Seniors Housing

Associated Bank Provides $29M Construction Loan for Senior Living Development in Bloomington, Minnesota

by Kristin Harlow October 28, 2020

BLOOMINGTON, MINN. — Associated Bank has provided a $29 million loan for the construction of a 133-unit senior living development in Bloomington. Dubbed ThePOINTE Bloomington, the independent living community is the second of a two-phase project on a 7.5-acre site. Phase I, currently under construction, is the 118-unit Cherrywood Pointe community that features assisted living and memory care. ThePOINTE will rise five stories. Amenities will include a pickleball court, outdoor pool, clubhouse, community room, fitness center, kid’s playroom, craft room, business center and rooftop deck. United Properties is the developer. Jim Vitt of Associated Bank handled the loan closing.

October 28, 2020

Connecticut Development Multifamily Northeast Seniors Housing

WinnCos Completes 70-Unit Seniors Housing Redevelopment Project in East Haven, Connecticut

by Taylor Williams October 27, 2020

EAST HAVEN, CONN. — Developer WinnCos. has completed The Tyler, a seniors housing project in East Haven that is a redevelopment of an 84-year-old former high school building. The Tyler offers 70 units for individuals aged 55 and older and amenities such as a fitness center, outdoor courtyard and an arts and crafts room. The property consists of 67 one-bedroom units and three two-bedroom units. Twenty apartments rent at market rates, and 50 others are available for residents who earn 25 percent to 80 percent of the area median income.

October 27, 2020

Development Florida Multifamily Seniors Housing Southeast

Allied Group Plans to Convert Two Retail Properties in Metro Tampa to 154-Unit Seniors Housing Community

by Alex Tostado October 26, 2020

ST. PETERSBURG, FLA. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the properties into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building leased to Ace Hardware. The properties are situated in the Waterfront Skyway Marina District of St. Petersburg, three miles from downtown and one mile from the beach. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing. Allied Group Holdings plans to redevelop the site into an eight-story, 154-unit assisted living facility. Construction is scheduled to begin in first-quarter 2021. Additional retail development will take place along U.S. Highway 19 at the same time. Jack Dougherty of Allied Group Holdings is also the developer of Marina Walk, a $50 million waterfront apartment complex under construction on the site of the former Flamingo Resort across the street from this new project.

October 26, 2020

Development Multifamily Seniors Housing Washington Western

Cadence, Fluornoy Break Ground on 128-Unit Seniors Housing Community Near Seattle

by Amy Works October 26, 2020

KENT, WASH. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that with the ability for an intergenerational experience with the adjacent high school and the fact that there has not been newer, state-of-the-art seniors housing construction in the Kent submarket leads us to believe we have a very special project.” A timeline for completion was not released.

October 26, 2020

Development Multifamily Seniors Housing Southeast Virginia

Joint Venture Breaks Ground on $86M Affordable Seniors Housing Community in Northern Virginia

by Alex Tostado October 23, 2020

RESTON, VA. — A joint venture between Enterprise Community Development (ECD) and Fellowship Square Foundation has broken ground on Lake Anne House, an $86 million affordable seniors housing community in Reston. The property will offer 240 units, with floor plans ranging from studio to two-bedroom layouts. The units will be available to seniors who earn at or below 60 percent of the area median income (AMI). Each resident will pay no more than 30 percent of their income toward their housing costs, including rent and a utility allowance. Communal amenities will include a fitness center, arts and crafts room, social hall, game room and an outdoor terrace. The developers expect to deliver the community in summer 2022. Financing for Lake Anne House comes from $46.5 million in tax-exempt bond financing from Virginia Housing, as well as a $700,000 loan from the Virginia Housing Trust Fund. Enterprise Housing Credit Investments (EHCI) and Capital One provided $21.5 million in Low-Income Housing Tax Credit equity, the Fairfax County Redevelopment and Housing Authority (FCRHA) provided $3 million in Blueprint Funding and EHCI affiliate Enterprise Community Loan Fund provided $7.2 million in bridge financing. Virginia Community Capital provided $1 million in predevelopment financing early in …

