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Seniors Housing

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Affordable HousingDevelopmentMultifamilyNew YorkNortheastSeniors Housing

Foxy Development, Selfhelp Realty Break Ground on $150M Affordable Housing Project in Queens

by Taylor Williams

NEW YORK CITY — A partnership between two local owner-operators, Foxy Development and Selfhelp Realty Group, has broken ground on The Perennial, a $150 million affordable housing project that will be located in the Forest Hills neighborhood of Queens. The project is a conversion of the former Parkway Hospital building, which has been shuttered since 2008. Of the 145 total units, 124 will be senior units, 44 residences within which will be reserved for formerly homeless individuals. The remaining apartments will be family units. All residences will be reserved for households earning 50 percent or less of the area median income. Project partners include architect Newman Design, Cityscape Engineering, Suffolk Construction and MEP engineer Mottola Rini. TD Bank provided construction financing for the project, and The Community Preservation Corp. will provide permanent financing. Construction is expected to be complete in late 2027.

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Affordable HousingDevelopmentGeorgiaSeniors HousingSoutheast

Columbia Residential Completes $35M Redevelopment of Affordable Seniors Housing Community in Atlanta

by John Nelson

ATLANTA — Locally based Columbia Residential, in partnership with Atlanta Housing and other public and private stakeholders, has completed a $35 million redevelopment at Legacy at East Lake in Atlanta. Originally built in the 1970s, the newly reopened property features 149 studio and one-bedroom apartments across eight stories. Units are reserved for residents age 55 and older and households earning at or below 30, 50 and 60 percent of the area median income (AMI). Rents are capped at 30 percent of household income through project-based vouchers. Financing for the redevelopment included $12.4 million in equity from Truist Community Capital via 9 percent low-income housing tax credits (LIHTC) allocated by the Georgia Department of Community Affairs; a $10.5 million construction-to-permanent loan from Atlanta Housing; an $8 million construction loan and $5.6 million permanent mortgage from Truist Bank; $4 million in National Housing Trust Funds from the Georgia Department of Community Affairs; $1 million in housing opportunity bond financing from Invest Atlanta, the City of Atlanta’s economic development agency; a $1 million seller note from Atlanta Housing; and $400,000 in deferred developer fees by Columbia Residential. Dash & Dwell coordinated resident relocations during construction, and a partnership with Matter Health now provides …

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FeaturesSeniors Housing

PulteGroup CEO Emphasizes Importance of Innovation in Active Adult Sector at NIC Conference

by Hayden Spiess

AUSTIN, TEXAS — The Del Webb active adult brand, long associated with Sun Belt markets, is gaining traction in the Midwest, says Ryan Marshall, president and CEO of Atlanta-based PulteGroup Inc. (NYSE: PHM), parent company of Del Webb. But unlike Sun City, Arizona — the pioneering planned retirement community developed by Del Webb starting in 1960 — today’s developments are much smaller in scale. Del Webb Hickory Greens, located about 25 miles southwest of Cleveland in Columbia Township, Ohio, officially opened in March of this year. The 622-home community is spread across 325 acres, where residents age 55 and older can enjoy a variety of resort-style amenities designed to foster an active and social lifestyle.  The centerpiece of the community is a 14,000-square-foot amenity center featuring indoor and outdoor pools, outdoor pickleball courts and a fitness center. Del Webb Hickory Greens also offers year-round social events, walking trails, over 170 acres of green space, a dog park and a community garden. “It’s one of our best-selling active adult Del Webb communities year to date,” says Marshall, noting that the Cleveland market is not traditionally known as a hotspot for retirees. “We’ve probably sold 110 homes [at Del Webb Hickory Greens] since February, which is …

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AcquisitionsConnecticutMultifamilyNortheastSeniors Housing

Benchmark Senior Living, National Development Buy 71-Unit Complex in Newtown, Connecticut

by Taylor Williams

NEWTOWN, CONN. — A partnership between an affiliate of Benchmark Senior Living and National Development has purchased Church Hill Village, a 71-unit seniors housing property in Newtown, located in southern Connecticut’s Fairfield County. The facility offers independent living, assisted living and memory care services. Amenities include several dining venues, a creative studio, entertainment room, hair salon, physical therapy room and a putting green. Webster Bank financed the acquisition. The seller and sales price were not disclosed. The new ownership has rebranded the facility as Benchmark at Newtown.

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Affordable HousingDevelopmentFloridaSeniors HousingSoutheast

National CORE Obtains Funding for Affordable Seniors Housing Development in Gainesville, Florida

by John Nelson

GAINESVILLE, FLA. — KeyBank Community Development Lending and Investment has provided a $13 million construction loan to National CORE, a nonprofit developer, to finance Hawthorne Heights, an 86-unit affordable seniors housing project in Gainesville. KeyBank Commercial Mortgage Group also provided a $6.5 million Freddie Mac permanent loan for the project. National CORE also secured additional funding from Red Stone, which provided Low-Income Housing Tax Credit (LIHTC) equity and bonds from the Florida Housing Finance Corp. The property qualifies for tax abatement, which provides tax exemption for nonprofit-owned properties that commit to using it for providing affordable housing for a minimum of 99 years. Hawthorne Heights will serve seniors age 62 and older, with five units specifically set aside for individuals with special needs. The five-story building will be constructed on a 3-acre site, and, in addition to the special-needs units, will offer three apartments for residents earning no more than 22 percent of the area median income (AMI), nine apartments for households earning up to 40 percent of AMI and 74 apartments for households earning 60 percent or below AMI. Completion of Hawthorne Heights is slated for November 2026, and the lease-up period is expected to begin in August 2026. National …

