Development

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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Assisted LivingDevelopmentNewsVirginia

Commonwealth Plans $2.4M Expansion at Community in Onancock, Virginia

by Jeff Shaw

ONANCOCK, Va. — Commonwealth Senior Living has started construction on an expansion of Commonwealth Senior Living at the Eastern Shore in Onancock, a small town near Chesapeake Bay on the Delmarva Peninsula. The $2.4 million project will add eight memory care apartments, convert spaces into eight assisted living apartments, and adding spaces for a new living room and lounge area. Construction is scheduled for completion in April 2024. Commonwealth Senior Living at the Eastern Shore currently features independent living, assisted living and memory care. Once construction is complete, the community …

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Assisted LivingDevelopmentFloridaNews

Quality Senior Living Starts Construction of $35M The Blake at St. Johns in Florida

by Jeff Shaw

ST. JOHNS, Fla. — Quality Senior Living (QSL) has started construction of The Blake at St. Johns, an assisted living and memory care community in St. Johns, a southern suburb of Jacksonville. The community, which QSL Management will operate, features 70 assisted living apartments and 48 memory care apartments. Development costs are estimated at $35 million. The two-story, 115,000-square-foot building is designed around two landscaped interior courtyards. Arrive Architecture Group designed the project. The Blake at St. Johns is part of a planned development that includes St. Thérése, an early-learning …

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Assisted LivingDevelopmentMichiganNews

Commonwealth Senior Living Completes $6.5M Community Expansion in New Baltimore, Michigan

by Jeff Shaw

NEW BALTIMORE, Mich. — Commonwealth Senior Living has completed a $6.5 million expansion of its community in New Baltimore, located near Anchor Bay approximately 30 miles northeast of Detroit. The renovations to Commonwealth Senior Living at New Baltimore included a two-story addition, enlarged common areas and a capacity for 23 additional residents in memory care and 45 in assisted living.

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DevelopmentFrom The MagazineOperations

The Art of Turning Around Troubled Properties

by Jeff Shaw

Owners and operators test new strategies and scrutinize all expenses as the number of financially beleaguered assets multiplies. By Jane Adler Despite encouraging signs of a seniors housing turnaround, the challenging operating environment is creating an uptick of troubled properties in need of their own turnaround.  The triple whammy of the pandemic, rising interest rates and higher expenses has hit the sector hard. Margins are squeezed and valuations are depressed. What’s more, the recent banking crisis and the growing prospects for a recession have added to financial pressures.  “There’s a …

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Affordable HousingDevelopmentFrom The Magazine

The Affordable Housing Gap

by Jeff Shaw

With high inflation eating away at personal savings, the number of low-income seniors is growing and LIHTC development struggles to keep up. By Jeff Shaw Today’s high inflationary environment is tough on everyone, but persons of limited financial means are getting hit the hardest. Most affordable seniors housing properties are fully occupied with a long waiting list, signaling that there is a strong need for the product. But the myriad issues facing the commercial real estate industry — especially rising construction costs — have an outsized impact on affordable housing …

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Company NewsDevelopmentFrom The Magazine

Cogir, Cadence Are Bigger, Better Together

by Jeff Shaw

With its acquisition of Cadence Living, Cogir Senior Living is building a company with wide-ranging expertise. By Jeff Shaw In a time when large-scale, entity-level acquisitions have been nearly non-existent, Cogir Senior Living’s acquisition of Cadence Living in November stood out. Both companies have a focus on the West Coast, and the combined total number of units is approximately 8,000 across nine states, making the company the 21st largest operator in the United States. Cogir is the Sacramento-based subsidiary of Cogir Services LP, a Montreal-based real estate company operating over …

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Affordable HousingDevelopmentFloridaNews

Victory Village Plans 80-Acre Military Retirement Community in Shalimar, Florida

by Jeff Shaw

SHALIMAR, Fla. — Victory Village is slated to receive $2 million from Florida’s Framework for Freedom Budget for fiscal year 2023-24. The funding will be used to purchase 80 acres of land from the U.S. Air Force, which will be used to develop a military senior living community with resources and services for wounded warriors and their caregivers. Victory Village will be located adjacent to Air Force Enlisted Village (AFEV). Plans for the community include multiple neighborhoods for 800 people to reside, a community center, a multi-denominational chapel, a fitness …

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Affordable HousingDevelopmentNewsPennsylvania

Tryko Partners Breaks Ground on Cedarwood Homes Affordable Development in Pittsburgh

by Jeff Shaw

PITTSBURGH — Tryko Partners has broken ground on Cedarwood Homes, an affordable seniors housing community in Pittsburgh’s West End neighborhood. In 2020, the Pittsburgh Urban Redevelopment Authority (URA) named Tryko to lead a redevelopment at the former Fairywood School site. Key financing agencies have contributed to the project’s viability. This includes 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by the Pennsylvania Housing Finance Agency; and approximately $2.1 million in gap financing funding, along with 24 project-based Section 8 vouchers from Housing Authority City of Pittsburgh (HACP). The community will …

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