JACKSONVILLE, Fla. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult development in Jacksonville’s Southside neighborhood. Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed. Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ …
ASHEVILLE, N.C. — Flournoy Development Group has broken ground on a new active adult community in Asheville. The Class A property will be part of The Preserve at Busbee Mountain, a 130-acre, master-planned residential development in Central Asheville’s dynamic southern corridor. The active adult community, which was not yet named, will follow development of Ellison at The Preserve, a 315-unit conventional multifamily community, and later followed by a second conventional multifamily phase and single-family estate lots. The 179-unit active adult community will feature mountain and forest views. Construction is currently …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toldeo-based REIT and the largest owner of seniors housing in the United States with nearly 100,000 units, has agreed to acquire 25 active adult communities from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately concentrated in the Pacific Northwest. The acquisition will enable Welltower to strategically scale the geographic reach of its active adult portfolio into …
DANVILLE, Calif. — JLL Capital Markets has arranged $51.1 million in construction financing for a 50-unit active adult condominium development in Danville, located in the San Ramon Valley east of the Bay Area. Matt Cimino and Jordan Angel of JLL represented the borrowers, Jeff Stone of Diamond Construction and three high-net-worth individuals, in securing the financing from a Southern California-based lender. Located at 375 W. El Pintado, the development will feature 13 one-bedroom, 29 two-bedroom and eight three-bedroom condominium-style units. Community amenities include a lounge, game area, library, rooftop terrace …
CENTENNIAL, Colo. — Headwaters Group has broken ground on Aspendale Centennial, an active adult community in Centennial, a southern suburb of Denver. The property will feature 172 units in a four-story, 203,653-square-foot building. Live Oak Bank provided construction financing, and a programmatic institutional equity partner provided equity. “This is a meaningful project, as it will be our first ground-up development since Headwaters Group’s inception in 2022,” says Ben Burke, managing partner at Headwaters Group. The focal point of the community will be a two-story clubhouse, featuring 9,757 square feet of …
SARASOTA, Fla. — The United Group of Cos. has completed The Alloro at University Groves, a seniors housing community in Sarasota. The property offers 183 units of “independent living lite,” which the developer describes as a blend of active adult and independent living service levels. Development costs were estimated at $62.5 million. The Alloro at University Groves spans 10 acres of land and features one-bedroom, two-bedroom and penthouse units across its two three-story buildings. In between the two buildings is a 15,000-square-foot clubhouse.
MOUNT SINAI, N.Y. — CBRE has negotiated the sale of Sutton Landing at Mount Sinai, a 225-unit active adult property located in the Long Island community of Mount Sinai. Built in 2021 by Long Island-based B2K Development, Sutton Landing at Mount Sinai features apartments and single-family rentals for residents age 55 and over. Amenities include a pool, pickleball courts, putting greens, fitness center with yoga and Pilates studios, massage room, game room, a lounge area with a sports bar, catering kitchen and outdoor grilling and dining stations. Aron Will, John …
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 …
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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What’s to Come: An Optimistic Outlook for Seniors Housing
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 …