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The-Reserve-Falls-Churc_Falls-Church-Va
Assisted LivingDevelopmentIndependent LivingMemory CareNewsVirginia

NexCore Group, Experience Senior Living Break Ground on 215-Unit Senior Living Community in Metro D.C. 

by Hayden Spiess

Falls Church, Va. — NexCore Group and Experience Senior Living (ESL) have broken ground on The Reserve at Falls Church, a new, 215-unit senior living community in Falls Church, roughly 10 miles outside Washington, D.C.  Upon completion, the property will feature independent living, assisted living and memory care units across 15 stories. Amenities at the community will include multiple restaurants, an indoor saltwater pool, spa, fitness center and a “maker space” for creative endeavors.  Nuveen Real Estate is providing an undisclosed amount of capital for the project.  Scheduled to open in …

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The James
CaliforniaDevelopmentFinanceNews

JLL, HJ Sims Secure $473M Financing for Development of Seniors Housing Community in Irvine, California

by Channing Hamilton

IRVINE, Calif. — JLL’s Capital Markets group and HJ Sims have arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. The transaction is the largest tax-exempt senior living financing of the year and largest nonprofit, single-site senior living bond issue in history, according to JLL. JLL’s Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing with HJ Sims …

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Azura-Mukwoango_Mukwonago-Wis
Assisted LivingDevelopmentMemory CareNewsWisconsin

McShane to Build 72-Unit Assisted Living, Memory Care Community in Mukwonago, Wisconsin

by Hayden Spiess

MUKWONAGO, Wis. — McShane Construction Co. has been selected as the general contractor for Azura Mukwonago, a three-building, 72-unit assisted living and memory care community to be built in Mukwonago, roughly 30 miles southwest of Milwaukee. McShane is constructing the property on behalf of seniors housing developer and operator Azura Living. Positioned on a 6.4-acre site, the property will feature two assisted living facilities and one memory care building. The single-story, wood-frame buildings’ exteriors will integrate full stone veneer masonry and Hardie board. There will also be a barn on-site. Units will …

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Watercrest Fredericksburg Assisted Living and Memory Care
Assisted LivingDevelopmentMemory CareNewsVirginia

Watercrest Underway on 142-Unit Assisted Living and Memory Care Community in Fredericksburg, Virginia

by Hayden Spiess

FREDERICKSBURG, Va. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles southwest of Washington, D.C.  Upon completion, the property will feature 142 units, with 106 assisted living and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards.  Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank …

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Assisted LivingDevelopmentIndependent LivingMemory CareNewsWashington

PMB, Springs Living Complete Development of 250-Unit Senior Living Community in Vancouver, Washington

by Hayden Spiess

VANCOUVER, Wash. — PMB and The Springs Living have completed the development of The Springs at Waterfront, a 250-unit senior living community located in Vancouver, roughly 10 miles north of Portland, Ore. Situated within the Waterfront master-planned, mixed-use community, the property comprises 360,000 square feet across 12 stories.  PMB served as the developer on behalf of The Springs Living. The project team also included general contractor Howard S. Wright and GBD Architects. Capital partners include Harrison St., Huntington Bank, City National Bank, Comerica Bank and First National Bank.  Opened earlier this …

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Plano, Texas Hotel Property
Assisted LivingDevelopmentFinanceMemory CareNewsTexas

Eastern Union Secures $20.4M Financing for Assisted Living Conversion Project in Plano, Texas

by Hayden Spiess

PLANO, Texas — Eastern Union has secured two loans totaling $20.4 million to finance the conversion of a former hotel property in Plano, Texas, into an assisted living community. Totaling 137 room across six stories, the building was most recently operated as a Deluxe Inn and was previously a Comfort Inn. Built in 1984 and renovated in 2005, the property has been owned and operated by Maheshbhai Patel since 2022.  Meir Abrahamson of Eastern Union arranged the transaction, which included a construction loan, as well as the refinancing of an existing …

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Residences-Mill-8_Ludlow-Mass
Affordable HousingDevelopmentMassachusettsNews

WinnCos., Westmass Open 95-Unit Mixed-Income Seniors Housing Community in Ludlow, Massachusetts

by Hayden Spiess

LUDLOW, Mass. — WinnCos. and Westmass Area Development Corp. have opened The Residences at Mill 8, a 95-unit mixed-income seniors housing community. Situated within a former mill building, the $43.2 million project features apartments for residents age 55 and older, with 43 units reserved for residents earning at or below 60 percent of the area median income (AMI), 40 market-rate units and 12 units reserved for residents earning at or below 30 percent of the AMI. All of the units have been leased, and full occupancy is expected by Dec. 1.  …

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Kevin Giusti Walker & Dunlop quote on seniors from article
Active AdultAffordable HousingAssisted LivingCCRCContent PartnersDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory Care

With Seniors Housing Positioned for Growth, Financing Activity Begins to Stir

by Sarah Daniels

Slowly but surely, the performance of seniors housing assets is improving. While rent growth in 2022 in the sector represented a period of catch-up after the pandemic stymied the ability of operators to raise lease rates, continuing rent increases in 2023 began contributing to more meaningful net operating income recovery, according to Walker & Dunlop’s recently released Seniors Housing Outlook report. Now, seniors housing owners are positioned for a sustained period of significant revenue expansion amid improving occupancy and a shortfall of new inventory, reports the Bethesda, Maryland-based commercial real …

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Caravel_Columbus-Ohio
Affordable HousingDevelopmentFinanceNewsOhio

KeyBank Arranges $93M in Construction Financing for Affordable Seniors Housing Development in Columbus, Ohio

by Hayden Spiess

COLUMBUS, Ohio — KeyBank Community Development Lending and Investment (CDLI) has arranged a total of $93 million in construction financing for a new affordable seniors housing community in Columbus.  Dubbed The Caravel, the community will feature 234 units for residents age 55 and older who earn at or below 50, 60 and 70 percent of the area median income (AMI). Of the garden-style apartments, 25 will be fully accessible, and all units will be adaptable for residents with ADA needs.  KeyBank provided a $43.3 million construction loan and $23.8 million in …

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Clearfield Apartments in Philadelphia
Affordable HousingDevelopmentFinanceNewsPennsylvania

Berkadia Secures $13.6M Financing for Affordable Seniors Housing Development in Philadelphia

by Channing Hamilton

PHILADELPHIA — Berkadia has secured a $13.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the development of Clearfield Apartments, a 48-unit affordable seniors housing community in Philadelphia’s Allegheny West neighborhood.  Chris McGraw, senior vice president based in Berkadia’s Charlotte, N.C. office, secured the equity investment on behalf of the sponsor, NewCourtland.  When completed, Clearfield Apartments will consist of 48 one-bedroom units in one four-story, elevator-serviced building serving seniors age 62 and above. All 48 units will operate under a project-based rental subsidy through the Faircloth-to-Rental Assistance Demonstration (RAD) program. …

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