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DevelopmentFinanceNewsTexas

Ziegler Arranges $22.1M Financing for Forefront Living Plano in Texas

by Jeff Shaw

PLANO, Texas — Ziegler has closed $22.1 million of bond anticipation notes for Forefront Living Plano. The financing comprises $20.6 million in tax-exempt notes sold publicly to institutional investors and $1.5 million in taxable notes placed with affiliates of the borrower. The proceeds of the financing will be used to finance the cost of acquiring an 18-acre tract in Plano and the preconstruction development costs of a new retirement community to be known as “The Outlook at Windhaven.” The new project is slated to include 180 independent living units, 32 …

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Assisted LivingConnecticutDevelopmentFinanceNews

Carnegie Capital Structures $24.5M Construction Loan for Assisted Living Community in Connecticut

by Jeff Shaw

CONNECTICUT — Carnegie Capital has arranged $24.5 million in financing for the construction of a 130-bed assisted living and memory care community in Connecticut. The lenders are a national, healthcare-focused bank and a participating regional bank. The borrower is a national healthcare development fund and its national operating partner. Further details on the community were not disclosed. JD Stettin of Carnegie Capital sourced and structured the loan, which features a 4 percent interest rate.

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Active AdultDevelopmentNewsTexas

Imprint Property Group, Batson-Cook Development Break Ground on Larkspur at Creekside Near San Antonio

by Jeff Shaw

NEW BRAUNFELS, Texas — A joint venture between Imprint Property Group (IPG) and Batson-Cook Development Co. (BCDC) has broken ground on Larkspur at Creekside, an active adult community in the San Antonio suburb of New Braunfels. The 184-unit project marks the first partnership between boutique developer IPG and BCDC, an Atlanta-based subsidiary of Japanese construction company Kajima Corp. The nine-acre development will be an anchor of the master-planned New Braunfels Town Centre,  a 400-acre community located 32 miles northeast of San Antonio and 48 miles southwest of Austin.  Larkspur at …

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DevelopmentNewsPeople

Pennrose Names Amon Martin to Head Southeast Development Activities

by Jeff Shaw

PHILADELPHIA — Pennrose, a Philadelphia-based developer, has promoted Amon Martin to regional vice president of the Southeast, following the recent announcement of the retirement of Mark Straub. Martin joined Pennrose in 2016 as senior developer. He has led the Atlanta office for Pennrose and contributed to the execution and growth of Pennrose’s development pipeline within the Southeastern U.S., including all aspects of the real estate development process from initial conception through construction, lease-up and stabilized occupancy or sale. Martin brings over 20 years of experience in market-rate and affordable apartments, …

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Affordable HousingDevelopmentNewsPennsylvania

Tryko Partners to Build Fairywood Affordable Redevelopment in Pittsburgh

by Jeff Shaw

PITTSBURGH, Pa. — The Urban Redevelopment Authority (URA) of Pittsburgh has selected Tryko Partners as developer of choice to redevelop the former Fairywood School site in the city’s west end. Tryko’s winning proposal will transform the vacant property into 46 affordable townhomes for seniors aged 62 and up as part of a neighborhood revitalization initiative. The project design features one-bedroom units with covered porches, surrounded by a series of walkable, park-like green spaces. The complex will be transit-friendly and incorporate energy-efficient and sustainable site design, including rain gardens throughout the …

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Active AdultDevelopmentNewsRhode Island

LeCesse Development Starts Construction of 118-Unit Active Adult Community in West Warwick, Rhode Island

by Jeff Shaw

WEST WARWICK, R.I. — LeCesse Development Corp. has broken ground on a 118-unit active adult community in West Warwick, a suburb of Providence. Named Matteson Ridge, the units will comprise a series of single-family-style homes for rent to residents over the age of 55. Phase I homes will be available for lease in early 2021, with more homes available late spring 2021. Phase I of Matteson Ridge is already underway and will total 33 units, including 15 single-level duplexes and one triplex. The second phase of the project will include …

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DevelopmentFloridaNews

Tuscan Gardens Senior Living Opens New Community in Delray Beach, Florida

by Jeff Shaw

DELRAY BEACH, Fla. — Tuscan Gardens Senior Living proudly announces the opening of Tuscan Gardens of Delray Beach. The property offers assisted living, “enhanced assisted living” and memory care. The number of units was not disclosed. The luxury community is located within 15 miles of multiple hospitals, including those for rehabilitation and short- and long-term acute care.

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Active AdultDevelopmentNewsOklahoma

Sparrow Partners to Break Ground on Sage Cobblestone Active Adult Community in Norman, Oklahoma

by Jeff Shaw

NORMAN, Okla. — Sparrow Partners will break ground this week on the first active adult community in Norman, the 168-unit Sage Cobblestone. The community will be adjacent to the Cobblestone Creek Golf Course and 2.5 miles from the University of Oklahoma. The first residents are scheduled to move in to the six-acre property in the spring of 2022. The community’s one- and two-bedroom apartments will rent for between approximately $1,400 and $2,055 a month, compared to the $3,345 average monthly cost of an assisted living facility in Oklahoma, according to …

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Affordable HousingDevelopmentNewsTexas

Gardner Capital to Open Jubilee at Texas Parkway Affordable Community in Missouri City, Texas

by Jeff Shaw

MISSOURI CITY, Texas — Gardner Capital plans to complete construction on an affordable senior community, Jubilee at Texas Parkway, in Missouri City this month. The development was made possible through affordable housing financing programs from the Texas Department of Housing and Community Affairs. The community will feature 82 garden-style apartments and is currently leasing. Citibank served as the equity investment partner as well as the construction and permanent lender, while GCRE Construction was the general contractor for the project. “Missouri City represents a vibrant and growing suburb for the Houston …

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Affordable HousingDevelopmentNewsPennsylvania

Delaware County Housing Authority to Add 96 Affordable Units at Kinder Park Community Near Philadelphia

by Jeff Shaw

RIDLEY TOWNSHIP, Pa. — Pennrose, the Delaware County Housing Authority (DCHA), The County of Delaware and the Pennsylvania Housing Finance Agency (PHFA) have closed on financing for the final phase of the Kinder Park redevelopment in Ridley Township, near the Philadelphia International Airport. Phase IV will add 96 units of affordable seniors housing to the Kinder Park site, which already features 160 existing affordable apartments for seniors and individuals with disabilities, 154 townhomes, a community building and several community parks. The final phase is slated for completion in the spring …

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