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Affordable HousingDevelopmentNew JerseyNews

Walters Completes First Phase of Cornerstone at Branchburg Affordable Community in New Jersey

by Jeff Shaw

BRANCHBURG, N.J. — Walters has completed construction of the first building at Cornerstone at Branchburg, a 150-unit, age-restricted affordable housing community in Branchburg, approximately 25 miles west of Staten Island. Cornerstone at Branchburg is designed to attain LEED and Energy Star certifications. “We look forward to welcoming our first residents into their energy-efficient homes which will provide a healthy and affordable living environment with long-term savings on heating and cooling costs as well as improved indoor air quality,” says Joseph Del Duca, partner and director of affordable housing for Walters. …

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DevelopmentFloridaIndependent LivingNews

Joint Venture Opens The Contemporary Independent Living Community in Metro Miami

by Jeff Shaw

WESTCHESTER, Fla. — Miami-based commercial real estate developer MAS^AJP and its equity partner OCTA have opened The Contemporary, an independent living community in Westchester, approximately nine miles west of downtown Miami. Charter Senior Living operates the community, which features a mix of one- and two-bedroom options on a six-acre campus. The number of units was not disclosed. The Contemporary is located on the same campus as MedSquare Place, a Class A medical office building also developed by MAS^AJP and OCTA. The property will house some of South Florida’s best-in-class healthcare …

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CCRCDevelopmentFinanceNewsSouth Carolina

Ziegler Arranges $29.2M Financing for Bishop Gadsden Expansion in Charleston, South Carolina

by Jeff Shaw

CHARLESTON, S.C. — Ziegler has arranged $29.2 million in bond financing to fund a renovation project at Bishop Gadsden Episcopal Retirement Community in Charleston. The nonprofit continuing care retirement community is located on James Island, approximately six miles from downtown and six miles from Folly Beach. Founded in 1850 as a special ministry of the Episcopal Diocese of South Carolina, Bishop Gadsden has continuously expanded its mission to serve seniors for 173 years and remains affiliated with the Episcopal diocese. In 1987, Bishop Gadsden moved to its current location on …

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DevelopmentNewsPeople

LRS Architects Promotes Mira Boumatar, Kelsey Loverro to Associate

by Jeff Shaw

PORTLAND, Ore. — Portland-based design firm LRS Architects has promoted Mira Boumatar and Kelsey Loverro to associate. Boumatar works in various studios, including civic, commercial, housing and adaptive reuse. Loverro works in the firm’s multifamily housing and workplace studios and has also lent her design expertise to the hospitality and auto sectors. Boumatar joined LRS in 2015. She serves on the firm’s Justice, Equity, Diversity and Inclusion (JEDI) Committee, as well as its Practice Committee, Social Committee and the CCA Taskforce. She earned her bachelor’s degree in architecture from the …

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DevelopmentFeaturesNews

InterFace Panel: Land Prices, Borrowing Costs Push Owners to Renovate Rather Than Build New

by Jeff Shaw

PHILADELPHIA — New construction of seniors housing communities has been noticeably slow in recent years, at first due to the COVID-19 pandemic stopping projects in their tracks, and then by high interest rates and land costs. Fewer than 11,000 units were added within the NIC MAP 31 Primary Markets last year, the weakest inventory growth since 2014, according to the National Investment Center for Seniors Housing & Care (NIC). Construction starts were relatively weak at 3,013 units in the fourth quarter, continuing the slower pace seen in the third quarter. …

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Affordable HousingDevelopmentMassachusettsNews

Beacon, Harborlight Plan Intergenerational Adaptive Reuse of Former Briscoe School in Beverly, Massachusetts

by Jeff Shaw

BEVERLY, Mass. — Beacon Communities and Harborlight Homes have received financing to redevelop the former Briscoe School in Beverly into a mixed-use community centered around affordable housing for seniors. Located near the Atlantic Ocean approximately 15 miles north of Boston, the property will be called Beverly Village for Living and the Arts. The financing marks the first time a Massachusetts affordable housing deal has benefitted from funding from the American Rescue Plan Act (ARPA), as well as local, state and additional federal funding, according to the development team. Former classrooms …

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CCRCDevelopmentFinanceNewsPennsylvania

Ziegler Arranges $19M Financing for Living Branches Expansion in Pennsylvania

by Jeff Shaw

HATFIELD, SOUDERTON and LANSDALE, Pennsylvania — Ziegler has arranged $19 million in bond financing for Living Branches, a nonprofit seniors housing and affordable housing operator. Living Branches was founded in 2008 upon the merger of Dock Woods, a life plan community founded in 1981 in Lansdale, and Souderton Mennonite Homes, a life plan community in Souderton originally founded in 1917. The corporation also operates The Willows of Living Branches, a personal care community in Hatfield founded in 1942, and two HUD housing organizations located on the Dock Woods campus. The …

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DevelopmentFinanceNew MexicoNews

JLL Arranges $51.8M in Construction Financing for Ativo Community in Albuquerque

by Jeff Shaw

ALBUQUERQUE — JLL Capital Markets has arranged $51.8 million in construction financing for the development of Ativo of Albuquerque, a three-story, 144-unit senior living community in Albuquerque. JLL represented the borrower, Link Senior Development LLC, in securing the financing through an undisclosed lender. Once completed, Ativo of Albuquerque will offer a mix of independent living, assisted living and memory care units ranging from studio to two-bedroom units. Situated on 6.5 acres, the community will be adjacent to a new ambulatory urgent care center and a medical office building. The community …

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Assisted LivingDevelopmentNew YorkNews

FilBen Group, RSF Partners Break Ground on $54M Assisted Living Facility in Montebello, New York

by Jeff Shaw

MONTEBELLO, N.Y. — A partnership between owner-operator FilBen Group and Dallas-based private equity firm RSF Partners has broken ground on Braemar at Montebello, a $54 million assisted living facility in New York’s Lower Hudson Valley region. The site is located near Good Samaritan Hospital — Suffern, as well as numerous commercial establishments. The property will span 133,675 square feet and will feature one- and two-bedroom units with an average size of 500 square feet. H2M Architects + Engineers designed the project, and McAlpine Contracting is handling construction. M&T Bank provided …

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Active AdultDevelopmentFrom The Magazine

Active Adult’s Mounting Momentum

by Jeff Shaw

NIC MAP Vision launches data initiative to track hottest subsector of seniors housing, bolstering transparency for investors. By Jeff Shaw Active adult is the talk of the town in the seniors housing industry. The sector, which caters to the 55-plus crowd that leads an active lifestyle and embraces fun and fitness, resembles traditional multifamily properties in two important ways: Active adult doesn’t offer the extra layer of services associated with standard seniors housing or the medical aspects of skilled nursing. Investors in active adult properties praise the high occupancy rate …

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