ST. CHARLES, Ill. — M&T Realty Capital Corp. has provided a $15.1 million Fannie Mae loan for the refinance of an 80-unit active adult community in St. Charles. The transaction was worked in conjunction with Ziegler, a specialty investment bank headquartered in Chicago. The 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule, which will provide the undisclosed borrower with additional flexibility in future years. The community was 98.8 percent occupied at the time …
SAN ANTONIO — Cadence McShane Construction Co. has completed Brookwood Senior Apartments in San Antonio. Mission DG is the developer of the property, which features 197 units on a six-acre site. “This project is a great addition to San Antonio in terms of active adult living communities,” says Srinath Pai Kasturi, executive vice president at Cadence McShane. “Through HUD 221(d)(4) financing, Brookwood Senior Apartments will provide moderate-income seniors with a great, amenity-rich residence at a price they can afford.” B&A Architects designed the property. Units are offered in one- and …
GEORGETOWN, Texas — Walker Real Estate and Chalk Hill Ventures, in collaboration with Pi Architects, Square One Consultants, Pat Berry Design and Skybeck Construction, have completed construction of an active adult community in Georgetown. Located on a 12-acre site near Rabbit Hill, NorthStar Georgetown includes 298,800 square feet of active adult living with 210 resident apartments. Roscoe Property Management is the operator.
MYRTLE BEACH, S.C. — Liberty Senior Living has announced a grand opening celebration on April 29 for Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. The complex features more than 600,000 square feet of residential and commercial space. Apartments range from 766 square feet to 1,400 square feet. It is located less than two miles from the Atlantic Ocean. “Properties that focus on fostering a sense of community within their neighborhood are the most successful and valued because they provide residents with wellness, vitality and happiness,” says …
CUMBERLAND, Ga. — Overture Powers Ferry, Greystar’s newest 55+ active adult community, is now leasing with first move-ins planned for this fall. The community features 171 one- and two-bedroom apartment homes, available to individuals over the age of 55, and is located in the first-ring Atlanta suburb of Cumberland. The community is situated just north of Atlanta’s upscale Buckhead neighborhood. The property features 12,000 square feet of community space for gatherings. Apartments range from 555 to 1,405 square feet, with rents starting at $1,543 per month.
PLAINVIEW, N.Y. — Chelsea Living has opened The Residences at Plainview, an active adult community in the Long Island hamlet of Plainview. The community features newly renovated studio, one-bedroom and two-bedroom apartments with full kitchens, a custom wellness program and a host of amenities reminiscent of a luxury hotel. Chelsea operates a full-service assisted living and memory care community, Somerset Gardens, in Plainview less than a mile from the new property. The number of units at the property was not disclosed.
WHEATFIELD, N.Y. — Calamar Inc., an active adult owner-operator based in the Buffalo suburb of Wheatfield, has rebranded its entire portfolio under the new name of Connect55+. The existing portfolio of 40 communities will offer an extended and more comprehensive active lifestyle program. The current development pipeline, which spans 12 states, will debut under the new banner. This initiative is the launching point for Connect55+ growth strategy to add another 6,000 units to its portfolio within the next 36 months.
Despite increased competition and delays in construction and lease-up due to COVID-19, developers remain bullish on the sector. By Jeff Shaw The relatively new segment of rental active adult housing has many developers interested, but hesitant. The sector targets baby boomers in early retirement who are often looking to downsize from their homes but are still years away from needing independent living or assisted living services. The concept is to offer relaxing, maintenance-free living to empty nesters who still lead active lives. It differs from independent living in that it …
RADNOR, Pa. — Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments, has expanded its leadership team to coincide with the firm’s actively growing focus on active adult and independent living assets nationally. The Randor-based firm, which currently owns nearly 1,000 active adult and independent living units in addition to its core and core-plus industrial and office holdings, has appointed Brian Krill as chief financial officer and senior housing industry veteran Shawn Rose as managing director of asset management. “As we strategically expand our holdings …
ANDOVER, Minn. — JLL Capital Markets has arranged the sale of The Estates at Arbor Oaks, an active adult community in Andover, a northern suburb of Minneapolis. Estates of Arbor Oaks LLC sold the property to PC Arbor Oaks for $18.8 million. The Estates at Arbor Oaks sits on 12.5 acres and features 66 one-, two- and three-bedroom units. It was 95.5 percent occupied at the time of sale. The JLL Capital Markets team representing the seller was led by Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon. The …