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Development

Active AdultDevelopmentNewsTexas

Avenida, Artemis Plan 203-Unit Active Adult Community in Carrollton, Texas

by Jeff Shaw

CARROLLTON, Texas — Avenida Partners and Artemis Real Estate Partners have unveiled plans for Avenida Carrollton, an active adult community in the Dallas suburb of Carrollton. The community will feature 155 market-rate apartments consisting of one- and two-bedroom floorplans, as well as 48 duplex and triplex cottages. Avenida Carrollton will be located on 10 acres, with over 35,000 square feet of interior and exterior amenities. Apartment floorplans will range from 686 square feet to 1,285 square feet; with duplex and triplex cottages ranging from 1,360 square feet to 1,490 square …

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Assisted LivingCaliforniaDevelopmentNews

Clearwater Living Nears Completion of 117-Unit Community in Glendora, California

by Jeff Shaw

GLENDORA, Calif. — Clearwater Living has opened the sales office at Clearwater at Glendora, a 117-unit assisted living and memory support community in Glendora, approximately 25 miles east of Los Angeles. Construction on Clearwater at Glendora began in spring of 2021. The two-story, 117,000-square-foot property is being built on nearly three acres. When it is completed later this year, the community will feature 88 assisted living and 29 memory care apartments with studio, companion, one-bedroom and two-bedroom layouts.

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Assisted LivingDevelopmentNewsVirginia

Watercrest Nears Completion of 98-Unit Community in Richmond, Virginia

by Jeff Shaw

RICHMOND, Va. — Watercrest Senior Living Group has opened the sales office at Watercrest Richmond, a 98-unit senior living development in Richmond. Watercrest Richmond will feature 76 assisted living and 22 memory care. This is the first senior living development project partnered between Watercrest and Harbert Seniors Housing Fund II. Construction began in January 2021. An opening date was not released.

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CCRCDevelopmentIllinoisIndependent LivingNews

Lifespace Breaks Ground on Independent Living Expansion at Oak Trace CCRC in Downers Grove, Illinois

by Jeff Shaw

DOWNERS GROVE, Ill. — Lifespace Communities has broken ground on an expansion project at Oak Trace, a nonprofit continuing care retirement community in the Chicago suburb of Downers Grove. The expansion is Phase II of a $112 million reinvestment project at the community. The first phase, which converted some units to assisted living to complete the continuum of care, was completed in 2019. Phase II will add 145 independent living apartments, bringing the total from 232 to 377. It is scheduled for completion in 2023. In addition to increasing the …

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DevelopmentFinanceMissouriNews

Blueprint Arranges Development Financing for Bluffstone Community in St. Peters, Missouri

by Jeff Shaw

ST. PETERS, Mo. — Blueprint Healthcare Real Estate Advisors has arranged an undisclosed amount of development financing for The Bluffstone Senior Living, a ground-up seniors housing development in St. Peters, just across the Missouri River from St. Louis. Upon completion, Arrow Senior Living will operate the community, which features 91 independent living, 44 assisted living and 18 memory care units. The borrower is O’Reilly Development Co., an established regional seniors housing developer. Kayne Anderson Real Estate. Though Kayne has purchased two prior O’Reilly properties, this marks the first ground-up development …

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Assisted LivingCaliforniaDevelopmentFinanceNews

JLL Arranges $16.3M Loan for Two Development Sites in Bay Area

by Jeff Shaw

LIVERMORE and SOQUEL, Calif. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, …

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ArizonaDevelopmentFinanceIndependent LivingNews

Greystone Arranges $140M in Financing for Expansion of Maravilla Scottsdale in Arizona

by Jeff Shaw

SCOTTSDALE, Ariz. — Greystone has arranged a $140 million loan package for both the refinancing and expansion of Maravilla Scottsdale, a seniors housing community in Scottsdale. Phase I of the community comprises a fully stabilized, 217-unit independent living, assisted living and memory care property. Opened in 2012, the community has received multiple awards, including being named Best 50+ CCRC Community by the National Association of Home Builders (NAHB), Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine. Phase II of …

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Company NewsDevelopmentNewsPeople

Monarch Communities Announces New Headquarters, Communities, Executives

by Jeff Shaw

WHITE MARSH, Md. — Monarch Communities, an owner-operator based in the Baltimore suburb of White Marsh, has moved to a new headquarters. Simultaneously, the company announced plans for new communities and changes to its executive leadership. The company has established its corporate office in White Marsh, and now has a portfolio of seven East Coast communities. It operates four in Massachusetts, Connecticut and New Jersey, with over 300 employees and 400 residents. The company is also developing three new communities. One of those, Monarch Coopers Corner, is scheduled to open …

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Affordable HousingDevelopmentFinanceFloridaNews

Greystone Provides $17.5M HUD Loan for Affordable Rehab Project in West Palm Beach, Florda

by Jeff Shaw

WEST PALM BEACH, Fla. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Christian Manor includes four three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income residents, which is classified as below 60 percent of area median income (AMI), and “extremely low-income” residents (below 28 percent …

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CaliforniaDevelopmentNews

Calson Management Buys Development Parcel for 128-Unit Community in Livermore, California

by Jeff Shaw

LIVERMORE, Calif. — Hunter Street and Mana Investments have sold a nine-acre parcel of land in the Bay Area city of Livermore to Calson Management, a California-based specialist in senior living construction and operations. Located within The Well at Sunset mixed-use project, the site is approved for a 130,000-square-foot, 128-unit seniors housing complex. Construction is scheduled to begin late this year for completion in late 2024. The property will include independent living, assisted living and memory care services. The design’s footprint will preserve green space and walking trails around the …

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