CONROE, Texas — Spectra Properties has started construction of Worthington Manor at the Lakes of Wedgewood in Conroe. Insight Senior Living will manage the property upon completion, which is scheduled for November. At more than 135,000 square feet, the community is situated on 26 acres and will include 72 assisted living apartments and 46 memory care units. The development was funded in part by the U.S. Housing and Urban Development (HUD) Federal Housing Administration (FHA).
WEST WHITELAND TOWNSHIP, Pa. — Capitol Seniors Housing has opened Arbor Terrace Exton, an assisted living and memory care community in West Whiteland Township, a suburb of Philadelphia. The 78,000-square-foot community totals 88 units across three interconnected neighborhoods. The site is located near major medical facilities, restaurants and shopping locations. Meyer Senior Living Studio designed the project, which IMC Construction built. The Arbor Company is the operator.
SANDY SPRINGS, Ga. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 160-unit assisted living and memory care community in Sandy Springs, just north of Atlanta. The community, which was not identified, recently underwent a multi-million-dollar renovation. The buyer is a turnaround specialist entering Georgia for the first time. Details on the seller and price were not disclosed.
HOUSTON — Denver-based operator MorningStar Senior Living and Houston-based real estate firm Hines have opened an information center at MorningStar Assisted Living & Memory Care at River Oaks in Houston. The community is scheduled to open this fall, featuring 85 assisted living units and 27 memory care suites. The six-story community is bordered by River Oaks, West University, The Texas Medical Center, Montrose, downtown and the Galleria. Its central location allows access to nearby amenities, including the Museum District, the Houston Zoo, Rice University, Levy Park and dining and shopping experiences.
SANTA ROSA, Calif. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both …
OSWEGO, N.Y. — Lument has provided $8.3 million in HUD financing for Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The transaction represents a refinancing via the FHA Sec. 232/223(f) program. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Lument helped ownership structure a bridge loan in 2017 that consolidated construction debt and positioned the facility for a HUD/FHA refinance. The new loan paid off the existing bridge loan and reimbursed the borrower for …
SAN JOSE — Atria has completed construction of Atria Almaden, a 200-unit seniors housing community in the Almaden neighborhood of San Jose. The property is located near Almaden Lake Park, Santana Row and the San Pedro Square Market. The four-story community offers assisted living and memory care. Atria opened the community with aggressive infectious disease control measures under a health and safety initiative. The company vaccinated its first residents and staff on Dec. 21 and has now vaccinated more than 30,000 resident and staff across the U.S.
GREEN BAY, Wis. — Walker & Dunlop has arranged $9.1 million in financing for the acquisition of Tender Hearts Assisted Living, a 50-unit community in Green Bay. The property was built in 2009 and renovated in 2019. The total price of the acquisition was $10.1 million. The seller was not disclosed. Walker & Dunlop structured the HUD-insured financing on behalf of Senior Opportunity Funds Holding Co. (SOF), a seniors housing developer that has historically developed Class A independent living, assisted living and memory care communities in the Southeast. As part …
OXFORD, Fla. — Berkadia’s Seniors Housing and Healthcare Group has arranged the $15 million sale of The Willows of Wildwood, an assisted living and memory care community in the Central Florida municipality of Oxford. The Class A property opened in 2015, featuring 126 units totaling 134 beds. Tim Cobb and Brooks Minford of Berkadia completed the sale.
NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. (NYSE: OHI) have opened Inspīr Carnegie Hill, a high-rise seniors housing community in Manhattan’s Upper East Side neighborhood. The property is the first to open under Maplewood’s luxury Inspīr brand. Rising 23 stories, the community features 215 units of assisted living, memory care and what the company calls “enhanced care.” Claire Davenport will serve as house geriatrician through a collaboration with the Brookdale Department of Geriatrics and Palliative Medicine at the Icahn School of Medicine at Mount Sinai, …
