Seniors Housing

Bonaventure Breaks Ground on 133-Unit Seniors Housing Development in Alexandria, Virginia

by John Nelson July 18, 2022

ALEXANDRIA, VA. — Bonaventure, a locally based multifamily developer and manager, has broken ground on a 133-unit seniors housing project in Alexandria’s Old Town West neighborhood. The six-story property will feature studio, one- and two-bedroom units, as well as underground parking, an onsite restaurant, 24-hour fitness center, club lounge, business center, media room, community garden and an outdoor gazebo. The unnamed property will be situated within walking distance of the Braddock Road Metro Station, as well as I-495, King Street and Ronald Reagan Washington National Airport. Bonaventure expects to complete construction and begin welcoming renters in late 2023.

July 18, 2022

Acquisitions Multifamily Seniors Housing Texas

JLL Negotiates Sale of 100-Bed Transitional Care Facility in DeSoto, Texas

by Taylor Williams July 15, 2022

DESOTO, TEXAS — JLL has negotiated the sale of Methodist Transitional Care Center, along-term care facility in the southern Dallas suburb of DeSoto. The 100-bed property was built in 2020 and encompasses 66 units. Charles Bissell and Evan Kovac of JLL represented the seller and developer, Madison Marquette, in the transaction. Illinois-based LFI Real Estate purchased the asset for an undisclosed price.

July 15, 2022

Affordable Housing Development Massachusetts Multifamily Northeast Seniors Housing

Arch Communities, WinnCos. Complete $25.7M Residential Adaptive Reuse Project in Southbridge, Massachusetts

by Taylor Williams July 15, 2022

SOUTHBRIDGE, MASS. — Arch Communities and developer WinnCos. have completed a $25.7 million residential adaptive reuse project in Southbridge, located in the southern central part of the state. The project converted the 90,000-square-foot former Mary E. Wells High School building into a 62-unit affordable housing complex for seniors age 55 and older. Of the 62 apartments, 56 are reserved for households earning 60 percent or less of the area median income (AMI), including eight apartments reserved for residents at or below 30 percent of AMI. Six units have been customized for handicapped and sensory-impaired households. The 106-year-old building had been vacant for eight years before construction began in 2020.

July 15, 2022

California Development Multifamily Seniors Housing Western

R.D. Olson Construction Breaks Ground on 70-Unit Seniors Housing Community in Pasadena

by Amy Works July 12, 2022

PASADENA, CALIF. — R.D. Olson Construction, on behalf of owner BRIDGE Housing, has broken ground on Heritage Square South, a seniors housing property located at 710 N. Fair Oaks Ave. in Pasadena. Slated for completion by September 2023, the $28 million, 70,000-square-foot community will feature three three-story buildings offering 69 one-bedroom units and one two-bedroom unit. The three buildings are interconnected with walking bridges. Onsite amenities will include walking trails, flex rooms, a community room and 2,200 square feet of retail space. Additionally, the site has a bus stop on the front of Fair Oaks Avenue. KTGY is serving as architect for the project.

July 12, 2022

Acquisitions Multifamily New York Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of 102-Unit Active Adult Community in Newburgh, New York

by Taylor Williams July 11, 2022

NEWBURGH, N.Y. — Cushman & Wakefield has brokered the sale of Farrell Communities at Lakeside, a 102-unit active adult community in the Hudson Valley city of Newburgh. The community opened in 2020 and features 30 one-bedroom units and 72 two-bedroom units. Cushman & Wakefield’s Adam Spies, Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch represented the seller, Farrell Communities, and procured the buyer, Castle Lanterra Properties, in the transaction. The sales price was not disclosed.

