CHESTERFIELD, Mich. — HJ Sims has arranged $38.2 million in bond financing for Presbyterian Villages of Michigan (PVM), a nonprofit network of seniors housing communities. In 2002, PVM acquired land immediately adjacent to its Village of East Harbor campus in Chesterfield, a suburb of Detroit, for an expansion project. In 2018, a new health and wellness center was completed. The current project being financed comprises the final phase of the expansion with a new independent living area known as Harbor Inn. The Harbor Inn campus will include 12 rental single-level …
Development
Boston Capital Finance Arranges $21.5M Bond Financing to Rehabilitate Affordable High-Rise in Orlando
by Jeff Shaw
ORLANDO — Boston Capital Finance (BCF) has arranged $21.5 million in bond financing for the rehabilitation of Baptist Terrace, a 14-story affordable seniors housing community in downtown Orlando. The 197-unit community was built in 1969 and is fully leased. The rehabilitation will help preserve the property as affordable housing well into the future, according to BCF. The developer is the Orlando Neighborhood Improvement Corp., a nonprofit developer/manager.
Kayne Anderson, Watermark, Tishman Speyer Open $330M Seniors Housing Community in Brooklyn
by Jeff Shaw
NEW YORK CITY — A development team consisting of Kayne Anderson Real Estate, Watermark Retirement Communities and Tishman Speyer has opened the $330 million Watermark at Brooklyn Heights seniors housing community at 21 Clark St. The project is a redevelopment of the Leverich Towers Hotel, a 310,000-square-foot hotel built in 1928 that served as the pre-game home of the Brooklyn Dodgers baseball team in the 1930s and 1940s. The building’s 275 apartments include 145 for independent living, 88 for assisted living and 42 for memory care. Watermark at Brooklyn Heights …
MAPLE HEIGHTS and WEST UNION, Ohio — The Sohm America Integrations Group (SAI) has opened two Alpine House-branded communities in Ohio. Both are historical buildings that were extensively renovated. The property in the Cleveland suburb of Maple Heights once housed a hotel that hosted Elvis Presley and Johnny Cash before its conversion to independent living and assisted living. The property in West Union, approximately 65 miles east of Cincinnati, was the site of the former Adams County Hospital. The SAI Group is an umbrella group for multiple independent companies committed …
KALAMAZOO, Mich. — Ziegler has arranged $47.9 million in bond financing for an expansion project at Heritage Community of Kalamazoo. The nonprofit continuing care retirement community currently features 86 independent living units, 49 assisted living and memory care units, and 90 skilled nursing beds just south of downtown Kalamazoo. The four-story expansion, named Revel Creek, will add 60 independent living units. The building will also feature a new dining venue with commercial kitchen, a bar area, den, living room, library, outdoor terraces with seating spaces and a fitness room. There …
United Group Receives $32M Construction Loan for Active Adult Community in Stuart, Florida
by Jeff Shaw
STUART, Fla. — The United Group of Companies Inc. has received a $32 million construction loan from Knighthead Funding for The Sovana at Stuart, an active adult development in Stuart. The Class A community will feature one- and two-bedroom floor plans ranging from 710 to 1,410 square feet. The number of units was not disclosed. The Sovana at Stuart will also feature an 8,000-square-foot community clubhouse with a living room, fireplace, pantry kitchen, game room, arts and crafts room, media center, fitness center and private salon. The United Group’s affiliate, …
LCS Development Starts Construction of $75M WhiteStone Expansion in Greensboro, North Carolina
by Jeff Shaw
GREENSBORO, N.C. — LCS Development has started construction of a $75 million expansion at WhiteStone, a Masonic and Eastern Star seniors housing community in Greensboro. The project includes the addition of 67 independent living units, a building with 36 private suites for assisted living/memory care, and an extensive renovation of the existing skilled nursing facility. “We’re looking forward to enhancing our services with this expansion,” says Mark Lewis, executive director of WhiteStone. “The addition of the assisted living suites will complete the continuum of care for residents and allow our …
COLUMBUS, Ohio — Ziegler has arranged $27.9 million in bond financing Ohio Living Communities. The funds will be used for an expansion project at the company’s Westminster-Thurber campus in Columbus. Named Heritage Pointe, the 11-story building will add 56 independent living units to the community. The total project cost is approximately $39.2 million. A development timeline was not released. The bonds consist of tax-exempt, fixed-interest-rate serial term bonds with a final maturity in 2045. In addition to Heritage Pointe construction, the financing will fund $2.5 million of other capital projects …
Crest Pointe Breaks Ground on 3,000 SF Therapy Gym Expansion in Point Pleasant, New Jersey
by Jeff Shaw
POINT PLEASANT, N.J. —Crest Pointe Rehabilitation & Healthcare Center has broken ground on a 3,000-square-foot building expansion. The new therapy gym is part of a multi-million-dollar renovation project at the skilled nursing facility in Point Pleasant, approximately 50 miles south of New York City on the Jersey Shore. Crest Pointe is working with Marquis Health Services, a leading nursing home consulting firm, on the design and implementation of the renovation project. A timeline for completion was not released.
BETHESDA, Md. — Brightview Senior Living has opened Brightview Grosvenor an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s Disease or ALS.