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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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CCRCFinanceIllinoisNews

Clare Oaks CCRC in Illinois Emerges from Bankruptcy, Plans $5M Improvement Project

by Jeff Shaw

BARTLETT, Ill. — Clare Oaks, a continuing care retirement community (CCRC) in the Chicago suburb of Bartlett, has emerged from Chapter 11 bankruptcy with $40 million in reduced debt and plans for a $5 million capital improvement project. The property opened in 2008, but declared bankruptcy in June 2019. The process reduced its debt from $86 million to $46 million, and also installed a new operator in ER Senior Management IL LLC and a new board of directors led by Julie Boggess. “The goal of this rigorous process was to …

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CCRCFinanceNewsOhio

Ziegler Arranges $69.5M Financing for Wesley Communities in Metro Columbus, Ohio

by Jeff Shaw

COLUMBUS and REYNOLDSBURG, Ohio — Ziegler has arranged $69.5 million in bond financing for The Methodist Retirement Center of Central Ohio, a nonprofit corporation doing business as The Wesley Communities. Incorporated in 1965 as a faith-based provider, The Wesley Communities comprises three senior living properties totaling 668 units: Wesley Glen in Columbus, Wesley Ridge in Reynoldsburg and Wesley Woods at New Albany in Columbus. Additionally, Wesley Hospice provides hospice services throughout the communities. The assisted living, memory care and skilled nursing units in Wesley Glen and the assisted living and …

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CCRCDevelopmentFinanceNew YorkNews

HJ Sims Arranges $89M in Financing for Jefferson’s Ferry CCRC Expansion on Long Island

by Jeff Shaw

BROOKHAVEN, N.Y. — HJ Sims has arranged $89 million in financing for an expansion project at Jefferson’s Ferry, a continuing care retirement community (CCRC) in the Long Island town of Brookhaven. Sims underwrote the initial construction bond financing in 1999 for Jefferson’s Ferry, followed by a refunding of this financing in 2006. The new funds will be used toward Jefferson’s Ferry’s Journey Toward Renewal project, an improvement and expansion of the residential and healthcare space. The project includes construction of a 20-unit building dedicated to assisted living residents with dementia, …

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