GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. The community opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent …
CCRC
UPPER ARLINGTON, Ohio — HJ Sims has arranged a total of $55 million in bond financing for First Community Village, a continuing care retirement community (CCRC) in Upper Arlington, a suburb of Columbus. National Church Residences manages the community. The bonds will be used to fund an independent living expansion at the property, called The Fairfax Project. The Fairfax Project includes the demolition of 30 existing independent living units, and construction of a four-story independent living building totaling 70 units. The expansion will also add a heated underground parking garage.
GRAND RAPIDS, Mich. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The Keller Lake expansion is currently under construction. The project will add 53 independent living units to the community to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living …
GLEN MILLS, Pa. — Erickson Living has broken ground on an expansion at Maris Grove, a continuing care retirement community in Glen Mills, approximately 20 miles west of Philadelphia and 13 miles north of Wilmington, Delaware. The three-story, 76,000-square-foot project will be named Evergreen Pointe. The building will feature 84 new assisted living units. Evergreen Pointe is part of Erickson’s multi-year plan to expand and renovate Maris Grove’s existing residences. The new building will be located adjacent to the existing continuing care building, Rose Court, which will be renovated to …
MECHANICSBURG and ERIE, Pa. — HJ Sims has arranged a $96.1 million bond refinancing for two seniors housing communities in Pennsylvania. The borrower is Asbury Communities Inc., a nonprofit operator with six communities in Maryland, Tennessee and Pennsylvania. The communities involved in this transaction are Bethany Village in Mechanicsburg, a suburb of Harrisburg, and Springhill in Erie. Bethany Village opened in 1964 and contains an east and west campus. The east campus consists of 95 residential cottages, 94 court apartments, 26 rental apartments, administrative offices and amenities. The west campus …
Buckner Opens Assisted Living, Memory Care Units at Ventana High-Rise Project in Dallas
by Jeff Shaw
DALLAS — Buckner Senior Living has opened the assisted living and memory care units at Ventana by Buckner, a 301-unit high-rise seniors housing community in Dallas. The 189 independent living units opened in November 2019. The State of Texas granted the license for the 38 assisted living and 26 memory care apartments, and residents have begun moving in. Ventana is Dallas’ first and only luxury high-rise continuing care retirement community, according to Buckner. The property also features 48 skilled nursing apartments and 24 rehabilitation suites.
HEALDSBURG, Calif. — Ziegler has closed a $12.4 million, tax-exempt bond anticipation note for the development of Enso Village, a continuing care retirement community in Healdsburg, a city in Sonoma County’s wine country. A bond anticipation note is a short-term security issued in anticipation of future, larger bond financing for the project. The borrower is Kendal at Sonoma, a nonprofit partnership between The Kendal Corporation, Greenbrier Development and the San Francisco Zen Center. The community will feature 200 market-rate independent living apartments, 20 below-market independent living apartments to accommodate retired …
CHICAGO — Fundamental Advisors has sold The Clare at Rush and Pearson, a 53-story continuing care retirement community (CCRC) in downtown Chicago, to LCS. Although the price was not disclosed, BMO Harris provided $59.4 million in financing for the transaction. Fundamental partnered with Senior Care Development (SCD) and LCS to acquire the community out of bankruptcy in 2012. A renovation plan was implemented that expanded the health center while augmenting programs and services for residents. Additionally Life Care Services, the management arm of LCS, was brought in to operate the community. …
NHI, LCS Form Joint Venture to Acquire Timber Ridge Life Plan Community in Washington for $133M
by Jeff Shaw
ISSAQUAH, Wash. — National Health Investors (NHI) has formed a joint venture with an affiliate of Life Care Services (LCS) to acquire and operate Timber Ridge at Talus, a continuing care retirement community (CCRC) in Issaquah. The buyers will acquire Timber Ridge from a joint venture between Westminster Capital and LCS for $133 million, exclusive of closing costs that are estimated to be approximately $2 million. Originally built in 2008 and expanded in 2017, the property features 401 units, including 330 independent living apartments, 14 assisted living apartments, 12 memory …
VIRGINIA BEACH, Va. — Life Care Services has taken over management of Atlantic Shores Retirement Community, a 100-acre seniors housing campus in Virginia Beach. Atlantic Shores Cooperative Association owns the property, which features 667 units of independent living, assisted living, memory care and skilled nursing.