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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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Assisted LivingDevelopmentFloridaNews

Longview Senior Housing Completes Renovation of The Cove at Marsh Landing in Jacksonville Beach

by Jeff Shaw

JACKSONVILLE BEACH, Fla. — Owner Longview Senior Housing and operator SRI Management have completed renovations to The Cove at Marsh Landing, a 100-unit assisted living and memory care community in Jacksonville Beach. Originally opened in 1995, the full-scale renovation refreshed all public spaces, activity areas, dining room, offices and memory care section. West End Interiors led the interior design process for the renovation.

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DevelopmentNew JerseyNewsSkilled Nursing

Marquis Health Completes $3M Renovation at Crest Pointe in Point Pleasant, New Jersey

by Jeff Shaw

POINT PLEASANT, N.J. — Marquis Health Consulting Services has completed a $3 million renovation project at Crest Pointe Rehabilitation & Healthcare Center. The centerpiece of the renovation was the addition of a 3,000-square-foot rehab therapy gym and the incorporation of a activities of daily living (ADL) suite. Other renovation highlights also include a lobby/reception area redesign and expansion; reconfigured and updated dining area and lounges; and updates to resident rooms. During the renovation process, Crest Pointe and Marquis also enhanced the facility’s specialized programming in partnership with regional healthcare providers. Physician-led …

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DevelopmentKansasNews

Midwest Health Reopens Homestead Estates of Leawood in Kansas Following Renovation Project

by Jeff Shaw

LEAWOOD, Kan. — Midwest Health has reopened Homestead Estates of Leawood, an assisted living community in the Kansas City suburb of Leawood. The community closed in early 2020 for a full renovation. “Today’s seniors want to live in a beautiful setting while receiving the care they need,” says Ashley Dawson, executive director of Homestead Estates. “That’s why we took extra special care in redesigning this community. Everything from the premium light fixtures to the granite countertops is top-notch.” Midwest Health manages the community, as well as several other senior living …

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DevelopmentFinanceMichiganNews

Grandbridge Arranges $30 Recapitalization for Vista Grande Villa in Jackson, Michigan

by Jeff Shaw

JACKSON, Mich. — Grandbridge Real Estate Capital’s Tampa-based seniors housing investment sales team has arranged the recapitalization of Vista Grande Villa, a 318-unit campus in Jackson, approximately 35 miles west of Ann Arbor. Vista Grande Villa is an approximately 20-acre campus comprising 32 cottage homes, 181 independent living apartments, 46 assisted living units, 23 memory care units and 36 skilled nursing units. The recapitalization plan consisted of restructuring approximately $22 million of prior debt, together with new committed funding of roughly $8 million to put toward capital investment and stabilizing the …

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Affordable HousingDevelopmentNewsUtah

Canterbury Partners Completes Affordable Community in Ogden, Utah

by Jeff Shaw

OGDEN, Utah —Canterbury Partners LLC has completed work on Senior Living on Washington, an affordable seniors housing community in Ogden, approximately 35 miles north of Salt Lake City. Partners on the project include R & O Construction, Think Architecture, The Richman Group Affordable Housing Corp., JP Morgan Chase Community Development Bank, Rocky Mountain Community Reinvestment Corp. and the Olene Walker Housing Loan Fund. Senior Living on Washington is a 100 percent affordable housing project for seniors over age 62. EMG Management will be the operator.

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CCRCDevelopmentFinanceNewsWisconsin

Ziegler Arranges $87.5M in Financing for Expansion Project at Cedar Crest in Janesville, Wisconsin

by Jeff Shaw

JANESVILLE, Wis. — Ziegler has arranged a financing package totaling $87.5 million for an expansion project at Cedar Crest, a continuing care retirement community in Janesville, approximately 40 miles southeast of Madison. The financing includes $57.5 million in fixed-rate revenue bonds and $30 million in bank debt bought by BMO Harris Bank. The Wisconsin Health and Educational Facilities Authority issued the financing. Cedar Crest currently features 135 independent living units (consisting of 102 apartments and 33 cottages), 44 assisted living units, 24 memory care assisted living units, and a skilled …

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Active AdultDevelopmentNewsTexas

Sparrow Partners, Welltower Underway on 193-Unit Active Adult Community in Metro Dallas

by Jeff Shaw

SACHSE, Texas — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) are underway on construction of Amberlin at The Station, a 193-unit active adult community located on the northeastern outskirts of Dallas. The property, which is part of The Station, a $500 million mixed-use development by Dallas-based PMB Capital Investments, will feature one- and two-bedroom units for renters aged 55 and above. Residences will range in size from 615 to 1,285 square feet. Amenities will include a pool, fitness center, game room, media lounge, community kitchen and coffee …

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CaliforniaDevelopmentNews

Joint Venture Starts Construction of 158-Unit Acoya South Bay in Los Angeles

by Jeff Shaw

LOS ANGELES — A joint venture betweem Ryan Cos. US Inc., Cadence Living and Harrison Street has received financing and started construction of Acoya South Bay in Los Angeles. Located near the Del Amo Fashion Center, the luxury senior living community will be in a prime, amenity-laden location with increasing demand for seniors housing. By 2026, there will be more than 6,000 75-and-older, income-qualified households in the South Bay area, according to Moore Diversified Services Inc. “We’re going to continue seeing demand significantly outpace supply because of the high barriers …

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