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Assisted LivingDevelopmentInvestmentNewsVirginia

JLL Arranges Joint Venture Equity for 142-Unit Development in Fredericksburg, Virginia

by Jeff Shaw

FREDERICKSBURG, Va. — JLL Capital Markets has arranged joint venture equity for development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property is situated on a 16.2-acre parcel. The site is within an established, regional medical hub in a growing area. Completion is scheduled for 2025. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team.

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DevelopmentNewsTennessee

Liberty Senior Living Completes Brightmore of East Memphis

by Jeff Shaw

EAST MEMPHIS, Tenn. — Liberty Senior Living has completed construction of Brightmore of East Memphis, an independent living, assisted living and memory care community in East Memphis. Liberty both owns and operates the community. Construction began in 2021. The development sits on an eight-acre site features 64,000 square feet of amenity space. The number of units was not disclosed.

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DevelopmentKansasNews

Lifespace Completes Renovations at Claridge Court Near Kansas City

by Jeff Shaw

PRAIRIE VILLAGE, Kan. — Lifespace has completed renovations at Claridge Court, a seniors housing community in Prairie Village, approximately 10 miles south of Kansas City. The project, which updated Claridge Court’s living spaces, communal areas and amenities, took about a year. One of the highlights of the renovation is the new Health Center Terrace, which was made possible in part by the Claridge Court Foundation, a resident-run organization dedicated to supporting the community. The foundation provided funding for the new addition along with many other features in the community. Claridge …

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Assisted LivingColoradoDevelopmentNews

Confluent, MorningStar Open 81-Unit Observatory Park Community in Denver

by Jeff Shaw

DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. “The Observatory Park property is in the heart of one of Denver’s most central, tight-knit and vibrant neighborhoods where residents will benefit from convenient access to local parks, golf …

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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Breaks Ground on 51-Unit Affordable Community in Philadelphia’s Chinatown Neighborhood

by Jeff Shaw

PHILADELPHIA — Pennrose has broken ground on 800 Vine Senior, which will convert an underutilized surface parking lot in Philadelphia into a 51-unit affordable seniors housing development. Located in the Chinatown neighborhood of Philadelphia, the community is scheduled to open in summer 2024. The five-story building will feature 51 units with a mix of studio, one- and two-bedroom apartments. Six units will be available for residents earning up to 20 percent of area median income (AMI), 20 units will be available for seniors earning at or below 50 percent of …

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DevelopmentNew MexicoNews

Insight Senior Living Breaks Ground on 144-Unit Ativo of Albuquerque

by Jeff Shaw

ALBUQUERQUE, N.M. — Insight Senior Living has broken ground on Ativo of Albuquerque, a three-story independent living, assisted living and memory care community in Albuquerque. Situated on 6.5 acres, Insight Senior Living will be the operator and Link Senior Development arranged financing. Ativo of Albuquerque will offer 144 apartments. The community is scheduled to open in winter 2024.

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Assisted LivingDevelopmentNewsOhio

Confluent, Harbor Open 108-Unit HarborChase of Shaker Heights in Ohio

by Jeff Shaw

SHAKER HEIGHTS, Ohio — Confluent Senior Living and Harbor Retirement Associates (HRA) have completed HarborChase of Shaker Heights, a 106,698-square-foot assisted living and memory care community in the Cleveland suburb of Shaker Heights. Representing the first project of its kind to break ground in this city within the past 20 years, the three-story community features 80 assisted living units and 28 memory care units. HarborChase of Shaker Heights is the project partners’ second senior living property in Ohio and ninth joint venture across six states. Situated on nearly three acres, …

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AcquisitionsAffordable HousingDevelopmentFinanceKeyBankNewsOregon

KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Complete 72-Unit Shoreline Villas in Fort Walton Beach, Florida

by Jeff Shaw

FORT WALTON BEACH, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have completed construction of Shoreline Villas, a 72-unit affordable housing community catering to seniors age 62 and older in Fort Walton Beach, a small city in the Florida Panhandle. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month. The three-story garden-style community features a 3,155-square-foot clubhouse. Residents also have access to …

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Assisted LivingCaliforniaDevelopmentNews

Clearwater Living Prepares to Open 101-Unit Community in Newport Beach, California

by Jeff Shaw

NEWPORT BEACH, Calif. — Clearwater Living has opened an information center at Clearwater Newport Beach, a 101-unit luxury assisted living and memory care community in Newport Beach, a coastal city south of Los Angeles. Clearwater expects to welcome new residents in early 2024. Clearwater Newport Beach will offer 70 assisted living and 31 memory care apartments in a variety of finishes and floor plans including studio, one- and two-bedroom options. Clearwater Newport Beach will be the company’s eleventh community in California, Nevada and Arizona, with additional developments in the pipeline.

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