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CCRCDevelopmentIndependent LivingNewsPennsylvania

Spellman Brady & Completes Interior Design for Friendship Village of Tempe Expansion

by Jeff Shaw

TEMPE, Ariz. — Spellman Brady & Co. (SBC) has completed the interior design for a new five-story, 64-unit independent living building for Friendship Village of Tempe.  SBC was responsible for selecting the interior finishes, as well as the selection and procurement of the furnishings and artwork.  The crowning highlight of the 142,619-square-foot building is the rooftop destination restaurant and brew house called Starfire. SBC collaborated with architecture firm Ryan A+E Inc. and general contractor Ryan Cos. US Inc. LCS Development, An LCS Company is the developer. Friendship Village of Tempe …

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DevelopmentFloridaNews

Belmont Village Opens 10-Story Community in Coral Gables, Florida

by Jeff Shaw

CORAL GABLES, Fla. — Belmont Village Senior Living, in partnership with Baptist Health South Florida, has opened Belmont Village Senior Living Coral Gables, a 232-unit seniors housing community located in Coral Gables.  Corwil Architects designed the South Florida property, which features independent living, assisted living and memory care residences across 10 stories. Amenities at the community, which also offers ground-floor retail space, include indoor and outdoor socialization spaces, a pool surrounded by a full-service bistro and bar, outdoor lounge with a dining area and barbecue kitchen, fitness room, outdoor movie …

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Affordable HousingDevelopmentFinanceMassachusettsNews

MassHousing Funds Upgrades Shawme Heights Affordable Community in Sandwich, Massachusetts

by Jeff Shaw

SANDWICH, Mass. — MassHousing has provided $6.2 million in financing to Sandwich Senior Housing Corp. The funds will be used to improve the physical plant of Shawme Heights Apartments, an affordable seniors housing community in the Cap Cod town of Sandwich. The nonprofit Sandwich Senior Housing Corp. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Break Ground on $37M Oasis at Aventura in Miami

by Jeff Shaw

MIAMI — A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent of the area median income (AMI). Amenities at the community will include a community room, fitness center, business center, library and lounge and outdoor terrace. Monthly …

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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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