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DevelopmentFinanceMichiganNews

Colliers Arranges $21.6M Construction Loan for Development in Muskegon, Michigan

by Jeff Shaw

MUSKEGON, Mich. — Colliers has arranged $21.6 million in construction financing for a seniors housing project in Muskegon, located west of Grand Rapids and directly across Lake Michigan from Milwaukee. The property will feature 105 units of independent living, assisted living and skilled nursing in a combination of studio, one-bedroom and two-bedroom units.   The term of the loan is 48 months with one twelve-month extension option. Christopher Fenton and Catherine Eby of the seniors housing team of Colliers Mortgage, in conjunction with Nick Skarich and Kevin McMahon of Colliers Funding …

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DevelopmentKansasMemory CareNews

Hunt Midwest, Principal Senior Living Complete Memory Care Expansion at Benton House of Olathe in Kansas

by Jeff Shaw

OLATHE, Kan. — Hunt Midwest and Principal Senior Living Group have completed a 21-unit memory care expansion at Benton House of Olathe, approximately 20 miles southwest of Kansas City. The expansion more than doubles the number of memory care apartments available in the community’s Beacon Neighborhood. Residents are scheduled to move in to the new apartments in March. Benton House of Olathe now offers 76 total residences, including 35 memory care apartments and 41 studio and one-bedroom assisted living suites. The Beacon Neighborhood features an open design at homelike scale …

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CCRCDevelopmentNewsVirginia

Focus Healthcare Partners Completes $67M Renovation Project at The Virginian CCRC in Fairfax

by Jeff Shaw

FAIRFAX, Va. — Focus Healthcare Partners has completed a $67 million renovation project at The Virginian, a 32-acre continuing care retirement community (CCRC) in the D.C. suburb of Fairfax. LCS operates the property. This project included adding an array of advanced technology, sustainability initiatives, lifelong learning opportunities and healthcare services. Amenities now include multiple dining venues, a wine cellar, sports bar, indoor golf simulator, theater, entertainment venues, three full-service salons, technology areas and a spa under development. Outdoor areas include pickleball, bocce ball, a putting green, a dog park and …

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DevelopmentFloridaNews

Ryan Cos. Delivers 204-Unit Grand Living at Wellen Park in Venice, Florida

by Jeff Shaw

VENICE, Fla. — Ryan Cos. US Inc. has completed construction of Grand Living at Wellen Park, a 235,267-square-foot luxury senior living community in Venice, a Gulf Coast city approximately midway between Tampa and Fort Meyers. Offering 204 residential units, the property will be part of Wellen Park, a master-planned development encompassing 11,000 acres. The four-story building includes 156 independent and assisted living units, 36 memory care units and 12 villas.  Ryan served as the developer and builder as well as an investor in the community. Ryan A+E Inc., Ryan’s design …

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Active AdultDevelopmentNewsNorth Carolina

Flournoy Breaks Ground on Active Adult Community in Asheville, North Carolina

by Jeff Shaw

ASHEVILLE, N.C. — Flournoy Development Group has broken ground on a new active adult community in Asheville. The Class A property will be part of The Preserve at Busbee Mountain, a 130-acre, master-planned residential development in Central Asheville’s dynamic southern corridor. The active adult community, which was not yet named, will follow development of Ellison at The Preserve, a 315-unit conventional multifamily community, and later followed by a second conventional multifamily phase and single-family estate lots. The 179-unit active adult community will feature mountain and forest views. Construction is currently …

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Assisted LivingCaliforniaDevelopmentNews

Clearwater Living Opens 101-Unit Community in Newport Beach, California

by Jeff Shaw

NEWPORT BEACH, Calif. — Clearwater Living has opened Clearwater Newport Beach, a 101-unit seniors housing community in the coastal Orange County city of Newport Beach. Clearwater Newport Beach offers 70 assisted living and 31 memory support apartments. Clearwater Living actively acquires, develops and operates a full range of seniors housing communities throughout the Western United States. Clearwater Newport Beach will be the company’s 11th community in California, Nevada and Arizona, with additional developments in the pipeline.

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CCRCDevelopmentFinanceIndependent LivingNewsNorth Carolina

Ziegler Arranges $67.2M Bond Financing for United Methodist Retirement Homes

by Jeff Shaw

DURHAM, LUMBERTON and GREENVILLE, N.C. — Ziegler has arranged $67.2 million in bond financing for The United Methodist Retirement Homes (UMRH), a North Carolina-based nonprofit owner-operator of three continuing care retirement communities in the state. The borrower’s portfolio includes Croasdaile Village Retirement Community in Durham, Wesley Pines Retirement Community in Lumberton and Cypress Glen Retirement Community located in Greenville.  In total, the three communities comprise a total of 690 independent living units, 28 memory care units, 112 assisted living units and 194 skilled nursing units, which ranks UMRH as the …

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ArizonaCCRCDevelopmentIndependent LivingNews

Ryan Cos. Completes 142,000 SF Second Phase of Friendship Village Tempe Redevelopment in Arizona

by Jeff Shaw

TEMPE, Ariz. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre campus of Friendship Village Tempe.  The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both …

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Assisted LivingColoradoDevelopmentFinanceNews

Lument Arranges $27M Construction Financing for Mesa Verde Estates in Durango, Colorado

by Jeff Shaw

DURANGO, Colo — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango.  Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent …

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Affordable HousingDevelopmentNewsPennsylvania

Tryko Nears Completion of 46-Unit Cedarwood Homes Affordable Community in Pittsburgh

by Jeff Shaw

PITTSBURGH — With construction progressing on schedule for a March 2024 delivery, leasing is underway at Cedarwood Homes in Pittsburgh’s West End.  An on-site leasing office is now open at the age-restricted affordable housing community, marking a milestone for Tryko Partners’ redevelopment of the former Fairywood School site.  Available to residents ages 62 and over, Cedarwood Homes includes seven market-rate apartments and 39 residences for those with incomes up to 60 percent of the area median income.

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