Development

By Julie Ferguson, executive vice president, senior living, Ryan Cos. In less than a year, the oldest baby boomers will begin turning 80. By 2030, the youngest will be 65 or older.  Not only are baby boomers the largest generation, but they are projected to cause seniors to outnumber children under the age of 18 for the first time in U.S. history by 2034, according to the U.S. Census Bureau.  As time drives forward, the need for seniors housing rises. The National Investment Center for Seniors Housing & Care (NIC) …

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HARRISBURG, Pa. — Marquis Health Consulting Services has started a multi-million-dollar renovation at The Terraces at Capitol Village and Capitol Rehabilitation & Healthcare Center, a senior living and skilled nursing campus. The properties are located in Harrisburg, the state capital on the Susquehanna River in Central Pennsylvania. Work is set to begin this month at The Terraces at Capitol Village, a 64-unit personal care community. The undertaking will include a complete refresh of the lobby and hallways as well as the main dining room, activity room, theater and private dining …

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GREENVILLE, N.C. — LCS Development, An LCS Company, has received an undisclosed amount of financing for the community expansion and remodeling project at Cypress Glen, a senior living community in Greenville.  The $90 million project will add 57 independent living residences and include a new auditorium, expo kitchen, wine bar and remodeled amenities. LCS Development has led the planning, development and design, and will oversee the construction services.  The expansion is slated for completion by November 2025. Cypress Glen sits on over 95 scenic acres and is the only continuing …

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PARKER, Colo. — Health Dimensions Group (HDG), along with co-owners Ellipsis and Invesque, has opened Terra Bluffs, an assisted living and memory care community in Parker. The property is located southeast of Denver. Details such as the number of units were not disclosed. HDG provides oversight of the community’s day-to-day operations. Ellipsis is the project developer for the care community and Invesque is the project’s investment partner.

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JACKSONVILLE, Fla. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult development in Jacksonville’s Southside neighborhood.  Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed.  Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ …

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BROOKLINE, Mass. — MassDevelopment has issued a $39.9 million tax-exempt bond on behalf of 32 Marion Apartments LLC, an affiliate of Brookline Housing Authority, which will use proceeds to build 115 units of affordable housing for seniors and individuals with disabilities in Brookline’s Coolidge Corner neighborhood.  The new one-bedroom units in the Boston suburbs will be rented to households earning no more than 60 percent of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property. Bond proceeds will also …

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MUSKEGON, Mich. — Colliers has arranged $21.6 million in construction financing for a seniors housing project in Muskegon, located west of Grand Rapids and directly across Lake Michigan from Milwaukee. The property will feature 105 units of independent living, assisted living and skilled nursing in a combination of studio, one-bedroom and two-bedroom units.   The term of the loan is 48 months with one twelve-month extension option. Christopher Fenton and Catherine Eby of the seniors housing team of Colliers Mortgage, in conjunction with Nick Skarich and Kevin McMahon of Colliers Funding …

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OLATHE, Kan. — Hunt Midwest and Principal Senior Living Group have completed a 21-unit memory care expansion at Benton House of Olathe, approximately 20 miles southwest of Kansas City. The expansion more than doubles the number of memory care apartments available in the community’s Beacon Neighborhood. Residents are scheduled to move in to the new apartments in March. Benton House of Olathe now offers 76 total residences, including 35 memory care apartments and 41 studio and one-bedroom assisted living suites. The Beacon Neighborhood features an open design at homelike scale …

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FAIRFAX, Va. — Focus Healthcare Partners has completed a $67 million renovation project at The Virginian, a 32-acre continuing care retirement community (CCRC) in the D.C. suburb of Fairfax. LCS operates the property. This project included adding an array of advanced technology, sustainability initiatives, lifelong learning opportunities and healthcare services. Amenities now include multiple dining venues, a wine cellar, sports bar, indoor golf simulator, theater, entertainment venues, three full-service salons, technology areas and a spa under development. Outdoor areas include pickleball, bocce ball, a putting green, a dog park and …

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VENICE, Fla. — Ryan Cos. US Inc. has completed construction of Grand Living at Wellen Park, a 235,267-square-foot luxury senior living community in Venice, a Gulf Coast city approximately midway between Tampa and Fort Meyers. Offering 204 residential units, the property will be part of Wellen Park, a master-planned development encompassing 11,000 acres. The four-story building includes 156 independent and assisted living units, 36 memory care units and 12 villas.  Ryan served as the developer and builder as well as an investor in the community. Ryan A+E Inc., Ryan’s design …

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