ORLAND PARK, Ill. — Smith Senior Living has opened Smith Crossing Greenleaf Rehab, a 46-suite short-term rehabilitation expansion at its Smith Crossing community in the Chicago suburb of Orland Park. The two-story, 45,222 square-foot building is connected with a passageway to the west side of the main building on Smith Crossing’s 32-acre. This expansion increases the total square footage of its main building to almost 506,000 square-feet of residences and common areas. With the $24 million addition of the new rehab wing, Smith Crossing has invested $119 million in building …
Development
Exclusive Webinar Panel: Seniors Housing Development Landscape Changes Amid Pandemic, But Continues Nonetheless
by Jeff Shaw
Although COVID-19 has changed the realities of the seniors housing sector, development has adapted and forged ahead. That’s according to panelists on a webinar titled “Seniors Housing Development Pushes Forward” held Sept. 9. Presented by Seniors Housing Business and sponsored Moves for Seniors, panelists included Charlie Jennings of Harbor Retirement Associates; Bryan Schachter of Watermark Retirement Communities; Rob Leinbach of Cadence Living; Robert Burg of Moves For Seniors; Matt Johnson of McFarlin Group; and moderator Richard Swartz of Cushman & Wakefield. To view the full webinar, click here. All the developers …
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 …
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.