MORGANTON, N.C. — Carolinas HealthCare System Blue Ridge has completed a renovation project at Grace Ridge Retirement Community in Morganton, located in the Blue Ridge Mountains. Beginning in 2020, Grace Ridge partnered with North Carolina-based Frank L. Blum Construction Co. and Steele Group Architects in the project. ID Collaborative designed the interior. Grace Ridge is a continuing care retirement community spanning 52 acres.
LINCOLN, Neb. — Ziegler has arranged $38 million in bond financing for Eastmont, a continuing care retirement community (CCRC) in Lincoln. Proceeds of the Bonds, along with other available funds, will be used to finance an expansion project. Transforming Age operates the community, which opened in 1968. Currently, the community comprises 121 independent living apartments, 53 assisted living apartments and 22 skilled nursing beds. The expansion will add a four-story building featuring 50 independent living apartments. In addition, Eastmont plans to convert 10 assisted living apartments into five penthouse independent …
WILMINGTON, Del. — Acts Retirement-Life Communities has started a $78 million expansion at Country House, a senior living community in Wilmington. The project will add 20 new cottage homes, 62 independent living apartments and a clubhouse featuring a variety of new amenities to the campus, which is home to approximately 200 residents. The 2,100-square-foot cottages will feature stone finishes, open floor plans, fully appointed kitchens, covered patios and two-car garages. Phase II of the project includes an expanded clubhouse and residential apartments. The clubhouse will include new casual and fine …
FAIRFAX, Va. — The undisclosed owner of The Virginian, a senior living community in the Northern Virginia city of Fairfax, will break ground this Thursday on a $56.5 million renovation project. The 18-month renovation with “completely reimagine” the seven-story, 367,000-square-foot building. Following the project, the community will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. Located on a 32-acre wooded campus just northeast of the city’s downtown are, The Virginian is one of the only senior living communities in Northern Virginia, according …
CAMARILLO, CARLSBAD, RANCHO MIRAGE and SAN JUAN CAPISTRANO, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in …
WALL TOWNSHIP, N.J. — Ziegler has underwritten $114.8 million in bond financing for Springpoint Senior Living. The borrower is a regional senior living system based in Wall Township. Originally founded in 1916 as the Presbyterian Home of the Synod of New Jersey, the company changed its name to Springpoint Senior Living in 2010. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. Springpoint formed a new obligated group for the refinancing, …
TEMPE, Ariz. — McCarthy Building Cos., a St. Louis-based construction firm, has completed construction of Mirabella at ASU, a $252 million continuing care retirement community in Tempe. Pacific Retirement Services and University Realty were the developers for the project. Mirabella at ASU is located at the corner of University Drive and Mill Avenue on the campus of Arizona State University (ASU), 4.5 miles from the Phoenix Sky Harbor International Airport. The community features a 20-story, 613,992-square-foot tower with 252 apartment units ranging from 751 square feet to 2,665 square feet. …
ELKHART, Ind. — Greystone has provided a $23.8 million HUD-insured loan to refinance Hubbard Hill, a nonprofit continuing care retirement community (CCRC) in Elkhart, located near the Michigan border east of South Bend. The community recently expanded to 220 units of independent living, assisted living, memory care, skilled nursing and short-term rehabilitation on its 70-acre campus. Greystone’s Lisa Fischman originated the financing, which carries a 30-year term and fixed interest rate. The loan refinances a previous HUD loan, and represents $280,000 in annual savings.
CARLSBAD and RANCHO MIRAGE, Calif. — Bayshire Senior Communities, a boutique senior living owner and operator, has acquired Brookdale Carlsbad and Brookdale Rancho Mirage, renaming the two communities as Bayshire Carlsbad and Bayshire Rancho Mirage. Both properties are continuing care retirement communities, each featuring 90 independent and assisted living units, 24 memory care units and 45 skilled nursing units. Carlsbad is located north of San Diego, and Rancho Mirage is part of the Inland Empire Bayshire is an owner-operator headquartered in Escondido, a suburb of San Diego.
DALLAS — The Legacy Senior Communities (LSC) has completed construction of The Legacy Midtown Park, a seniors housing community in North Dallas. Located on a 12-acre plot, the property features 184 rental independent living apartments, 51 assisted living apartments, 36 memory support residences and 54 private skilled nursing and rehabilitation suites. Development costs were estimated at $186 million. “The new senior community will have capacity to serve over 500 residents and will create over 300 new jobs,” says Legacy Senior Communities CEO Melissa Orth. Construction began in 2018, with the …
