Seniors Housing

Ridge Senior Living Tops Out $150M Seniors Housing Development in Metro Denver

by Amy Works October 4, 2018

LAKEWOOD, COLO. — The Ridge Senior Living has completed vertical construction of The Ridge at Pinehurst, an 18-acre independent living, assisted living and memory care community in the first-ring Denver suburb of Lakewood. Development costs are estimated at $150 million for the project. When completed, the community will offer 222 independent living units, 96 assisted living units and 42 memory care units. Construction is scheduled for completion in fall 2019. The community will offer residents views of the Rocky Mountains, Marston Lake and downtown Denver, as well as a number of amenities including an on-site health and wellness center. The Ridge partnered with Denver-based companies Shaw Construction and Lantz-Boggio Architects to execute the project. The Ridge Senior Living is a developer with two existing communities in the Salt Lake City area. The new development will be its first expansion outside Utah.

October 4, 2018

Development Multifamily Seniors Housing Texas

A&P Completes 109-Unit Seniors Housing Community in Dallas

by Taylor Williams October 3, 2018

DALLAS — Adolfson & Peterson Construction (A&P) has completed a 109-unit seniors housing community located at 8130 Meadow Road in Dallas. The property consists of 80 skilled nursing units and 29 assisted living suites. Amenities include a bistro for coffee and retail, a restaurant-style dining room, health and wellness therapy gym and a full-service salon and spa. National architecture firm Page designed the property. Corsair Ventures is the developer and U.S. Freedom Capital provided project financing. Construction began in February 2016.

October 3, 2018

Development Hawaii Mixed-Use Multifamily Seniors Housing Top Stories Western

Highridge Costa Cos., Coastal Rim Properties Break Ground on $130M Mixed-Use Seniors Housing Project in Hawaii

by David Cohen October 3, 2018

KAPOLEI, HAWAII — Gardena, Calif.-based Highridge Costa Cos., in partnership with Honolulu-based Coastal Rim Properties, has broken ground on Kulana Hale, a mixed-use and affordable seniors housing project in Kapolei, near Honolulu. Designed by SVA Architects, Hawaiian Dredging Construction Co. is building the property. Located at 1020 Wakea St., the $130 million project consists of three components — two 13-story towers and a single-story commercial space — to be built in three phases. The $64 million first phase will feature 154 affordable apartment units for seniors in a unit mix of 22 studio, 109 one-bedroom and 22 two-bedroom layouts, as well as a one-bedroom manager’s unit. All residential units are equipped with an oven, stove, microwave and refrigerator. Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access and neighborhood-serving retail space on the ground floor. The second phase will add a tower with 143 affordable units for families, as well as additional ground-floor retail space. Construction of the second phase is slated to start in 2019. The final phase will be a single-story retail space to serve the residents and larger community. “My administration has been working hard to expand affordable rental housing …

October 3, 2018

Loans Multifamily Northeast Pennsylvania Seniors Housing

Lancaster Pollard Provides $16.8M Loan to Refinance Skilled Nursing Facility in Pennsylvania

by David Cohen October 2, 2018

COAL TOWNSHIP, PA. — Lancaster Pollard has provided a $16.8 million HUD-insured loan for the refinancing of Mountain View, a 271-bed skilled nursing facility located in Central Pennsylvania’s Coal Township. The facility also includes eight independent living units. The borrower, Complete Healthcare Resources, acquired the property in 2009 and has made many improvements, including the addition of a memory care wing and improving common areas and therapy spaces. The refinancing via the HUD Section 232/223(f) program reduces overall debt service and puts in place a permanent debt structure with a fixed interest rate. In addition, the refinancing improves overall cash flow and provides funds for future improvements. Tony Ruberg led the transaction for Lancaster Pollard.

October 2, 2018

Acquisitions California Multifamily Seniors Housing Western

Blueprint Negotiates Sale of Memory Care Community in Orange County, California

by Amy Works October 1, 2018

FULLERTON, CALIF. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Richman Gardens, a standalone memory care community in the Orange County city of Fullerton. A joint venture between a REIT and a national operator sold the community as part of a larger portfolio disposition strategy. A Los Angeles-based owner-operator acquired the property for an undisclosed price. The buyer plans to implement a substantial renovation of the community, as well as implement operational changes to reduce expenses. This is the company’s first Orange County acquisition. Blueprint’s Jacob Gehl, Ben Firestone and Scott Frazier handled the transaction.

