Development

CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $30M Bond Financing for Vicar’s Landing CCRC Expansion in Ponte Vedra Beach, Florida

by Jeff Shaw

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 …

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CCRCDevelopmentNewsWashington

Emerald Communities Starts Expansion Project at Emerald Heights CCRC in Redmond, Washington

by Jeff Shaw

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 …

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Affordable HousingDevelopmentNewsVirginia

Partnership Plans Redevelopment of The Ladrey Affordable High Rise in Alexandria, Virginia

by Jeff Shaw

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 …

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Affordable HousingDevelopmentNewsVirginia

Enterprise Community Development, Fellowship Square County Open 240-Unit Lake Anne House in Reston, Virginia

by Jeff Shaw

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 …

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DevelopmentFinanceNewsTexas

JLL Arranges $61M Construction Loan for The Preserve at Spring Creek in Garland, Texas

by Jeff Shaw

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 …

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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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