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Development

Assisted LivingDevelopmentMassachusettsNews

Benchmark Nears Completion of 97-Unit Community in Hanover, Massachusetts

by Jeff Shaw

HANOVER, Mass. — Benchmark Senior Living has begun reserving apartments in preparation for Benchmark at Hanover, a 97-unit assisted living and memory care community in Hanover, approximately 23 miles south of Boston. The community is scheduled to open this summer. It will be Benchmark’s 64th community in the Northeast. Benchmark at Hanover totals 91,000 square feet. The site is located next to a YMCA and near shopping, dining and entertainment. Fatima Feliciano will be executive director. Udelsman Associates designed the community, which Callahan Construction is building.

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DevelopmentFinanceNewsOhio

Monarch Advisors Arranges $18.9M Construction Financing for Community in Bowling Green, Ohio

by Jeff Shaw

BOWLING GREEN, Ohio — Monarch Advisors has arranged $18.9 million financing for the development of a 105-unit, 116-bed skilled nursing, assisted living and memory care community in Bowling Green, approximately 22 miles south of Toledo. The borrower is Trilogy Opportunity Fund I, a development fund based in Louisville, Kentucky. The loan represents 80 percent of the total cost of the project. Monarch secured a senior loan commitment from a local bank for a five-year term and a 3.5 percent fixed interest rate. The loan is structured as interest only for …

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CCRCDevelopmentMarylandNews

Senior Lifestyle Corp. Completes $13M Renovation Project at Atrium Village in Owings Mills, Maryland

by Jeff Shaw

OWINGS MILLS, Md. — Senior Lifestyle Corp. has completed a $13 million renovation project at Atrium Village, a seniors housing community in the Baltimore suburb of Owings Mills. The project “completely reimagined” the property, adding 187 independent living, 58 assisted living and 20 memory care units. The renovation is part of a 20-year anniversary transformation to create a next-generation senior living experience, according to Senior Lifestyle. Atrium Village has partnered with the Community College of Baltimore County on weekly instructor-led classes.

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AcquisitionsDevelopmentMichiganNewsOhioOperationsTennessee

Welltower Acquires 33-Property Seniors Housing Portfolio for $548M, Plans Two Developments in Silicon Valley

by Jeff Shaw

TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator …

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Active AdultCaliforniaDevelopmentNews

Greystar Acquires Land for Everleigh San Clemente Active Adult Community in California

by Jeff Shaw

SAN CLEMENTE, Calif. — Greystar has acquired a plot of land at 515 Avenida Vaquero in San Clemente for Everleigh San Clemente, an active adult development. “Everleigh San Clemente is ideal for people that have been living in San Clemente since they bought their first home and don’t want to leave the charming beach town,” says Emily Clark, regional property manager said. “The community has an ideal location just a mile from the ocean with access to the Pacific Coast Highway, which features a convenient walking and biking trail that …

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CCRCDevelopmentFinanceNewsOregon

Ziegler Arranges $58.4M Financing for Capital Manor CCRC in Salem, Oregon

by Jeff Shaw

SALEM, Ore. — Ziegler has arranged $58.4 million in bond financing for Capital Manor, a continuing care retirement community (CCRC) in Salem. Capital Manor features 302 independent living units and 83 residential care beds with an additional 34 memory care beds. Life Care Services has operated the community since 2010. The financing will refund bonds from 2012 while funding a renovation project that will include a new façade and refreshed common areas. “It has been exciting to see Capital Manor, under Life Care Services’ leadership, execute a major operations turnaround, …

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DevelopmentMemory CareNevadaNews

SR Construction Completes Silverado Red Rock Memory Care Community in Las Vegas

by Jeff Shaw

LAS VEGAS — SR Construction has completed work on Silverado Red Rock, a memory care community in Las Vegas. This single-story, 36,381-square-foot community features 60 resident rooms and 72 resident beds. The community will welcome its first residents on March 14. This is the second community that SR has built for Silverado.

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Active AdultDevelopmentFinanceNew YorkNews

Knighthead Funding Provides $34.5M Construction Loan for Active Adult Community in Selden, New York

by Jeff Shaw

SELDEN, N.Y. — Knighthead Funding, LLC has provided a $34.5 million loan for the construction of an active adult community in Selden, a hamlet on Long Island. The borrower is The Northwind Group. The property is fully permitted, planned and approved, but a community name was not released. Situated on 13.8 acres, the complex will feature 124 two-bedroom, two-bath units, including 36 affordable homes, in 15 two-story residential buildings. “Considering the supply/demand imbalance and the limited prospects for new construction in the area, our capital will help Northwood bring needed …

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DevelopmentFloridaIndependent LivingNews

Lloyd Jones Breaks Ground on 159-Unit AVIVA Port St. Lucie in Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — Lloyd Jones has started construction of AVIVA Port St. Lucie, a 159-unit independent living community in the South Florida city of Port St. Lucie. The community features one- and two-bedroom options and is slated to open in spring 2023. Overlooking Lake Whitney, AVIVA Port St. Lucie will be near Town Center at St. Lucie West and across the street from a medical office center.

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Company NewsDevelopmentInvestmentNews

Bridge Investment Group, StepStone Real Estate Announce $75M Co-Investment Venture

by Jeff Shaw

SALT LAKE CITY — Bridge Investment Group Holdings Inc. (NYSE: BRDG) has launched a $75 million program to acquire, develop and operate needs-based seniors housing assets within the United States. As part of the venture, StepStone Real Estate co-invested in an existing portfolio managed by Salt Lake City-based Bridge and intends to help build the platform by co-investing in other seniors housing assets identified by Bridge in the future. “Bridge’s partnership with StepStone represents a strategic milestone as we continue to expand our needs-based seniors housing strategy,” says Robb Chapin, …

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