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CCRCFinanceIndianaNews

Greystone Provides $23.8M HUD Financing for Hubbard Hill CCRC in Elkhart, Indiana

by Jeff Shaw

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.

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AcquisitionsCaliforniaCCRCNews

Bayshire Senior Communities Acquires Two Brookdale Properties in Southern California

by Jeff Shaw

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.

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CCRCDevelopmentNewsTexas

Legacy Senior Communities Completes $186M CCRC in North Dallas

by Jeff Shaw

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 …

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CCRCDevelopmentFloridaNews

Lifespace Opens 102-Unit Expansion at Village on the Green CCRC in Longwood, Florida

by Jeff Shaw

LONGWOOD, Fla. — Lifespace Communities has opened The Oaks, a health center expansion at Village on the Green, a continuing care retirement community (CCRC) in the Orlando suburb of Longwood. The new building adds 48 skilled nursing beds, 36 assisted living apartments and 18 memory care suites to the 80-acre senior living community. “We are passionate about providing the best health services to seniors and their families, and the new health center is an invaluable addition to our offerings,” says Rachel Blumberg, executive director at Village on the Green. “Residents …

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CCRCIllinoisNewsPeople

Clare Oaks CCRC in Illinois Announces New Name, Leadership

by Jeff Shaw

BARTLETT, Ill. — Clare Oaks, a continuing care retirement community in the Chicago suburb of Bartlett, has changed its name to The Oaks at Bartlett and announced changes to its leadership team. ER Senior Management, which was appointed as the senior living community’s operator at the end of 2020, led the changes. Tim Lynch will take over the community as executive director. With more than 20 years’ experience in the healthcare and senior living fields, Lynch began his career as a physical therapist and has held management positions in hospitals …

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CCRCFinanceNew YorkNews

HJ Sims Arranges $30M Financing for The Knolls Continuing Care Retirement Community in Valhalla, New York

by Jeff Shaw

VALHALLA, N.Y. — HJ Sims has closed $30 million in financing for The Bethel Methodist Home and its continuing care retirement community The Knolls, located in Valhalla, approximately 25 miles north of Midtown Manhattan. The community, which opened in 2002 under the name Westchester Meadows, offers independent living, assisted living and skilled nursing services on one campus. In 2008, Westchester Meadows experienced financial difficulty, which culminated in a bankruptcy filing in 2015. The community was acquired in 2016 with the proceeds of tax-exempt and taxable bonds privately placed with a …

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CCRCDevelopmentNewsSouth Carolina

The Woodlands at Furman Completes $4.5M Expansion in Greenville, South Carolina

by Jeff Shaw

GREENVILLE, S.C. — The Woodlands at Furman, a nonprofit continuing care retirement community in Greenville, has completed its 13,000-square-foot expansion. The project added Community Village, which features a multipurpose room and a wellness center that includes cardio equipment, therapy pool, massage room, day spa, gym, locker rooms. Development costs were estimated at $4.5 million. “The Community Village reminds me of a town square – providing a hub for activities ranging from lectures to exercise classes to spa services,” said Mary Lou Merkt, president and CEO at The Woodlands at Furman. …

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AcquisitionsCCRCConnecticutNewsOperations

Benchmark Assumes Management of Meadow Ridge CCRC in Redding, Connecticut

by Jeff Shaw

REDDING, Conn. — Benchmark Senior Living has become part owner and the operator of Meadow Ridge, a continuing care retirement community (CCRC) in Redding, approximately 55 miles northeast of Manhattan. Affiliates of Senior Care Development, the community’s original developers, will retain majority ownership. Set on 136 acres, Meadow Ridge is Connecticut’s largest retirement community offering independent living, assisted living, skilled nursing and rehabilitation on one campus. It opened in 2001 and features 415 apartment homes and employs more than 300 associates. Benchmark owns and operates 63 independent living, assisted living, …

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CCRCDevelopmentNewsTexas

Forefront Living Buys 18.2 Acres in Plano for 236-Unit Development

by Jeff Shaw

PLANO, Texas — Forefront Living has acquired an 18.2-acre plot of land in Plano for the construction of an independent living, assisted living and memory care community, according to Dallas-based news outlet D Magazine. The plot is located on former farmland owned by the Haggard family. The faith-based, nonprofit seniors housing developer plans to construct The Outlook at Windhaven on the site. The project is slated to include 150 independent living apartments, 30 independent living cottage homes, 32 assisted living apartments and 24 memory care units. Construction is scheduled to …

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ArizonaCCRCDevelopmentFinanceNews

Ziegler Structures $136.8M in Financing for Royal Oaks CCRC Expansion in Sun City, Arizona

by Jeff Shaw

SUN CITY, Ariz. — Ziegler has arranged $136.8 million of public bonds and bank capital for People of Faith Inc. The borrower has planned an expansion project known as Inspirata Pointe at its existing continuing care retirement community (CCRC), Royal Oaks, in Sun City. The financing comprises $90.8 million in tax-exempt bonds and $46 million in variable-rate entrance fee redemption bonds. Royal Oaks was established in 1981 on approximately 50 acres 22 miles northwest of Phoenix. The CCRC currently offers 258 independent living apartments, 102 independent living private residential garden …

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