GRAND FORKS, N.D. — Karen Dubrosky and Frank Hogan of the Minneapolis office of Colliers Mortgage and Colliers Securities, respectively, have closed a $10.9 million HUD loan for the acquisition and rehabilitation affordable housing portfolio in Grand Forks. Located near the Red River, which forms the border between Minnesota and North Dakota, the portfolio totals 182 units of affordable housing across three properties. University Square includes 60 multifamily units, Columbia Square East includes 50 seniors housing units and Columbia Square South includes 72 multifamily units. All units are covered by …
MADISON, Ala. — KIRCO has delivered and opened Madison Crossings, an independent living and memory care community in Madison, about 10 miles from downtown Huntsville. Phoenix Senior Living operates the community, which features an outdoor swimming pool, wellness center, dining experience, pub, beauty salon and spa, yoga studio, outdoor pickleball and bocce ball courts. Madison Crossings comprises 105 independent living apartments and 27 memory care residences. The property represents the 10th seniors housing facility in Alabama operating under the Phoenix Senior Living brand. KIRCO MANIX, a third-party construction services firm …
SCOTTSDALE, Ariz. — Revel Communities has completed construction of Revel Scottsdale and Revel Legacy, both independent living communities in Scottsdale. The properties are the 12th and 13th independent living communities the brand has opened since launching in 2018, and its first two in Arizona. Revel Scottsdale offers 157 units near the bustling shops and dining of Old Town Scottsdale, with rents starting at $3,695 per month. Revel Legacy offers 169 units among the mountain views of North Scottsdale with rents starting at $3,795 per month.
ST. PETERS, Mo. — IMPACT Strategies has completed interior renovations at The Watermark at St. Peters, an independent living facility in St. Peters, approximately 30 miles northwest of St. Louis. The three-story, 184-unit community sits on 13 acres The renovation of the interior of the building included refreshed spaces for the exercise room, activity room, indoor pool area, locker room, private theater, library and family room on the first floor as well as new carpet, specialty trim and paint throughout the corridors on all three floors. The project also involved …
NEW YORK CITY — Catholic Charities of Brooklyn & Queens has opened the doors on Pope Francis Apartments of Loreto, an affordable seniors housing community in the Brownsville neighborhood of Brooklyn. Designed by RKTB Architects, the development replaces a former Catholic church that closed in 2009. It features 135 apartments in an 83,000-square-foot building. The new residence meets Enterprise Green Communities Criteria, a comprehensive green building framework specifically for affordable housing. The design and development team previously completed the adjacent Monsignor Anthony J. Baretta Apartments, which is considered Phase I …
NASHVILLE, Tenn. — Ryan Cos. US Inc., on behalf of LCS and Harrison Street, has started construction of Clarendale West End in Nashville. The upscale community will feature 172 units of independent living, assisted living and memory care in a 261,000-square-foot, five-story building. According to Moore Diversified Services Inc., Nashville’s 75-plus population is expected to grow 4.4 percent annually, outpacing the city’s annual total population growth of 1.2 percent. “This community will offer premier senior living conveniently located close to some of the best entertainment, shopping and hospitals in the …
NEW YORK CITY — Sunrise Senior Living, with partners Hines and Welltower (NYSE: WELL), has announced plans for its second luxury senior lifestyle community in New York City: The Apsley. Located on the Upper West Side on Broadway between 84th and 85th streets, the community will feature 76 assisted living and 80 memory care units. “We have always known there is a strong demand for high-quality, elevated senior living in Manhattan,” says Denise Falco, senior vice president of operations at Sunrise Senior Living. “With the success of our sister property, …
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 …
Cushman & Wakefield Arranges Equity, Construction Debt for $70M Avenida Folsom Project in California
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 …
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 …