Tuesday, September 26, 2023
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Webinar: It’s the Dog Days of the Senior Living Investment Market — How to Find the Creativity Needed to Overcome Capital Markets Crunch

by Sarah Daniels

The Sept. 14 webinar “It’s the Dog Days of the Senior Living Investment Market — How to Find the Creativity Needed to Overcome Capital Markets Crunch“ analyzed the outlook throughout today’s seniors housing market. Operations recovery, development, transaction trends, capital availability and pricing were all points of discussion for an hour-long conversation between a six-person panel of industry experts. Where are there opportunities and how is the seniors housing world adapting to the current environment? Register here to find out more about what experts are seeing in the capital markets landscape. Major …

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CaliforniaDevelopmentNews

Confluent, MorningStar Plan 233-Unit Project in Tustin, California

by Jeff Shaw

TUSTIN, Calif. — Confluent Senior Living and MorningStar Senior Living have entered into an Exclusive Negotiating Agreement (ENA) with the City of Tustin to lead the development of MorningStar at Tustin Legacy. Located in Orange County, the 283,000-square-foot community will feature 145 independent living, 60 assisted living and 28 memory care units. The main buildings will be between four and five stories high surrounded by 29 single-story independent living cottages. The site, formerly the Marine Corps Air Station (MCAS) Tustin, is located within the 1,600-acre Tustin Legacy community. The location …

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Affordable HousingDevelopmentFloridaNews

Mixed-Use Development Surrounding Tampa Bay Rays’ $1.3B Ballpark to Include 600 Units of Seniors Housing

by Jeff Shaw

ST. PETERSBURG, Fla. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at …

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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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DevelopmentIllinoisNews

The Danish Home of Chicago Breaks Ground on 14-Unit Expansion

by Jeff Shaw

CHICAGO — The Danish Home of Chicago, an independent seniors housing community in Chicago, has broken ground on a 14-unit expansion. The Danish Home of Chicago was established in 1897 by 12 Danish women to provide a comfortable, safe life for elderly Danes. Today, the boutique, nonprofit community offers all levels of care to people 62 and older without regard to nationality, faith or sexual orientation.  Currently home to 41 seniors when fully occupied, the new Garden Suites will allow an additional 14 people to live at the community. The …

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DevelopmentMarylandNews

Brightview Opens Welcome Center at 178-Unit Development in Cockeysville, Maryland

by Jeff Shaw

COCKEYSVILLE, Md. — Brightview Senior Living has opened the welcome center at Brightview Hunt Valley, a 178-unit seniors housing development in Cockeysville, approximately 15 miles north of Baltimore. Brightview Hunt Valley is currently under construction within the Hunt Valley Towne Center shopping center and will open in summer 2024. The community will offer independent living, assisted living and memory care services. As a privately owned company, Brightview Senior Living builds new communities through a combination of private investment funds and traditional bank loans. Brightview Hunt Valley is one of 13 …

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ColoradoDevelopmentNewsVirginia

Brinkmann Constructors Breaks Ground on Three Seniors Housing Communities

by Jeff Shaw

LITTLETON, Colo., and FAIRFAX and RICHMOND, Va. — Brinkmann Constructors broke ground on three seniors housing projects in August. The company started construction on an additional residential building in the Wind Crest Senior Living community in Littleton. The seven-story, 195,000-square-foot building will include 94 units and an underground parking garage.  Having worked on Wind Crest projects since 2012, this will be the 12th building Brinkmann has built on the campus. Completion of the new facility is slated for June 2025.  Brinkmann also broke ground on its 24th project for Erickson …

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Affordable HousingDevelopmentIllinoisNews

ACO Commercial Arranges $8M Sale of Development Site on Chicago’s South Side

by Jeff Shaw

CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million.  George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc.  The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassHousing Provides $14.5M Financing for Farnsworth House Affordable Community in Boston

by Jeff Shaw

BOSTON — MassHousing, working with Rogerson Communities, has provided $14.5 million in affordable housing financing to Charles H. Farnsworth Senior Housing Corp., owner and developer of the 76-unit Farnsworth House for older adults in Boston. The funds will be used for the refinancing and renovation of the property, as well as the extension of resident affordability for at least 24 years. Located in the city’s Jamaica Plain neighborhood, Farnsworth House is a seven-story brick building built in 1982 under the federal Section 202 Program. Among the improvements planned for the …

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DevelopmentFeaturesNews

InterFace Panel: Developers Must Get Creative in Sourcing Financing, Changing Up Product Mix

by Jeff Shaw

ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to …

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