Tuesday, December 5, 2023
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Active AdultDevelopmentMassachusettsNews

United Group Receives $35M Construction Financing for The Arbella at Bramble Hill in Worcester, Massachusetts 

by Jeff Shaw

WORCESTER, Mass. — The United Group of Cos. Inc. has received $35 million in construction financing for The Arbella at Bramble Hill, an active adult development in Worcester. The Washington Trust Co. provided the capital with the assistance of JLL Capital.  The Arbella will span 17 acres and offer 123 one- and two-bedroom apartments across three elevator-serviced buildings. The community will also feature an 8,5000-square-foot clubhouse. United Group plans to complete construction by the beginning of 2025. Project partners include Marchionda & Associates, Syvertsen Rigosu Architects and Campanelli Associates Construction …

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AcquisitionsActive AdultNew YorkNews

CBRE Brokers Sale of 200-Unit Active Adult Complex on Long Island

by Jeff Shaw

DEER PARK, N.Y. — CBRE has brokered the sale of Sutton Landing at Deer Park, a 200-unit active adult complex on Long Island.  The age-restricted property was built in 2021.  Aron Will, John Sweeny and Scott Bray of CBRE represented the seller, a partnership between local developer B2K Development and Chicago-based investment firm Harrison Street. Shawn Rosenthal, Jason Gaccione, Jake Salkovitz, Aron Will, Matthew Kuronen and Michael Cregan of CBRE originated Freddie Mac acquisition financing on behalf of the buyer, Fairfield Properties.

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Seniors Housing Construction Trends
Active AdultAffordable HousingContent PartnersDevelopmentFeaturesFinanceIndustry ContentInvestmentOperations

What’s to Come: An Optimistic Outlook for Seniors Housing

by Sarah Daniels

By Berkadia Seniors Housing & Healthcare Like many sectors within the commercial real estate (CRE) industry, the seniors housing market faced headwinds over the past year, largely due to tightening financing conditions and widespread economic uncertainty. However, based upon research and anecdotal evidence from the clients and companies we serve in the seniors housing space, we believe the sector is well positioned to bounce back and generate positive operating results for the remainder of 2023 and into 2024. View a higher resolution version of the construction trends graph above here. Fundamentals …

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Active AdultDevelopmentMassachusettsNews

NEI General Contracting Completes 72-Unit Maple on Franklin in Holbrook, Massachusetts

by Jeff Shaw

HOLBROOK, Mass. — NEI General Contracting has completed construction of Maple on Franklin in Holbrook, approximately 15 miles south of Boston. NeighborWorks Housing Solutions is developer of the $18.5 million project. The 67,000-square-foot, four-story apartment building features 72 one-bedroom units for residents 62 and older. The four-acre site is within the town center and walking distance to a number of town services and a block away from the town’s senior center. NEI demolished two aging buildings on the site before beginning construction. Designed by The Narrow Gate, more than 500 …

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AcquisitionsActive AdultNewsNorth Carolina

Berkadia Negotiates Sale of Active Adult Community in Charlotte, North Carolina

by Jeff Shaw

CHARLOTTE, N.C. — Berkadia has arranged the sale of an active adult community in Charlotte.  David Fasano, Ross Sanders, Cody Tremper, and Mike Garbers of Berkadia Seniors Housing & Healthcare led the transaction on behalf of the seller, Evergreen Residential. The property opened in fall 2020 and displayed an impressive lease-up velocity. The property is located in one of Charlotte’s exclusive master-planned communities. The local area offers an array of shopping, fitness and entertainment opportunities and boasts high median household incomes and housing values. The buyer, price and name of …

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Active AdultDevelopmentNewsTexas

Caldwell Communities Opens Cadence Creek at Towne Lake in Cypress, Texas

by Jeff Shaw

CYPRESS, Texas — Caldwell Communities has opened Cadence Creek at Towne Lake, an active adult community in Cypress, a suburb of Houston. The community features one- and two-bedroom apartments and cottages ranging from 760 to 1,230 square feet. The number of units was not disclosed. Caldwell opened its first community in nearby Spring at the end of 2022.

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Active AdultFinanceNewsTexas

Lument Provides $13.4M Fannie Mae Refinancing for The Fordham at Eagle Springs in Humble, Texas

by Jeff Shaw

HUMBLE, Texas — Lument has provided a $13.4 million Fannie Mae loan to refinance The Fordham at Eagle Springs, an active adult community in Humble, a northern suburb of Houston.  Tom Dixon, a director in affordable housing production based in Charlotte, North Carolina, led the transaction for Lument. The Fannie Mae loan has a 10-year term, four years of interest-only payments, 30-year amortization and a fixed interest rate. The Fordham at Eagle Springs was built in 2020 and consists of six buildings housing 137 units. The property is located within …

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Active AdultColoradoDevelopmentInvestmentNews

Realty Capital Partners Invests $11.7M in Active Adult Development in Basalt, Colorado

by Jeff Shaw

BASALT, Colo. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square …

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Active AdultDevelopmentFinanceFloridaNews

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Project in Port St. Lucie, Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult community underway in Port St. Lucie.  David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. The lenders were not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that …

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Active AdultFinanceNews

Walker & Dunlop Arranges $390M in Financing for 10 Active Adult Communities

by Jeff Shaw

BETHESDA, Md. — Walker & Dunlop, a Bethesda-based financial services company, has arranged $390 million in financing for 10 active adult communities over the past year. Matt Wallach, Stephen West and Walker Layne led the Walker & Dunlop capital markets teams. The debt capital was sourced through Freddie Mac, Fannie Mae, HUD, life insurance companies, banks and debt funds. According to the U.S. Active Adult Community Market Size, Share & Trends Analysis Report by Gender and Segment Forecasts, the U.S. active adult community market size is estimated to reach $805 billion by …

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