Rowlett suburb of Dallas. The property, which was damaged in a 2015 tornado, was recently remodeled and rebuilt. Revere Capital provided a 24-month financing package, which will be replaced by HUD funds upon stabilization of the property.

August 30, 2017

Massachusetts Multifamily Northeast Seniors Housing

Maplewood to Open 75-Unit CCRC Expansion on Cape Cod

by Jaime Lackey August 29, 2017

WEST YARMOUTH, MASS. — Maplewood Senior Living recently hosted the grand opening for Mill Hill Residence, a Maplewood At Mayflower Place Community. The property offers 75 units of assisted living and memory care in the Cape Cod town of West Yarmouth. The two-story community is located on the former site of the Mill Hill Club. Mill Hill Residence is part of the Maplewood at Mayflower campus, a full-service continuing care retirement community. The architect on the project was Stein Troost Architecture. Maplewood partnered with Perkins Eastman on the interior design, and NEI General Contracting served as the construction partner.

August 29, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Completes $32.1M Refinancing and Modification for CCRC in Pennsylvania

by Jaime Lackey August 29, 2017

TELFORD, PA. — HJ Sims has completed a $32.1 million refinancing of Lutheran Community at Telford (LCT), a continuing care retirement community in Telford, approximately 35 miles north of Philadelphia. The financing enables LCT to reduce interest rates and debt service, extend the duration of the bank credit commitment on its financing, and raise capital to provide $2 million of initial funding for a planned expansion project. Of $35.4 million of total debt, LCT had approximately $19.3 million of outstanding fixed-rate and variable-rate bonds from 2007. With interest rates near historic lows, Sims analyzed refunding this debt along with the potential benefits of refinancing or modifying LCT’s other outstanding bank debt. LCT opted to pursue bank financing for the transaction.

August 29, 2017

California Multifamily Seniors Housing Western

Integrity Housing Opens 84-Unit Affordable Seniors Housing Community in Pomona

by Nellie Day August 28, 2017

POMONA, CALIF. — Integrity Housing has opened Olivera Senior Apartments, an 84-unit affordable seniors housing community in the Los Angeles suburb of Pomona. The property is already fully leased. Residents must be seniors making between 30 percent and 60 percent of the area median income. Five units are reserved for veterans using Veterans Affairs Supportive Housing (VASH) vouchers. Integrity financed Olivera using 9 percent Low Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. US Bank provided the construction loan, California Community Reinvestment Corporation provided the permanent loan and City Real Estate Advisors is the tax credit equity partner. Integrity Housing developed the property in partnership with Mayans Housing Corp. KTGY Architecture + Planning and MJS Landscape Architecture designed the property. FPI Property Management operates the property, and has partnered with EngAGE to provide arts and wellness programming for residents.

August 28, 2017

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