Monday, November 25, 2024
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DevelopmentFeaturesFinanceNewsPeople

CEOs Tackle Labor Issues, Rent Growth, Borrower Challenges During InterFace Panel Discussion

by Jeff Shaw

PHILADELPHIA — The wants and needs of the labor force in seniors housing are different today than they were pre-pandemic, forcing operators to adapt on many levels, said Lynne Katzmann, founder and CEO of Juniper Communities. “The gig economy has created a new set of demands on us that we haven’t had to face before.”  Katzmann has her finger on the pulse. Bloomfield, New Jersey-based Juniper is an owner and operator of 29 senior living communities in four states with a resident capacity of 2,300 and 1,750 employees. Ultimately, workers …

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DevelopmentMassachusettsNews

Kisco Plans 159-Unit The Newbury of Brookline on Former College Campus in Metro Boston

by Jeff Shaw

BROOKLINE, Mass. — Kisco Senior Living has opened The Newbury of Brookline, a 159-unit seniors housing community in the first-ring Boston suburb of Brookline. Part of Kisco’s upscale portfolio, the development is situated on the historic Newbury College site. Welltower purchased the campus in 2019 and announced at that time its plans to convert the site into seniors housing. The development is scheduled to open in fall 2024. With 190,000 square feet of new construction and 20,000 square feet of restoration to the historic Mitton House, the project includes 81 independent living, …

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AcquisitionsDevelopmentInvestmentOperationsPeopleVideosWebinars

Webinar: What Will 2024 Hold for Seniors Housing Investment & Acquisition Activity?

by Sarah Daniels

    The Dec. 7 webinar “What Will 2024 Hold for Seniors Housing Investment & Acquisition Activity?” covered where the industry stands now and how experts are preparing to succeed in 2024. Webinar panelists listed factors like interest rates, wages, insurance costs, inflation, margin compression, resident move-ins and bank short sales as market indicators for the health of seniors housing. Learn their outlook and forecasts for what the industry may face in the new year. The speakers covered transaction activity, cap rate trends, capital availability and pricing, as well as the …

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Affordable HousingDevelopmentNewsWashington, D.C

Enterprise Receives Financing for 151-Unit Edgewood Commons V Affordable Community in Washington, D.C. 

by Jeff Shaw

WASHINGTON, D.C. — Enterprise Community Development Inc. has received an undisclosed amount of financing for development of Edgewood Commons V, a 151-unit affordable seniors housing community in Northeast Washington, D.C. The development is part of the larger Edgewood Commons development, which will feature nearly 800 affordable housing units. Edgewood Commons V will feature 11 studios, 135 one-bedroom and five two-bedroom apartments. Of those, 96 apartments will be available for residents earning up to 30 percent of the area median income (AMI), 54 apartments will be available for residents earning up …

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Assisted LivingDevelopmentNew JerseyNews

Chelsea Senior Living Opens Community in Washington Township, New Jersey

by Jeff Shaw

WASHINGTON TOWNSHIP, N.J. — Chelsea Senior Living has opened The Chelsea at Washington Township, an assisted living and memory care community in Washington Township, a suburb of Philadelphia. Capitol Seniors Housing is the property owner. The number of units was not disclosed. This will be Chelsea’s second community in Bergen County, 18th in New Jersey and 23rd overall. Chelsea and CSH are working together on their next community in the New York City suburb of West Orange, New Jersey, projected to open in 2025. Chelsea also opened its Fair Lawn, …

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DevelopmentIndependent LivingNewsTexas

JPI Begins Leasing 185-Unit Independent Living Community in Anna, Texas

by Jeff Shaw

ANNA, Texas — Locally based developer JPI, in partnership with the City of Anna, has begun leasing Parmore Anna Senior Living, a luxury independent living community located approximately 50 miles north of Dallas.  The property will be the first of its kind in Anna and JPI’s second installment in its new line of senior housing developments. The Anna Housing Finance Corp. is also a partner on the project.  The 150,000-square-foot community will span over nine acres and include 185 apartments. Rents start at $1,100 per month for a one-bedroom unit.

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Affordable HousingDevelopmentKentuckyNews

Woda Cooper, Housing Services Alliance Open 57-Unit Haven Crossing Affordable Community in Walton, Kentucky

by Jeff Shaw

WALTON, Ky. — Developer Woda Cooper Cos. Inc. and co-developer Housing Services Alliance have opened Haven Crossing, an affordable seniors housing community in Walton, approximately 20 miles south of Cincinnati. Haven Crossing is a three-story building with an elevator that provides 33 one-bedroom units and 24 two-bedroom units. It is restricted to residents age 55 and over earning 30 percent to 80 percent of the area median income (AMI). Project partners included Kentucky Housing Corp., Boone County, City of Walton, Marble Cliff Capital and First Financial Bank. Primary financing for …

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AcquisitionsDevelopmentFeaturesNews

Acquisitions Make More Sense Than Development in Today’s Market, Says Benchmark CEO Tom Grape

by Jeff Shaw

The dearth of new supply in the seniors housing space is a double-edged sword, says Tom Grape, founder, chairman and CEO of regional operator Benchmark Senior Living. While the lack of new product has provided a much-needed lift to operators of existing communities seeking to boost occupancy, it’s also a missed opportunity for developers chomping at the bit to start new projects.  The year-over-year (YOY) inventory growth in seniors housing was 1.3 percent in the third quarter, nearly the smallest YOY growth since 2012, according to NIC MAP. Grape foresees …

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Active AdultDevelopmentMassachusettsNews

United Group Receives $35M Construction Financing for The Arbella at Bramble Hill in Worcester, Massachusetts 

by Jeff Shaw

WORCESTER, Mass. — The United Group of Cos. Inc. has received $35 million in construction financing for The Arbella at Bramble Hill, an active adult development in Worcester. The Washington Trust Co. provided the capital with the assistance of JLL Capital.  The Arbella will span 17 acres and offer 123 one- and two-bedroom apartments across three elevator-serviced buildings. The community will also feature an 8,5000-square-foot clubhouse. United Group plans to complete construction by the beginning of 2025. Project partners include Marchionda & Associates, Syvertsen Rigosu Architects and Campanelli Associates Construction …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassDevelopment Issues $17.8M in Bond Financing for Leland House Affordable Community in Waltham, Massachusetts

by Jeff Shaw

WALTHAM, Mass. — MassDevelopment has issued $17.8 million in tax-exempt bond financing on behalf of 2Life Leland LLC, an affiliate of 2Life Communities. The borrower will use bond proceeds to demolish a vacant former rest home at 21 Newton St. in downtown Waltham and build a three-story, 68-unit affordable rental housing facility for seniors in its place.  Built in 1891, the existing building operated as The Leland Home before its closing in 2020. The new building, which will be known as Leland House, will include 66 one-bedroom apartments and two …

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