WADSWORTH, Ill. — Live Oak Bank has provided a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living. The funds will be used for the conversion of an existing hotel into a 74-unit assisted living and memory care facility. Located in Wadsworth near the Wisconsin border, and originally built in 1999 as an extended stay hotel, the three-story building consists of 60,066 square feet situated on 1.4 acres overlooking a golf course. Ashbury Healthcare, a regional operator with a current portfolio of …
LEAGUE CITY, Texas — Ryan Cos., Grand Living Management and Bow River Capital have formed a joint venture for construction of Grand Living at Tuscan Lakes in League City. The 186-unit, luxury senior living community will be part of Tuscan Lakes, a Johnson Development master-planned community located in the southeast area of greater Houston. The 75 and older demographic is expected to grow 26.6%, more than triple the total population growth in the area between 2019 and 2024, according to Moore Diversified Services. “Grand Living at Tuscan Lakes will be …
VERO BEACH, Fla. — Acts Retirement-Life Communities has started the $13 million expansion at Indian River Estates, a 100-acre seniors housing community in Vero Beach. The project will add 16 new units to the community, with most already pre-leased. Proctor Construction is the general contractor for the new units, which range from 2,662 to 2,873 square feet. The project is scheduled for completion in 2022.
TRACY, Calif. — Blueprint Healthcare Real Estate Advisors has arranged an undisclosed amount of construction financing for Cadence Tracy, a seniors housing development in the Bay Area city of Tracy. The borrower is a joint venture between Summit Senior Life, a Newport Beach-based developer, and Cadence Living, a Scottsdale, Arizona-based operator. The capital providers were Link Development and Medcore Partners. Cadence Tracy will sit on a 2.8-acre parcel of land and consist of 77 assisted living and 24 memory care units. The site is adjacent to Lennar at Tracy Hills, …
FAIRBANKS, Alaska — Live Oak Bank has provided a $15 million construction loan for owner-operator Frontier Partners LLC to support the development of a 68-unit assisted living community in Fairbanks. The community will consist of 50,680 square feet and will be situated on 7.8 acres. The debt was structured into two loans utilizing the SBA 504 program. The interim construction loan will be held by Live Oak Bank in the amount of $10.2 million, and the second bridge loan prior to the 504 Debenture will be in the amount of …
NOBLESVILLE, Ind. — Capitol Seniors Housing has broken ground on The Outlook at Hamilton Town Center, an active adult community in Noblesville, a suburb of Indianapolis. The 145,000-square-foot, four-story community is reserved for those age 55 and older and will offer 164 units. The property is adjacent to Hamilton Town Center, an outdoor shopping, dining and entertainment destination. The community will also be within walking distance of a recently announced, 274-acre, master-planned development known as Hyde Park, which will include a mix of retail, restaurants, office space and 162 acres …
HENRICO, Va. — Anthology Senior Living has opened Anthology of Tuckahoe, a 150-unit seniors housing community in Henrico, a suburb of Richmond. The community features independent living, assisted living and memory care services. According to a recent report by the U.S. Census Bureau, more than 15 percent of the Henrico County population has already reached age 65 and older, a number that will continue to climb as the baby boomers age.
SAN ANTONIO — Cadence McShane Construction Co. has started renovations on the 12-story Granada Homes Senior Living Apartments, an age-restricted, low-income seniors housing property located on the River Walk in San Antonio. The project will involve a complete revitalization of the 249-unit building, originally built in 1928. Renovations will include a restoration of levels one and 15 per historic guidelines to include updated unit amenities such as countertops and appliances, 16 new apartment units, and community leasing and amenity space. Exterior improvements will also be made to the ground floor …
WOODBURY, Minn. — Ryan Cos. US Inc., Great Lakes Management and Artemis Real Estate Partners have broken ground on Talamore Senior Living Woodbury, a 200-unit seniors housing community in Woodbury, just east of St. Paul. Talamore Woodbury will be a four-story, 245,00-square-foot senior living community with 90 independent living units, 70 assisted living units, 26 memory care units and 14 care suites. The age and income qualified households — ages 75 and older earning more than $75,000 a year — in the area are expected to grow by 42.3 percent …
MARBLEHEAD, Mass. — Callahan Construction Managers has broken ground on The Mariner in Marblehead, located on the coastal North Shore area near Boston. The 83,000 square foot, three-story building will feature 61 assisted living units and 26 memory care units, with a mix of studio, one- and two-bedroom floor plans. The Northbridge Cos., in partnership with the local development team of Heather Cairns, Michael Lafayette and Philip Helmes, is developing the building with EGA serving as the architect. The project is scheduled for completion in February 2023.