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Development

Active AdultDevelopmentIllinoisNews

TWG to Develop $62.4M Active Adult Community in Naperville, Illinois

by Jeff Shaw

NAPERVILLE, Ill. — TWG has unveiled plans to develop McDowell Point, a $62.4 million active adult community in the Chicago suburb of Naperville. The project is Indianapolis-based TWG’s first development in the greater Chicago area as well as its first active adult community in the state of Illinois. The property will rise five stories and span 347,000 square feet. The 174 units will range in size from one-bedrooms to three-bedrooms. Of the total units, 80 percent will be reserved for residents age 55 and older. More than 6,000 square feet …

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CaliforniaDevelopmentNews

Urban Catalyst Purchases Final Plot for Delmas Senior Living Center in Downtown San Jose

by Jeff Shaw

SAN JOSE, Calif. — Urban Catalyst, a Silicon Valley-based Opportunity Zone Fund, has acquired the final parcels of property for its Delmas Senior Living project, the first seniors housing project to be built in downtown San Jose in decades. The six-story, 175,000-square-foot property will feature a mix of studios, one- and two-bedroom assisted living units, along with memory care studios. It will house 165 units, with 49 of them dedicated memory care units. Delmas, located in Downtown West, is in its final rounds of comments with the City of San …

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ArizonaDevelopmentIndependent LivingNews

Spellman Brady Completes Expansion at Sagewood Community in Phoenix

by Jeff Shaw

PHOENIX — Spellman Brady & Co. has completed the expansion and renovation of Sagewood Senior Living in Phoenix for Life Care Services. Renovations included a four-story, 101-unit independent living building with an underground parking garage. The 276,454-square-foot building features one and two-bedroom apartments with den layouts and patio views. The project also provided activity and game rooms, an art studio, putting course, café, formal dining, an indoor-outdoor tapas bar and lounge.

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CaliforniaDevelopmentNews

Clearwater Opens Model Apartment at Community Under Construction in North Tustin, California

by Jeff Shaw

NORTH TUSTIN, Calif. — Clearwater Living has opened a model apartment at Clearwater at North Tustin, an assisted living and memory care community under construction in the Orange County municipality of North Tustin. Clearwater at North Tustin will offer 110 assisted living and memory support apartments with both private and semi-private living options. A timeline for completion was not released.

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Assisted LivingDevelopmentFinanceNewsWashington

BMO Harris Funds a $19.4M Loan for Sunrise Renovation Project in Redmond, Washington

by Jeff Shaw

REDMOND, Wash. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.

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Active AdultDevelopmentGeorgiaNews

Capitol Seniors Housing Breaks Ground on 180-Unit Outlook at Exchange in Buford, Georgia

by Jeff Shaw

BUFORD, Ga. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to …

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Affordable HousingDevelopmentFinanceNew YorkNews

MRC Provides $29.4M Loan for Multifamily Redevelopment Project in Queens

by Jeff Shaw

NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.

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Affordable HousingDevelopmentFinanceLouisianaNews

Sims Mortgage Funding Arranges $10.8M Loan for Renovations at Metairie Manor Near New Orleans

by Jeff Shaw

METAIRIE, La. — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged a $10.8 million loan for Metairie Manor in the New Orleans suburb of Metairie. In 2012, SMF refinanced Metairie Manor, a 287-unit, Section 8, affordable seniors housing community owned and managed by affiliates of the Archdiocese of New Orleans. That refinancing, which paid off its HUD Section 202 direct loan, produced approximately $250,000 in annual debt service savings that have been used to fund wellness and affordable nutrition programs, resident units deep-cleaning services and enhanced transportation …

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DevelopmentIndependent LivingNewsTexas

Oldham Goodwin Opens Huntington at Lago Mar Independent Living Community in Texas City

by Jeff Shaw

TEXAS CITY, Texas — Oldham Goodwin Group has opened The Huntington at Lago Mar, an apartment community for seniors in Texas City, located southeast of Houston. The property features 148 independent living residences with easy access to major medical centers, airports, public beaches, parks, libraries, shopping and dining. Construction on The Huntington started in November 2019. Oldham Goodwin manages the property, the 13thmultifamily asset in its portfolio.

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DevelopmentNewsPeople

LCS Development Promotes Four as Part of Growth Plan

by Jeff Shaw

DES MOINES, Iowa — LCS Development, the senior living development company of Des Moines-based LCS, is reorganizing the business line to accelerate its growth strategy and maximize its real estate and development experience. LCS hired Chuck Murphy last year to provide strategy and performance oversight of the LCS Development and LCS Real Estate business lines for parent company LCS. The following individuals have now been promoted to help to lead the effort: Tom Mathisen to senior vice president/managing director – development Jason Jorgenson to senior vice president/managing director – development …

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