July 11, 2022

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Breaks Ground on $30M Bellwood Senior Apartments Near Chicago

by Kristin Harlow July 7, 2022

BELLWOOD, ILL. — Evergreen Real Estate Group has broken ground on Bellwood Senior Apartments, an 80-unit affordable seniors housing community in the western Chicago suburb of Bellwood. The $30 million project will replace a former Walgreens with a four-story, 73,228-square-foot residential building. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will offer 76 one-bedroom and four two-bedroom independent living apartments for seniors age 62 or older, with incomes at or below 60 percent of the area median income. Evergreen will begin accepting applications for the apartments in spring 2023, with completion scheduled for mid-2023. Weese Langley Weese Architects designed the project, which is located near a Metra station, shops, restaurants and other businesses. FH Paschen is the general contractor. Financial partners for Bellwood Senior Apartments include the Illinois Housing Development Authority as the tax credit issuer (both low-income housing tax credits and Illinois affordable housing tax credits) and subordinate funds provider; the Village of Bellwood, which provided incentives and a loan; Bank of America, which is the investor and construction loan lender; Hudson Housing Capital, which syndicated the tax credits; and Cook County, which is providing HOME funds.

July 7, 2022

Development Kansas Midwest Multifamily Seniors Housing

Tutera Completes Phase I of $6.5M Remodel of Senior Living Community Near Kansas City

by Kristin Harlow July 7, 2022

PRAIRIE VILLAGE, KAN. — Tutera Senior Living & Health Care has completed Phase I of a $6.5 million renovation of The Village at Mission in Prairie Village, a southern suburb of Kansas City. This phase upgraded 26 apartment units and first-floor common living spaces at the rental-based seniors housing property. The residences have been modernized with new lighting, furnishings, cabinetry, flooring and paint. In Phase II, Tutera will add 2,500 square feet for a therapy gym as well as 18,000 square feet for 20 private rehabilitation suites on the first floor and 14 memory care suites on the second floor. Phase II will expand the campus to 93,563 square feet for a continuum of care of assisted living, memory care, rehabilitation and extended stay all on one campus. Phase II is slated for completion in 2023. The project team includes Nearing Staats Prelogar & Jones Architects and Marian Tutera Design. Tutera acquired the property in June 2021.

July 7, 2022

Affordable Housing Development Multifamily New York Northeast Seniors Housing

Foxy Management Tops Out 149-Unit Affordable Seniors Housing Project in The Bronx

by Taylor Williams July 7, 2022

NEW YORK CITY — Locally based developer Foxy Management, in partnership with HANAC Inc. and JLD Advisory LLC, has topped out Garden Towers, a 149-unit affordable seniors housing project in The Bronx. Units will be reserved for renters age 62 and above. Australian development and investment firm Lendlease is providing construction management services for the project, with Newman Design serving as the architect. Amenities will include three multi-purpose rooms, a social services suite, computer room, indoor bicycle storage and onsite laundry services and resident parking. Completion is scheduled for 2023.

July 7, 2022

Development Loans Multifamily Seniors Housing Top Stories Washington Western

CBRE Arranges $145.1M Construction Financing for 250-Unit Seniors Housing Development in Vancouver, Washington

by Jeff Shaw July 7, 2022

VANCOUVER, WASH. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The Springs at The Waterfront will feature 250 independent living, assisted living and memory care units on a 1.3-acre site. The developers will seek both LEED and Fitwell certifications for sustainability and wellness. The Springs Living will operate the property upon completion, a timeline of which was not disclosed. The community will feature organic rooftop gardens, integrated health and treatment programming, multiple dining venues and connection to the waterfront and community amenities. Additionally, less than one mile east of the community, the Vancouver VA Medical Center provides a full continuum of inpatient, outpatient, long-term and emergent care. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged the …

July 7, 2022

Loans Multifamily Oregon Seniors Housing Western

CBRE Arranges $33.1M Refinancing for Seniors Housing Property in Hillsboro, Oregon

by Amy Works July 5, 2022

HILLSBORO, ORE. — CBRE National Senior Housing has arranged $33.1 million in financing for MorningStar of Hillsboro. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. Situated on a 1.35-acre parcel, the community comprises 142 independent living units. The property recently opened its doors. The operator is MorningStar. The property is less than a mile north of Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro and Beaverton suburbs. Additionally, half a mile north of the community is The Streets of Tanasbourne, a 386,000-square-foot outdoor shopping mall with over 55 retail and restaurant options. Aron Will, Austin Sacco and Tim Root arranged the nonrecourse, floating-rate loan with full-term interest-only payments. A national bank provided the capital.

July 5, 2022

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