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Active AdultDevelopmentFloridaNews

United Group Completes $62.5M The Alloro at University Groves in Sarasota, Florida

by Jeff Shaw

SARASOTA, Fla. — The United Group of Cos. has completed The Alloro at University Groves, a seniors housing community in Sarasota. The property offers 183 units of “independent living lite,” which the developer describes as a blend of active adult and independent living service levels. Development costs were estimated at $62.5 million. The Alloro at University Groves spans 10 acres of land and features one-bedroom, two-bedroom and penthouse units across its two three-story buildings. In between the two buildings is a 15,000-square-foot clubhouse.

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DevelopmentIndependent LivingMarylandNews

Commonwealth Senior Living Plans Independent Living Expansion in Salisbury, Maryland

by Jeff Shaw

SALISBURY, Md. — Commonwealth Senior Living has unveiled a planned expansion at Commonwealth Senior Living at Salisbury, located on the Delmarva Peninsula near the Delaware border, southeast of both Baltimore and Washington, D.C. The plan calls for 12 cottages and a new clubhouse. In addition to the new facilities, Commonwealth Senior Living will introduce new lifestyle programming and amenities. After construction is complete, there will be a total of 23 cottages at Commonwealth Senior Living at Salisbury. “We have seen a tremendous amount of demand from existing and prospective residents …

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Affordable HousingDevelopmentFloridaNews

Housing Trust Group Breaks Ground on $44M Naranja Grand Affordable Community in Leisure City, Florida

by Jeff Shaw

LEISURE CITY, Fla. — Housing Trust Group (HTG) has started construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes-based Elite Equity Development. The eight-story property will feature 120 units reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $25.8M in Bond Financing for Elizabeth Brook Apartments in Stow, Massachusetts

by Jeff Shaw

STOW, Mass. — MassDevelopment has issued $25.7 million in tax-exempt bond financing to fund renovation and expansion of Elizabeth Brook Apartments, an affordable seniors housing community in Stow, approximately 25 miles west of Boston. SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corp., is developing the project, which includes renovating the existing 50 units while adding a 37 additional units. The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care. Minuteman Senior Services will provide case …

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ColoradoDevelopmentFinanceNews

Bayview Provides $6M in C-PACE Financing for 124-Unit Mesa Verde in Durango, Colorado

by Jeff Shaw

DURANGO, Colo. — Bayview PACE has provided $6 million in C-PACE financing for key improvements for the 124-unit Mesa Verde senior living community in Durango, a small city in the southwest corner of the state. The C-PACE financing helped fund primary building systems including HVAC, electrical, plumbing and roofing. The 105,000 square-foot Mesa Verde will offer 92 assisted/transitional living units spread across studio, one-bedroom and one-bedroom configurations, as well as 32 memory care studio units. Mesa Verde is directly adjacent to Centura Mercy Hospital, the only major hospital in the …

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Affordable HousingDevelopmentFinanceKeyBankNew YorkNews

KeyBank Arranges $571.7M Financing Package for Affordable Seniors Housing Property in Rochester, New York

by Jeff Shaw

ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the …

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ColoradoDevelopmentNewsVirginia

Brinkmann Constructors Builds Communities in Virginia, Colorado

by Jeff Shaw

RICHMOND, Va., and FORT COLLINS, Colo. — Brinkmann Constructors, in partnership with Erickson Senior Living and Mosely Architects has completed the construction of a four-story, 103-unit residential building at Avery Point, a seniors housing community in Richmond.  This 157,000-square-foot, wood-framed building is the fourth residential facility built on the campus and the fifth building at Avery Point completed by Brinkmann.  In a separate deal, Brinkmann Constructors, in partnership with Experience Senior Living, broke ground on a five-story memory care and assisted living facility with 27 memory care units and 117 …

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CCRCDevelopmentFinanceNewsVirginia

Ziegler Arranges $76.9M Bond Financing for Williamsburg Landing Expansion in Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — Ziegler has arranged $76.9 million in bond financing for an expansion project at Williamsburg Landing, a continuing care retirement community in Williamsburg. Williamsburg Landing is located on 138.56 acres. It was founded in 1982 and since opening its doors has grown to include 317 independent living apartments, 73 assisted living units, 36 memory care units and 58 health and rehabilitation units. In 2018, Williamsburg Landing acquired 15.3 acres of undeveloped land adjacent to the existing campus, on which the owners plan to develop an expansion known as …

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DevelopmentIndependent LivingMichiganNews

Resort Lifestyle Communities Opens 128-Unit Willow Pines in Northville, Michigan

by Jeff Shaw

NORTHVILLE, Mich. — Resort Lifestyle Communities has opened Willow Pines, an independent living community in Northville, approximately 25 miles northwest of Detroit. Willow Pines offers 128 apartments in studio, one-, two- and three-bedroom options. Resort Lifestyle Communities, founded in 2001 and based in Lincoln, Nebraska, develops all-inclusive, resort-style communities for adults age 55 and over.

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CCRCDevelopmentFinanceNewsVirginia

Ziegler Arranges $423.5M Bond Financing for Westminster-Canterbury on Chesapeake Bay in Virginia Beach

by Jeff Shaw

VIRGINIA BEACH, Va. — Ziegler has arranged $423.5 million in bond financing for Westminster-Canterbury on Chesapeake Bay (WCCB), a continuing care retirement community in Virginia Beach. The community is located on a 12-acre property fronting the Chesapeake Bay and currently includes 424 independent living units, 66 assisted living units, 14 memory care units and 108 skilled nursing beds. In addition, WCCB owns and operates a 172-unit rental independent living community called Opus Select, located a half mile away from the community. WCCB is carrying out an expansion to the community, …

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