Ryan Cos. Breaks Ground on 248-Unit Clarendale Arcadia Seniors Housing Project in Phoenix
PHOENIX — Ryan Cos. has broken ground on Clarendale Arcadia, an independent living, assisted living and memory care community in Phoenix.
The project is a joint venture between Harrison Street, LCS and Ryan. The partnership entered into a long-term ground lease with the landowner, LAKO.
Located on six acres, the 347,346-square-foot community will feature 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet.
Fifth Third Bank N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent to finance the project. The amount of the financing was not disclosed.
Craig Coppola of The Coppola Cheney Group at Lee & Associates worked on behalf of the land lessor and Ryan Cos. to negotiate this transaction.
According to a market study conducted by Moore Diversified Services, senior living is undersupplied in this area, and the nearby communities that exist were built, on average, in 1990.
ORB Architecture LLC is the project architect. Thoma-Holec Design is the interior designer.
Phase I is scheduled for completion in summer 2022, followed by Phase II in winter 2022. Life Care Services will be the operator, with pre-leasing slated to begin in the summer of 2021.