KNOXVILLE, Tenn. — Shannondale has unveiled plans for The Lodge at Shannondale, a 96-unit independent living expansion at the company’s seniors housing campus in West Knoxville. The Lodge is scheduled to open later this year, with pre-sales currently open to the public. Floor plans include one- and two-bedroom options ranging from 771 to 1,550 square feet. Cooper Architecture designed the project. The Christman Company is already underway on construction. Home Federal Bank provided financing. Shannondale opened in 1967 and has locations in Knoxville and Maryville.
Development
CHICAGO— Evergreen Real Estate Group and the Chicago Housing Authority (CHA) have started construction of Ravenswood Senior Living, a 193-unit affordable seniors housing community in the Ravenswood neighborhood on Chicago’s North Side. The $81 million project will convert the former 10-story Ravenswood Hospital — which was built in 1974 and has been vacant since 2002 — into affordable rental units. The property will total 74 independent living apartments for low-income residents and 119 units under the Illinois Supportive Living program, which allows government reimbursement for assisted living services. While the …
Buckner Opens Assisted Living, Memory Care Units at Ventana High-Rise Project in Dallas
by Jeff Shaw
DALLAS — Buckner Senior Living has opened the assisted living and memory care units at Ventana by Buckner, a 301-unit high-rise seniors housing community in Dallas. The 189 independent living units opened in November 2019. The State of Texas granted the license for the 38 assisted living and 26 memory care apartments, and residents have begun moving in. Ventana is Dallas’ first and only luxury high-rise continuing care retirement community, according to Buckner. The property also features 48 skilled nursing apartments and 24 rehabilitation suites.
HEALDSBURG, Calif. — Ziegler has closed a $12.4 million, tax-exempt bond anticipation note for the development of Enso Village, a continuing care retirement community in Healdsburg, a city in Sonoma County’s wine country. A bond anticipation note is a short-term security issued in anticipation of future, larger bond financing for the project. The borrower is Kendal at Sonoma, a nonprofit partnership between The Kendal Corporation, Greenbrier Development and the San Francisco Zen Center. The community will feature 200 market-rate independent living apartments, 20 below-market independent living apartments to accommodate retired …
MOUNT LAUREL, N.J. — Capitol Seniors Housing has opened Arbor Terrace Mount Laurel, an 88-unit seniors housing community in Mount Laurel. The 75,000-square-foot community offers assisted living and memory care services. The Arbor Company is the operator. Mount Laurel is an affluent suburb east of Philadelphia. The community is just east of the Interstate 295 interchange and the New Jersey Turnpike, making the community very accessible to the entire market area. Meyer Senior Living Studio designed the property.
MATTESON, Ill. — Alexi Senior Living Corp. has received $17.7 million in HUD financing, allowing the company to start construction of Alexi Senior Community in Matteson, a southern suburb of Chicago. Upon completion the property will feature 55 assisted living and 20 memory care units. The 81,500-square-foot building will be the first of four planned for the property. Future buildings will include an independent living building, scheduled for groundbreaking in August 2020, plus areas for early learning and higher education, leading to an intergenerational community. The development team includes architectural …
WESTBROOK, Maine — Boston Capital has invested in the development of Robert L. Harnois Apartments, a 61-unit affordable housing development for seniors in Westbrook, a suburb of Portland. The general partner is Westbrook Development Corp., based in Westbrook. Robert L. Harnois Apartments will serve seniors ages 62 or older earning 60 percent or less of the area median income (AMI). The five-story property is located near public transportation, a retail center and supportive services. Robert L. Harnois Apartments is Phase II of the adjacent Larabee Village, a 150-unit seniors housing …
Lancaster Pollard Provides $14.8M HUD Financing for Skilled Nursing Facility in Illinois
by Jeff Shaw
AURORA, Ill. — Lancaster Pollard has provided $14.8 million in HUD financing for the development of a Thrive skilled nursing facility in Aurora, approximately 38 miles west of downtown Chicago. The 68-bed facility will focus on post-acute care. The borrower is Innovative Health and its Chicago-based parent company, which has three communities under construction. Brett Murphy of Lancaster Pollard arranged the long-term, non-recourse financing.
Insiders weigh the odds of success for this emerging product type. By Jane Adler Win or lose, investors and developers are placing big bets on the newly emerging product category of active adult rental communities. Aimed at the huge cohort of 74 million aging baby boomers, the projects are amenity-rich but lack many of the services found in traditional senior living communities, such as housekeeping, meals and assistance. The bet is that a certain segment of baby boomers will sell their homes and opt for a worry-free lifestyle that comes …
Developers seize on the opportunity to build communities geared specifically for certain groups of overlooked elders. By Jane Adler Long ignored but no longer forgotten, seniors with diverse backgrounds are getting their own niche communities. A number of new projects are underway for LGBTQ seniors and members of growing ethnic and religious groups. Of course, niche communities are nothing new. There are retirement campuses for everyone from Hollywood actors to military officers. Many niche properties revolve around special interests such as a love of nature or an interest in the …