CHICAGO — Canyon Partners Real Estate has provided a $47 million senior loan for the refinancing of American House Oak Park, a 174-unit seniors housing community in the Oak Park neighborhood of Chicago. A joint venture between affiliates of AEW Capital Management and REDICO was the borrower. The property comprises 74 independent living, 65 assisted living and 35 memory care units. Amenities at the community include a rooftop lounge, roof terraces, fitness options, a salon, game room, art studio and theater. Newmark facilitated the financing.
NAPLES, FLA. — McDowell Housing Partners (MHP) has completed the construction of Ekos Cadenza, a 160-unit affordable seniors housing community in Naples. This marks MHP’s second phase of development at the site. The first phase, which also comprises 160 units of affordable housing for seniors, opened in October 2024. Totaling five stories, Ekos Cadenza features studio, one- and two-bedroom residences ranging from 527 to 1,007 square feet. Amenities include a swimming pool, wet bar, fitness center, game room, media center, pickleball court and clubhouse. The Healthcare Network of Southwest Florida will provide onsite healthcare services to residents, with Collier County administering a daily meal program. Nineteen apartments will be reserved for seniors earning at or below 30 percent of the area median income (AMI), and 119 units will be reserved for seniors earning at or below 60 percent of AMI. Monthly rents will range from $529 to $1,406.
EVANSTON, ILL. — PGIM Real Estate has provided $50 million in floating-rate financing for Trulee Evanston, a 160-unit senior living community located in Evanston, roughly 13 miles north of downtown Chicago. Trace Wilson of PGIM Real Estate led financing efforts on behalf of the borrowers, AEW Capital Management and Solera Senior Living. The nine-story complex features contemporary architecture, technology and a variety of outdoor spaces, as well as independent living, assisted living and memory care services. Amenities at Trulee Evanston include an outdoor deck, bar, fire pit, hair salon and a fitness center.
WALNUT CREEK, CALIF. — Continuing Life LLC is currently underway on the development of The Glen at Heather Farm, a new seniors housing community in Walnut Creek. Upon completion, the property will total 354 units in the form of both apartments and single-story homes. In addition to independent living, the community will offer assisted living and memory care services, as well as long-term care options at an adjacent health center. Amenities at the property will include multiple dining venues, a health spa, aquatic center, theaters and pickleball and tennis courts. The Glen at Heather Farm is scheduled to open in late 2027 or early 2028.
DENVER — Headwaters Group, a Denver-based real estate owner and developer, has launched a new active adult brand. Dubbed Aspendale, the brand will serve residents age 55 and older at a portfolio of communities across Colorado and the western United States. The current Aspendale portfolio comprises four communities scheduled to open between late 2025 and mid-2026. Located in Centennial, Colo., Aspendale Centennial will total 200,000 square feet and 172 apartments. Now leasing, the property is scheduled to open in late 2025. Aspendale Northglenn in Northglenn, Colo., is also currently leasing and totals 172 units. The property will open in early 2026 and will include an 8,800-square-foot clubhouse. Aspendale Littleton in Littleton, Colo., is scheduled for completion in mid-2026, with leasing scheduled to begin this fall. Upon completion, the property will feature 190 apartments and a two-story, 10,000-square-foot clubhouse. In Scottsdale, Ariz., Aspendale Scottsdale is scheduled to begin move-ins in October 2026. In addition to 161 apartment units, the community will feature 10 single-story duplex cottages. Amenities at Aspendale communities include fitness centers, outdoor turf areas, art studios, card rooms, swimming pools, dining courtyards and dog parks.
PLAINFIELD, N.J. — Regional owner-operator WinnCos. will undertake an affordable seniors housing renovation project in the Northern New Jersey community of Plainfield. Designed by New Jersey-based Inglese Architecture & Engineering, the project will modernize the 225-unit Richmond Towers and the 128-unit Joanne Hollis Gardens complexes and preserve the properties’ status as affordable for residents earning 30 percent or less of the area median income. Richmond Towers was built more than 50 years ago and features two 12-story towers housing 135 studio apartments and 90 one-bedroom apartments. Built in 1954 as West End Gardens, Joanne Hollis Gardens was rededicated in 2015 to posthumously honor the longtime resident who served as Plainfield housing commissioner and city councilwoman. The two-story, garden-style complex offers 16 one-bedroom, 66 two-bedroom, 32 three-bedroom and 14 four-bedroom apartments. WinnCos. is developing the project in partnership with the Housing Authority of Plainfield.
SHERWOOD, ORE. — BMO Healthcare’s Real Estate Finance group has provided a $41 million loan for the acquisition of The Ackerly at Sherwood, a senior living community located in Sherwood, roughly 15 miles southwest of Portland. A joint venture between an institutional investor and Merrill Gardens is the borrower. Merrill Gardens will manage and operate the property. The Ackerly at Sherwood totals 130 units with independent living, assisted living and memory care residences. Based in Seattle, Merrill Gardens manages more than 60 seniors housing communities across 20 states.
DALLAS — The evolution of active adult product is in the third inning of a nine-inning game, but some markets are clearly ahead of the curve, says Zach Crowe, managing director of U.S. real estate for private equity giant The Carlyle Group. “There are markets like Dallas, Las Vegas and Denver that have had active adult for 20 years at this point, and the product is well known. The consumer understands what it is. There are other markets with very few properties, and people have no idea what it is. It’s still incredibly early [in the game],” reports Crowe, who is based in Washington, D.C., and focuses on real estate investment opportunities in multifamily, 55+ housing and medical office properties. 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. The insights from Crowe came during the CEO panel at the fifth annual InterFace Active Adult conference. The daylong conference, which took place May 7 at The Westin Los Colinas in Dallas, attracted more than 300 industry professionals. Moderated by Ryan Maconachy, vice chairman of health and alternative assets for Newmark, the …
MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has completed Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The property spans 133,675 square feet and features one- and two-bedroom units with an average size of 500 square feet, as well as an array of entertainment- and wellness-based amenities. H2M Architects + Engineers designed the project, and McAlpine Contracting handled construction. Work on the project began in January 2023.
LOS ANGELES — Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences.