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Development

DevelopmentFrom The Magazine

Nonprofits Innovate to Pursue Growth

by Jeff Shaw

Affiliations, acquisitions and new service lines are part of a multi-pronged strategy to stay competitive amid a challenging business climate. By Jane Adler Despite economic headwinds and an ongoing labor shortage, nonprofit senior living providers are focused on growth. Affiliations and acquisitions are moving forward as big providers partner with single-site operators to realize economies of scale. Meanwhile, regional providers are targeting nearby opportunities. The goal: an add-on to the portfolio within driving distance. Other growth strategies include expansions of existing properties, development of satellite campuses and the addition of …

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DevelopmentIndustry Voices

Leading From the Heart for the Middle Market

by Jeff Shaw

To succeed for residents of moderate means, we must balance compassion with the business aspects of seniors housing. By Joe Jasmon In order to create a successful and financially sound solution for the middle market of seniors housing, we have to change the paradigm. This change must come from the heart and begins with a single focus: the resident. We must address the resident’s needs with compassion and provide the care required for them to live their best life. Entering the middle-market space is a valid and well supported business …

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CCRCDevelopmentFinanceMinnesotaNews

Ziegler Closes $47M Financing for Construction of Saint Therese Community in Corcoran, Minnesota

by Jeff Shaw

CORCORAN, Minn. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on …

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Assisted LivingDevelopmentFinanceFloridaNews

Live Oak, Renasant Provide Construction Loan for 158-Unit Community in Naples, Florida

by Jeff Shaw

NAPLES, Fla. — Live Oak Bank and Renasant Bank have provided an undisclosed amount of financing for construction of a 158-unit assisted living and memory care community in Naples. The borrower is a joint venture between investment management firm Heitman and NexCore Group. Experience Senior Living, NexCore’s operating subsidiary, will manage the property.

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Affordable HousingDevelopmentIndependent LivingNewsWisconsin

Presbyterian Homes & Services Receives Grant Funding for Deerfield Expansion Project in New Richmond, Wisconsin

by Jeff Shaw

NEW RICHMOND, Wis. — Presbyterian Homes & Services (PHS) has received $2.5 million in private grant funds for the expansion of The Deerfield, a senior living community in New Richmond, approximately 40 miles east of downtown Minneapolis. One hundred percent of the campus’ 24 new independent living apartments — scheduled to open in summer 2023 — were reserved within weeks of the start of marketing, according to the company. The apartments target low- and middle-income residents. “Clearly there is great demand for modest priced housing in the market,” says Jon …

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Assisted LivingDevelopmentNewsVirginia

Watercrest, Harbert Complete 98-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Watercrest Senior Living Group and joint venture partner Harbert Seniors Housing Fund II have completed Watercrest Richmond Assisted Living and Memory Care. The community features 76 assisted living units and 22 memory care units in Richmond. EMJ Corp. was the builder, while Trustmark Bank provided financing. This is the first senior living development project that Watercrest and Harbert Seniors Housing Fund II have jointly developed.

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DevelopmentNew YorkNewsPeople

Monarch Communities Appoints Paul Ataide as Executive Director of Community in New Rochelle, New York

by Jeff Shaw

NEW ROCHELLE, N.Y. — Monarch Communities has named Paul Ataide as executive director for Monarch Coopers Corner, a senior living community in New Rochelle, just north of New York City proper. In this position, he is responsible for day-to-day community operations. Monarch Coopers Corner is nearing completion and is scheduled to open early 2023. Ataide previously was executive director at a senior living community in Westchester County, New York. He also served as associate executive director in Massachusetts. He brings over 15 years of healthcare experience to his new position. …

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Active AdultDevelopmentNewsTexas

Grace Management Breaks Ground on 115-Unit Active Adult Community in Conroe, Texas

by Jeff Shaw

CONROE, Texas — Grace Management has broken ground on The Lakes at Woodhaven Village, an active adult community in Conroe, a suburb of Houston. The 130,000-square-foot community will feature 115 units and is scheduled to open in spring 2024. The project is being developed on a five-acre plot adjacent to the 2,000-acre Grand Central Park master-planned community. Project partners include developer Padua Realty Co. and affiliated construction company Dorado Builders, Grace Management, Investwell Architects, interior design firm Lizabeth Jones Interior Design and Jordan and Skala Engineers. The community will complement …

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AcquisitionsAffordable HousingDevelopmentNewsTennessee

Blueprint Brokers Sale of 165-Unit Community in Memphis for Affordable Conversion

by Jeff Shaw

MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a seniors housing community in Memphis. Built in the late 1960s, the community rises 11 stories and features 110 independent living units and 55 assisted living units. A publicly traded REIT sold the community as a non-core asset. The buyer was Elevation Financial Group, which plans to convert the community into an affordable housing community for seniors. The price was not disclosed.

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Active AdultDevelopmentGeorgiaNews

Jamestown Unveils Plans for 21-Story Active Adult High-Rise in Atlanta

by Jeff Shaw

ATLANTA –– Jamestown has released its plans to develop Signal House, a 21-story active adult community in Atlanta. The property will be located adjacent to Ponce City Market, a massive mixed-use redevelopment of a former Sears, Roebuck & Co. store and warehouse. The property is adjacent to the Atlanta BeltLine rails-to-trails project in the city’s historic Old Fourth Ward neighborhood. Plans call for 162 units reserved for residents age 55 and older. The project is scheduled for completion in the third quarter of 2023. “Continuing Ponce City Market’s legacy of …

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