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ColoradoDevelopmentFinanceMinnesotaNews

Northmarq Arranges $50M in JV Equity for Four Developments in Minnesota, Colorado

by Jeff Shaw

MINNEAPOLIS — Northmarq has secured $50 million in joint-venture equity for a four-property seniors housing development pipeline in Minnesota and Colorado. Equity was procured on behalf of the developer, Minneapolis-based United Properties. The joint-venture partner is a private equity group. The Northmarq team members that facilitated the equity and debt financing included Patrick Minea, Joel Heikenfeld, Dave Link and Stuart Oswald. All four assets are under United Properties’ Amira brand and are in various states of construction and lease-up. The projects include: Amira Bloomington, a 133-unit active adult community in …

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DevelopmentFrom The MagazineMemory Care

Memory Care: Back to the Future

by Jeff Shaw

Operators experiment with new programming and design ideas while redoubling their commitment to traditional person-centered care. By Jane Adler Despite suffering big pandemic-related occupancy losses, the memory care segment is focused on the future as it rebuilds its census. Operators are adopting new technologies and open building designs to advance established person-centered care protocols.  The Montessori teaching method, popular for children, is being applied to programs for seniors with memory loss. Virtual reality, circadian lighting and multi-sensory rooms are being used to ease anxiety and boost engagement among residents. Locked …

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Company NewsDevelopmentFrom The Magazine

Company Profile: Elevate Senior Living

by Jeff Shaw

Building ‘a Better Mousetrap’ By Jeff Shaw Elevate Senior Living is a company with one goal in mind: make seniors housing affordable for middle-class people.  The introductory press release for the company — which also revealed the groundbreaking of its first project in Clearwater, Florida — said the target market is “the retired police officer, fireman, schoolteacher and everyday American.” Elevate plans to build 11 middle-market seniors housing communities over the next five years. Of course, the industry has grappled with this issue for years. In 2017, the National Investment …

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Affordable HousingDevelopmentFinanceFloridaNews

Volunteers of America Plans $16.6M Renovation at Pine Grove Apartments in Gainesville, Florida

by Jeff Shaw

GAINESVILLE, Fla. — Volunteers of America National Services (VOANS) has unveiled plans for a $16.6 million renovation project at Pine Grove Apartments in Gainesville. Utilizing non-competitive Low Income Housing Tax Credits to refinance and rehabilitate the property, the work is slated for completion in summer 2023. Volunteers of America of Florida will continue to provide property management and services for residents. Constructed in 1984 with 97 affordable units for seniors under the HUD Section 202 program, the property will continue to benefit from HUD subsidizing for all units. The tenant-in-place …

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DevelopmentNew JerseyNews

Thrive Prepares to Open 203-Unit Community in Montvale, New Jersey

by Jeff Shaw

MONTVALE, N.J. — Thrive Senior Living is nearing completion of Thrive at Montvale, a 203-unit seniors housing community in the DePiero’s Farm neighborhood of Montvale, located along the New York state border. The welcome center is currently open, and the community is scheduled to open for residents this spring. Located just off the Garden State Parkway and near the serene Lake Tappan, the three-story community will feature independent living and assisted living, plus a small-house model senior living environment focused on memory care.

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DevelopmentFloridaIndependent LivingNews

Zon Breaks Ground on 45-Unit Independent Living Community in Indian Harbour Beach, Florida

by Jeff Shaw

INDIAN HARBOUR BEACH, Fla. — Zon Management has broken ground on The Residences at Zon Beachside. The 45-unit independent living community is located in Indian Harbour Beach, which is on a barrier island east of Orlando. The property is scheduled to open in spring 2023. The development is an addition to the existing Zon Beachside Assisted Living & Memory Care campus, creating a continuum of care at the property.

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Affordable HousingDevelopmentFloridaNews

FK Architecture Breaks Ground on Three Affordable Projects in Naples, Florida

by Jeff Shaw

NAPLES, Fla. — FK Architecture has broken ground on three affordable housing projects in Naples, located on the Gulf Coast in South Florida. The projects are named Harmony on Santa Barbara, Allegro at Hacienda Lakes, and Cadenza at Hacienda Lakes. “Affordable housing is a critical need throughout the United States,” says Ted Hunton, managing principal at FK Architecture. “Housing costs have exploded over the past few years. We fully expect these projects to establish long-lasting communities in the years to come.” Allegro and Cadenza at Hacienda Lakes are adjacent senior …

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DevelopmentFeaturesIndustry Voices

Intergenerational Communities: The Latest Trend for Happier, Healthier Living

by Jeff Shaw

By Denis Koval, CEO, Kapella Group The number of Americans age 65 and older will more than double over the next 40 years and is projected to reach 80 million in 2040, according to the College of Health Sciences at University of Michigan-Flint. With this increase in older adults comes a greater need for community and security. There are over 13 million young adults in America today and the vast majority are eager to not only engage in community, but make an impact. Intergenerational communities are on the rise with young adults and …

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Affordable HousingCaliforniaDevelopmentNews

SVA Architects Plans Lakeland & Laurel Intergenerational Affordable Project in Santa Fe Springs, California

by Jeff Shaw

SANTA FE SPRINGS, Calif. — SVA Architects, along with development partners The Richman Group Inc., The Whole Child and Habitat for Humanity, has received entitlements for the construction of Lakeland & Laurel, an intergenerational affordable housing community in the Los Angeles suburb of Santa Fe Springs. The project encompasses more than an entire city block and will feature three distinct housing communities consisting of intergenerational affordable apartments, interim transitional housing and for-sale townhomes. The development will cost the city approximately $110,000 per unit for 139 units, and a groundbreaking for …

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Assisted LivingCaliforniaDevelopmentFinanceNews

Monarch Advisors Arranges $4.6M Refinancing for 12-Bed Community in Salinas, California

by Jeff Shaw

SALINAS, Calif. — Monarch Advisors has arranged a $4.6 million refinancing a 12-bed assisted living facility in Salinas, located just south of Silicon Valley. In addition to refinancing existing debt, the loan will fund a 28-bed expansion at the community. The borrower is Songbird Care Homes, a local owner-operator. Monarch arranged a commitment from a national SBA lender for 25 years at a variable interest rate, with an option to convert to a fixed rate upon completion of the expansion project.

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