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Seniors Housing

DevelopmentSeniors HousingTexas

Senior Resource Group Opens 232-Unit Seniors Housing Community at The Domain in Austin

by John Nelson

AUSTIN, TEXAS — Senior Resource Group (SRG) has opened Maravilla at The Domain, the company’s first community in Texas. The project is located in the heart of the residential area of The Domain, a high-density mixed-use development in the North Burnet neighborhood of Austin. The seniors housing community comprises an 11-story south tower, six-story central tower and seven-story north tower, with subterranean parking, courtyards and a swimming pool. The 370,000-square-foot development offers 144 independent living, 54 assisted living and 34 memory care units. Residents have begun moving into Maravilla’s independent living apartments located in the central and south towers, and will start moving into the assisted living and memory care residences in the north tower this month.

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LoansMidwestMultifamilyOhioSeniors Housing

Cambridge Provides $24M in HUD Loans to Refinance Two Ohio Skilled Nursing Facilities

by Kristin Harlow

LISBON AND MINERAL RIDGE, OHIO — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s Lean mortgage insurance program totaling $24 million for the refinancing of The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Both properties feature dining, housekeeping and laundry services. Residents have access to onsite healthcare services such as dentistry, podiatry, optometry, audiology, psychology and medical imaging. Cambridge provided a fully amortized 30-year loan for the Lisbon property and a 35-year loan for the Minera Ridge asset. The FHA/HUD Lean Section 232 program — which helps finance nursing homes, assisted living facilities as well as board and care facilities — provides lenders with protections against losses as the result of borrowers defaulting on their loans. HUD adopted the Lean model to simplify the loan application process and to reduce the amount of time it takes for qualified borrowers to obtain funding.

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DevelopmentMultifamilySeniors HousingTexas

Architectural Firm Three Completes Design of Seniors Housing Expansion Project in Dallas

by Taylor Williams

DALLAS — Locally based architecture firm “three” has designed an expansion project at Presbyterian Village North, a seniors housing community in Dallas that is owned and operated by Presbyterian Communities and Services. The project will add 112 independent living units and a 30,000-square-foot commons building at the core of the campus. The project is expected to be complete by 2021.

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LoansMultifamilyNew YorkNortheastSeniors Housing

JLL Arranges $47.5M Loan for Refinancing of Seniors Housing Community in Manhattan

by Alex Patton

NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.

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DevelopmentLoansMultifamilySeniors HousingSoutheastTennessee

HJ Sims, Duncan-Williams Arrange $219.3M Financing Package for Seniors Housing Project in Tennessee

by Alex Tostado

COLLIERVILLE, TENN. — Herbert J. Sims & Co., Inc. (HJ Sims) and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower for the development at 3382 Grand Central Circle E. is Retirement Cos. of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 percent pre-sold. Construction has commenced throughout the campus. The apartments will be delivered in stages, with the first resident occupancy planned for June 2021. The health campus is slated for completion in April 2021. Nine of the garden homes are already completed, with seven more currently under construction. REES Architects and Renaissance Group served as architects. Memphis-based Dalhoff Thomas design studio assisted as landscape architect. Linkous Construction Co. Inc. is the general contractor. Greystone is the project manager, with RCA as asset manager. Sims and Duncan-Williams were co-managers on the transaction, which was structured as …

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DevelopmentMultifamilySeniors HousingTexas

Amtex Multi-Housing Breaks Ground on 225-Unit Seniors Housing Project in Austin

by Taylor Williams

AUSTIN, TEXAS — Amtex Multi-Housing LLC has broken ground on Limestone Ridge Senior Apartments, a 225-unit affordable housing project in Austin for seniors earning 60 percent or less of the area median income. Slated to be complete in fall 2021, the community will offer 223 one- and two-bedroom units plus a pair of two-bedroom units allocated for onsite managers. Amenities will include a resident clubhouse, pool, walking trails and a community garden.

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DevelopmentMultifamilyNortheastPennsylvaniaSeniors Housing

Capitol Seniors Housing Breaks Ground on 86-Unit Community in Exton, Pennsylvania

by Alex Patton

EXTON, PA. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an 86-unit assisted living and memory care community in the Philadelphia suburb of Exton. The 78,000-square-foot community will be located near major medical facilities, restaurants and shopping centers. The Arbor Company will operate the community upon completion, which is slated for winter 2020. Meyer Senior Living Studio is the designer on the project.

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LoansMultifamilySeniors HousingTexas

KeyBank Provides $19.6M in Financing for Seniors Housing Asset in Temple, Texas

by Taylor Williams

TEMPLE, TEXAS — KeyBank Real Estate Capital has provided $19.6 million in financing to Denver-based Steele Properties LLC for the acquisition and renovation of Wayman Manor Apartments, a seniors housing property located in the Central Texas city of Temple. Following the renovation, Wayman Manor, which was built in 1971, will consist of 32 one-bedroom units, 96 two-bedroom residences and 32 three-bedroom units. All units are restricted under low-income housing tax credit (LIHTC) regulations at 60 percent of the area median income. Sarah Geis of KeyBank handled the transaction.

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FeaturesMultifamilySeniors Housing

Variety, Flexibility on the Menu for Seniors Housing Dining

by Alex Tostado

Historically, seniors housing dining services were known for serving simple proteins and side items purchased from an outside distributor, which would be prepared in bulk and served all at once in a communal dining room. But variety and novelty are quickly becoming key selling points for today’s incoming senior population, and communities are scrambling to keep up with the demand. “We have a tsunami of developers and contractors building new facilities across the United States, and full-service dining is one of the most important features that prospective residents look for,” says Victoria Albert, vice president of marketing at Boston-based dining vendor Unidine. “The baby boomers are different from their parents. They are more worldly and experimental, and they want opportunities to try different cuisines.” Newer dining programs allow service teams to think more like an industrial kitchen, planning their menus around seasonal flavors and cross-utilizing the same ingredients for a variety of dishes. The result is a higher quality of food service with a thoughtful application of resources and marketing. “The environment of the business is shifting to operate more like restaurants and market more to friends and families of guests,” says Harris Ader, founder of Senior Dining Association, an …

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ColoradoDevelopmentMultifamilySeniors HousingWestern

OZ Architecture Designs WellAge Greeley Seniors Housing Community in Colorado

by Jeff Shaw

GREELEY, Colo. — OZ Architecture has completed design work on WellAge Greeley, a 71,000-square-foot senior living community in Greeley, approximately 55 miles north of Denver. Rocky Mountain Senior Housing is developing the 92-unit community, which WellAge will operate. The property sits on 3.5 acres and will offer independent living, assisted living and memory care. The community is scheduled to open in second-quarter 2020.

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