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Active AdultDevelopmentFloridaNews

FK Architecture Designs Three Active Adult Developments in Western Florida

by Jeff Shaw

VENICE, SOUTH NAPLES and WESLEY CHAPEL, Fla. — FK Architecture, a Fugleberg Koch Company, has completed design work on three resort-style active adult communities along Florida’s West Coast. The three sites designed by FK Architecture are Solea Wellen Park in Venice, Amberlin Wiregrass Ranch in Wesley Chapel and Amberlin South Naples in Collier County. Sparrow Partners is the developer. All three communities are four stories tall. Solea Wellen Park and Amberlin Wiregrass Ranch each offer 204 units in a mix of one- and two-bedroom units. Amberlin South Naples features 188 …

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Active AdultCaliforniaDevelopmentFinanceNews

Cushman & Wakefield Arranges Equity, Construction Debt for $70M Avenida Folsom Project in California

by Jeff Shaw

FOLSOM, Calif. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity, and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center …

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CCRCDevelopmentFinanceNewsTexas

Ziegler Arranges $197.7M Bond Financing for The Outlook at Windhaven in Plano, Texas

by Jeff Shaw

PLANO, Texas — Ziegler has arranged $197.7 million in bond financing for the Outlook at Windhaven Forefront Living, a seniors housing community in Plano. The property is currently in the development process. Designs call for 153 independent living apartments, 30 independent living cottages, 32 assisted living units and 24 memory care units. The proceeds will be used to refinance the cost of acquiring, developing and constructing the retirement community. The borrower is Forefront Living, formerly known as Presbyterian Communities and Services. The financing comprises $109.5 million of tax-exempt bonds, $88.2 …

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Affordable HousingDevelopmentNewsOhio

Related Cos. Completes Renovation of 230-Unit Biltmore Towers in Dayton, Ohio

by Jeff Shaw

DAYTON, Ohio — Related Affordable, a division of Related Cos., has completed the renovation project at Biltmore Towers, an affordable seniors housing community in Dayton. Partners on the project include St. Mary Development Corp., Ohio State Historic Preservation Office, City of Dayton, U.S. Department of Housing and Urban Development (HUD), Ohio Housing Finance Agency (OHFA) and Dayton/Montgomery County Port Authority. Opened in 1929, Biltmore Towers was once considered one of the most prominent hotels in America, hosting the likes of John F. Kennedy and Elvis Presley. The property was converted …

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Affordable HousingDevelopmentKentuckyNews

Fairstead Completes $4.5M Renovation Project at Colony Apartments in Covington, Kentucky

by Jeff Shaw

COVINGTON, Ky. — Fairstead has completed a $4.5 million overhaul of Colony Apartments, a 43-year-old affordable seniors housing community in Covington, located just across the Ohio river from Cincinnati. Residents of the 137-unit complex received home upgrades, including new kitchens, bathrooms, cabinetry, energy-efficient appliances and lighting, as well as lower monthly utility bills. Fairstead also partnered with local organizations to bolster on-site support services at the property. Financing for the rehabilitation of Colony Apartments came from the Kentucky Housing Corp., Capital One and Boston Financial. “Kentucky Housing Corp. was proud …

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Assisted LivingDevelopmentNew YorkNews

Benchmark Plans 100-Unit Community in Mount Pleasant, New York

by Jeff Shaw

MOUNT PLEASANT, N.Y. — Benchmark Senior Living has unveiled plans for Benchmark at Mount Pleasant, a seniors housing community in the Westchester County town of Mount Pleasant, approximately 25 miles north of Manhattan. The community, slated for completion in spring 2024, will be Benchmark’s third in metro New York City, joining two existing communities opened on Long Island. It will feature 74 assisted living units and 26 memory care units. Benchmark is partnering with Shelbourne Healthcare Development Group LLC, a development and investment firm in Wayne, Penn. Benchmark will serve …

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Affordable HousingDevelopmentFinanceIllinoisNews

Associated Bank Provides $6M Construction Loan for Diamond Senior Apartments in Peru, Illinois

by Jeff Shaw

PERU, Ill. — Associated Bank has provided $6 million in financing for construction of the Diamond Senior Apartments, a seniors housing community in Peru, located along the Illinois River approximately midway between Chicago and the Iowa border. The borrower is 3 Diamond Development. The project includes 56 units in 10 single-story residential buildings. All units are restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to households earning less than 30 percent of the area median income (AMI), and the remaining 44 units will …

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Affordable HousingCaliforniaDevelopmentNews

Development Team Starts Construction of Evermont Mixed-Use Project in Los Angeles

by Jeff Shaw

LOS ANGELES — A co-development team consisting of BRIDGE Housing, the Coalition for Responsible Community Development (CRCD) and Primestor Development have started construction of Evermont, a mixed-use project on the former site of the 1992 Los Angeles riots. The new mixed-use development will deliver 180 affordable housing units for seniors and families, retail stores, a transit plaza and a Metro public transportation system training facility. Construction of Evermont is scheduled for completion in 2024. The residential component, led by BRIDGE Housing and CRCD, consists of Vista@Evermont, which will offer 62 …

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DevelopmentNew JerseyNewsSkilled Nursing

Marquis Completes $3M Renovation Project at Arbor Ridge in Wayne, New Jersey

by Jeff Shaw

WAYNE, N.J. — Marquis Health Consulting Services has completed a $3 million renovation project at Arbor Ridge Rehabilitation & Healthcare Center in Wayne, approximately 20 miles west of Manhattan. Arbor Ridge provides post-hospital care, short-term rehab and long-term residential care. The 120-bed skilled nursing facility maintains a four-star rating from the Centers for Medicare & Medicaid Services (CMS). Renovation highlights also include wide, bright hallways; well-appointed rooms with contemporary fixtures and furnishings; and updated, centralized nurses’ stations. A second phase of the project will add a 3,000-square-foot therapy gym and an activities …

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Assisted LivingDevelopmentFloridaNews

Atlas, Rimrock Plan The Canopy at Beacon Woods in Hudson, Florida

by Jeff Shaw

HUDSON, Fla. — Atlas Senior Living and Rimrock Cos. have entered into a joint venture to build, own and operate The Canopy at Beacon Woods. The assisted living and memory care community will be located in Hudson, approximately 40 miles northwest of Tampa along the Gulf Coast. The property will feature 40 assisted living and 24 memory care units. Construction is scheduled for completion in July 2023.

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