Development

Active AdultDevelopmentNewsNorth Carolina

Capstone, Liberty Start Construction of $36M Inspire Royal Park in Matthews, North Carolina

by Jeff Shaw

MATTHEWS, N.C. — Capstone Communities and Liberty Senior Living have started construction of Inspire Royal Park, an active adult community for persons age 55 or older in the Charlotte suburb of Matthews. Approximately 30 percent of Matthews residents are over age 55, according to the developers. Construction costs were estimated at $36 million. Inspire Royal Park will feature 204 residences comprised of 20 free-standing cottages with private attached garages and 184 loft apartments offering one, two or three bedrooms. Harrison Street Real Estate Capital, a Chicago-based private equity real estate …

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DevelopmentIndustry Voices

Busting 4 Myths of Interior Design in Senior Living

by Jeff Shaw

Residents require spaces that are well finished, but take unique needs into consideration. By Melissa Banko There are plenty of misconceptions around interior design and even more so in the world of senior living design. As someone with 15 years of experience in this industry, I’m here to dispel some of the more pervasive myths I hear and drop a few tips along the way. Senior Living is Just Multifamily for Old People Let’s clear the air from the get-go. Multifamily, hospitality, and senior living design are three completely different …

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DevelopmentFrom The Magazine

Company Profile: Alliance Residential Breaks New Ground

by Jeff Shaw

The largest developer of multifamily communities in the United States tries to bring fresh ideas to seniors housing. By Jeff Shaw While seniors housing carries more operational risk and complexity than other commercial real estate asset classes, the property sector is enticing investors because it offers comparatively higher capitalization rates, meaning a higher annual return on investment. In 2019 before the pandemic struck, the average cap rate for garden-style apartment communities was 5.6 percent compared with 6.4 percent for private-pay seniors housing, according to Real Capital Analytics. In 2019, Alliance …

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DevelopmentIndustry VoicesLegal Issues

How to Work with Cities on New Developments

by Jeff Shaw

Making a partner of your municipality can smooth over many challenges. By Chad Suitonu The hardest thing about senior living development is finding the right land. Many of the good spots are already taken and competition is fierce for the remaining.  But when you have found the sweet spot — that site that has the right demographic demand, limited competition, barriers to entry and a feasible price — you’ll likely still have some obstacles to overcome with the city to get your project built.  Not only must you ensure that …

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Affordable HousingDevelopmentIndependent LivingNewsTexas

The Montrose Center Opens $26.5M LGBTQ-Friendly Affordable Independent Living Community in Houston

by Jeff Shaw

HOUSTON — The Montrose Center has opened the doors on the Law Harrington Senior Living Center, an independent living community in Houston’s historic Third Ward. The community features 112 units available to residents 62 or older meeting mximum income requirements. The programming is specifically designed to appeal to LGBTQ seniors, making it the largest community of its kind in the United States and the first in Texas, according to Montrose Center. Development costs are estimated at $26.5 million. A ribbon-cutting ceremony will be held in June. Legacy Community Health will …

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DevelopmentMichiganNews

KIRCO Starts Construction of 175,000 SF Monark Grove Clarkston in Clarkston, Michigan

by Jeff Shaw

CLARKSTON, Mich. — KIRCO has started construction of Monark Grove Clarkston, a 175,000-square-foot seniors housing community in Clarkston, approximately 35 miles northwest of Detroit. The community features 77 independent living units, 49 assisted living units and 22 memory care units on a 17-acre site. It’s KIRCO’s first project in Michigan. Completion is slated for second-quarter 2022. Beztak will be the operator.

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DevelopmentFloridaNews

Palace Group Opens Four-Story Community in Weston, Florida

by Jeff Shaw

WESTON, Fla. — The Palace Group has opened the doors on The Palace at Weston, an independent living, assisted living and memory care community in Weston, approximately 35 miles northwest of Miami. This is owner-operator Palace Group’s 10th luxury senior living community in Miami-Dade and Broward counties. It is located next door to The Palms, an active adult condominium community developed by The Palace Group. The four-story property features 130 independent living units ranging from 800 to 1,300 square feet, 144 assisted living units and a separate memory care building …

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Affordable HousingDevelopmentFinanceNew YorkNews

Merchants Capital Arranges $18M Loan for Renovations at Mannie Wilson Towers in Harlem

by Jeff Shaw

NEW YORK CITY — The New York office of mortgage banking company Merchants Capital has arranged an $18.2 million Housing Development Corporation (HDC) Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development located in the Harlem neighborhood of Manhattan. Located in the former Sydenham Hospital, Mannie Wilson Towers provides 102 one- and two-bedroom units of restricted-income housing for seniors. As part of the U.S. Department of Housing and Urban Development (HUD) Section 202 program, units are restricted to residents 62 years of age and older …

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DevelopmentFeaturesNews

Developers, Capital Providers Seek Creative Solutions for New Projects

by Jeff Shaw

Development activity in the seniors housing sector has slowed greatly as a result of the COVID-19 pandemic. New construction as a percentage of existing inventory fell from a high of 7.3 percent in the fourth quarter of 2017 to 4.9 percent in the first quarter of 2021, according to the National Investment Center for Seniors Housing & Care (NIC). This deceleration is due to a combination of factors: Occupancy hit record lows, meaning new product wasn’t needed; Lenders became very hesitant to loan on new, ground-up construction; Construction material costs …

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CCRCDevelopmentFinanceNewsPennsylvania

Ziegler Arranges $39.3M Bond Financing for Londonderry Village in Palmyra, Pennsylvania

by Jeff Shaw

PALMYRA, Pa. — Ziegler has arranged $39.3 million in bond financing for Lebanon Valley Brethren Home. The funds will be used to finance an expansion project at Londonderry Village, a seniors housing community in Palmyra, a small borough near Harrisburg. The 146-acre campus features 374 independent living units, 38 personal care units and 88 skilled nursing beds. The expansion includes developing a 40-acre tract of farmland at the southern boundary of the campus, and will add 35 new independent living units along with a model home, sales office and clubhouse. …

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