HALETHORPE, MD. — Enterprise has opened The Greens at English Consul, a $14.6 million seniors housing community located at 4120 Oak Road in Halethorpe in Baltimore County. The property features 72 one-bedroom and 18 two-bedroom apartments affordable for seniors earning up to 60 percent of the area’s median income. In addition to developer Enterprise, the design team includes architect Grimm + Parker and general contractor The Whiting-Turner Contracting Co. The development includes a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness center. Bank of America provided construction financing for the project. Financing also came via government funds, a grant, bond, construction loan and developer equity.
Seniors Housing
KLAMATH FALLAS, ORE. — NorthMarq Capital has arranged a $14.5 million bridge/construction loan for the expansion of Quail Park at Crystal Terrace, a seniors housing property in the south Oregon city of Klamath Falls, which is situated about 20 miles north of the California state border. The facility, which provides both independent and assisted living services, currently consists of one three-story, 67-unit building and 20 one-story cottages. The expansion will include a 24-unit, 36-bed memory care facility to be developed on an adjacent parcel. Stuart Oswald of NorthMarq originated the four-year loan, which includes a 25-year amortization schedule and reflects a 75 percent loan-to-value ratio. A non-recourse bridge lender supplied the financing.
BOCA RATON, FLA. — HJ Sims has raised roughly $214 million for a start-up continuing care retirement community (CCRC) in Boca Raton known as Sinai Residences of Boca Raton. The property is located on the campus of the Jewish Federation of South Palm Beach County. The resort-style CCRC features 237 independent living units, 48 assisted living units, 24 memory care units and 60 skilled nursing suites. Federation CCRC Operations Corp. is the property’s developer, owner and manager. HJ Sims structured $120.7 million of tax-exempt fixed-rate bonds, $69 million of Entrance Fee Principal Redemption Bonds and $24.1 million of Draw Down Bonds. Sinai Residences of Boca Raton is slated to open in 2015. The project team includes development and marketing consultant Greenbrier Development, manager Life Care Services and architect Perkins Eastman.
BULLHEAD CITY, ARIZ. — Joshua Springs, a 95,300-square-foot assisted-living facility, has broken ground in Bullhead City. The $18-million project will be located at 2995 Desert Sky Blvd. within the Fox Creek master-planned development. Bullhead City is just north of Lake Havasu. The facility will include 74 assisted-living apartments and 30 apartments for memory care residents. It will also feature a bistro, hair salon/barber shop, theatre, spa and exercise room, billiards room, card and game rooms and a library. Construction should be complete next summer. Joshua Springs will sit adjacent to a five-acre medical office complex development. The planned project will be anchored by five 7,500-square-foot medical office buildings targeting medical/physician practices and health-related service providers. The developer, Brookfield Communities, sold the land for Joshua Springs in 2012 to Link Development, a developer that specializes in assisted-living facilities. The new project will be managed and operated by Milestone Retirement Communities.
MONROE TOWNSHIP, N.J. — Walker & Dunlop has provided $14.5 million in bridge financing through the company’s interim loan program to AFC Forsgate Owner LLC. The borrower, which is a joint venture between Artemis Real Estate Partners, Focus Healthcare Partners and Chelsea Senior Living, plans use the loan to refinance Chelsea at Forsgate. Located in Monroe Township, the 120-unit assisted living facility was originally constructed in 1996 and purchased by the borrower in February 2013. Since acquisition, the borrower has made capital improvements to the property and plans additional improvements. John Pantone and Jim Cope led the Walker & Dunlop team that structured the three-year, interest-only, cash-out transaction.
WASHINGTON, D.C. — Roadside Development LLC and Dantes Partners have opened Hodge on 7th, a 90-unit, $28 million seniors housing apartment community located in the City Market at O project in Washington, D.C.’s Shaw neighborhood. The City Market at O is 1 million-square-foot urban infill project that features 90,000 square feet of retail, 650 multifamily units, a 182-room Cambria Suites Hotel that opened last week and a 500-car parking garage. The new LEED Silver-certified Hodge on 7th is available for senior citizens older than 55 years old and earning 60 percent or less of the area median income. The project is one of four residential buildings coming to the Shaw neighborhood. According to Roadside Development, the new seniors housing community employs more than 100 people.
READING, MASS. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.6 million in senior financing and joint venture equity capital for LCB Senior Living’s acquisition of a seniors housing property in Reading. M&T Bank provided $13.5 million in acquisition financing, and Virtus Real Estate Capital provided the joint venture equity. LCB plans to rebrand the newly acquired property as The Residence at Pearl Street. The 86-unit assisted living community is situated in a former school building that was converted into seniors housing in 1997 by the previous owner. LCB plans to convert the first-floor units into memory-care units and continue to rehabilitate the property. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Stuart Kim of Cushman & Wakefield arranged the financing on behalf of LCB Senior Living.
NEW BRITAIN, CONN. — Pennrose has opened The Jefferson, a $14 million affordable senior apartment complex in New Britain. The three-story building offers 70 units featuring spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms. Additionally, eight of the units are handicapped-accessible and all units have 24-hour emergency call systems in the bedrooms and bathrooms. The age-restricted community also features a community room, fitness center, outdoor patio with picnic area and on-site laundry facilities. Pennrose Properties LLC developed the property in partnership with The Housing Authority of the City of New Britain, and Pennrose Management Company manages the community.
WOODSTOCK, GA. — The LaSalle Group has opened Autumn Leaves of Towne Lake, a 28,000-square-foot, $9.8 million memory care facility at 1962 Eagle Drive in Woodstock, about 30 miles north of Atlanta. The facility will serve residents with Alzheimer’s, dementia and memory impairment. Each unit will feature the Vigil System, a motion sensor program. This project is the first freestanding memory care facility in Woodstock, according to Susan Tidwell of Autumn Leaves of Towne Lake.
PLANO, TEXAS — Mainstreet, Greenbrier Development LLC and Adolfson & Peterson Construction have commenced construction of a new 100-unit, 66,500-square-foot seniors housing property in Plano. Designed by PRDG Architecture, the two-story facility will feature a community room, movie theater, salon, fitness center, game room, spa and four different dining venues. Ninety percent of the community’s apartments will be one-bedroom, private-bath residences. Indiana-based Mainstreet and Dallas-based Greenbrier are partnering on the development, while Adolfson & Peterson Construction is serving as general contractor. The Ensign Group will operate the soon-to-be-named property upon its completion in the first quarter of 2015.