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.
Development
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 …
FORT OGLETHORPE, Ga. — Summit Contracting Group has started construction of The Canopy at Boynton Ridge, an assisted living and memory care community n Fort Oglethorpe, just across the state border from Chattanooga, Tennessee. The community will feature 64 units in a two-story, 49,697-square-foot building. building, Construction is scheduled for completion in January 2021. The developer is Rimrock Cos. and the architect is Group 4 Design Inc.
Alliant Capital Invests in Blue Mountain Terrace Affordable Development Near Sacramento
by Jeff Shaw
WINTERS, Calif. — Alliant Capital has completed an investment in Blue Mountain Terrace, a 63-unit affordable seniors housing development in Winters, a rural city approximately 25 miles west of Sacramento. Domus is developing the community, which will serve those age 62 and older earning between 25 and 60 percent of the area median income. The size of Alliant’s investment was not disclosed. “California’s demand for affordable housing is high statewide,” says Dudley Benoit, executive vice president at Alliant Capital. “In particular, the need for quality housing for low-income seniors is …