SPOKANE, Wash. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission on behalf of Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction …
Development
WinnCompanies Opens $21.5M High School Redevelopment Project in East Haven, Connecticut
by Jeff Shaw
EAST HAVEN, Conn. — WinnCompanies has opened The Tyler, a mixed-income apartment community for seniors in East Haven, a suburb of New Haven. The project, a redevelopment of the 84-year-old former East Haven High School building, will be the first historic adaptive reuse project in the United States to meet the industry’s strictest standards for energy performance, according to WinnCompanies. The three-story property, 104,871-square-foot property features 70 apartments for individuals age 55 and older. The property was recently named as the nation’s Best Overall Development and Green Building of the …
WALNUT CREEK, Calif. — Sequoia Living has re-opened the preview center at Viamonte at Walnut Creek as the continuing care retirement community (CCRC) nears completion. First move-ins are scheduled to start in a few weeks at the 200-unit community. Construction began three years ago. The property is located in Walnut Creek in the San Francisco Bay Area.
Joint Venture Breaks Ground on $86M Lake Anne House Affordable Community in Northern Virginia
by Jeff Shaw
RESTON, Va. — A joint venture between Enterprise Community Development (ECD) and Fellowship Square Foundation has broken ground on Lake Anne House, an $86 million affordable seniors housing community in Reston. The property will offer 240 units, with floor plans ranging from studio to two-bedroom layouts. The units will be available to seniors who earn at or below 60 percent of the area median income (AMI). Each resident will pay no more than 30 percent of his or her income toward housing costs, including rent and a utility allowance. The …
LONDONDERRY, N.H. — Edgewood Senior Solutions Group has acquired land in Londonderry’s Woodmont Commons, where the group plans to build senior living community called The Baldwin. Project plans call for 190 independent living apartments. Several of the community’s amenities, including a spa and salon, a convenience store and multiple dining venues, will be open to the public. “Our location in Woodmont Commons — and the mixed-use aspect being built into The Baldwin — adds a valuable intergenerational dimension you don’t find in most senior living communities,” says Marlene Rotering, CEO …
SUGAR HILL, Ga. — Holbrook Life has unveiled plans for a new seniors housing community in Sugar Hill, approximately 35 miles northeast of downtown Atlanta. Plans call for 102 assisted living units and 28 memory care units at the community. Partners on the project include Holbrook Life Management, Choate Construction, Harrison Design Architect and Abbey Hall Interiors. The City of Sugar Hill Downtown Development Authority has offered an eight year, $5 million dollar tax abatement incentive for the project.
GEORGETOWN, Texas — MedCore Partners and The National Realty Group (TNRG) have started construction of The Hacienda at Georgetown, a 230-unit senior living community in Georgetown, a suburb of Austin. The community sits on a 13.2-acre tract situated at the south entrance to Sun City Texas, an extensive master-planned active adult community. The resort-style senior living campus will offer 125 independent living residences, 81 assisted living apartments and 24 memory care units. The $85 million project is the first part of a two-phase, $115 million campus. The second phase will …
KENT, Wash. — Cadence Living and Flournoy Development Group have broken ground on Cadence at Kent-Meridian in the Seattle suburb of Kent. The five-acre property is an infill location located adjacent to restaurants and other amenities, with views of Mount Rainier and contains a forest. The three-story building will feature 128 units for both independent and assisted living. Santé Development Group aided in the site selection process. “It is very rare to find a site that combines urban walkability with a natural preserve,” says Rob Leinbach, Cadence principal. “Combine that …
Allied Group Holdings Plans to Redevelop Mall Near Tampa as 154-Unit Assisted Living Facility
by Jeff Shaw
ST. PETERSBURG, Fla. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the site into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building occupied by Ace Hardware. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing. Allied Group Holdings plans to redevelop the site into …
Solutions Advisors Group Opens Sales Center at 132-Unit Aspire at East Beach in Virginia
by Jeff Shaw
NORFOLK, Va. — Solutions Advisors Group (SAG) has opened the sales center at Aspire at East Beach, a waterfront seniors housing community in Norfolk. The four-story building features 132 units of independent living. The community is slated to open in summer 2021. Solvere Living, the operations division of Florida-based SAG, will operate the community upon completion. The developer of the community is Arlington-based Bonaventure. East Beach marks the third of its Aspire-branded communities.