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ColoradoDevelopmentNews

MorningStar Senior Living, Edgemark Plan 160-Unit Community in Centennial, Colorado

by Jeff Shaw

CENTENNIAL, Colo. — MorningStar Senior Living and Edgemark Development LLC have unveiled plans for MorningStar Senior Living at Holly Park in the Denver suburb of Centennial. Groundbreaking is scheduled for fourth-quarter 2021 for planned completion in 2023. The four-story project will be located on three acres and offer 160 units of independent living, assisted living and memory care. This will be MorningStar’s second location in Centennial and 13th in Colorado. MorningStar and Edgemark will co-develop and own the community.

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CaliforniaCCRCDevelopmentFinanceNews

Ziegler Arranges $297M Financing for Ensō Village Development in Sonoma County

by Jeff Shaw

HEALDSBURG, Calif. — Ziegler has arranged $297 million in bond financing for the development of Ensō Village, a continuing care retirement community in the Sonoma County city of Healdsburg. The borrower is Kendal Corp., which is developing the property. The California Public Finance Authority issued the tax-exempt bonds. Ensō Village is located on approximately 16 acres and will feature 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent living apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are …

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DevelopmentFinanceMichiganNews

HJ Sims Secures $41.9M Financing for Waterford Place Expansion Project in Jenison, Michigan

by Jeff Shaw

JENISON, Mich. — HJ Sims has arranged $41.9 million in financing for Sunset Retirement Communities, a multi-campus, nonprofit senior living provider located in Michigan. In 2009, Sunset embarked on development of Waterford Place in the Grand Rapids suburb of Jenison, completing the campus in 2015. In 2020, Sunset pursued Phase III of the development, including the addition of 62 independent living apartments, 20 villas and amenity spaces. The market study for Phase III (completed in March 2020) supported the need for the expansion. COVID-19 slowed down pre-sales and created a …

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CCRCDevelopmentFinanceNebraskaNews

Ziegler Arranges $48M Development Financing for Tabitha at Prairie Commons in Grand Island, Nebraska

by Jeff Shaw

GRAND ISLAND, Neb. — Ziegler has arranged $48 million in financing for Tabitha Grand Island for the construction of Tabitha at Prairie Commons in Grand Island. The financing comprises $34 million in bonds placed with Pinnacle Bank, a $12 million subordinate loan placed with Mission Investment Fund of the Evangelical Lutheran Church in America, and a $2 million tax incremental financing loan provided by Pinnacle Bank. The borrower is a Nebraska nonprofit established in 2019 for the purpose of constructing and operating Tabitha at Prairie Commons, which will feature 81 …

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DevelopmentNewsWisconsin

Kraus-Anderson Begins Construction of $20M Senior Living Facility in Sparta, Wisconsin

by Jeff Shaw

SPARTA, Wis. — Kraus-Anderson has begun construction of Rolling Hills, a $20 million senior living and rehabilitation center located in the western Wisconsin community of Sparta. Designed by Community Living Solutions LLC, the 80,000-square-foot property will feature 50 skilled nursing beds, 24 CBRF assisted living units and 24 RCAC assisted living apartments. CBRF refers to community-based residential facility, which is a place where five or more unrelated people live together in a community setting and receive up to three hours of care per week. RCAC refers to residential care apartment …

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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Completes Bensalem Veterans Residences in Bucks County, Pennsylvania

by Jeff Shaw

BENSALEM, Pa. — Pennrose has opened Bensalem Veterans Residences, a affordable residential community for seniors and senior veterans age 62 years and older. Partners on the project included Pennsylvania Housing Finance Agency, Bucks County, the Bucks County Housing Authority and Bensalem Township The 39,673-square-foot apartment community offers 40 one-bedroom units in a three-story building in the Philadelphia suburb of Bensalem. The project was financed with Low Income Housing Tax Credits awarded by the Pennsylvania Housing Finance Agency. Hudson Housing Capital was the syndicator of these credits and Santander Bank is the …

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Active AdultDevelopmentNewsOklahoma

Gardner Capital Completes Construction of Tennyson Manor in Enid, Oklahoma

by Jeff Shaw

ENID, Okla. — Gardner Capital has completed construction on Tennyson Manor in Enid, approximately 80 miles north of Oklahoma City. The development offers one- and two-bedroom apartment homes specifically built for seniors and will offer modern conveniences such as electric vehicle charging stations. The development was made possible through multiple financial and other partners, including Red Stone Equity Partners and Legacy Bank & Trust Co. Seldin Companies is the on-site property manager at Tennyson Manor and is current accepting applications.

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Affordable HousingDevelopmentHawaiiNews

Michaels Organization Breaks Ground on $93.3M Affordable Housing Project in Downtown Honolulu

by Jeff Shaw

HONOLULU — The Michaels Organization, in partnership with the City and County of Honolulu and the State of Hawaii, has broken ground on Halewai`olu Senior Residences, an affordable seniors housing community in downtown Honolulu. Scheduled for completion in 2023, the 17-story development sits on a 26,925-square-foot parcel owned by the City and County of Honolulu. The property will feature 156 one- and two-bedroom affordable rental units. Construction of the $93.3 million project will be funded using a combination of $48 million in Hula Mae Multi-Family (HMMF) tax-exempt bonds, $21.3 million …

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Active AdultDevelopmentNewsTexas

Sparrow Partners, Welltower Break Ground on 188-Unit Active Adult Community in Metro Austin

by Jeff Shaw

GEORGETOWN, Texas — Austin-based developer Sparrow Partners and Ohio-based REIT Welltower (NYSE: WELL) have broken ground on Amberlin Georgetown, a 188-unit active adult community in Georgetown, a northern suburb of Austin. The property will feature one- and two-bedroom units ranging in size from 615 to 1,285 square feet and equipped with private terraces or fenced-in backyards. Amenities will include bocce and pickleball courts, a resort-style pool and sundeck, a fenced-in dog park, fitness center, game lounge, media lounge, community garden, library and a coffee bar. Each unit will rent for …

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Active AdultDevelopmentMarylandNews

Pennrose Begins Leasing at Residences at Glenarden Hills II Active Adult Community in Maryland

by Jeff Shaw

GLENARDEN, Md.— Pennrose has started leasing at Residences at Glenarden Hills II, the second of the six-phase Glenarden Hills master-planned community. The community is available to seniors age 55 and older, expanded from the previous 62-plus eligibility. The community features one- and two-bedroom apartments available for $1,299 to $1,617 per month. The number of units was not disclosed. Once complete, the 27-acre Glenarden Hills master-planned community will include seniors and family affordable apartments, market-rate and affordable rental townhomes, and for-sale townhomes.

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