WESTMINSTER AND ENGLEWOOD, COLO. — CA Ventures has sold its Anthology of Westminster and Anthology of Englewood senior living assets to Harrison Street. “Anthology’s Westminster and Englewood assets have leased incredibly well — particularly having opened their doors at the onset of the COVID-19 pandemic in February 2020,” says Justin Dickinson, president of Anthology Senior Living. “The strong financial performance of each asset despite a volatile global macroeconomic environment and never-before-seen headwinds across the industry is a testament to both our investment strategy and the talent of our team.” The Westminster community totals 137 units nine miles northwest of downtown Denver near a prominent retail corridor and residential neighborhoods. The upscale senior living community includes 107 assisted living units and 30 memory care units. The Englewood community totals 130 units seven miles south of downtown Denver and features unobstructed views of the Rocky Mountains and Cherry Hills Country Club. The property comprises 106 assisted living units and 24 memory care units across seven stories.
KINGS PARK, N.Y. — General contractor EW Howell Construction Group has completed St. Johnland Assisted Living, an 80-unit seniors housing project in Kings Park, located on Long Island’s North Shore. Designed by KDA Architects, the two-story, 68,000-square-foot facility totals 100 beds and is situated adjacent to the existing 100-acre St. Johnland Nursing Center complex. St. Johnland is a locally based provider with specialties in dementia, head injury rehabilitation, subacute care and adult day care.
CLARKSTON, MICH. — KIRCO has completed its first senior living community in Michigan, Monark Grove Clarkston. The 189,000-square-foot community is located on 17 acres in Clarkston, approximately 35 miles northwest of downtown Detroit. Beztak operates the property, which features 77 independent living units, 49 assisted living units and 22 memory care units. KIRCO was the developer and KIRCO MANIX was the builder on the project.
MURRAY, UTAH — TWG has unveiled plans for Residences at Fireclay, a $13 million affordable seniors housing community in Murray. Construction is slated to begin this year, with the first units available in 2025. Located at 152 W. 4250 South, the four-story building will feature 40 one-bedroom apartments for seniors age 62 and older. The units are also reserved for those earning up to 50 percent of the area median income, with a preference for military veterans. Additionally, the project includes four units reserved for disabled seniors and five units available for seniors who have experienced homelessness. Community amenities will include a fitness room, community-raised garden, community room with kitchen and a computer room. TWG has partnered with First Step House, a Salt Lake City-based nonprofit that addresses addiction, mental health, homelessness and criminal justice, to provide services and referrals for residences. The project was made possible with Low Income Housing Tax Credits from the Utah Housing Corp. Additional key partners include Olene Walker Housing Loan Fund, Raymond James and Horizon Bank.
TEMPLE, TEXAS — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business center, clubhouse, theater room and outdoor picnic areas. Cadence Bank is also providing a $16.8 million construction loan for the project, which is scheduled for a January 2024 completion. The borrower is a partnership between Sycamore Strategies and Stuart Shaw Family Development.
EAST CHICAGO, IND. — Merchants Capital has provided a $15.5 million HUD 221(d)(4) loan for the construction of Lakeshore Manor in East Chicago. Designed to replace the former John B. Nicosia senior building, the development will consist of two four-story buildings that will house 206 units. The residences will be reserved for seniors age 62 and older who earn up to 60 percent of the area median income. Merchants also structured a $13.5 million equity bridge loan through its parent company, Merchants Bank of Indiana. Cinnaire, the property’s equity investor, provided a $21.7 million low-income housing tax credit investment (LIHTC) for the project. Total development costs are estimated at $51 million. DTM Real Estate is the developer. Completion is slated for February 2024.
SPRING, TEXAS — A joint venture between Braintree Properties and Cadence McShane is underway on construction of Aviva Terranova Independent Senior Living Community in Spring, a northern suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures housing 163 independent living units. Additional features will include a fitness center, pool, theater, library, cybercafé and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023. Integral Senior Living will operate the property.
CYPRESS, TEXAS — MedCore Partners and ACRON USA have broken ground on Phase II of Spring Cypress Senior Living, located on the northwestern outskirts of Houston. The project will add 138 active adult and independent living units, as well as 12 memory care units, to the local supply. Phase I of Spring Cypress Senior Living, which was co-developed with Houston-based National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Integral Senior Living will operate the property upon completion.
ATLANTA — Locally based Galerie Living has received approval from DeKalb County commissioners for its redevelopment of a portion of Emory University’s Briarcliff campus in Atlanta. Galerie Living will develop and operate a new 500-unit seniors housing community that will be known as Corso Druid Hills. The community will feature independent living options such as cottages and apartments in one- and two-bedroom layouts, as well as assisted and memory care living. Emory University entered into the lease agreement with Galerie earlier this year. More details on the project are scheduled to be disclosed in the spring of next year.
TEANECK, N.J. — The Alpert Group, along with its nonprofit partner Geriatric Services Inc., has begun construction on a 40-unit affordable seniors housing community in the Northern New Jersey community of Teaneck. The site of the five-story building, which will primarily offer one-bedroom units for renters over age 62 that meet certain income requirements, currently houses a vacant municipal facility. Completion is slated for late 2023.