MADISON, Minn. — Kraus-Anderson has started the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.
Development
Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California
by Jeff Shaw
LA VERNE, Calif. — Truist Financial Corporation has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The funding will be used to refinance existing debt and support the construction of a new independent living area, named Hawthorne Homes. The 24,000 square-foot development will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, …
Hunt Capital Partners Raises $11M in Equity for 90-Unit Mixed-Income Development in Waco, Texas
by Jeff Shaw
WACO, Texas — Hunt Capital Partners, in collaboration with co-developers Mears Development and Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50, and 60 percent of the area median income. “A recent study by the Harvard University Joint Center for Housing Studies reported that almost 49 percent …
Ziegler Arranges $131.4M Bond Financing for Development of Stevenson Oaks in Fort Worth
by Jeff Shaw
FORT WORTH, Texas — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks …
TEMECULA, Calif. — The City of Temecula Planning Commission has unanimously approved the construction of Solana Way, an assisted living and memory care facility that Griffin Living is developing on a vacant site that was previously unusable due to water runoff. Located approximately midway between Los Angeles and San Diego, the 91,002-square-foot community will feature 75 assisted living units and 32 memory care units in a two-story building. “The Temecula site was both a nuisance and an eyesore at a major intersection, and now will feature a new, thoughtfully designed …
Smith Senior Living Opens $24M Rehab Expansion at Smith Crossing in Orland Park, Illinois
by Jeff Shaw
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 …
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.