Development

Viva-L.A.-Warner-Center_Los-Angeles
Affordable HousingCaliforniaDevelopmentNews

Wellpointe to Develop $2B Affordable Seniors Housing Campus in Los Angeles

by Hayden Spiess

LOS ANGELES — Wellpointe has announced plans for the development of a new affordable seniors housing campus within the Warner Center master-planned district in Los Angeles.  Wellpointe estimates a total investment of $2 billion in the project, which will be developed in four phases. A property-holding affiliate of Wellpointe acquired the 4.7-acre development site late last year from Parkview Financial.  Upon completion, Viva L.A. Warner Center will comprise four high-rise towers ranging from 34 to 42 stories. The 2.2 million-square-foot development will total 3,192 units, as well as 61,450 square feet …

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Affordable HousingDevelopmentMarylandNews

Enterprise Community Development to Redevelop Springvale Terrace in Maryland

by Hayden Spiess

SILVER SPRING, Md. — Enterprise Community Development has announced plans to redevelop Springvale Terrace, a community in Silver Spring, in partnership with Seabury Resources for Aging.  Originally built in the 1960s, the property features 146 units. The community was one of the first to be developed under the U.S. Department of Housing and Urban Development’s (HUD’s) Section 202 program in the Washington, D.C. region.  Redevelopment plans include the demolition of the existing structure and the construction of a new 236-unit property, which will be branded as The Springvale. Residences will be …

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AcquisitionsAssisted LivingDevelopmentMemory CareNew YorkNews

Sunrise Acquires Development Site on Long Island for $7.5M

by Hayden Spiess

OCEANSIDE, N.Y. — Sunrise Senior Living has acquired a development site situated on Long Island in Oceanside for $7.5 million.  Kelly Koukou of Lee & Associates represented Sunrise in the acquisition. Marlon Matza of Strategic Realty Advisors represented the sellers, Grossman Nurseries and Breslin Development. The parties originally signed a purchase contract in 2017, but entitlement complications delayed the closing of the acquisition.  Sunrise plans to develop a 77,400-square-foot assisted living and memory care community on the property. Upon completion, the community will feature 84 units. A construction timeline was not …

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DevelopmentFinanceMontanaNews

Ziegler to Close $191.5M Bond Financing for St. John’s United 

by Hayden Spiess

BILLINGS, Mt. — Specialty investment bank Ziegler has announced the closing of a $191.5 million bond financing through the Montana Facility Finance Authority on behalf of St. John’s Lutheran Ministries, doing business as St. John’s United. The Series 2026ABC Bonds are scheduled to close this month. St. John’s United, St. John’s Foundation and Missions United, collectively comprise the Obligated Group, which owns a multi-campus senior living system located in the Billings and Laurel markets of Montana. The system features five senior living communities totaling 201 independent living units, 140 assisted living …

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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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Charter-Senior-Living-Rendering_West-Chester-Pa
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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