Despite the significant challenges of converting old buildings into seniors housing, developers roll the dice and build a more inviting product. By Jeff Shaw Because of the special needs of the sector, seniors housing developers nearly always say they prefer ground-up development rather than redevelopment projects. It allows them to build a property exactly how they want in order to meet the needs of modern seniors. But sometimes an opportunity presents itself to convert an old building into something new, often restoring a historic property to new glory. Because of …
Development
Developers should help increase safe, welcoming options for seniors. By Charlie Adams and Aileen Montour For members of the LGBTQ community, access to safe, affordable and inclusive housing is a necessity. Research has shown that LGBTQ-identifying individuals report lower incomes, increased food insecurity, higher unemployment and increased vulnerability to homelessness. Many cities across the country have implemented initiatives over the years to combat discrimination and promote inclusivity — everything from opening LGBTQ community centers to hosting pride parades. But as “the Stonewall Generation” grows older, more can and should be …
RANCHO BERNARDO, Calif. — Ryan Cos. has completed construction of Silvergate Rancho Bernardo, an 11-acre seniors housing campus in Rancho Bernardo, approximately 25 miles north of San Diego. AmeriCare Health & Retirement developed the community, which Ryan Cos. built. The development features of 20 cottages, 108 apartments, six penthouse units and 48 memory care units, and was 90 percent pre-leased. The apartments range from 400 square feet to 1,200 square feet, while the cottages run between 1,400 square feet and 1,600 square feet. Silvergate Rancho Bernardo is AmeriCare’s third development …
LA GRANGE, Ill. — Pathway to Living has opened Aspired Living of La Grange, a 117-unit assisted living and memory care community in La Grange, approximately 13 miles southwest of downtown Chicago. Totaling five stories and 118,583 square feet, the community features 85 assisted living and 32 memory care units. Pathway to Living is a Chicago-based developer, owner and operator of seniors housing communities and the seniors housing arm of Chicago-based real estate investor and operator Waterton. This is the company’s 23rdcommunity in Chicagoland. Thoma Holec provided interior design services, …
ST. PAUL, Minn. — Ryan Cos. has broken ground on the redevelopment of a 122-acre former Ford plant in St. Paul’s Highland Park neighborhood. Named Highland Bridge, the project has a focus on residential, featuring seniors housing, market-rate multifamily housing and 760 units of affordable housing, as well as for-sale row homes. In addition to the project’s 3,800 housing units, Highland Bridge is slated to include 150,000 square feet of retail space, 265,000 square feet of office space and 50,000 square feet of civic or institutional spaces. More than 55 …
DENTON, Texas — Investcor has completed the renovation of Fairhaven Assisted Living, a historic senior living building in Denton, approximately 35 miles north of Fort Worth. The development team for the 47-unit project included Pi Architects, Coastal Reconstruction, Allison Engineering, TDi Engineering, MEP Associates Design Groups and Architexas. The original building was designed by Texas architect O’Neil Ford, whose designs blended the surrounding environment into the building and featured the use of natural elements and materials. The original Fairhaven was originally developed in the 1950s, but closed in 2007 and …
VIERA, Fla. — ConcordRENTS has started construction of Venue at Viera Senior Living Apartments, a 145-unit affordable seniors housing community in Viera, a master planned community centrally located on Florida’s Space Coast near the City of Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income. Development costs for the four-story building were estimated at $32 million. Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million …
LAWRENCEVILLE and DACULA, Ga. — KeyBank Real Estate Capital (KBREC) has secured $50 million of fixed-rate Freddie Mac financing for Dominium, a developer and manager of affordable housing. The twin $25 million loans will be used for the construction of two affordable seniors housing communities — Grayson Ridge Apartments in Lawrenceville and The Preserve at Peachtree Shoals in Dacula, both suburbs of Atlanta. Both four-story, garden-style properties will each contain 240 units for residents age 55 and older. The unit mix for both will consist of 124 one-bedroom units, 100 …
Ziegler Arranges $22.5M Financing for Beacon Hill at Eastgate CCRC Expansion in Michigan
by Jeff Shaw
GRAND RAPIDS, Mich. — Ziegler has arranged $22.5 million in bank bonds for an expansion project at Beacon Hill at Eastgate, a 300-unit continuing care retirement community in the Eastgate neighborhood of Grand Rapids. The borrower is Michigan Christian Home. The financing package includes a $9.8 million long-term component with a 30-year amortization and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project. Built in 1960, the property currently features 170 entrance fee independent living units, 20 rental independent …
ALGONQUIN, Ill. —McShane Construction Co. has started building The Oaks at Algonquin, an independent living, assisted living and memory care community in Algonquin, a northwest suburb of Chicago. The three-story property will feature a total of 166 units. It is scheduled for completion in January 2022. Spectrum Retirement Communities is the property’s developer, and Vessel Architecture is the designer.