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How to Overcome Construction Cost Increases in Senior Living Projects

by Jeff Shaw

General contractors in the senior living space have faced tough challenges in the wake of COVID. Construction material costs have fluctuated wildly, while hiring good employees has proven difficult, slowing down timelines. Seniors Housing Business spoke with Richard Lara, president of RAAM Construction Inc., about the challenges builders face in the senior living sector. SHB: Tell us a bit about your business and how much work you’ve done in the seniors housing space. Lara: RAAM Construction is a general building contracting firm specializing in multi-unit construction projects throughout California. In …

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ArizonaCCRCDevelopmentFinanceNews

Ziegler Arranges $104.1M Bond Financing for Friendship Village of Tempe Expansion Project

by Jeff Shaw

TEMPE, Ariz. — Ziegler has arranged $104.1 million in bond financing to fund an expansion project at Friendship Village of Tempe, a continuing care retirement community in Tempe. The property currently features a 554-unit retirement center including garden homes and apartments, a 67-unit assisted living building, 24 memory care beds, a 128-bed skilled nursing center and a 14-bed hospice unit. The expansion, which is Phase II of the campus master plan, will add a five-story building that replaces a former 60-unit apartment building with 64 entrance-fee apartments and a new …

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CCRCDevelopmentIllinoisNews

Smith Senior Living Completes $23M Modernization of Skilled Nursing Facility in Chicago

by Jeff Shaw

CHICAGO — Smith Senior Living has completed a $23 million modernization project of the skilled nursing facilities, known as Johanson Wing, at Smith Village in Chicago. Completed six months early, the project finishes a $74 million campus transformation that began in 2006. Smith village offers the full continuum of care, including independent living, assisted living, memory care, rehabilitation and skilled nursing. The Johanson Wing now houses private suites for short-term rehab patients along with private rooms and a few shared rooms for skilled nursing care residents. To provide more private …

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CCRCDevelopmentNew HampshireNews

Edgewood Senior Solutions Breaks Ground on 190-Unit The Baldwin CCRC in New Hampshire

by Jeff Shaw

LONDONDERRY, N.H. — Edgewood Senior Solutions Group of Massachusetts has broken ground on The Baldwin, a continuing care retirement community (CCRC) in Londonderry, approximately 45 miles northwest of Boston. The developer describes presales as “brisk” and expects to open the community in summer 2023. “What we’ve seen in the senior living industry over the past 18 months is that a well-managed senior living community has been a great place to live during the pandemic,” says Marlene Rotering, CEO of The Baldwin and its sister community, Edgewood Retirement Community in North …

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CaliforniaCCRCDevelopmentFinanceNews

Ziegler Arranges $120M Bond Financing for Nonprofit Owner-Operator HumanGood

by Jeff Shaw

PLEASANTON, Calif. — Ziegler has arranged $120 million in tax-exempt bond financing for HumanGood, a nonprofit owner-operator based in Pleasanton. HumanGood was formed with the merger of American Baptist Homes of the West and be.group in 2017. The company owns and operates 14 continuing care retirement communities (CCRCs throughout California, totaling 2,188 residential living apartments, 477 assisted living apartments, 161 memory support suites and 656 skilled nursing beds. The bonds will be used to fund capital projects and renovations at 13 of its 14 campuses. Projects will include upgrades to …

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DevelopmentNewsNorth Carolina

Spellman Brady Completes Interior Redesign of Croasdaile Village in Durham, North Carolina

by Jeff Shaw

DURHAM, N.C. — Spellman Brady & Co. has completed a full interior renovation at Croasdaile Village, a seniors housing community in Durham. Croasdaile Village sought to revitalize 147,635 square feet of its campus. Other project partners included architecture firm SFCS and LCS Development The goal was to add competitive amenities focused on health and wellness. This was accomplished by elevating the existing wellness program, providing more gathering spaces for residents to socialize, and expanding on-site dining venue options. The renovation and addition were phased over the course of six years. …

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AcquisitionsDevelopmentFinanceNewsVirginia

HJ Sims Arranges $93.4M in Financing for LifeSpire Acquisition, Campus Improvements

by Jeff Shaw

GLEN ALLEN, Va. — HJ Sims has arranged $93.4 million in financing for LifeSpire of Virginia, a continuing care retirement owner-operator based in Glen Allen. LifeSpire currently owns and operates four life plan communities in Virginia: The Chesapeake, The Culpeper, The Glebe and Lakewood. The financing provided funds for the acquisition The Summit in Lynchburg, for capital projects Lakewood and The Culpeper, and to refinance existing bank debt with permanent bond debt. The seller in the Summit transaction is Centra Health System. The $30.3 millionsale also includes adjacent developable land …

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Assisted LivingDevelopmentNewsTexas

Cadence McShane Begins Construction on Anthology of Austin

by Jeff Shaw

AUSTIN, Texas — Cadence McShane Construction Co. has broken ground on the 128,000-square-foot Anthology of Austin, an assisted living and memory care facility in Austin. Anthology Senior Living is the developer. Designed by OZ Architecture, the five-story building will feature 130 units in studio, one-bedroom and two-bedroom configurations. The 2.2-acre site will boast two large courtyards and is across the street from The Domain, a large, outdoor shopping center. This will be the Cadence McShane’s third assisted living/memory care development with Anthology Senior Living. The project is slated for completion …

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CCRCDevelopmentFinanceNewsWashington

Ziegler Arranges $91.9M Bond Financing for Eliseo CCRC Expansion in Tacoma, Washington

by Jeff Shaw

TACOMA, Wash. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units …

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Assisted LivingDevelopmentMassachusettsNews

JSA Design Completes Work on Sunrise of Newton in Massachusetts

by Jeff Shaw

NEWTON, Mass. — JSA Design, an architecture, planning and interior design firm, has completed Sunrise of Newton, a 101,000-square-foot assisted living and memory care community in Newton, a suburb of Boston. The four-story building features 85 suites serving 108 residents. The community, located in suburban Newton Corner, 20 minutes from downtown Boston, is also convenient to area shopping, cultural attractions and restaurants.

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