SIERRA MADRE, CALIF. — Fountain Square Development West and HPI Architecture have completed The Kensington of Sierra Madre, an assisted living and memory care community in Sierra Madre. Occupying 58,000 square feet, The Kensington comprises 75 total units, 33 of which are memory care. The facility also offers a salon and art studio that is open to the community.
TOPEKA, KAN. — Mainstreet has broken ground on The Healthcare Resort of Topeka. Located at 6202 SW 6th Ave. in Topeka, the 69,935-square-foot facility will feature 96 beds and provide short-stay rehabilitation and therapy care, as well as assisted living. On-site amenities will include a therapy gym, an outdoor rehabilitation courtyard, movie theater, game room, spa and on-site chef. Slated to open by spring 2016, the $16 million project will bring 225 construction jobs and 90 permanent jobs to the area. Carmel, Ind.-based Mainstreet develops, finances and jointly operates transitional care centers and long-term health care properties.
SALEM, N.H. — LCB Senior Living has broken ground for The Residence at Salem Woods, a seniors housing community in Salem. Located at 6 Sally Sweets Way, the 77,000-square-foot community will feature 84 units, including a mix of studio, one-bedroom and two-bedroom units, a memory care wing, a library, computer room, walking paths, a salon and recreation areas. Eckman Construction is serving as general contractor and Chelsea, Mass.-based The Architectural Team is architect of record. Completion is slated for early 2016.
MCKINNEY, TEXAS — Love Funding (LFC) has secured a $16.4 million loan for the construction and financing of a new seniors housing community in McKinney. This is the second loan LFC and its local Dallas associate, Warsaw Realty Group, have provided in this community to partners David Brooks and George Fuller. St. Paul’s Square Senior Living will open in Adriatica Village. Work began eight years ago on the initial stages of the development, which included structured parking, a chapel surrounded by water, single-family homes and condominiums, retail stores, restaurants, medical offices and a weekly farmer’s market under a 128-foot tall bell tower. The village was designed so that residents can leave their cars at home on evenings and weekends. The new apartment addition, which is being funded by FHA financing secured by Love Funding senior director Laura Saull-Smith, will be a four-story, mid-rise apartment community with 121 units, all restricted to those aged 62 and older.
DALLAS — Edgemere, a seniors housing community in Dallas, will soon undergo a large-scale renovation and expansion project to address the growing demand for senior living options in the local area. Financing for the project was completed through the sale of $36 million in Series 2015 bonds. When complete, the project will add between 30 and 40 new jobs to the local economy. The renovation project is designed to bridge the gap between the Italian style that Edgemere is known for and the modern luxuries that current and future retirees are seeking. A 6,000-square-foot performing arts center will be built to provide a larger abundance of entertainment options. An extensive renovation is planned for the two dining venues aimed at giving them the look and feel of authentic restaurants in Italy. The Plaza at Edgemere will also be undergoing an expansion that will add eight new assisted living apartment homes, 12 new memory support suites and 15 new skilled nursing private suites. The Plaza commons areas will also be updated with indoor/outdoor courtyards and renovated dining areas. An underground parking garage will be added.
LISLE, ILL. — Providence Life Services and Ryan Companies US Inc. are developing Arbor Place of Lisle, an 80-unit, age-restricted affordable senior living community in Lisle, located about 25 miles west of Chicago. The $20.6 million project features 60 one-bedroom/one-bath and 20 two-bedroom/two-bath units, ranging from 756 square feet to 1,008 square feet. On-site amenities include a living room and common kitchen, a multi-purpose room, a TV/library room, on-site laundry facilities, a private courtyard with gazebo and fitness center. Additionally, the facility features 94 exterior parking spaces. Pioneer Property Management will provide on-site property management services for the property, which is slated to open in July. Residents at Arbor Place of Lisle must be 55 or older.
IOWA CITY, IOWA — NorthMarq Capital has finalized $7.1 million in refinancing for Legacy Pointe, an assisted living facility in Iowa City. Jason Kinnison of NorthMarq Capital’s Omaha regional office arranged the 35-year, fully amortizing loan through its FHA/HUD platform for the undisclosed borrower.
Higher income seniors are now more likely to occupy seniors housing in their elderly years than those with moderate and low incomes, according to a study conducted by the National Association of Real Estate Investment Trusts (NAREIT). This is a reverse from two generations ago, when higher-income seniors were more likely to age in place and those with lower incomes were more likely to move into subsidized seniors housing or an institution sponsored by a religious organization. Similarly, the percentage of elderly people entering seniors housing has increased compared to past times when most older Americans remained in their home for as long as physically possible. “The growth of the overall senior housing sector, the shift towards facilities that offer higher levels of services and amenities and the changing relationship between wealth and residency in a senior facility suggest that members of the Baby Boom generation may choose to live in senior housing at a higher rate than did earlier generations,” according to the study. The study examined the demographic and financial determinants of housing choices of older Americans, and how they have changed over the past several decades. NAREIT used information from the Panel Study of Income Dynamics (PSID), …
FRESNO, Calif. — Integral Senior Living (ISL), a seniors housing operator based in Carlsbad, will manage Kingston Bay Senior Living in Fresno, which recently started construction. ISL expects the community to open in spring of 2016. Quiring General, a seniors housing-focused construction company headquartered in Fresno, is building Kingston Bay. Sitting on four acres, the 86,467-square-foot community will have 107 units, which will consist of 61 one-bedroom and 22 bedroom assisted living apartment homes, as well as 24 memory care residences. This senior living community will provide an active and healthy lifestyle while promoting independence and upholding the dignity of the residents.
SHORELINE, Wash — Investment banking firm Evans Senior Investments (ESI) has arranged the sale of Shoreline Health and Rehab, a skilled nursing facility in the Seattle suburbs, for $6.6 million. Opened in 1968, the 106-bed facility underwent a $3 million renovation in 2012 which added 40 private rooms, accommodating more Medicare short-term rehabilitation patients. ESI represented the seller; the buyer was a publicly traded REIT.
