Development

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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CaliforniaCCRCDevelopmentNews

Spieker Senior Development Partners Breaks Ground on 486-Unit Wisteria at Warner Center CCRC in Woodland Hills, California

by Jeff Shaw

WOODLAND HILLS, Calif. — Spieker Senior Development Partners has broken ground on Wisteria at Warner Center, a continuing care retirement community (CCRC) in Woodland Hills, approximately 25 miles northwest of Los Angeles. The senior living community will rise six stories on 17 acres and offer 486 units. Residential options range from one-bedroom options to penthouses of close to 3,000 square feet. Wisteria at Warner Center will offer a full continuum of care at the health center located adjacent to the community. Residents will have access to assisted living, memory care …

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AcquisitionsDevelopmentNevadaNews

Blueprint Brokers Sale of Fully Entitled Development Site in Minden, Nevada

by Jeff Shaw

MINDEN, Nev. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a development site in Minden, approximately 50 miles south of Reno. The five-acre parcel is fully entitled for construction of a seniors housing community totaling up to 130 units. The site is strategically located adjacent to Carson Tahoe Minden Medical Center, which Carson Tahoe Regional Health — the region’s largest healthcare provider — operates. The buyer was a West Coast-based seniors housing developer that is affiliated with a seniors housing operator. Information on the seller and price …

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DevelopmentNewsSkilled NursingVirginia

Marquis Completes Renovations at Westmoreland Healthcare Center in Colonial Beach, Virginia

by Jeff Shaw

COLONIAL BEACH, Va. — Marquis Health Consulting Services has completed renovations at Westmoreland Rehabilitation & Healthcare Center, a skilled nursing facility in Colonial Beach, approximately midway between Richmond and Washington, D.C. The project included updates to the lobby, nurses’ stations and resident rooms, among other areas. The facility carries a five-star designation from the Centers for Medicare & Medicaid Services (CMS) for quality measures. Westmoreland maintains an outpatient rehabilitation program featuring occupational and physical therapy suitable for those high school aged and above.

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DevelopmentNewsPennsylvania

IntegraCare Opens 130-Unit Residence at Fritz Farm in York, Pennsylvania

by Jeff Shaw

YORK, Pa. — Seniors housing owner-operator IntegraCare has opened The Residence at Fitz Farm, a 130-unit community in York. The 124,000-square-foot facility sits on a 16.5-acre site that was previously part of a family farm. The property houses 68 independent living units, 42 assisted living residences and 20 memory care units. IntegraCare developed The Residence at Fitz Farm in partnership with Indianapolis-based Avenue Development.

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Affordable HousingDevelopmentMississippiNews

Hunt Capital, Intervest to Convert Former Dairy Plant in Tupelo Into 33-Unit Affordable Community

by Jeff Shaw

TUPELO, Miss. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at the market rate while the other 31 apartments will be restricted to seniors age 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren …

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Affordable HousingDevelopmentFloridaNews

HTG, AM Affordable Housing Break Ground on $37.4M Astoria on 9th in Bradenton, Florida

by Jeff Shaw

BRADENTON, Fla. — Housing Trust Group (HTG) and AM Affordable Housing have closed on financing and begun construction of Astoria on 9th, a 120-unit affordable seniors housing community in the Tampa suburb of Bradenton. Development costs are estimated at $37.4 million. The units will be reserved for income-qualifying residents over age 62 who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $356 to $1,165 per month. The property is scheduled to open in fall 2024 with leasing slated to begin …

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DevelopmentIndustry Voices

You’re Never Too Old to Play Outside

by Jeff Shaw

By Glen Collins, founder of Autside Encouraging active lifestyles for aging seniors is important to supporting their health and overall well-being. For residents in senior living communities, playing outdoor games is a stimulating way to stay physically and mentally active, socialize with others and enjoy nature — all of which can positively impact quality of life and even improve longevity. Sedentary seniors: A dangerous stereotype As people grow older, their bodies experience various changes that can impact the ability to stay active. There is a common misconception that aging seniors …

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