CHARLOTTE, N.C. — Singh, a developer that builds senior living communities under the Waltonwood brand, has named Tammy Mullins as the executive director of Waltonwood Cotswold. Mullins brings more than 20 years of senior living experience to her new role. She held multiple positions at senior living communities across the country, including business office manager, assistant executive director, executive director and regional director. Mullins is a Certified Director of Assisted Living (CDAL) and a Certified Dementia Practitioner (CDP). Waltonwood Cotswold opened in August 2016 in Charlotte. The assisted living and …
DENTON, Texas — Investcor has completed the renovation of Fairhaven Assisted Living, a historic senior living building in Denton, approximately 35 miles north of Fort Worth. The development team for the 47-unit project included Pi Architects, Coastal Reconstruction, Allison Engineering, TDi Engineering, MEP Associates Design Groups and Architexas. The original building was designed by Texas architect O’Neil Ford, whose designs blended the surrounding environment into the building and featured the use of natural elements and materials. The original Fairhaven was originally developed in the 1950s, but closed in 2007 and …
VIERA, Fla. — ConcordRENTS has started construction of Venue at Viera Senior Living Apartments, a 145-unit affordable seniors housing community in Viera, a master planned community centrally located on Florida’s Space Coast near the City of Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income. Development costs for the four-story building were estimated at $32 million. Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million …
MANCHESTER, Ky. — Walker & Dunlop has arranged $10.7 million in financing for Landmark of Laurel Creek, a 106-bed skilled nursing facility in Manchester, approximately 90 miles southeast of Lexington. The loan was made through HUD’s LEAN 232/233(f), which refinances debt on skilled nursing facilities. Joshua Rosen led the Walker & Dunlop origination team.
MINEOLA, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Wood Memorial Nursing Home, located in Mineola approximately midway between Dallas and Shreveport, Louisiana. The skilled nursing facility was built in 1964 and features 115 total beds. The facility saw improved EBITDAR from $100,000 in 2017 to over $1 million in 2020. An owner-operator based in Central Texas sold the property to a Texas-based regional owner-operator for $7.4 million. Matthew Alley, who previously sold this community in 2017, arranged the transaction for SLIB.
PFLUGERVILLE, Texas — SilverPoint Senior Living has taken over operations of Heritage Lakes of Pflugerville, located in the Austin suburb of Pflugerville. The development partner on the project, scheduled to open in fall 2020, is Heritage Lakes Development. The 40,000 square-foot community is situated on 32 acres featuring 28 assisted living and 20 memory care residences adjacent to the existing 38 independent living villas.
The active adult segment, sometimes referred to as 55+ housing, has a bright future according to many of its developers. To stay ahead of the game, though, operators need to carefully consider both how they define their product and what they offer in order to capture a new resident who is looking for a certain type of lifestyle. That’s according to panelists on a webinar titled “Active Adult — How to Define It and Where is the Industry’s Hottest Segment Trending?” Seniors Housing Business hosted the webinar, which ProMatura Group sponsored. Panelists …
ANNAPOLIS, Md. — Private-pay seniors housing occupancy fell 2.8 percentage points in the second quarter of 2020 from 87.7 percent to 84.9 percent, according to new data from the National Investment Center for Seniors Housing & Care (NIC). NIC experts said this is the largest quarterly decline since data reporting began 14 years ago, making this quarter’s occupancy rate the lowest on record. The Annapolis-based data service gathers the data from 31 primary metropolitan markets. The only two markets with occupancy gains between May and June per the recently released …
LAWRENCEVILLE and DACULA, Ga. — KeyBank Real Estate Capital (KBREC) has secured $50 million of fixed-rate Freddie Mac financing for Dominium, a developer and manager of affordable housing. The twin $25 million loans will be used for the construction of two affordable seniors housing communities — Grayson Ridge Apartments in Lawrenceville and The Preserve at Peachtree Shoals in Dacula, both suburbs of Atlanta. Both four-story, garden-style properties will each contain 240 units for residents age 55 and older. The unit mix for both will consist of 124 one-bedroom units, 100 …
GRAND RAPIDS, Mich. — Ziegler has arranged $22.5 million in bank bonds for an expansion project at Beacon Hill at Eastgate, a 300-unit continuing care retirement community in the Eastgate neighborhood of Grand Rapids. The borrower is Michigan Christian Home. The financing package includes a $9.8 million long-term component with a 30-year amortization and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project. Built in 1960, the property currently features 170 entrance fee independent living units, 20 rental independent …