Author

Hayden Spiess

Walt-Templin
Company NewsGeorgiaNews

Landmark Properties Enters Seniors Housing Sector

by Hayden Spiess

ATHENS, Ga. — Landmark Properties, a real estate firm that develops, constructs, invests in, acquires and operates residential communities, has announced its expansion into the seniors housing sector.  “Seniors housing sits at an attractive inflection point, having made a meaningful recovery from a unique black swan event and now exhibiting a pronounced supply-demand imbalance,” says Walt Templin, president and chief investment officer of Landmark. “This dynamic creates a compelling entry point for Landmark to leverage its vertically integrated platform.” Landmark has appointed Shashank Goel to lead the company’s entry into seniors …

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Providence-Living-Pembroke-Pines
DevelopmentFeaturesFrom The Magazine

Developers Are Poised to Pounce as the Sector Readies for an Uptick in Activity

by Hayden Spiess

By Hayden Spiess Just as one swallow does not make a summer, the development projects currently underway do not equate to an overall recovery in activity. Similarly, strong demographic trends don’t ensure favorable market conditions for the construction of new communities.  These points have been amply proven by the current dynamic in the seniors housing sector. Baby boomers are aging in robust numbers, and the need for seniors housing units is increasing, but development activity remains depressed.  According to sources, a number of headwinds — including stubbornly elevated interest rates, …

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Tuscan Gardens of Palm Coast
AcquisitionsAssisted LivingFloridaMemory CareNews

Continuum Arranges Sale of 130-Unit Community in Northeast Florida

by Hayden Spiess

PALM COAST, Fla. — Continuum Advisors has arranged the sale of Tuscan Gardens of Palm Coast, an assisted living and memory care community located in Palm Coast.  Totaling 130 units, the property features 86 assisted living and 22 memory care units, as well as 22 “enhanced assisted living” residences.  The community was sold in receivership, with William King acting in the role of receiver. Jay Jordan and David Kliewer of Continuum led the court-approved sale process, which resulted in more than 15 written letters of intent and multiple rounds of bidding.  …

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DevelopmentFloridaNews

Belmont Village Opens 153-Unit Luxury Community in South Florida

by Hayden Spiess

AVENTURA, Fla. — Owner and operator Belmont Village Senior Living has opened Belmont Village Aventura, a new luxury community in South Florida.  Belmont Village Aventura totals 153 residences across 11 stories, with two floors of penthouse units. Amenities at the property include a chef-led restaurant, full-service bistro and bar, fitness center, screening room, art studio, salon and swimming pool.  Belmont Village partnered with Turnberry — a developer, owner and operator of luxury assets across the hospitality, restaurant, residential, retail and mixed-use sectors — on the development.  “We chose to partner with …

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AcquisitionsAssisted LivingMemory CareNewsPennsylvania

Cushman & Wakefield Brokers Sale of 108-Unit Assisted Living, Memory Care Community in Philadelphia

by Hayden Spiess

PHILADLEPHIA — Cushman & Wakefield has brokered the sale of The Terrace at Chestnut Hill, a 108-unit assisted living and memory care community located in northwest Philadelphia.  MVJ Ventures acquired the property from an undisclosed seller. Brett Gardner, Joshua Jandris and Jason Skalko of Cushman & Wakefield represented the seller in the transaction. Jason Stroiman and Brendan DeSilva of Evans Senior Investments represented the buyer.  Originally built in 1987, The Terrace at Chestnut Hill was renovated in 2012. Viva Senior Living will operate the community, which was 85 percent occupied at …

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Affordable HousingNew YorkNews

Merchants Capital Secures $26.3M Financing for Adaptive Reuse Project in New York City

by Hayden Spiess

NEW YORK CITY — Merchants Capital has secured $26.3 million in financing for Three Arts Club, a historic 62-unit property in New York City being rehabilitated as affordable seniors housing.   The West Side Federation for Senior and Supportive Housing (WSFSSH) is the borrower. The financing includes an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank.  Upon completion of the conversion, Three Arts Club will provide permanent and supportive housing for residents age 62 and older earning at or below 50 percent of …

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Affordable HousingDevelopmentFloridaNews

Partnership Completes Development of Affordable Community in Tampa Bay Area

by Hayden Spiess

RIVERVIEW, Fla. — A partnership between Smith & Henzy Affordable Group, Mt. Zion AME Church of Riverview, Adonai’s Second Chances, The Tampa Housing Authority and Hillsborough County has completed the development of a new affordable seniors housing community located in Riverview, a city situated on Tampa Bay.  FK Architecture designed the community, which totals 75 units reserved for residents earning at or below 30 to 70 percent of the area median income. Amenities at the property, dubbed Zion Village, include a clubroom, gathering areas, an outdoor pavilion, fitness center, library, movie …

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Amira-Corcoran_Corcoran-Minn
Active AdultDevelopmentMinnesotaNews

United Properties Breaks Ground on 143-Unit Active Adult Community in Metro Minneapolis

by Hayden Spiess

CORCORAN, Minn. — United Properties has broken ground on a new active adult community in Corcoran, roughly 22 miles northwest of downtown Minneapolis. Upon completion, the development, Amira Corcoran, will feature 143 units for residents age 55 and older.  Residences will include apartments in one-, two- and three-bedroom floorplans. Planned amenities include a club room, fitness and yoga spaces, an arts-and-crafts studio, golf simulator lounge, secure parking, walking trails, and a swimming pool and hot tub situated on an outdoor amenity patio.  Move-ins at the community, which will be operated by …

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Company NewsNewsOperationsTexas

12 Oaks Assumes Management of 217-Unit Community Near Houston

by Hayden Spiess

BAYTOWN, Texas — 12 Oaks Senior Living has assumed the management of The Lodge at Pine Creek, a senior living community located in Baytown, roughly 30 miles east of Houston.  Totaling 217 units, the property offers cottages, independent living suites, assisted living and memory care.  “12 Oaks previously opened, owned and operated a community in Baytown for several years, and we are excited to be back in this vibrant market once again, as we continue to curate our Texas portfolio,” says Greg Puklicz, president of 12 Oaks. 

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Viva-Bene_Carmel-Ind
Active AdultDevelopmentIndianaNews

Avenue to Develop $50M Active Adult Project in Indianapolis Suburb

by Hayden Spiess

CARMEL, Ind. — Avenue Development has announced plans for a new active adult project in Carmel, a suburb roughly 20 miles north of Indianapolis. Development costs are expected to total roughly $50 million.  Upon completion, the community — Viva Bene Carmel — will total 170 units for residents age 55 and older. The community is being developed through a public-private partnership with the Carmel Redevelopment Commission (CRC) and is supported by the City of Carmel’s tax increment financing (TIF) district. Avenue Construction will serve as the general contractor.  Viva Bene Carmel …

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