CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million. George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc. The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, …
BOSTON — MassHousing, working with Rogerson Communities, has provided $14.5 million in affordable housing financing to Charles H. Farnsworth Senior Housing Corp., owner and developer of the 76-unit Farnsworth House for older adults in Boston. The funds will be used for the refinancing and renovation of the property, as well as the extension of resident affordability for at least 24 years. Located in the city’s Jamaica Plain neighborhood, Farnsworth House is a seven-story brick building built in 1982 under the federal Section 202 Program. Among the improvements planned for the …
ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to …
NATICK and MILLIS, Mass. — Anthology Senior Living has opened Anthology of Natick and Anthology of Millis, both located in western suburbs of Boston. Anthology of Natick is situated within a mile of the Natick Center, offering art, culture, dining and shopping for residents. The property is also next door to the Natick Community Senior Center. Anthology of Millis is located near neighboring downtown Medfield and the Charles River, providing easy access to both nature and cultural amenities. Located just outside the city center on 5.5 acres, Anthology of Natick …
FLOWER VALLEY, India — Priya Living has launched its first community in India — Priya Living Flower Valley (PLFV). The community is located in Flower Valley, an upscale township just south of Gurgaon, in the Delhi metro area. Designed for aging expatriates who want to spend at least part of the year in India, the community is also expected to appeal to older adults in India who want an alternative style of seniors housing. “We know that the diaspora wants to spend time in India as they age and come …
LADY LAKE, Fla. — Resort Lifestyle Communities has opened Pebble Springs, a 128-unit independent living community in Lady Lake, approximately 50 miles northwest of Orlando. Apartments are available in studio, one-, two and three-bedroom layouts. “Our research revealed a substantial demand for high-quality independent senior living communities in the Lady Lake area,” says Steve Mueller, chief operating officer of Resort Lifestyle Communities.
REDMOND, Wash. — Ziegler has arranged $118.3 million in bond financing for Emerald Heights, a continuing care retirement community in Redmond. Located approximately 17 miles northeast of Seattle, the 38-acre campus consists of 333 independent living units, including both apartments and cottages, 40 licensed assisted living beds, 16 memory care units and 61 skilled nursing beds. The bonds will be used to refinance 2013 bonds and fund an expansion project at the community. The first phase of the expansion, announced last week, will add 54 assisted living units and a sky …
BASALT, Colo. — Realty Capital Partners, a Dallas-based equity investor, has invested $11.7 million in the development of 72 residential rental units tailored for active adults in Basalt. Developer Realty Capital Residential has acquired the land and secured all necessary entitlements, permits and approved plans. The project will encompass a modern living concept and 2,600 square feet of ground-floor restaurant space. Groundbreaking is set for this month, with completion slated for August 2025. The community will feature one- and two-bedroom floor plans ranging from 675 square feet to 1,322 square …
ALEXANDRIA, Va. — The Arlington Partnership for Affordable Housing (APAH), along with development partners and Fairfax County officials, has cut the ribbon on Oakwood Meadow Senior Residences. The affordable housing development for independent seniors is located in Alexandria and offers 150 one- and two-bedroom apartments for qualifying adults age 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project demonstrates a public-private partnership between APAH and Fairfax County Redevelopment and Housing …
LITTLE ROCK, Ark. — Arrow Senior Living has opened The Summit Senior Living at Chenal Valley in Little Rock. Built by O’Reilly Development, the property is situated in the bustling West Little Rock area and sits on 12 acres near outdoor recreation, shopping and fine dining. The 163,000-square-foot property features 96 independent living units, 44 assisted living units and 18 memory care units. The Summit Senior Living at Chenal Valley is the first Arrow-operated community in Arkansas and the 35th in the nation.