DAYTON, Ohio — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit (LIHTC) and historic tax credit (HTC) equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in …
Development
MACOMB, Ill. — Lancaster Pollard has provided a $9.5 million refinancing for Grand Prairie of Macomb, an 84-unit supportive living facility in Macomb, located in the western part of the state approximately 150 miles north of St. Louis. Grand Prairie was originally constructed in 2007 with an addition built in 2013. The FHA Section 232/223(f) financing, which paid off a recent acquisition loan, features a fixed interest rate of less than 2.5 percent and will result in debt service savings. Brett Murphy led the transaction for Lancaster Pollard, a division …
HINGHAM, Mass. — Callahan Construction Managers has completed The Residence at Penniman Hill, an assisted living community in the Boston suburb of Hingham. LCB Senior Living is the owner and operator, while The Architectural Team Inc. served as the design firm. This is Callahan’s fourth project with LCB Senior Living. The Residence at Penniman Hill features 90 assisted living and memory care apartments. The 90,000-square-foot, three-story building includes studio, one- and two-bedroom options.
Last week Seniors Housing Business hosted a webinar entitled Seniors Housing Development Pushes Forward Hear From Operators with Projects and Pipelines in Place where experts panelists discussed how industry leaders are forging ahead with new ground-up construction projects as well as the challenges associated with leasing up properties in times of strained occupancy. Topics including managing pipelines, the availability of capital, the impact of COVID-19 on pro-forms and investment, plus changes to building design/refurbishing and repurposing projects.” Click to hear how industry leaders are focusing on seniors housing products and new operating realities. …
OVERLAND PARK, Kan. — Village Shalom, a continuing care retirement community in the Kansas City suburb of Overland Park, has opened a four-story apartment building at the property. The 76-unit independent living building is part of a $42 million expansion project. The full project, which broke ground approximately two years ago, already added 48 memory care units, and 24 rehabilitation suites are currently under construction. In addition to the new independent living units, the completed building includes a first-floor amenity corridor named Main Street.
OWNINGS MILLS, Md. — Senior Lifestyle has unveiled renovation plans for Atrium Village, an independent living, assisted living and memory care community in the Baltimore suburb of Ownings Mills. The multi-million-dollar project is planned in phases, starting with exterior and façade improvements. Phase II will renovate the lobby, corridors, elevators and unit interiors. Atrium Village’s community spaces will also be updated, including its two restaurant-style dining venues and a multi-purpose room. An additional bistro-style dining venue is planned. The project is scheduled for completion in summer of 2021.
High Street Residential Completes Avidor Minnetonka Active Adult Community in Minnesota
by Jeff Shaw
MINNETONKA, Minn. — High Street Residential, a subsidiary of Trammell Crow Co., has completed Avidor Minnetonka, a 168-unit active adult community in Minnetonka. Allegro Management Co. operates the six-story community, which will welcome its first residents later this month. Units are restricted for those over age 55. “There was a shortage of adequate for-rent 55+ seniors housing options in Minnetonka,” says Mary Boehlmer, a senior associate with High Street Residential. “Avidor Minnetonka serves the baby boomer’s growing desire to live in an urban environment, makes economic sense by offering affordable …
BIRMINGHAM, Ala. — KIRCO and Phoenix Senior Living have completed construction of The Bluffs at Greystone, seniors housing community in Birmingham. Phoenix Senior Living operates the property, which features 63 independent living units, 50 assisted living units and 24 memory care units.
OMAHA, Neb. — Immanuel has started construction of new assisted living and memory care units, as well as new common areas, at Pacific Springs, a seniors housing community in West Omaha. The expansion is scheduled to open in fall 2021. Pacific Springs is located adjacent to the Pacific Springs Golf Club and currently offers exclusively independent living. Renovation plans also include enhanced common spaces such as a fitness center and wellness studio; onsite restaurant and lounge featuring a golf simulator; outdoor areas and walking paths; and a chapel adorned with …
ATLANTA — Isakson Living has opened the doors on Peachtree Hills Place, a continuing care retirement community in Atlanta’s upscale Buckhead neighborhood. The first section to open is called The Terraces, offering four levels of care — assisted living, memory care, skilled nursing and short-term rehabilitation — as well as an onsite medical team. Over 100 residents have already moved in. Built on 20 acres, Peachtree Hills Place will feature 197 units in five four-story buildings and 12 custom-built, single-family homes upon full build-out.