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CCRCDevelopmentFinanceNewsVirginia

Ziegler Arranges $52.5M Bond Financing for Shenandoah Valley Westminster-Canterbury in Virginia

by Jeff Shaw

WINCHESTER, Va. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC). The continuing care retirement community is located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living villa apartment expansion …

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Company NewsDevelopmentNewsPeople

MBK Real Estate Appoints Kenji Iwai as Chairman, President

by Jeff Shaw

IRVINE, Calif. — MBK Real Estate LLC (MRE), an Irvine-based developer of seniors housing, multifamily and industrial real estate, has appointed Kenji Iwai as the company’s next chairman of the board and president. Iwai succeeds Katsuo “Katsu” Yamanaka, who has led the company’s growth, including its entry into the logistics market, since 2017.  Iwai, who joined MRE’s parent company Mitsui & Co. Ltd. in 1997, will be responsible for the overall management of MRE. He will oversee the development and execution of the company’s strategic initiatives and goals, including its …

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Affordable HousingDevelopmentFinanceKeyBankNewsOhio

KeyBank Provides $11.4M Construction Financing for Garrett Square Apartments in Cleveland

by Jeff Shaw

CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million for 9 percent tax credit equity to finance the construction of Garrett Square Apartments, a 49-unit affordable seniors housing project located in the Glenville neighborhood of Cleveland.  KeyBank will provide a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the City of Cleveland’s American Rescue Plan Act, $900,000 from City Home, and $450,000 from the County ERA fund. Garrett Square will be …

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CCRCDevelopmentGeorgiaIndependent LivingNews

Canterbury Court in Atlanta Expands With New Independent Living Tower, Seniors Housing Hub

by Jeff Shaw

ATLANTA — Canterbury Court, a continuing care retirement community in Atlanta’s Buckhead district, has doubled in size with its new expansion. The property now includes two new additions: The Garden Tower, a high-rise that features 105 independent living apartments and a ground-level restaurant, and Monarch Pavilion, a four-story building that offers seniors housing units, amenities and services in a neighborhood setting. Monarch Pavilion comprises Azalea View, a new assisted living community; Wisteria Park, a memory care destination centered around a courtyard garden; and Sage Glen, a skilled nursing neighborhood that …

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CCRCDevelopmentMinnesotaNews

Lyngblomsten Opens 168-Unit CCRC in Lino Lakes, Minnesota

by Jeff Shaw

LINO LAKES, Minn. — Lyngblomsten, a Minnesota-baed nonprofit senior services organization, has opened Lyngblomsten at Lino Lakes, approximately 20 miles northeast of Minneapolis. Located on 16 acres, Lyngblomsten at Lino Lakes is home to 20 detached rental townhomes and a multi-level senior living building that includes 96 independent living apartments, 35 assisted living apartments and 17 memory care suites. A second phase is planned to later add a skilled nursing wing. This is Lyngblomsten’s first continuing care retirement community (CCRC) campus to be constructed since 1912 (the other being its …

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Seniors Housing Construction Trends
Active AdultAffordable HousingContent PartnersDevelopmentFeaturesFinanceIndustry ContentInvestmentOperations

What’s to Come: An Optimistic Outlook for Seniors Housing

by Sarah Daniels

By Berkadia Seniors Housing & Healthcare Like many sectors within the commercial real estate (CRE) industry, the seniors housing market faced headwinds over the past year, largely due to tightening financing conditions and widespread economic uncertainty. However, based upon research and anecdotal evidence from the clients and companies we serve in the seniors housing space, we believe the sector is well positioned to bounce back and generate positive operating results for the remainder of 2023 and into 2024. View a higher resolution version of the construction trends graph above here. Fundamentals …

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Active AdultDevelopmentMassachusettsNews

NEI General Contracting Completes 72-Unit Maple on Franklin in Holbrook, Massachusetts

by Jeff Shaw

HOLBROOK, Mass. — NEI General Contracting has completed construction of Maple on Franklin in Holbrook, approximately 15 miles south of Boston. NeighborWorks Housing Solutions is developer of the $18.5 million project. The 67,000-square-foot, four-story apartment building features 72 one-bedroom units for residents 62 and older. The four-acre site is within the town center and walking distance to a number of town services and a block away from the town’s senior center. NEI demolished two aging buildings on the site before beginning construction. Designed by The Narrow Gate, more than 500 …

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Affordable HousingDevelopmentHawaiiNews

Public-Private Partnership Breaks Ground on $62 Million Affordable Community in Honolulu

by Jeff Shaw

HONOLULU — EAH Housing has broken ground on Aloha Iā Halewilikō, a 140-unit affordable seniors housing community in the Aiea neighborhood of Honolulu. The City and County of Honolulu are providing the land for the project. Other partners on the $62 million project include Hawai‘i Housing Finance & Development Corp. (HHFDC), the Bank of Hawai‘i and U.S. Bank. The development has been in planning stages for five years and is scheduled for completion in 2025. Located in a residential neighborhood adjacent to ‘Aiea Public Library on the former site of  ‘Aiea …

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Affordable HousingDevelopmentFinanceNew JerseyNews

NJEDA Approves $20M in Tax Credits for Affordable Seniors Housing Developments in New Jersey

by Jeff Shaw

NEWARK and WASHINGTON TOWNSHIP, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved two additional senior residential development projects for Aspire funds. The two projects, one located in Newark and the other in Washington Township, will include 164 housing units for seniors, all of which will be affordable. To date, the board has now approved a total of $294 million in Aspire funds for residential projects, leading to the creation and preservation of over 1,500 housing units, nearly 70 percent of which will be affordable. With the development …

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