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CaliforniaCCRCFinanceNews

Cambridge Realty Capital Provides $15.4M Refinancing for Casa de Flores, Bayside Care Center in Morro Bay, California

by Jeff Shaw

MORRO BAY, Calif. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services.  Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. …

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CCRCDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $5M Bond Financing for Improvements at Glenmeadow in Longmeadow, Massachusetts

by Jeff Shaw

LONGMEADOW, Mass. — MassDevelopment has issued $5 million in tax-exempt bond financing on behalf of Glenmeadow Inc., a nonprofit life plan community. The borrower will use proceeds to complete several projects at its campus in Longmeadow, located along the Connecticut border just south of Springfield.  Projects include completing the demolition of the existing natatorium building and constructing a new building to house a natatorium and a wellness center; renovating dining venues; upgrading electric, plumbing and HVAC systems; installing rooftop solar panels; and buying equipment, fixtures and furniture.  This financing complements …

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CCRCIllinoisNewsOperations

The Admiral at the Lake in Chicago to End Affiliation with Kendal Corp.

by Jeff Shaw

CHICAGO — The Admiral at the Lake board of directors has announced it intends to end its affiliation and become an independently operated continuing care retirement community. The property is located near Montrose Beach in Chicago’s Uptown neighborhood. “The board of directors worked closely with expert advisors, our stakeholders and the management team to analyze the opportunities that exist for The Admiral at the Lake under a variety of scenarios,” says Laura McKee, board chair. “With this new path forward, we will continue to provide elevated senior living services to …

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AcquisitionsCCRCFloridaNews

Acts Completes Affiliation with Nine-Story Mease Life CCRC in Dunedin, Florida

by Jeff Shaw

DUNEDIN, Fla. — Acts Retirement-Life Communities has completed its previously announced affiliation with Mease Life, a nonprofit continuing care retirement community (CCRC) in the coastal Tampa suburb of Dunedin. Under the affiliation agreement, Mease Life has become an Acts affiliate member and part of its network of 27 CCRCs in nine states across the east coast. Rising nine stories, Mease Life is home to approximately 350 residents and includes a mix of independent living, assisted living, skilled nursing and other specialty care services. Acts is currently the nation’s fourth largest …

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CCRCDevelopmentMinnesotaNews

Kraus-Anderson Completes $91.8M Expansion at Friendship Village in Bloomington, Minnesota

by Jeff Shaw

BLOOMINGTON, Minn. — Kraus-Anderson (KA) has completed a $91.8 million expansion of Friendship Village, a senior living campus located in Bloomington. Lifespace Communities is the property owner. SAS Architects and Planners designed the 380,294-square-foot project, which adds a five-story independent living and assisted living building with 93 apartments. The expansion also features a three-story skilled nursing building and three-story health center with a physical and occupational therapy gym and memory care suites. Construction began in August 2019. Lifespace plans to open the new areas in November.

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CCRCDevelopmentIndependent LivingNewsTexas

Morningside Ministries Plans 86-Unit Expansion for Morningside at Menger Springs in Boerne, Texas

by Jeff Shaw

BOERNE, Texas — Morningside Ministries has unveiled plans for an independent living expansion at Morningside at Menger Springs, a continuing care retirement community in Boerne, approximately 30 miles northwest of San Antonio. The project features 86 new independent living terrace homes, an amphitheater, dining venue, fitness center, pickleball court and covered pool. The plan features four two-story residential buildings with one and two-bedroom floor plans ranging from 946 to 1,751 square feet. The expansion will incorporate an additional eight acres adjacent to the community’s 34-acre property near Menger Creek.  Construction …

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AcquisitionsCCRCNewsPennsylvania

Presbyterian Senior Living Acquires 532-Unit CCRC in Doylestown, Pennsylvania

by Jeff Shaw

DOYLESTOWN, Pa. — Presbyterian Senior Living (PSL) has acquired Pine Run Life Plan Community, a 532-unit continuing care retirement community in Doylestown, approximately 25 miles north of Philadelphia. Doylestown Hospital sold the property for an undisclosed price. PSL is partnering with Doylestown Health at the community. Further details were not disclosed.

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CCRCDevelopmentFinanceNewsWashington

Ziegler Arranges $118.3M Bond Financing for Emerald Heights in Redmond, Washington

by Jeff Shaw

REDMOND, Wash. — Ziegler has arranged $118.3 million in bond financing for Emerald Heights, a continuing care retirement community in Redmond. Located approximately 17 miles northeast of Seattle, the 38-acre campus consists of 333 independent living units, including both apartments and cottages, 40 licensed assisted living beds, 16 memory care units and 61 skilled nursing beds. The bonds will be used to refinance 2013 bonds and fund an expansion project at the community. The first phase of the expansion, announced last week, will add 54 assisted living units and a sky …

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Assisted LivingCCRCDevelopmentNewsWashington

Emerald Communities Begins $55M Assisted Living Expansion at Emerald Heights in Redmond, Washington

by Jeff Shaw

REDMOND, Wash. — Emerald Communities has broken ground on an assisted living expansion project in Redmond, approximately 10 miles east of Seattle.  The development will add 54 one-bedroom units to Emerald Heights, a continuing care retirement community. The project also includes a dining space, activity rooms, an outdoor patio and a centralized courtyard across 67,55 square feet. Development costs are estimated at $55 million. Dean Kelly of the architecture firm Rice Fergus Miller is leading the design, and also recently managed Emerald Heights’ new 42-unit independent living building and earlier …

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CCRCDevelopmentFinanceNewsSouth Carolina

Ziegler Arranges $212.9M Bond Financing for Seafields at Kiawah Island in South Carolina

by Jeff Shaw

KIAWAH ISLAND, S.C. — Ziegler has arranged $212.9 million in bond financing for Seafields at Kiawah Island, located on Kiawah Island, a resort town south of Charleston. The borrower is Kiawah Life Plan Village Inc. (KLPV), a South Carolina nonprofit corporation that was formed on Dec. 7, 2020, to develop, own, and operate a continuing care retirement community on approximately eight acres. The community will feature 90 independent living units and 16 assisted living units.  Seafields is located adjacent to Freshfields Village, which is an open-air pedestrian village with a …

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