LOS ANGELES — If you look hard enough, it’s easy to see seniors housing opportunities throughout the U.S. Leftover land, raw sites, office buildings and obsolete malls can all serve as promising locations, according to participants in the “Experts Analyze the Smartest Plays for Developers in 2020” panel. The discussion took place during France Media’s InterFace Seniors Housing West conference, held Feb. 20 at the Omni Los Angeles. Though there was no one-size-fits-all approach to identifying development opportunities, panelist David Waite, partner at Cox, Castle & Nicholson, believes there are …
Development
EVANSTON, Ill. — JLL has arranged construction financing and joint venture equity for Trulee Evanston, a 163-unit luxury seniors housing community in Evanston, just north of Chicago. Although the amount of the financing was not disclosed, the total development cost was estimated at $75 million. Construction is scheduled to start immediately. The borrower is a joint venture between Chicago-based developer Condor Partners and Denver-based seniors housing operator Solera Senior Living. A national bank provided the debt, while an institutional private equity fund manager provided the equity. Trulee Evanston will be …
VENICE, Fla. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, improved the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided …
CBRE Arranges Construction Financing for 100-Unit Clearwater Living Development Near Los Angeles
by Jeff Shaw
NORTH TUSTIN, Calif. — CBRE has arranged an undisclosed amount of financing for construction of Clearwater of North Tustin in Orange County. The borrower is a joint venture between Clearwater Living and an institutional investor. The development will feature 72 assisted living units and 28 memory care units on an infill, 7.5-acre plot. Within a one-mile radius of the property, average home values are over $1 million and incomes are over $192,000. Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged the non-recourse, five-year, floating-rate loan with full-term, interest-only …
Wendover Housing Partners Plans $15.9M Norton Commons Affordable Community Near Orlando
by Jeff Shaw
SANFORD, Fla. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rent for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in Low-Income Housing Tax …
NORTH PORT, Fla. — Civitas Senior Living and Experience Senior Living Development have started construction of The Gallery at North Port, a seniors housing community in the Sarasota County city of North Port. The three-story community will feature 79 independent living apartments, 28 independent living cottages, 66 assisted living units and 24 memory care units. The development is located across the street from the city’s downtown area. The community is slated to open in August 2021. OZ Architecture and Senior By Design designed the property, which Core Construction is building.
Greystone Health Completes The Lakes of Clermont Health and Rehabilitation Center in Florida
by Jeff Shaw
CLERMONT, Fla. — Greystone Health has cut the ribbon on The Lakes of Clermont Health and Rehabilitation Center in Clermont, a suburb of Orlando. The skilled nursing facility offers 80 beds in 40 private and 20 semi-private rooms. The property totals 60,000 square feet. Greystone Health manages 43 facilities throughout Florida, Illinois and Missouri. The Clermont location represents Greystone Health’s third center located in Lake County.
In the face of growing competition, assisted living owners and operators are renovating and repositioning their aging properties. By Jane Adler Over the last few years, the construction boom that delivered thousands of new senior living units to the market has produced tough competition for existing projects. New buildings open near old ones. A 20- or 30-year-old assisted living building can easily look tired, especially when compared with the state-of-the-art project down the street. Owners and operators of older properties are taking different approaches to maintain occupancy. The amount spent …
Independence, technology and affordability hold the keys to winning them over. By Dean Maddalena, President, StudioSIX5 What do boomers want? It’s the question on everyone’s mind as we near the entry of the first baby boomers into senior living. Approximately 10,000 baby boomers turn 65 each day, and with them comes a shift in the industry to meet expectations. There has been a massive shake-up in senior living looking toward what’s next. But in an industry obsessed with innovation, where are we still missing the mark? Aging in place Boomers’ …