Seniors Housing

DECATUR, GA. — Speak Life Management has broken ground on The Holbrook Decatur, a $73.7 million active adult community in Decatur, roughly 10 miles northwest of downtown Atlanta. Slated to open in spring 2019 at 1880 Clairmont Road, the community is situated less than one mile from Emory University. Designed for the 50-plus, active lifestyle market, The Holbrook will feature 71 apartments and offer health- and wellness-focused amenities, including a saltwater pool, positive ion emission and aromatherapy, spa services, concierge physician and wellness services, yoga, Pilates, spin classes and art and ceramic classes. In addition, The Holbrook will offer wine bars, local taps, coffee bistros, multiple dining venues and grilling stations. Dogwood Forest, the assisted living brand under the Speak Life Management umbrella, will also be located on the property and will include 97 assisted living units and 32 memory care units. The Holbrook Decatur’s project team includes Solomon Development Services, Needle Development, Choate Construction Co., CDH Partners and Harrison Design.

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RENO, NEV. — The Wolff Company has started construction on Revel Rancharrah, a 146-unit independent living community within Reno’s Rancharrah master-planned community. The development is scheduled for completion in 2018. The four-story property will be Wolff’s fifth seniors housing community. Wolff plans to invest $300 million to $400 million annually in new independent living development, in addition to seeking acquisition opportunities.

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SANTA MONICA, Calif. — Welbrook Senior Living has completed construction of Welbrook Santa Monica, a 50-unit memory care facility in Santa Monica. The units are all single-occupancy studios. Welbrook partnered with Urban Green Investments, a San Francisco-based real estate investment and development company, on the project.

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LYNCHBURG, VA. — Westminster Canterbury-Lynchburg, a nonprofit provider of residential and healthcare services for older adults, has received a $38.2 million construction loan from SunTrust Bank to develop a new, six-story seniors housing project. The new building will be located on the retirement community’s existing 42-acre campus, and will feature 84 private, neighborhood-style rooms, and two floors dedicated to parking and administrative offices. Construction on the new center is slated for completion by late spring 2019. In addition to the new facility, Westminster Canterbury-Lynchburg will renovate its three main dining areas and redesign its wellness center. The upgrades are slated for completion next year.

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NEW ORLEANS — Many seniors housing developers, owners and operators are already looking forward to the “silver tsunami” of Baby Boomers reaching the proper age to enter seniors housing. However, if current trends continue, many of those seniors won’t be able to afford seniors housing anyway, according to panelists at the LeadingAge Annual Meeting and Expo. The panel, titled “Understanding the Economics & Financing Structures of Moderately Priced Life Plan Communities,” took place at the event in New Orleans on Oct. 30. The panelists included Mark Landreville, executive vice president with bond financing specialists HJ Sims; and Steve Kuhns, a partner with seniors housing consulting firm Essential Decisions Inc. Wayne Olson, executive vice president of Volunteers of America National Services, contributed to the presentation but was unable to attend the event. Landreville led the discussion and called affordability “the single biggest issue facing the seniors housing industry.” He cited a recent Time magazine study showing that 30 percent of U.S. households headed by people 55 and older have no retirement account at all, and the remaining 70 percent have a median account balance of just $104,000. “Everyone talks about the Baby Boomers, but they don’t have the resources they want …

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BIRMINGHAM, ALA. — Methodist Homes has completed the $42.5 million expansion of Fair Haven, a 375-bed continuing care retirement community (CCRC) in Birmingham. The community is the first in Alabama to fully implement the Household Model for resident care, featuring a front door with doorbell, living room with fireplace, sunroom, den, spa and a home kitchen where meals are prepared and served. The expansion includes the addition of 15 independent living apartments, 23 assisted living apartments and 59 licensed nursing beds. In addition, Fair Haven includes 20 memory care units in a newly renovated building.

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PLAINSBORO TOWNSHIP, N.J. — KeyBank Real Estate Capital has arranged a $67.3 million construction loan for a 260-unit independent living facility located on the Princeton University Healthcare Campus in Plainsboro Township. A joint venture led by SBLP Senior Living Fund I owns the property. The sponsor of the fund is a joint venture between South Bay Partners and LAMB Properties. Sage Senior Living will manage the property. Grant Saunders, Peter Trazzera and Jake Hollinger of Key’s Healthcare Group arranged the financing.

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WATERTOWN, MASS. — LCB Senior Living and Washington Capital Management have received a $45 million loan for the recapitalization of The Residence at Watertown Square, located at 20 Summer St. in Watertown. Built in 2014, the property features 90 independent living, assisted living and memory care units. Rick Swartz, Jay Wagner, Jim Dooley and Caryn Donahue of Cushman & Wakefield arranged the financing for the borrower. LCB will continue to operate the community.

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PLEASANTON, CALIF. — Sunrise Senior Living has opened the doors on Sunrise of Pleasanton, an 83-unit assisted living and memory care community in the Bay Area city of Pleasanton. The two-story, 63,800-square-foot community can serve up to 103 residents. It features easy access to ValleyCare Medical Center. Sunrise recently opened another seniors housing community near San Diego, and plans to open 10 communities over the next two years. Based in McLean, Va., Sunrise Senior Living operates 322 communities in the United States, Canada and the United Kingdom totaling 28,700 units.

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ACWORTH, GA. — Brickmont Assisted Living, in partnership with Sage Equities, has broken ground on Brickmont of Acworth, a 137-bed seniors housing community in Acworth, roughly 32 miles northwest of Atlanta. Patterson Real Estate Advisory Group arranged construction financing through Credit Union Business Services for the project. Upon completion, Brickmont of Acworth will include 85 assisted living and 35 memory care units, with an average size of 447 square feet. Units will include kitchenettes.

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