CAPE CORAL, FLA. — Studio+ will provide architecture and interior design services for Thrive at Four Mile Cove, a 140-unit seniors housing community in Cape Coral, located on the Gulf of Mexico near Fort Myers. Fortress Ventures is developing the community on 11 acres. Development costs are estimated at $31 million. The community will offer 60 independent living units, 48 assisted living units and 32 memory care units. The project is scheduled for completion in January 2019.
ELK GROVE, CALIF. — Koelsch Communities has announced plans for Laguna Springs Senior Community, a 240,000-square-foot seniors housing property in the Sacramento suburb of Elk Grove. Groundbreaking is scheduled for June for a planned opening in December 2019. Development costs were estimated at $71 million. Located on 11 acres, the project will feature The Park at Laguna Springs Independent Living and The Gardens at Laguna Springs Memory Care. The independent living portion will be a three-story building housing 135 apartments plus 16 single-story homes. The memory care portion can house up to 70 residents in various stages of memory loss. Koelsch Communities will manage the property upon completion. The company is developing the project in partnership with RJ Development, with Koelsch Construction acting as general contractor. Judy Koelsch and David Goularte of JSK Design will design the interiors.
RENO, NEV. — The Wolff Company has announced plans for Revel Damonte Ranch, a 156-unit independent living community in Reno. The project will be located within the Damonte Ranch mixed-use community. It will be Arizona-based Wolff’s second community in Reno. Wolff plans to open Revel Damonte Ranch in 2020.
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn. The loan refinances existing debt. The local borrower plans to improve the facility with a new rehabilitation gym. Further details on the borrower and facilities were not disclosed. David Nussbaum and Jeffrey Fuchs of Harborview negotiated the transaction.
GERMANTOWN, TENN. — Confluent Senior Living, in partnership with Harbor Retirement Associates (HRA), is set to begin construction of HarborChase of Germantown, an assisted living and memory care community in the east Memphis suburb of Germantown. The 114,450-square-foot community will feature 86 assisted living units and 37 memory care units in a three-story building. It is scheduled to open in summer 2019. Rosemann & Associates is serving as the architect on the project, and Catamount Construction is the general contractor. Vero Beach, Fla.-based HRA will operate the community upon completion. Confluent Senior Living is a subsidiary of Denver-based real estate investment firm Confluent Development. This is the third project by the Confluent and HRA partnership. The companies also have several land parcels under contract in nearby Cordova with plans for a second seniors housing community in the Memphis area.
The future of seniors housing is dependent on collaboration and cooperation between all the stakeholders in the industry, particularly operators and “senior care enablers,” according to Brian Jurutka, president and CEO of the National Investment Center for Seniors Housing & Care (NIC). The comments came during a question-and-answer session moderated by Mary Ann Donaghy, NIC’s chief marketing and communications officer, at the organization’s Spring Investment Forum, held March 7 to 9 in Dallas. NIC is a Maryland-based nonprofit association that provides data metrics on the seniors housing industry. Examples of senior care enablers include healthcare systems, home health providers, software companies and others who provide care outside of the standard offerings of a seniors housing community. “Historically we have been more focused on the real estate piece,” says Jurutka. “However, one of the components we think is important is that instead of seniors going to healthcare, healthcare will come to seniors. What that means is there are opportunities for value to be created for seniors housing communities.” Examples of such collaborations in action could include: Bringing home health aides into independent living communities to slow the transition to assisted living. Bringing rehabilitation and therapy providers into assisted living communities to …
BOSTON — Castle Square Tenants Organization and WinnDevelopment have been selected by the Boston Housing Authority to redevelop the Eva White Apartments, a 102-unit, low-income senior housing community at 440 Tremont St. in Boston’s South End. The 50-year-old, seven-story building includes 34 studio, 57 one-bedroom and 11 two-bedroom affordable apartments for seniors. As the majority owner, Castle Square will deliver programs and services to Eva White residents and will partner with WinnDevelopment on a two-year renovation project to upgrade apartment kitchens and baths as well as community spaces, mechanical systems and life-safety systems. A final project budget for renovations has not been set. Castle Square and WinnDevelopment first worked together in 1987 to purchase and renovate the 500-unit Castle Square Apartments in South End. The $50 million rehabilitation achieved a LEED Platinum rating from the U.S. Green Building Council.
SAN MARCOS AND LUBBOCK, TEXAS — KeyBank Real Estate Capital has provided $23.7 million in financing for the acquisition of two affordable housing properties in Texas. The financing for the 220-unit Villas at Willow Springs in San Marcos and the 144-unit Cantibury Pointe in Lubbock was secured on behalf of nonprofit Harmony Housing. Both properties were developed in the early 2000s. John Gilmore IV and Jeff Rodman of KeyBank structured the loans through Fannie Mae.
BOULDER, COLO. — Evans Senior Investments (ESI) has arranged the sale of Flatirons Terrace, a 54-unit independent living community, for an undisclosed price. Built in 2007, Flatirons Terrace is a Class A community in the heart of Boulder. It was 95 percent occupied at the time of sale. ESI represented the seller, Golden West Senior Living, a Boulder-based nonprofit. The buyer was Dial Retirement Communities, which will also operate the community. The Omaha-based company operates 17 communities in Illinois, Iowa, Kansas and Nebraska, with Flatirons Terrace being its first Colorado community.
BELLEVUE, WASH. — Koelsch Communities has announced plans for Belle Harbour Senior Community, a 140-unit assisted living and memory care community in the Seattle suburb of Bellevue. Groundbreaking is scheduled for October 2018 for a June 2020 opening. Development costs are estimated at $70 million. The campus will total 142,000 square feet on a 2.9-acre site. The two buildings will include The Inn Memory Care Community and The Park Assisted Living Community. Koelsch will operate the community upon completion. Partners include RJ Development. Koelsch Construction will act as general contractor, and Judy Koelsch and David Goularte of JSK Design will provide interior design services. Koelsch Communities operates 28 communities in eight states, with nine new communities in development.
