HOLBROOK, MASS. — NEI General Contracting has completed construction of Maple on Franklin, a seniors housing project located about 15 miles south of Boston in Holbrook. NeighborWorks Housing Solutions developed the $18.5 million project, which spans 67,000 square feet and features 72 one-bedroom units for residents age 62 and older. The Narrow Gate served as the architect of the project, which involved the demolition of two existing buildings on the site. More than 500 applications were submitted for the 72 available units.
HONOLULU — EAH Housing has broken ground on Aloha Iā Halewilikō, a 140-unit affordable seniors housing community in the Aiea neighborhood of Honolulu. The City and County of Honolulu are providing the land for the development. Other partners on the $62 million project include Hawai‘i Housing Finance & Development Corp. (HHFDC), the Bank of Hawai‘i and U.S. Bank. The development has been in planning stages for five years and is scheduled for completion in 2025. Located in a residential neighborhood adjacent to ‘Aiea Public Library on the former site of ‘Aiea Sugar Mill, Aloha Iā Halewilikō fulfills a part of the ‘Aiea Town Center Master Plan. The project is within walking distance to public transportation. A total of 13 units will be set aside for households with incomes at or below 30 percent of the area median income (AMI), 75 units for households with incomes at or below 50 percent of AMI, and 51 units for households with incomes at or below 60 percent of AMI. EAH is partnering with Lanakila Pacific, a local nonprofit services organization, which will provide access to its Meals on Wheels program. In Hawai‘i, EAH Housing currently manages 23 properties with over 2,700 units. The …
MORRO BAY, CALIF. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services. Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.
AUGUSTA, STOCKBRIDGE AND EVANS, GA. — Blueprint has arranged the sale of three skilled nursing facilities: Laurel Park at Henry Medical Center in the Atlanta suburb of Stockbridge; Kentwood Extended Care in Augusta; and Westwood Extended Care in the Augusta suburb of Evans. The seller was Piedmont Healthcare Inc., Georgia’s largest nonprofit healthcare system. Through its 2022 affiliation with University Health Care System, two skilled nursing and long-term care facilities serving the greater Augusta market, as well as Piedmont Augusta and Piedmont McDuffie hospitals, became part of the Piedmont system. Westwood is licensed for 149 beds and Kentwood is licensed for 100 beds. The 89-bed Laurel Park facility is situated adjacent to Piedmont’s Henry Hospital and was managed by a third-party operator. The buyer was PruittHealth, a prominent Georgia-based owner/operator and the incumbent manager of Laurel Park. The sales price was not disclosed. The Blueprint team included Michael Segal and Daniel Waldhorn.
SONOMA, CALIF. — Milestone Housing Group will host a grand opening this week for Siesta Senior Apartments, an affordable housing community for seniors in Sonoma. Located on a 2.3-acre site, the three-story community offers 92 one-bedroom units. Housing Trust Silicon Valley, a nonprofit community loan fund, provided financing for the project.
SANDY AND DRAPER, UTAH — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living and memory care communities in Utah. The properties are located just a few miles from each other in the southern Salt Lake City suburbs of Sandy and Draper. The communities were built in 2001 and consist of a total of 140 units. The properties total 35,334 and 53,255 square feet and are situated on approximately 1.5 and 2.1 acres of land. The seller is a private equity group divesting to focus on its core assets. The buyer is a Utah-based private equity group with a Utah-based operator expanding its existing footprint in the state. The price was not disclosed. The new owners plan to invest in capital expenditures and marketing to rejuvenate the communities and enhance their overall performance. Vince Viverito and Jason Punzel of SLIB handled the transaction.
SAN RAMON, CALIF. — Belmont Village Senior Living has completed vertical construction of Belmont Village San Ramon, its fifth seniors housing community in the Bay Area. The property is located within the Bishop Ranch master-planned community, which includes retail, dining and entertainment. Harrison Street Real Estate is the development partner, with Synovus Bank and Cadence Bank providing debt. Belmont Village San Ramon is a six-story, 175,320 square-foot senior living community that is scheduled to open in late 2024. With views of Mount Diablo and surrounding hills, Belmont Village San Ramon offers independent living, assisted living and memory care across 177 units in a variety of studio, one-bedroom and two-bedroom layouts.
CYPRESS, TEXAS — Caldwell Communities has opened Cadence Creek at Towne Lake, a 250-unit active adult complex in Cypress, a northwestern suburb of Houston. The community features one- and two-bedroom apartments that range in size from 760 to 1,230 square feet and cottages that range in size from 900 to 1,200 square feet. Amenities include a pool, fitness center, library, theater room, arts and crafts room, gaming area and a dog park. Rents start at $1,500 per month for a one-bedroom unit.
WAREHAM, MASS. — Pennrose will develop a 93-unit affordable housing project in Wareham, located in southern Massachusetts near the base of Cape Cod. The development will consist of a 49-unit complex with a mix of workforce and affordable apartments and a 44-unit affordable development for seniors aged 62 and older. Units will come in one-, two- and three-bedroom apartments and will be reserved for renters earning between 30 and 100 percent of the area median income. Completion is slated for summer 2024.
BLOOMINGTON, MINN. — Kraus-Anderson has completed a $91.8 million expansion of Friendship Village, a senior living campus located at 8100 Highwood Drive in the Minneapolis suburb of Bloomington. Lifespace Communities owns the property. Designed by SAS Architects and Planners, the 380,294-square-foot project adds a new five-story independent and assisted living building with 93 units. The expansion also includes a new three-story skilled nursing building and a three-story health center with a physical and occupational therapy gym and memory care suites. Services and amenities for assisted living and memory care include 24-hour nursing care, dedicated dining spaces, a fitness center, salon and activity rooms. Extended-stay offerings are three meals per day prepared restaurant-style, 24-hour nursing care, transportation services, a dietitian, social worker and physical, occupational and speech therapists. Rehabilitation services include chef-prepared meals, access to all Friendship Village amenities, physician and nursing care, a social worker, dietitian, salon and therapy services. Construction began in August 2019, and the new expanded spaces are slated to open in November.