Thursday, May 15, 2025
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Development

Affordable HousingCaliforniaDevelopmentFinanceKeyBankNews

KeyBank Provides $49.3M Construction Loan for Affordable Seniors Housing Property in San Ysidro, California

by Jeff Shaw

SAN YSIDRO, Calif. — KeyBank Community Development Lending and Investment has provided $49.3 million in construction financing to 4132 Beyer L.P., a collaboration between nonprofit affordable housing Metropolitan Area Committee on Anti-Poverty of San Diego County and Riverside-based Kingdom Development. The partnership will use the funds to develop Ventana al Sur, an affordable seniors housing community in San Ysidro, just across the Mexican border from Tijuana. Ventana al Sur will include 100 one- and two-bedroom apartments for seniors, as well as a manager unit. The units will be restricted to …

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DevelopmentNew JerseyNews

Thrive Senior Living Opens 203-Unit Community in Montvale, New Jersey

by Jeff Shaw

MONTVALE, N.J. — Thrive Senior Living is hosting a grand opening on Oct. 6 for Thrive at Montvale, a borough along the New York State border just northwest of New York City. The property offers 203 units of independent living and assisted living, as well as small-house memory care. The development is anchored by the 33,150 square-foot Social Court that includes an outdoor gaming space, movie theater and greenhouse.

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Active AdultDevelopmentMassachusettsNews

Live Give Play, Spiritos Properties Plan 79 King Street Active Adult Community in Northampton, Massachusetts

by Jeff Shaw

NORTHAMPTON, Mass. — Live Give Play and Spiritos Properties have announced plans for 79 King Street, an active adult community in Northampton, a suburb of Springfield. The property is located downtown on a walk/bike path and steps from Smith College. The 70-unit community is designed to achieve Passive House certification. The building rises five stories and totals 110,000 square feet. BKSK Architects is the designer. The developers plan to open the property in late 2024.

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Affordable HousingDevelopmentNewsOhio

Fairfield Homes Plans Rehabilitation of Park Village Apartments in Shelby, Ohio

by Jeff Shaw

SHELBY, Ohio — Fairfield Homes Inc. has announced plans for the rehabilitation of Park Village Apartments, an affordable seniors housing community in the Central Ohio city of Shelby. The apartment community consists of 80 one- and two-bedroom apartments. The renovations will result in highly efficient, well-appointed apartments that include universal design features, sustainable materials and environmentally sound products. The project will include updated interior finishes, full HVAC replacement, community amenities, walkways and landscaping. The property will become an Enterprise Green Certified Community. Fairfield Homes partnered with NDC Corporate Equity Fund, …

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CaliforniaCCRCDevelopmentFinanceNews

Ziegler Arranges $36M Bond Financing for Carmel Valley Manor in Carmel, California

by Jeff Shaw

CARMEL, Calif. — Ziegler has arranged $36 million in bond financing for California Congregational Retirement Homes. The transaction will refinance existing debt and fund capital improvements at Carmel Valley Manor. Located in the small beach city of Carmel, located south of the Bay Area, Carmel Valley Manor features 27 independent living cottages, 119 independent living apartments, 24 assisted living unts and 36 skilled nursing units on a 25-acre campus. The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period. “This successful round of financing …

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Assisted LivingDevelopmentFloridaNews

Experience Senior Living Plans 158-Unit The Gallery at Naples in Florida

by Jeff Shaw

NAPLES, Fla. — Experience Senior Living (ESL) has unveiled plans for The Gallery at Naples, a 169,327-square-foot community in the Gulf Coast city of Naples. Plans call for 125 assisted living apartments and 33 memory care suites in a four-story building. ESL plans to break ground in the fourth quarter of 2022. ESL notes that more than half of the population in the market over age 65. “We are very intentional about the locations we select for Experience Senior Living developments,” say Phill Barklow, president of ESL. “Naples is an …

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DevelopmentFrom The MagazineInvestment

Value-Add Strategies Fit the Times

by Jeff Shaw

As land and construction costs soar, developers find success with repositioning projects despite the risks. By Jeff Shaw Ground-up seniors housing construction is arguably more difficult now than it has ever been, forcing developers to come up with an alternative game plan to stay active. The producer price index for new building construction — a measure of the price that contractors say they would bid to build a fixed set of buildings — increased 19.8 percent year over year in June, according to the Associated General Contractors of America (AGC). …

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DevelopmentFrom The Magazine

Developers Prefer High Barriers to Entry

by Jeff Shaw

When the going gets tough, top developers are drawn to sites where the competition is limited. By Bendix Anderson Developers are building fewer new seniors housing units today than they have in years. Rising interest rates and the high cost of land, labor and construction materials have made development more expensive than ever.  A potential new seniors housing community would need income from strong, steady rents to justify these high costs. But after years of overbuilding before the coronavirus and the shock of the pandemic itself, seniors housing vacancies remain …

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DevelopmentMarylandNews

Experience Senior Living Plans 26-Story Community Within Strathmore Square Mixed-Use Development in Bethesda, Maryland

by Jeff Shaw

BETHESDA, Md. — Experience Senior Living, a seniors housing developer, has unveiled plans for The Reserve at Strathmore Square. The project will be part of Strathmore Square, a planned arts-centric mixed-use community located in north Bethesda above the Grosvenor-Strathmore Red Line Metro station and adjacent to the Strathmore Music Center. The seniors housing community will rise 26 stories and span 300,000 square feet, featuring 240 units of independent living, assisted living and memory care. Experience plans to break ground on the project in the fourth quarter of 2023. Amenities at …

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CaliforniaDevelopmentIndependent LivingNews

Revel Opens Independent Living Community in Folsom, California

by Jeff Shaw

FOLSOM, Calif. — Revel Communities, a division of The Wolff Company representing a portfolio of independent living communities, has opened its newest community, Revel Folsom. Revel Folsom is the latest expansion for Revel across the Western U.S. and will join Revel Palm Desert and Revel Lodi as the brand’s third independent living community in California in two years. Located 35 miles outside of Sacramento, Revel Folsom will feature views of the foothills of the Sierra Nevada Mountains. The size and number of units were not disclosed. Alicia Rist is the …

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