NAPLES, Fla. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-sold. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. “This has been a very unusual time to open a new community. Truthfully, we thought …
Development
Health, socialization and transportation are top on seniors’ ‘want’ lists for a new home. By John R. Williams, Avanath Capital Management There is a renaissance underway in the seniors housing industry. Today’s seniors are more active and engaged than ever before and are requesting amenities and services that aid in keeping them energetic, healthy and involved. These amenities extend far beyond standard fitness centers or aerobics classes and incorporate programming and services that encourage healthier, dynamic lifestyles that allow residents to age in place. This is important for investors and …
O’FALLON, Ill. — Holland Construction Services has started construction of Keystone Place at Richland Creek, a seniors housing community in O’Fallon, a small city just east of St. Louis, Missouri. The total project cost of the development is $39 million. Once completed, the new facility will offer independent living, assisted living and memory care services. The development is being constructed next to Parkway Lakeside Apartments, which Holland also built several years ago. Keystone Senior Management Services Inc. will be the operator. The four-story building will consist of 149 apartments including …
CHICAGO — CRG, the real estate development and investment arm of Chicago-based Clayco, has hired J.J. Smith as managing partner of its residential business. Smith has over a decade of leadership experience at Chicago-based CA Ventures, where he launched real estate development and investment platforms that included more than 40,000 units of housing and over $6 billion in executed projects. In his role as managing partner, Smith will deliver properties for all residential asset classes across North America, including multifamily, student housing, co-living, senior living and workforce housing. Smith holds …
PRIOR LAKE, Minn. — The City of Prior Lake, approximately 25 miles southwest of Minneapolis, has approved development of Summers Ridge Senior Living. Vincent Development is now clear to start construction of the single-story, 40-unit assisted living and memory care community. Great Lakes Management, based in nearby Plymouth, will operate the community upon completion. A construction timeline was not released. Summers Ridge is one of eight projects Vincent Development plans to start in 2020, with other projects ranging up to 200 units in size.
CAPE CANAVERAL, Fla. — LV Lending, a local private lender, has provided a $4.2 million refinancing for a 7.7-acre vacant site in Cape Canaveral, along Florida’s Atlantic coast east of Orlando. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-stor, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the broker.
Resort Lifestyle Communities Opens 128-Unit Independent Living Community in Little Rock, Arkansas
by Jeff Shaw
LITTLE ROCK, Arkansas — Resort Lifestyle Communities has opened Chenal Pines, a new retirement community in Little Rock. The community offers 128 independent living apartments in a mix of one-, two- and three-bedroom layouts. “Our research indicated there was a significant need for additional independent senior living communities in the Little Rock area,” says Phil Benjamson, COO of Resort Lifestyle Communities.
Dougherty Mortgage Provides $15.9M HUD Loan for Trinity Affordable Community in Minneapolis
by Jeff Shaw
MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable senior housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a Project-Based Section 8 HAP contract. The borrower is Trinity Limited Partnership. The property will receive $6.7 million ($56,000 per unit) in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized Low Income Housing Tax …
Mountain West Commercial Brokers Sale of Seniors Housing Development Site in Ogden, Utah
by Jeff Shaw
OGDEN, Utah — Mountain West Commercial Real Estate has arranged the sale of a commercial land parcel located at 2961 S. Washington Blvd. in Ogden. Ogden No. 1, dba Flower Patch, sold the asset to Slow BLVD LLC for an undisclosed price. The land parcel currently features a vacant retail building. The buyer plans to develop a low-income seniors housing property on the two-acre site. The 78-unit proposed development has received Utah low income housing tax credits. Chris Monson of Mountain West represented the seller in the transaction.
RICHMOND, Va. — Cushman & Wakefield | Thalhimer has arranged the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care services. David Smith of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the buyer.