HIGHLAND PARK, Ill. — Capitol Seniors Housing has opened Atria Highland Park, an assisted living and memory care community in the Chicago suburb of Highland Park. The three-story, 72,000-square-foot community features 86 residential apartments on a 2.6-acre site. The operator is Atria Senior Living. Mosely Architects designed the project, while StudioSIX5 handled interior design. “Overlooking Sunset Valley Golf Club and located just south of Sunset Woods Park, the new community is also near medical facilities, downtown Highland Park shops and restaurants, a post office and many more local amenities,” says …
Development
Watercrest, United Properties Near Completion of 198-Unit Community in Sarasota, Florida
by Jeff Shaw
SARASOTA, Fla. — Watercrest Senior Living Group and United Properties have reached the final phase of construction of Watercrest Sarasota. The community features 72 independent living units, 94 assisted living units and 32 memory care residences. Walker & Co. is building the property alongside Interior Design Associates.
Greystone Provides $30M Financing for Redevelopment of Council Towers Affordable Community in Miami Beach
by Jeff Shaw
MIAMI BEACH, Fla. — Greystone has provided a $30 million HUD loan for the renovations at Council Towers Senior Apartment Homes, an age-restricted affordable housing community in Miami Beach. Council Towers comprises two 12-story buildings with a total of 250 one-bedroom units. HUD provides rental subsidies under a Project-Based Section 8 contract. The substantial rehabilitation of the property, which was originally constructed under HUD’s Section 202 program 40 years ago, will upgrade, preserve and continue to provide affordable housing. Apartments are restricted to seniors over age 62 making up to …
Live Oak Bank Provides $22M Construction Loan for Medical Office, Seniors Housing Complex in Miami
by Jeff Shaw
MIAMI — Live Oak Bank has provided a $22 million loan for the construction of medical office building MedSquare Place and independent living community The Contemporary, both located in the Westchester submarket of Miami. The development team consists of Miami-based commercial real estate owners AJP Ventures and Mas Group along with equity partner OCTA. Bruce Gibson, principal with Senior Capital Advisors, arranged the financing. MedSquare Place will expand the MedSquare brand’s footprint of healthcare real estate and complement the existing MedSquare Health building near Baptist Hospital of Miami. MedSquare Place’s …
Winter Park Prepares to Open 90-Unit Georgetown Square Affordable Community in Sanford, Florida
by Jeff Shaw
SANFORD, Fla. — Winter Park Construction is nearing completion of Georgetown Square Apartments, a 90-unit affordable seniors housing community in Sanford, a suburb of Orlando. Redding Development Partners is developer on the project and the architect is Slocum Platts Architects. Partners include the Sanford Housing Authority and Gardner Capital. The 3.2-acre site formerly housed Redding Gardens, a public housing property. Of these apartments, 28 will be project-based Section 8 units, and the remainder will be reserved for residents earning 60 percent of area median income. The project received a 9 …
Winter Park Construction Breaks Ground on $23M Madison Landing Affordable Community in Orlando
by Jeff Shaw
ORLANDO, Fla. — Winter Park Construction has broken ground on Madison Landing, an affordable seniors housing community in Orlando. Development partners American Residential Communities and New South Residential paid $1.3 million for 5.4 acres of land for the project. The first phase will be a 77,473-square-foot, seven-story building totaling 110 units. Development costs for Phase I are estimated at $23 million. Completion of Phase I is scheduled for September 2021. A second phase, not yet approved, would add 86 more units. The developers are pursuing future funding from Florida Housing …
WINTER PARK, Fla. — Greystar Real Estate Partners is developing Overture Hamlin, an active adult community in Winter Park, a suburb of Orlando. The apartment community will feature 110 one-bedroom and 70 two-bedroom units, plus 9,000 square feet of amenities. It is locate along Lake Hancock, nearby to both Walt Disney World and a variety of healthcare providers, including Orlando Health and AdventHealth Orlando facilities. Greystar expects to complete construction in summer 2021.
WAUKESHA, Wis. — New Perspective has completed construction of New Perspective Waukesha, a 128-unit independent living, assisted living and memory care community in the Milwaukee suburb of Waukesha. “This is the second community we’ve opened over the past two months. That said, coronavirus was not part of the initial equation, or for that matter, the world’s plan,” says Chris Hyatt, president of New Perspective. “We forged ahead with development and implemented enhanced operating protocols. New Perspective Franklin opened in July and our experience with both communities was a resounding warm …
VICTORIA, Minn. — Bethesda, a national Christian organization that provides homes and other services for people with intellectual and developmental disabilities, is opening Bethesda Cornerstone Village Victoria, located at 1519 82nd St. in Victoria, on Tuesday, Sept. 1. Offering apartments and villas, the community is restricted to adults age 55 or older and independent adults with intellectual and developmental disabilities. Bethesda Cornerstone Village Victoria will feature 37 apartment homes and 15 villa homes, with up to 20 percent of the residences serving people with a disability who live independently. Lutheran …
Hunt Capital Partners, Chinese Consolidated Benevolent Association Receive $4.4M Acquisition Financing for Affordable Community in San Diego
by Jeff Shaw
SAN DIEGO — Hunt Capital Partners and the Chinese Consolidated Benevolent Association (CCBA) have received $4.4 million in federal Low-Income Housing Tax Credit (LIHTC) and federal solar tax credit equity financing. The funds will be used for the acquisition and rehabilitation of CCBA Senior Gardens. Located in the Gaslamp district of San Diego, CCBA Senior Gardens is a four-story affordable apartment complex that will feature 45 newly renovated units for seniors age 55 and older. CCBA is the managing general partner, developer and guarantor for the project. Built in 1999 …