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 …
CCRC
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.
COLLIERVILLE, Tenn. — HJ Sims and Duncan-Williams have arranged a financing package totaling $219.3 million for the construction of The Farms at Bailey Station, a continuing care retirement community in Collierville. The borrower is Retirement Companies of America (RCA). The development will be a sister community to Kirby Pines Estates in nearby Memphis. When completed, The Farms will feature 176 independent living units, 63 garden homes, 52 assisted living units, 32 memory support suites and a health center consisting of 60 private skilled nursing suites. The units are already 70 …
RICHMOND, Va. — Erickson Living has started construction of Avery Point, a massive continuing care retirement community (CCRC) in the Short Pump area of Richmond. Upon full build-out, the community will feature 1,160 independent living units, 120 assisted living units, 60 memory care units and 60 skilled nursing beds. The property will comprise 14 individual buildings totaling 2 million square feet of space. Total development costs are estimated at $300 million. Phase I is currently under way, which is scheduled to deliver 200 independent living apartments and a 43,000-square-foot amenity …
WYNDMOOR, Pa. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Wyndmoor Hills, a 180-unit rental continuing care retirement community (CCRC). The community is located on 12 acres in Wyndmoor, an affluent suburb just north of Philadelphia. The building totals 214,288 square feet. Blueprint represented the court-appointed receiver for the sale of the financially distressed community. The receiver took over operational control and saw immediate improvement, allowing the property to be marketed as a value-add opportunity. A regional buyer with a track record for turnaround projects acquired the …
DALLAS — Buckner Senior Living has opened Ventana by Buckner, a 301-unit seniors housing community in North Dallas. The project, designed by D2 Architecture, features two 12-story towers that include 189 independent living residences, 38 assisted living residences, 48 nursing apartments and 26 memory care residences. Buckner is collaborating with Baylor Scott & White Health for medical and spiritual care services, Stephan Pyles for culinary services, Cooper Aerobics for health and wellness, and Southern Methodist University for continuing education. Development costs were estimated at $140 million. Apartments range from 950 …
HALLOWELL, Maine — Senior Living Investment Brokerage (SLIB) has arranged the sale of Granite Hill Estates, an entry-fee continuing care retirement community (CCRC) located in the Central Maine city of Hallowell. MaineGeneral Health sold the property to a regional owner-operator for an undisclosed price. Granite Hill Estates features 46 independent living cottages, 60 independent living apartments and 24 assisted living/memory care units. The independent living portion was built in 2000, with assisted living added in 2006. There is also room for further expansion on the 43-acre site. The buyer assumed …
TYSONS, Va. — Mather has completed land acquisition for its previously announced The Mather continuing care retirement community (CCRC) in Tysons, approximately 13 miles west of Washington, D.C. The developer plans to start sitework in 2020 with the first phase of construction scheduled to open in 2023. Entitlements were approved in June. Although the planned number of units has not been disclosed, Mather says entrance fees will start at $660,000 for apartments ranging from 850 to more than 3,000 square feet. Nearly half of Phase I has been pre-sold, according …