SPRING, Texas — A joint venture between Braintree Properties and Cadence McShane has broken ground on Aviva Terranova Independent Senior Living Community in Spring, a suburb of Houston. Plans call for a 140,000-square-foot campus comprising four-story, wood-framed structures and 163 units. Additional features include a fitness center, pool, theater, library, Cyber Café and a parking garage with 215 parking spaces. The project is scheduled for completion in late 2023.
OVERLAND PARK, Kan. — Erickson Senior Living has opened Santa Fe Ridge, an independent living expansion at its Tallgrass Creek continuing care retirement community. Located on 65 acres in the Overland Park suburb of Kansas City, Tallgrass Creek now features 96 new units. In addition to the new residences, Santa Fe Ridge features an indoor pickleball court and a new restaurant. The building is named for the historic Santa Fe Trail, which opened in 1821 and served as the most important route to the West before the era of the …
The health of seniors housing occupancy continues to recover, albeit slowly, amid challenges that refuse to relent. Rather than a one-two punch, the sector has absorbed a one-two-three combination: Occupancy-reducing COVID landed the first blow, labor shortages and inflating operational expenses delivered the second, and rising interest rates scored with the third, declares Charlie Shoop, a senior vice president with KeyBank’s healthcare group. A slumping economy may add a kick to the teeth for good measure. “There is a lot of noise in seniors housing financials right now, and few …
PONTE VEDRA BEACH, Fla. — Ziegler has arranged $30 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. The community occupies a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. Sawgrass includes four golf clubs including TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing currently features 227 independent living units, 38 assisted living apartments and 60 skilled nursing beds. The financing will fund a Phase …
REDMOND, Wash. — Emerald Communities has started construction of an expansion project at Emerald Heights, a continuing care retirement community (CCRC) in the Seattle suburb of Redmond. The new building, named Courtyard, will rise three stories and feature 42 independent living units ranging in size from 826 to 1,726 square feet. Dean Kelly of the architecture firm Rice Fergus Miller, who worked on Emerald Heights’ previous expansion in 2014, led the design of the new building. The Courtyard will total 70,638 square feet plus a 35,703-square-foot underground parking structure. GLY …
ALEXANDRIA, Va. — The Alexandria Redevelopment and Housing Authority (ARHA) has partnered with WinnCompanies and IBF Development to redevelop The Ladrey, an 11-story affordable seniors housing community in Alexandria. The proposed development plan will replace all the current Ladrey units and increase the number of apartments available to working households. The Ladrey sits on an approximately two-acre site in the Old Town North Small Area. The community features 170 units and primarily serves seniors and residents with disabilities. ARHA is combining and adjacent plot, which it also owns, with The …
RESTON, Va. — Enterprise Community Development and Fellowship Square will cut the ribbon Sept. 29 on Lake Anne House, an affordable seniors housing community in the Washington, D.C. suburb of Reston. The community features 240 units for low-income seniors. The project was a redevelopment of a 1970s-era property. The developers constructed the new building on an underutilized portion of the site, adjacent to the original Lake Anne Fellowship House. The new Lake Anne House includes 56 studios, 178 one-bedroom and six two-bedroom apartments. The old building is scheduled for demolition …
GARLAND, Texas — JLL has arranged a $61 million construction loan for The Preserve at Spring Creek, a 230-unit seniors housing project that will be located in the northeastern Dallas suburb of Garland. The country club-style facility will be situated on 35.5 acres and will offer assisted living, independent living and memory care services. Alanna Ellis and Allison Holland of JLL arranged the financing through a regional bank on behalf of the borrower, a joint venture between JAMP Enterprises LLC and Frontier Management LLC. The floating-rate loan carries a 15-year …
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 …
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.
