Development

Development-Site_Succasunna-N.J
AcquisitionsDevelopmentNew JerseyNews

SLIB Arranges Sale of Development Site in New Jersey

by Hayden Spiess

SUCCASUNNA, N.J. — Senior Living Investment Brokerage has arranged the sale of a nine-acre entitled development site located in Succasunna an unincorporated community located in Roxbury Township, roughly 45 miles northwest of New York City.  According to SLIB, the site is approved for the development of a senior living community totaling 175 units of independent living, assisted living and memory care.  A private owner sold the property to a New Jersey-based developer for an undisclosed price. Dave Balow and Toby Siefert of SLIB brokered the transaction.  “This transaction allows the Seller …

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Plaza-Greene_Fair-Lawn-N.J
Active AdultDevelopmentFinanceNew JerseyNews

PCCP Provides $66.9M Loan for Active Adult Development in Metro New York City

by Hayden Spiess

FAIR LAWN, N.J. — Finance and investment management firm PCCP has provided a $66.9 million loan for the development of a new active adult community located in Fair Lawn, roughly 25 miles northwest of New York City. Sterling Properties and Danbro Properties received the financing.  Dubbed Plaza Greene, the community will total 145 residences across four stories, with 127 market-rate apartments and 18 affordable units. The development will also feature 24,000 square feet of retail space, anchored by a 22,300-square-foot Sprouts Farmers Market. Completion of construction is scheduled for 2027.   Based …

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Benchmark-East-Islip_East-Islip-N.Y
Assisted LivingDevelopmentMemory CareNew YorkNews

Benchmark, National Development Plan 90-Unit Community on Long Island

by Hayden Spiess

EAST ISLIP, N.Y. — Benchmark Senior Living and National Development have acquired a property in East Islip on Long Island, with plans to develop a new seniors housing community at the site.  The community, Benchmark at East Islip, will total 90 units, with 64 assisted living and 26 memory care apartments. Expected to open in 2028, the property will comprise roughly 88,000 square feet. Amenities at the community will include multiple dining venues, a theater, fitness center, salon and landscaped outdoor spaces.  Benchmark currently operates 70 senior living communities throughout New …

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LifeSpire-of-Virginia-Rendering
CCRCDevelopmentFinanceNewsVirginia

Ziegler Closes $171M Financing for LifeSpire of Virginia

by Hayden Spiess

GLEN ALLEN, Va. — Ziegler has closed approximately $171 million in bond financing for Virginia Baptist Homes doing business as LifeSpire of Virginia. Based in Glen Allen, the nonprofit company owns and operates five continuing care retirement communities in Virginia.  LifeSpire’s properties include Lakewood in Richmond, The Culpeper in Culpeper, The Chesapeake in Newport News, The Glebe in Daleville and The Summit in Lynchburg. Together, the communities total 952 independent living, 225 assisted living, 108 memory care and 226 skilled nursing units.  Proceeds from the bonds will be used to refund …

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Assisted LivingDevelopmentIndependent LivingMemory CareNewsPennsylvania

Charter Breaks Ground on 162-Unit Development in West Chester, Pennsylvania

by Hayden Spiess

WEST CHESTER, Pa. — Charter Senior Living and Paradise Management have broken ground on a new senior living development in West Chester, roughly 30 miles west of Philadelphia.  Upon completion, the community, Charter Senior Living of West Chester, will total 162 units, with independent living, assisted living and memory care residences. Completion of the project, which was first announced in January of this year, is scheduled for late 2027. 

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Tabor-Village-Rendering
Affordable HousingDevelopmentNewsTexas

Onyx Legacy Group, Lincoln Avenue Communities to Develop 229-Unit Affordable Community in Dallas

by Hayden Spiess

DALLAS — Onyx Legacy Group and Lincoln Avenue Communities are underway on plans for the development of a new affordable seniors housing community in Dallas.  The Texas Bond Review Board has issued a $38 million bond reservation to the Dallas Housing Finance Corp. in support of the project, and the City of Dallas has issued an early release letter, which allows initial grading and site mobilization activities to begin.  Upon completion, the property will total 229 units, with 15 percent of residences reserved for seniors earning at or below 50 percent …

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Affordable HousingDevelopmentFinanceNew JerseyNews

NJEDA Approves $35.3M in Tax Credits for Project in Northeast New Jersey

by Hayden Spiess

TOTOWA, N.J. — The New Jersey Economic Development Authority (NJEDA) board has approved $35.3 million in tax credits for a new seniors housing project in Totowa, roughly 20 miles northwest of New York City.  Upon completion, the development will feature 141 units. The project, known as Totowa Affordable Housing, is an adaptive reuse of the former Little Sisters of the Poor facility. Chrisitan Health is the lead developer.  All of the residences, which will include eight studio units, 123 one-bedroom units, 10 two-bedroom units, will be designated as affordable housing.  Financing …

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Affordable HousingDevelopmentNewsTexas

NHP Foundation, Partners to Develop 90-Unit Affordable Housing Community in Houston

by Hayden Spiess

HOUSTON — The NHP Foundation (NHPF), an affordable housing developer, with Trinity East Village Community Development Corp. (TECDC) and Housing Alliance HTX, will develop a new affordable seniors housing community in Houston.  Dubbed Trinity East Senior Village, the property will comprise 90 units for residents age 55 and older in the Third Ward neighborhood of Houston. Of the 90 residences, 60 will serve as replacement housing for residents of the Housing Alliance HTX’s Cuney Homes community, which is currently undergoing redevelopment.  Trinity East Senior Village will serve extremely low- and low-income …

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Benchmark_East-Brunswick-N.J
Assisted LivingDevelopmentMemory CareNew JerseyNews

National Development, Benchmark Underway on 87-Unit Community in New Jersey

by Hayden Spiess

EAST BRUNSWICK, N.J. — A joint venture between National Development and an affiliate of Benchmark Senior Living is currently underway on the development of a new community in East Brunswick.  Upon completion, Benchmark at East Brunswick will total 87 units and 100 beds for assisted living and memory care residents. Amenities at the property, which will total 84,276 square feet across three stories, will include multiple dining venues, a theater, fitness center, salon and outdoor spaces.  Construction has begun, and the opening is scheduled for 2028.  JLL Capital Markets recently arranged …

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Affordable HousingColoradoDevelopmentNews

MGL Partners Plans Affordable Community at Hospital Campus Redevelopment in Colorado

by Hayden Spiess

WHEAT RIDGE, Colo. — MGL Partners is planning the development of a new affordable seniors housing community in Wheat Ridge, approximately 10 miles outside downtown Denver.  The community will be situated within the redevelopment of the former Lutheran Hospital campus. MGL Partners recently executed a purchase and sale agreement with E5x Management, which is leading the redevelopment of the hospital campus, for the project site.  Dubbed Legacy Terrace Apartments, the community will feature 50 units for residents age 62 and older earning between 30 and 80 percent of the area median …

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