October 23, 2020

Acquisitions Iowa Midwest Multifamily Seniors Housing

Essex Purchases 121-Unit Active Adult Community Near Des Moines

by Kristin Harlow October 22, 2020

URBANDALE, IOWA — Essex Communities has purchased The Reserve on Walnut Creek in Urbandale near Des Moines. The 121-unit active adult community is reserved for residents age 55 and older. Essex plans to convert the community from an entrance-fee model to a rental model. It will be rebranded as The Arbordale and undergo a multimillion-dollar renovation. Essex will update apartment interiors and community spaces as well as expand services and amenities. The seller and sales price were undisclosed.

October 22, 2020

California Loans Multifamily Seniors Housing Western

CBRE Arranges $80M Refinancing for Crestavilla Seniors Housing Community in Laguna Niguel, California

by Amy Works October 21, 2020

LAGUNA NIGUEL, CALIF. — CBRE National Senior Housing has arranged an $80 million loan to refinance debt on Crestavilla, a recently built, “ultra-luxury” seniors housing community in Laguna Niguel, located in Orange County. The property features 201 units of independent living, assisted living and memory care on an 11.6-acre site. Atria Senior Living is the operator. Construction began in 2016 and was completed in 2018. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the refinance on behalf of a joint venture between Fremont Realty Capital and Steadfast Senior Living. MF1 Capital provided the three-year, floating-rate bridge loan with full-term interest-only payments.

October 21, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

KeyBank Provides $5M Acquisition Loan for Seniors Housing Apartments in Paterson, New Jersey

by Taylor Williams October 20, 2020

PATERSON, N.J. — KeyBank’s Community Development Lending and Investment (CDLI) team has provided $5 million in acquisition financing for Rosa Parks Apartments, a 50-unit affordable housing property for seniors in Paterson. The borrower was Radiant Property Management LLC, a Newark-based real estate services company that will also manage the property following the acquisition. Eric Steinberg of KeyBank’s CDLI team structured the financing.

October 20, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Kayne Anderson, Watermark, Tishman Speyer Open $330M Seniors Housing Community in Brooklyn

by Taylor Williams October 16, 2020

NEW YORK CITY — A development team consisting of Kayne Anderson Real Estate, Watermark Retirement Communities and Tishman Speyer has opened the $330 million Watermark at Brooklyn Heights seniors housing community at 21 Clark St. The project is a redevelopment of the Leverich Towers Hotel, a 310,000-square-foot hotel built in 1928 that served as the pre-game home of the Brooklyn Dodgers baseball team in the 1930s and 1940s. The building’s 275 apartments include 145 for independent living, 88 for assisted living and 42 for memory care. Watermark at Brooklyn Heights features 50,000 square feet of indoor and outdoor amenity space, including a curated art gallery, three restaurants, a performing arts stage, multiple wellness venues, an indoor pool, salon and spa and a rooftop terrace. The development team originally acquired the property in 2017. The project team for the renovation included architect Montroy DeMarco Architecture and interior designer Lemay+Escobar Architects. Hudson Meridian was the general contractor.

October 16, 2020

Development Multifamily New Jersey Northeast Seniors Housing

Larken Associates Completes 198-Unit Multifamily Project in Lopatcong, New Jersey

by Taylor Williams October 16, 2020

LOPATCONG, N.J. — Developer Larken Associates has completed Autumn Ridge, a 198-unit multifamily project in Lopatcong, about 75 miles west of New York City. Autumn Ridge features a combination of 198 market-rate and affordable luxury apartment units across 10 buildings as well as a standalone building for residents age 55 and over. Amenities include a clubhouse, pool, outdoor lounge, fitness center, pet park, lounge/dry bar and a package concierge system.

October 16, 2020

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