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FeaturesGeorgiaMultifamilySeniors HousingSoutheastSoutheast Feature Archive

InterFace Panel: Seniors Housing Developers Can Cut Costs by Eliminating ‘Wasted Space’

by Kristin Harlow

ATLANTA — In today’s high-cost environment where obtaining development financing remains tricky, seniors housing builders are focused on cutting expenses — whether it be shrinking spaces or eliminating underutilized amenities altogether. That was the major takeaway from the development panel at the 12th annual InterFace Seniors Housing Southeast conference, which took place at the InterContinental Hotel in Atlanta on Wednesday, Aug. 27. The panel, which was titled “When Will Development Rebound? Outlook & Strategies for 2026,” included Richard Ackerman, managing partner of Big Rock Partners; Joe Jasmon, CEO of American Healthcare Management Group; Tod Petty, chief investment officer of Mainstay Senior Living; Leland Rice, president of QSL Management; Bear Mahon, president and CEO of Oaks Senior Living; and Alan Moise, chief investment officer of Thrive Senior Living. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Moise, the panel’s moderator, kicked off the discussion by asking participants for their definition of “rebound.” For Rice, the answer was a return to a mature market with stabilized assets selling at full price. “For a long time, we had seen …

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Conference CoverageDevelopmentFeaturesSeniors HousingSoutheast

InterFace Panel: Seniors Housing Design Blends Hospitality, Technology for Next Generation of Residents

by Abby Cox

ATLANTA — As the demand for “age appropriate” living solutions continues to rise, seniors housing real estate is evolving rapidly. Modern developments are moving beyond the scope of previous institutional models that are stuck in the past and accelerating forward into physical environments that promote dignity, independence and community for the next generation of residents. The new wave of seniors housing residents are individuals who often have different expectations, lifestyles and needs compared to previous generations when it comes to their housing options. Whether it is a tech-savvy grandmother or a health-conscious grandfather, each generation of seniors finds aspects of life that they value more than their predecessors. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Health and wellness is an especially important component of seniors housing developments coming on line, as today’s older adults are living longer, staying more active and placing significance on quality of life. Connie Wittich, founding principal and CEO of Metropolitan Studio, highlighted that people want to live in beautiful places that focus on mental health and wellness, specifically. “We receive a lot of …

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DevelopmentMultifamilySeniors HousingTexas

Edison Equity, ARCTRUST Break Ground on 165-Unit Active Adult Project in Montgomery, Texas

by Taylor Williams

MONTGOMERY, TEXAS — A joint venture between Dallas-based Edison Equity Management and New Jersey-based ARCTRUST Private Capital has broken ground on a 165-unit active adult project in Montgomery, located north of Houston. Known as Serenova Concierge Communities at Woodforest, the property will offer 133 one- and two-bedroom apartment homes and 32 private villas with attached garages. Amenities will include a pool, fitness center, pickleball court, indoor golf simulator, creative art studio, clubroom, wine room for private events and an onsite restaurant and social bar. The Clerkley Watkins Group is the project architect and will be joined by Kathy Andrews Interiors and general contractor The Brownstone Group as project partners. The first move-ins are expected to begin in late 2026.

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CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

JLL, HJ Sims Secure $80.1M in Tax-Exempt Bond Financing for Sunrise Senior Living Community in Long Beach

by Amy Works

LONG BEACH, CALIF. — JLL Capital Markets and HJ Sims have closed $80.1 million in tax-exempt bond financing for the development of Sunrise of Long Beach, a Sunrise Senior Living community in Long Beach. On behalf of Quality Senior Housing Foundation and Sunrise Senior Living, JLL’s Seniors Housing Capital Markets team, in collaboration with the bond underwriting teams of HJ Sims and JLL Securities, secured financing through California Public Finance Authority Senior Living Revenue Bonds, Series 2025A. Located at 3340 N. Los Coyotes Diagonal, the two-story, 78,227-square-foot community will feature 62 assisted living and 24 memory care apartments across 102 licensed beds. Assisted living accommodations will include generously sized studio layouts with private bathrooms, kitchenettes with refrigerators and individually controlled HVAC systems, while memory care offerings will include both private studios and shared suites designed to accommodate couples or roommate preferences. Community amenities will include a wellness center, multiple dining venues, including a formal dining room and casual bistro, a library, theater room, fitness center, beauty salon and four secure landscaped courtyards. The project team includes Sunrise Development as developer, W.E. O’Neil Construction Co. as general contractor and HPI Architecture providing design services. Construction is slated for completion in first-quarter 2027.

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AcquisitionsKentuckySeniors HousingSoutheast

DMK Development Group Sells Four Seniors Housing Properties in Kentucky for $65.3M

by John Nelson

LOUISVILLE AND LEXINGTON, KY. — DMK Development Group has sold four senior living properties in Kentucky for a total $65.3 million. American Healthcare REIT was the buyer. Located in the Louisville and Lexington metros, the portfolio totals 316 units, with assisted living and memory care residences. Each of the properties was opened between 2020 and 2022. Trilogy Health Services managed the properties through lease-up and stabilization.

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