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CaliforniaDevelopmentIndependent LivingNews

C.W. Driver Breaks Ground on $56M MonteCedro Expansion in Altadena, California

by Jeff Shaw

ALTADENA, Calif. — C.W. Driver Cos. has broken ground on its second and final phase of construction at Episcopal Communities & Services’ MonteCedro senior living community in Altadena, approximately 15 miles north of Los Angeles.  Totaling approximately 101,862 square feet, the project adds four residential buildings, including 40 independent living apartments and a terrace restaurant. The new $56M villa-style buildings will be two and three stories in height, with two of the structures positioned over a below-grade parking garage podium level. All four buildings will be designated as California licensed …

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Affordable HousingDevelopmentFloridaNews

HTG Breaks Ground on $41M Hillsboro Landing Affordable Community in Deerfield Beach, Florida

by Jeff Shaw

DEERFIELD BEACH, Fla. — Housing Trust Group (HTG) has started construction of Hillsboro Landing, a $41 million affordable seniors housing community in Deerfield Beach, approximately 45 miles north of Miami. The 75-unit community is a joint venture between HTG and the Broward County Housing Authority.  Apartments at Hillsboro Landing will be reserved for income-qualifying residents age 62 and older who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225.  The project is scheduled for completion by October …

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DevelopmentIndependent LivingNewsTexas

Forefront Living Plans 193-Unit Bella Vida at La Cantera in San Antonio

by Jeff Shaw

SAN ANTONIO — Forefront Living has unveiled plans for Bella Vida at La Cantera, a 21-acre independent living community in San Antonio. The community is near the Eilan Hotel and Spa and La Cantera Resort and Spa and adjacent to the Crownridge neighborhood.  Once complete, Bella Vida will feature 153 apartment units and 40 villas with attached garages, with a variety of floor plans ranging from 820 to 2,550 square feet. A construction timeline was not released.

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DevelopmentNewsPennsylvania

Marquis Starts $25M Renovation Project at Fountain View at Logan Square in Philadelphia

by Jeff Shaw

PHILADELPHIA — Marquis Health Consulting Services has started work on the first phase of a $25 million renovation at Fountain View at Logan Square. The high-rise community is located in Philadelphia’s Center City district. The 24-story Fountain View tower is a familiar fixture in the city’s skyline.  The three-year repositioning follows an ownership change and rebranding at Fountain View, formerly The Watermark. The building at 2 Franklin Town Boulevard spans 420,000 square feet and includes subterranean parking. Designer Michael Lebovics of ML Group is spearheading the transformation of the physical …

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Assisted LivingDevelopmentNew YorkNews

Sunrise Opens 19-Story The Apsley in Manhattan’s Upper West Side

by Jeff Shaw

NEW YORK CITY — Sunrise Senior Living, together with partners Hines and Welltower (NYSE: WELL), has opened The Apsley, a 19-story luxury seniors housing community in Manhattan’s upscale Upper West Side neighborhood. Located at 2330 Broadway between 84th and 85th streets, The Apsley is the second luxury senior living community in Manhattan by Sunrise, Hines and Welltower. Sunrise at East 56th celebrated its first anniversary on the Upper East Side in December 2022. SLCE Architects designed the exterior architecture of The Apsley, which rises 19 stories. The community features 80 …

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DevelopmentIndustry Voices

Adaptive Reuse Projects Present Massive Untapped Opportunity for Developers

by Jeff Shaw

By James Kraft, Kraft Development The last time I appeared in this section in 2016, I complained in my article Developers Wasting Good Real Estate With Bad Design that same-old buildings were being replaced by same-old buildings with few new communities which I would be interested in moving into as I get closer to retirement. Now, at 66 years old, I will voice those same complaints.  Considering that I have personally been responsible for the “dirt” sitting under more than 12,000 mostly seniors housing units, I hope my voice is finally listened …

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AcquisitionsActive AdultAffordable HousingAssisted LivingCCRCDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentOperationsVideosWebinars

Webinar: Seniors Housing Success Stories — Companies that are Rising Above the Headwinds

by Sarah Daniels

  The June 29 webinar “Seniors Housing Success Stories — Companies that are Rising Above the Headwinds“ focused on what leading seniors housing firms are doing to alter their businesses, streamline operations, increase occupancy and strategize in terms of deal volume and investment. Industry difficulties, including labor shortages, inflation and interest rates, have highlighted the need for expertise and well-informed approaches to the seniors housing sector recovery. Click to watch this hour-long discussion that considers both operations and trends in transaction activity. See how strategies and outlooks have shifted since last …

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Affordable HousingDevelopmentFloridaNews

Wendover Housing Partners Nears Completion of 84-Unit Rochester Park in Brooksville, Florida

by Jeff Shaw

BROOKSVILLE, Fla. — Wendover Housing Partners has started accepting applications for residents at Rochester Park, an affordable seniors housing community in Brooksville, approximately 45 miles north of Tampa. This Hernando County community, designed for residents age 55 and older, will expand Wendover’s footprint on the west coast of Florida. Rochester Park is an 84-unit affordable community with one- and two-bedroom units. Rent will start at $885 per month for one-bedroom units and $1,047 per month for two-bedroom units. “According to the National Low Income Housing Coalition 2023 Gap Report, there …

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DevelopmentFinanceNewsTexas

Ziegler Arranges $25.3M Bond Financing for Forefront Living San Antonio

by Jeff Shaw

SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA). The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. FLSA plans to use the funds to acquire a 27-acre tract in San Antonio and pay for pre-construction development costs of a seniors housing community on the land. The development will be named Bella Vida at La Cantera. FLSA will own and operate the community, which is slated to include 153 independent living apartments, …

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Affordable HousingDevelopmentFinanceKeyBankNew YorkNews

KeyBank Provides $21M in Financing for Community View Affordable Development in Morrisville, New York

by Jeff Shaw

MORRISVILLE, N.Y. — KeyBank Community Development Lending and Investment (CDLI) has provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, a tiny village of just over 2,000 residents in Central New York. Community View Apartments will consist of 61 units for residents age 55 and older earning no more than 30 percent, 40 percent, 50 percent and 60 percent of the area median income. Of the 61 units, 20 will be covered …

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