Development

CCRCDevelopmentNewsVirginia

Harbor’s Edge Completes 24-Story River Tower Expansion in Norfolk, Virginia

by Jeff Shaw

NORFOLK, Va. — Harbor’s Edge, an independently owned continuing care retirement community in Norfolk, has completed construction of River Tower, a 24-story, 147-unit expansion. Dallas-based architecture firm Three designed the new building, which expands the community’s offerings across the continuum of care — independent living, assisted living, memory care and skilled nursing. In addition, the tower features 100,000 square feet of common areas and amenities. Development costs were estimated at $145 million. A grand opening is planned for spring 2022, when all residents should be moved into the fully pre-sold …

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Active AdultColoradoDevelopmentFinanceNews

Edison Equity Receives $23M Construction Loan for 55 Resort Apartments in Greeley, Colorado

by Jeff Shaw

GREELEY, Colo. — Dallas-based Edison Equity Management has received $23 million in construction financing for the development of 55 Resort Apartments, an age-restricted multifamily property located in Greeley. Located on the former site of the Garnsey & Wheeler Ford dealership, 55 Resort Apartments will feature 84 apartments for adults age 55 and above. The property will offer exercise classes, service coordination and social activities, as well as 5,000 square feet of retail space leased to Austin’s American Grill restaurant. The development is slated to open in summer 2022. Dallas-based Hall …

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DevelopmentFloridaNews

Wickshire Senior Living Opens 293-Unit Community in Fort Lauderdale

by Jeff Shaw

FORT LAUDERDALE, Fla. — Tennessee-based Wickshire Senior Living has opened a new location in Fort Lauderdale, approximately 30 miles north of downtown Miami. The 293-unit community is centrally located to retail, restaurants, major highways and the Fort Lauderdale Executive Airport. The type of care was not disclosed. Wickshire partners with local schools, preschool to college, to engage residents, associates, families and the greater community with lifelong learning opportunities, mentoring and intergenerational activities.

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Active AdultDevelopmentGeorgiaNews

Greystar Completes 180-Unit Everleigh Duluth Active Adult Community in Georgia

by Jeff Shaw

DULUTH, Ga. — Greystar has opened Everleigh Duluth, a 180-unit active adult community in Duluth, a northeastern suburb of Atlanta. “The community is near the historic downtown, Duluth Town Green and the Chattahoochee River National Park, which offers some of the best hiking in Georgia, all just 30 minutes away from Atlanta,” says Malcolm Bemba-Kaye, regional property manager. The community features one-bedroom, two-bedroom and town flat floorplans. Everleigh Duluth has developed partnerships with Sugar Loaf Golf Course to host planned golf events and local spa services in Duluth Town Green.

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Active AdultCaliforniaDevelopmentFinanceNews

CBRE Arranges $42M Construction Financing for LGBTQ-Focused Community in Palm Springs, California

by Jeff Shaw

PALM SPRINGS, Calif. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors. The loan is a non-recourse, four-year loan with full-term interest-only payments and an extension option. A national bank provided the funds. The nine-acre site is located at the northwest …

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Affordable HousingDevelopmentGeorgiaNews

McShane Completes 198-unit Covington Crossings Affordable Development in Covington, Georgia

by Jeff Shaw

COVINGTON, Ga. — McShane Construction Co. has completed work at Covington Crossings, a 198-unit affordable seniors housing community in Covington, approximately 35 miles east of Atlanta. Units are available in one- to three-bedroom options. Additionally, the property contains a surface-level parking lot with 208 spaces. Situated on a 13-acre site, the four-story building features wood frame construction with brick and cement siding. Martin Riley Associates provided architectural services for Covington Crossings.

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Active AdultDevelopmentIndianaNews

Kittle Property Group Completes $36.2M Reserve at White River Active Adult Community in Indianapolis

by Jeff Shaw

INDIANAPOLIS — Kittle Property Group Inc. has opened the doors at Reserve at White River, an active adult community in Indianapolis. The $36.2 million development features 210 units that include one-bedroom/one-bathroom homes and two-bedroom apartments with either one or two bathrooms. Units range from 794 to 1,040 square feet. Residents will enjoy close proximity to downtown Indianapolis, as the property sits four miles from the center of the city. It is located on IndyGo’s No. 37 line, which connects to the Julia Carson Transit Center downtown. It is also located …

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Affordable HousingDevelopmentNewsTexas

Lument Provides $47.1M in Financing for The Oaks Mixed-Income Community in Dallas

by Jeff Shaw

DALLAS — Lument has provided $25 million in short-term bonds and a $22.1 million Freddie Mac unfunded forward loan for The Oaks, a mixed-income seniors housing development in Dallas The borrowers are co-developers DHA Housing Solutions for North Texas and the Volunteers of America National Services (VOANS). Tracy Peters, senior managing director, and Dale Giffey, associate director, led the transaction for Lument. The Oaks is being co-developed by DHA and VOANS, the latter of which is also the sponsor and guarantor. DHA is the tenth largest housing authority in the …

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Affordable HousingDevelopmentNewsPennsylvania

Tryko Partners to Develop 46-Unit Cedarwood Homes Affordable Project in Pittsburgh

by Jeff Shaw

PITTSBURGH — New Jersey-based Tryko Partners has announced plans for Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.

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CCRCDevelopmentFinanceNewsVirginia

Walker & Dunlop Arranges $300M Construction Loan for The Mather in Tysons, Virginia

by Jeff Shaw

TYSONS, Va. — Walker & Dunlop, Inc. has arranged $300 million in construction financing for The Mather, a high-rise continuing care retirement community in the Washington, D.C. suburb of Tysons. A 50/50 partnership between Mather and Westminster Capital is developing the building. The project was announced in 2017, the land acquisition was completed in 2019 and pre-sales began this past summer. The transit-oriented project will comprise two buildings with 300 independent living apartments, 16 assisted living apartments, 20 memory support suites and 42 private nursing suites that will be built …

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