BROOKHAVEN, N.Y. — HJ Sims has arranged $89 million in financing for an expansion project at Jefferson’s Ferry, a continuing care retirement community (CCRC) in the Long Island town of Brookhaven. Sims underwrote the initial construction bond financing in 1999 for Jefferson’s Ferry, followed by a refunding of this financing in 2006. The new funds will be used toward Jefferson’s Ferry’s Journey Toward Renewal project, an improvement and expansion of the residential and healthcare space. The project includes construction of a 20-unit building dedicated to assisted living residents with dementia, …
Development
SilverPoint, Journey Capital Break Ground on 95-Unit Edition Senior Living in Saginaw, Texas
by Jeff Shaw
SAGINAW, Texas — SilverPoint Senior Living, a senior living management company, and Journey Capital, a seniors housing development company, have broken ground on Edition Senior Living in Saginaw, less than 10 miles north of Forth Worth. The property will feature 22 independent living cottages, 54 assisted living units and 19 memory care units on a 6.1-acre site. According to the developers, it will be the first assisted living and memory care community in Saginaw. This marks the fourth collaboration and partnership between SilverPoint and Journey Capital.
B’nai B’rith Housing Completes Second Phase of The Coolidge at Sudbury Affordable Community in Massachusetts
by Jeff Shaw
SUDBURY, Mass. — B’nai B’rith Housing has completed Phase II of construction at The Coolidge of Sudbury, an affordable housing community for seniors in Sudbury, located midway between Boston and Worcester. The project added 56 new units to the project, bringing the total number of units to 120. The rental apartments have one bedroom and are between 675 and 700 square feet. The new building includes common space and amenities, including a meeting room, library, fitness center and offices for a property manager and a resident service coordinator. Prior to …
Resort Lifestyle Communities Opens 128-Unit Independent Living Community in Hudson, Ohio
by Jeff Shaw
HUDSON, Ohio — Resort Lifestyle Communities has opened Hudson Meadows, an independent living community in Hudson, approximately 25 miles southeast of Cleveland and 12 miles north of Akron. “Our research indicated there was a significant need for independent senior living communities in the area,” says Steve Mueller, COO of Resort Lifestyle Communities. Hudson Meadows offers 128 apartments for rent in studio, one-, two- and three-bedroom options for one monthly price that includes utilities and no buy-in fee or long-term leases. Included in the monthly rent are on-site professional staff, live-in …
Pandemic Construction Slowdown May Ease Overbuilding Concerns, Say InterFace Development Panelists
by Jeff Shaw
Seniors housing developers have noted that both debt and equity have become difficult to secure as a result of the COVID-19 pandemic. Lenders are providing much lower leverage on loans, and many capital partners are staying on the sidelines until the full effects of the virus have passed. But there may be a silver lining to the halt in new construction. Before the pandemic, an influx of new supply was driving down occupancy. Those oversupply concerns may have come to an end. “We needed to have a pause in new …
RICHMOND, Va. — Enterprise Community Development has completed construction of The Rosa, an affordable seniors housing community in Richmond’s historic Jackson Ward neighborhood. Partners on the project include the City of Richmond, the Richmond Redevelopment & Housing Authority, Virginia Housing, the Federal Home Loan Bank, the U.S. Department of Housing and Urban Development (HUD), Truist, Enterprise Housing Credit Investments, and the Virginia Department of Housing and Community Development. The four-story building features 82 mixed-income apartments, including 36 affordable units designated for workforce housing. It is named after the school for …
NEW YORK CITY — RKTB Architects has been selected as the designer of Catholic Charities Loreto Apartments, an affordable seniors housing community in Brooklyn. The property will feature 135 units, including 80 for formerly homeless seniors. The remainder of the units is reserved for seniors making up to 50 percent of the area median income. The new development will be constructed on the former site of a historic Brownsville church. A timeline for development was not released.
Lupe Development Partners, Ecumen to Develop 118-Unit Affordable Seniors Housing Community in Edina, Minnesota
by Jeff Shaw
EDINA, Minn. — The Edina Housing Foundation has selected Lupe Development Partners and Ecumen to develop 118 units of affordable seniors housing in Edina. The project will be built on a parcel of land near Southdale Mall that the foundation owns. With rents ranging from $650 to $1,600, the proposed development will be affordable to seniors with household annual incomes ranging from $22,000 to $58,000. Ecumen will manage the property upon completion. The project team will work with the City of Edina to develop public art and community programing components. …
PENSACOLA, FLA. — The Paces Foundation has opened Brownsville Manor, an affordable housing community for seniors in Pensacola. The property offers 88 one- and two-bedroom units and is over 80 percent leased. Brownsville Manor is the second affordable housing community that The Paces Foundation has built for seniors in Pensacola. The first, Fairfield Manor, was awarded a LEED Platinum certification and opened five years ago.
Kendal Receives Government Approval for 221-Unit Enso Village Zen Community in Sonoma County
by Jeff Shaw
HEALDSBURG, Calif. — The Healdsburg Planning Commission has unanimously approved the development of Enso Village, a seniors housing development in Northern California’s Sonoma County wine country. Enso Village will sit on 16 acres of land, part of a larger mixed-use development that will include retail, hotel, other types of housing and other amenities. The project is a collaboration between developer Kendal Corp. and the San Francisco Zen Center. The planning commission approval paves the way for the building permit application for construction of the 221-residence community. The plans include 30 …