October 1, 2018

Griffin-Plaza-Senior-Living-Simi-Valley-CA

California Development Loans Multifamily Seniors Housing Western

Canyon Partners Real Estate Invests $10.6M in Seniors Housing Development in Southern California

by Amy Works October 1, 2018

SIMI VALLEY, CALIF. — Canyon Partners Real Estate LLC has provided $10.6 million of preferred equity for the construction of a seniors housing community in Simi Valley, approximately 40 miles northwest of downtown Los Angeles. Griffin Fine Living is developing the project, known as Griffin Plaza Senior Living. This transaction represents Canyon’s third investment with Griffin since 2013. When completed, Griffin Plaza will feature 75 assisted living units and 26 memory care units in a two-story, 100,000-square-foot building. The development is near numerous acute care facilities and is located within the existing 13-acre Griffin Plaza retail center. Originally developed by Griffin in the early 1980s, the shopping center is currently undergoing a full-scale renovation to create a lifestyle center with anchor tenants including an Aldi grocery store and a CVS Pharmacy. “The Simi Valley region is already significantly underserved in seniors housing and memory care,” says Paul Griffin, CEO of Griffin Fine Living. “Demand for high-quality facilities is forecasted to increase, creating a demographics-led investment opportunity.” Solvere Living has been selected as the operator. Construction is scheduled for completion before the end of 2019.

October 1, 2018

Development Multifamily Seniors Housing South Carolina Southeast

Sunshine Retirement Breaks Ground on Seniors Housing Community in Upstate South Carolina

by Amy Works October 1, 2018

MAULDIN, S.C. — Sunshine Retirement Living has broken ground on Maple Brook Terrace Retirement Community, a 133-unit seniors housing community in Mauldin, a suburb of Greenville in Upstate South Carolina. The three-story community will feature 150,000 square feet of living and communal space nearby to local shopping and entertainment centers. The project is scheduled for completion in late 2019. Based in Bend, Ore., Sunshine Retirement Living manages 21 retirement communities in 10 states, offering senior apartments, independent living, assisted living and memory care.

October 1, 2018

Development Multifamily Seniors Housing Washington Western

Wolff Co. Completes 135-Unit Seniors Housing Property in Lacey, Washington

by Amy Works September 28, 2018

LACEY, WASH. — Scottsdale, Ariz.-based The Wolff Co. has completed Revel Lacey, a seniors housing community located at 211 Hoh St. SE in Lacey. The community will celebrate its grand opening on Saturday, Oct. 13. The three-story community features 135 studio, one- and two-bedroom independent living residences, as well as two guest suites. On-site amenities include a full-service salon and spa, fitness center, movie theater and chef-driven dining experiences in a modern-American restaurant and pub created by Chef Beau MacMillan. The Wolff Co. is currently developing senior living communities throughout the United States, with plans to expand its portfolio by investing $300 million to $400 million annually in the development of additional communities.

September 28, 2018

Development Massachusetts Multifamily Northeast Seniors Housing

Sunshine Starts Construction of 140-Unit Seniors Housing Community in New England

by David Cohen September 25, 2018

METHUEN, MASS. — Sunshine Retirement Living has broken ground on The Woods at Merrimack, a 140-unit seniors housing community in Methuen, approximately 30 miles north of Boston along the New Hampshire border. The 140,000-square-foot community will sit on 8.7 acres. Locke Mansion, built in 1913 on the site, will be preserved as part of the project. The development is scheduled to open in fall 2019. Partners on the project include Buildable Sites Development LLC and New Hampshire-based JSA Architects Interior Planners. Sunshine operates 20 seniors housing communities throughout the country.

September 25, 2018

Development Multifamily Seniors Housing Texas

Civitas to Open Two Seniors Housing Communities in Greater Austin

by Taylor Williams September 25, 2018

AUSTIN, TEXAS — Fort Worth-based Civitas Senior Living plans to open Double Creek Assisted Living and Memory Care in Round Rock and Tech Ridge Oaks Assisted Living and Memory Care in North Austin. These two communities, which offer 92 and 86 units, respectively, are the result of a partnership between Civitas Senior Living and Senior by Design. Civitas acquired the properties in July. Each community offers dining options, a beauty salon, theater, therapy gym, landscaped courtyards and daily activities to promote engagement and encourage social interaction. Civitas plans to open Double Creek on Oct. 25 and Tech Ridge Oaks on Nov. 8.

September 25, 2018

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