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, …
Development
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 …
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 …
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.
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 …
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 …
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 …
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, …
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 …