Active Adult

Active AdultDevelopmentMarylandNews

Pennrose Begins Leasing at Residences at Glenarden Hills II Active Adult Community in Maryland

by Jeff Shaw

GLENARDEN, Md.— Pennrose has started leasing at Residences at Glenarden Hills II, the second of the six-phase Glenarden Hills master-planned community. The community is available to seniors age 55 and older, expanded from the previous 62-plus eligibility. The community features one- and two-bedroom apartments available for $1,299 to $1,617 per month. The number of units was not disclosed. Once complete, the 27-acre Glenarden Hills master-planned community will include seniors and family affordable apartments, market-rate and affordable rental townhomes, and for-sale townhomes.

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Active AdultDevelopmentNew JerseyNews

Larken Associates Opens 198-Unit Autumn Ridge Multigenerational Community in New Jersey

by Jeff Shaw

LOPATCONG, N.J. — Larken Associates has completed construction of Autumn Ridge, a 198-unit multigenerational community in Lopatcong, located along the Pennsylvania border from Allentown. The 10-building community features 148 garden- and garage-style multifamily units alongside Horizons at Autumn Ridge, an age-restricted building with 50 units reserved for the active adult community. Construction began in 2019, and the project is Larken Associates’ largest to date. The community was 100 percent occupied upon opening. “Our multifamily development philosophy is based on a recognition that today’s apartment residents increasingly represent a broad cross-generational …

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Active AdultDevelopmentFinanceIllinoisNews

CBRE Arranges $43M Construction Loan for Active Adult Community in Chicago

by Jeff Shaw

CHICAGO — CBRE has arranged $43 million in financing for the construction of a Class A active adult community in Chicago. Aron Will, Austin Sacco and Matthew Kuronen of CBRE Senior Housing partnered with CBRE Chicago’s Debt and Structured Finance professionals John Parrett and Peter Marino to arrange the financing. The five-year loan features 42 months of interest-only payments. A national bank provided the funds. Further details on the property and borrower were not disclosed.

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AcquisitionsActive AdultNewsTexas

SLIB Brokers $18M Sale of Residence at Legacy Park Active Adult Community in Granbury, Texas

by Jeff Shaw

GRANBURY, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.

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Active AdultNewsPeople

Essex Communities Hires Camille Burke as Chief Development Officer

by Jeff Shaw

OMAHA, Neb. — Essex Communities, an Omaha-based active adult operator, has added Camille Burke to its leadership team as vice president and chief development officer. Burke has more than 20 years of experience in the seniors housing industry, including almost 17 years at Christian Living Communities, where she recently ended her tenure as interim chief executive officer. At Christian Living Communities, Burke helped lead design, development, pre-sales, opening of new communities and community operations, growing the portfolio from three continuing care retirement communities to 26 communities across seven states In …

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Active AdultDevelopmentNewsSouth Carolina

Hudson Capital Properties Completes 194-Unit Inspire Coastal Grand in Myrtle Beach

by Jeff Shaw

MYRTLE BEACH, S.C. — Hudson Capital Properties has completed Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. The first phase of leasing is currently underway, with the first residents expected to move in mid-April. Hudson partnered with GHK Cape Fear Development and the property management company is Liberty Senior Living. “The combination of low taxes, lower cost of living and warm weather has made Myrtle Beach an increasingly sought-after retirement destination,” says Bill Schoettelkotte, director of development services at GHK Cape Fear. “The active adult housing market …

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Active AdultDevelopmentNewsNorth Carolina

Capstone, Liberty Start Construction of $36M Inspire Royal Park in Matthews, North Carolina

by Jeff Shaw

MATTHEWS, N.C. — Capstone Communities and Liberty Senior Living have started construction of Inspire Royal Park, an active adult community for persons age 55 or older in the Charlotte suburb of Matthews. Approximately 30 percent of Matthews residents are over age 55, according to the developers. Construction costs were estimated at $36 million. Inspire Royal Park will feature 204 residences comprised of 20 free-standing cottages with private attached garages and 184 loft apartments offering one, two or three bedrooms. Harrison Street Real Estate Capital, a Chicago-based private equity real estate …

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Active AdultFinanceIllinoisM&T Realty Capital CorporationNews

M&T Funds $15.1M Refinancing for Active Adult Community in St. Charles, Illinois

by Jeff Shaw

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 …

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Active AdultDevelopmentNewsTexas

Cadence McShane Completes Construction of Brookwood Senior Apartments in San Antonio

by Jeff Shaw

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 …

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Active AdultDevelopmentNewsTexas

Walker Real Estate, Chalk Hill Ventures Complete Active Adult Community in Georgetown, Texas

by Jeff Shaw

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.

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