WEST LAFAYETTE, Ind. — HJ Sims has arranged $60.5 million in bond financing for Westminster Village, a continuing care retirement community (CCRC) in West Lafayette, approximately midway between Chicago and Indianapolis. Founded in 1976, the community features 346 beds targeting middle-class seniors. The ownership partners with Purdue University. Westminster Village sought to take advantage of low interest rates to refinancing its outstanding 2014 bond issue. Sims found a banking partner with terms that would offer flexibility and savings for the borrower. The financing generated enough savings to for the community …
PONTE VEDRA BEACH, Fla. — Ziegler has arranged $115.6 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. Vicar’s Landing was developed in 1983. It sits on a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. The larger master-planned Sawgrass community features four adjacent golf clubs, TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing features 227 independent living units, 38 assisted living apartments and 60 …
MEQUON, Wis. — Lifespace Communities has acquired Newcastle Place, a 257-unit continuing care retirement community (CCRC) in Mequon. The seller and price were not disclosed. The acquisition of Newcastle Place, located in a suburb of Milwaukee on Lake Michigan’s western shore, brings Lifespace’s family of continuing care communities to 16. Newcastle Place, which sits on 52 acres, joins six other Lifespace communities in the Midwest. Lifespace, based in West Des Moines, Iowa, is one of the nation’s largest nonprofit owners and operators of CCRCs.
NEWBERG, Ore. — Greystone plans to break ground July 8 on an expansion project at Friendsview, a continuing care retirement community (CCRC) in the Portland suburb of Newberg. Yamhill County Hospital Authority issued $124.2 million in bond financing, underwritten by Ziegler, for the project. The community was founded in 1961 and boasts affordable CCRC living, with average monthly fees of $2,500. The expansion will bring new amenities to current residents across three new components named Springbrook Meadows North, Sutton Terrace at University Village and Charles Beals Plaza. “Replacing the health …
Life plan communities outperform other types of seniors housing amid the pandemic due to an increased focus on choice and long-term residents. By Jeff Shaw The 2008 housing market crash, also known as the Great Recession or Global Financial Crisis, hit one segment of seniors housing particularly hard: continuing care retirement communities (CCRCs). The CCRC, or life plan community, concept is a campus with a full continuum of care — from independent living through skilled nursing — where residents can continue to live at the community as their acuity increases. …
WOODBINE, Iowa — Lument Securities has advised Sherer Management, a multi-generational seniors housing and care owner and operator based in Woodbine, on the sale of two businesses as well as the company’s exit from the seniors housing industry. Sherer Management is a family-owned business that operated continuing care retirement communities in western Iowa, Rose Vista in Woodbine and Longview Home in Missouri Valley, which offer skilled nursing, assisted living and independent living services, in addition to hospice services through Generations Hospice. The company operated the communities for over 60 years. …
TYSONS, Va. — Mather has started pre-sales for the second phase of The Mather, a Life Plan Community in Tysons, a suburb of Washington, D.C. The second phase is known as the South Building. The two high-rise buildings of the development include one with 186 apartments (Phase I, projected to open in 2023) and another with 114 apartments (Phase II, projected to open in 2024), which will be connected by a multi-story concourse with amenity spaces. Phase I is currently 80 percent pre-sold. Entrance fee pricing starts at $646,700, with …
HEALDSBURG, Calif. — Ziegler has arranged $297 million in bond financing for the development of Ensō Village, a continuing care retirement community in the Sonoma County city of Healdsburg. The borrower is Kendal Corp., which is developing the property. The California Public Finance Authority issued the tax-exempt bonds. Ensō Village is located on approximately 16 acres and will feature 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent living apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are …
Ziegler Arranges $48M Development Financing for Tabitha at Prairie Commons in Grand Island, Nebraska
GRAND ISLAND, Neb. — Ziegler has arranged $48 million in financing for Tabitha Grand Island for the construction of Tabitha at Prairie Commons in Grand Island. The financing comprises $34 million in bonds placed with Pinnacle Bank, a $12 million subordinate loan placed with Mission Investment Fund of the Evangelical Lutheran Church in America, and a $2 million tax incremental financing loan provided by Pinnacle Bank. The borrower is a Nebraska nonprofit established in 2019 for the purpose of constructing and operating Tabitha at Prairie Commons, which will feature 81 …
EVANSTON, Ill. — Covenant Living Communities and Services has entered into an affiliation agreement with Three Crowns Park, a continuing care retirement community (CCRC) in Evanston, approximately 12 miles north of downtown Chicago. Under the agreement, Three Crowns Park will become part of the Covenant Living organization. Covenant Living will assume overall management and operations of Three Crowns Park with shared governance and leadership upon closing, which is scheduled for July 1. Three Crowns Park is a seven-acre, single-site senior living community established more than 125 years ago. It is …