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 …
Development
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.
Resort Lifestyle Communities to Break Ground on $30M Active Adult Community in Wellington, Florida
by Jeff Shaw
WELLINGTON, Fla. — Resort Lifestyle Communities (RLC) is scheduled to break ground on July 23 for Palomino Gardens, an active adult community in Wellington, approximately 65 miles north of Miami. The $30 million, 180,000 square foot community is the sixth RLC location in Florida. The number of units was not disclosed.
Pennrose to Repurpose Historic Mary Stone School in Massachusetts as Affordable Seniors Housing
by Jeff Shaw
AUBURN, Mass. — Pennrose has closed on financing for the redevelopment of the Mary D. Stone school building in Auburn, a suburb of Worcester. The project will turn the three-story, 1920s-era property into a 55-unit affordable seniors housing community. Plans call for the renovation of the historic school, demolition of some later-built wings and construction of a new expansion. The property sits on 1.3 acres, and construction is set to begin before the end of the month. Comprising a mix of studio, one-bedroom and two-bedroom apartments, 80 percent of the …
CORAL GABLES and WEST PALM BEACH, Fla. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach, both cities located on the Atlantic Coast of South Florida. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The site is adjacent to the Shops at Merrick Park and across the street from a train station. The Watermark at West Palm Beach will …
MYRTLE BEACH, S.C. — Watercrest Senior Living Group and its equity partners, Peninsula U.S. Real Estate and Corecam Capital Partners, have broken ground on Watercrest Myrtle Beach Assisted Living and Memory Care in Myrtle Beach. The property will feature 76 assisted living units and 22 memory care units near the Atlantic Coast and many golf courses. Bank of Texas financed the construction, and Shiel Sexton is the builder. The project is scheduled for completion in late 2021.
MAYWOOD, Ill. — Evergreen Real Estate Group has completed $7 million in renovations to Garden House of Maywood, a 144-unit affordable seniors housing community in the western Chicago suburb of Maywood. Housing and Human Development Corporation (HHDC) acquired the 10-story building in 2018 using tax credits to help fund capital improvements. Evergreen has managed since 2017, and Evergreen Construction Co. managed the nine-month project. The phased renovations allowed residents to remain in their homes during construction. All residential units were updated with new windows and window treatments. Sinks, cabinetry, countertops, …
Ziegler Places $53M Bank Financing for Pleasant View Communities Expansion in Pennsylvania
by Jeff Shaw
MANHEIM, Pa. — Ziegler has arranged $53 million in financing for Pleasant View Communities, which operates a continuing care retirement community in the South Central Pennsylvania borough of Manheim. Originally built in 1954, the community currently features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The loans will fund two expansions. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing campus. The second project, the Lofts at Lititz, will consist of …
ORANGE CITY, Fla. — ConcordRENTS has scheduled a late summer grand opening for Parc Hill Senior Living Apartments, a $15 million affordable seniors housing community in Orange City. Located approximately 30 miles north of Orlando, Parc City features 88 apartments for those making between 40 percent and 80 percent of the area median income.. Floor plans at the four-story building include one-bedroom, two-bedroom and two-bedroom-with-den options. Funding for Parc Hill Senior Living comes from $7.5 million in tax-exempt bonds issued by the Housing Finance Authority of Volusia County, $5.78 million …
KAPOLEI, Hawaii — Highridge Costa, in partnership with Honolulu-based Coastal Rim Properties, has completed the first phase of Hale Moena Kupuna, a $130 million affordable seniors and multifamily rental community in Kapolei on the island of Oahu. The first phase is a 13-story high-rise designated for seniors, featuring 153 affordable apartments in a mix of studio, one- and two-bedroom floor plans. Upon full build-out, the three-phase Hale Moena Kupuna will offer two 13-story residential towers with ground-level retail and commercial space. Communities amenities include a community meeting room, picnic area …