DELRAY BEACH, Fla. — Newmark has arranged construction financing for Holden of Boca/Delray, a 187-unit seniors housing development in the South Florida city of Delray Beach. The borrower is a joint venture between Alliance Residential Company and a global institutional real estate manager. Sarah Anderson, Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders represented the borrower in the financing efforts. A bank provided the construction loan. The development, which will feature 89 independent living units, 76 assisted living units and 22 memory care units, has received site plan approval. …
BRIDGEWATER, N.J. — Life Care Services has completed an $8 million renovation project at Laurel Circle, a life plan community in Bridgewater, located between New York City and Philadelphia. The 28,317-square-foot renovation added a new bistro-style, grab-and-go dining venue; enhanced the wellness and fitness center, salon, main lobby and common areas in independent living; and redesigned spaces in The Arbor health center. Laurel Circle features 202 units on 28 wooded acres. Hord Coplan Macht (HCM) served as the architect and interior designer for the renovation.
HORIZON WEST, Fla. — The Blake has neared completion of The Blake at Hamlin, a seniors housing community in Horizon West, a master-planned community west of Orlando near Disney World. The property will offer assisted living and memory care services. The number of units was not disclosed. Angie Layfield will serve as executive director while Joshua Bentley will be director of sales and marketing. The property is scheduled to open in fall of 2021.
RICHMOND, Va. — EquityPlus LLC has successfully sold $16 million in bonds issued by the Richmond Redevelopment & Housing Authority. Proceeds from the bond sale will finance renovations to the Shockoe Hill Senior Apartments, an affordable seniors housing complex owned by Capital Realty Group in Richmond. The financing will also fund a new community wellness center for its residents. The bonds were purchased in their entirety by Cedar Rapids Bank & Trust of Iowa ($10.5 million) and Capital Realty Group ($5.5 million). EquityPlus identified the buyers, coordinated closing and will …
SANTA ANA, Calif. — AO, an architectural services firm, has completed Metro East Senior Park Apartments, a six-story, 461,535 square-foot affordable seniors housing community that borders the cities of Santa Ana and Tustin. Designed for developers AMG, The Pacific Cos. and Jamboree Housing Corp., the community comprises 419 residential units with a mix of studio, one- and two-bedroom apartments with floor plans ranging from 402 to 821 square feet. “We’re breathing new life into Santa Ana’s Metro East mixed-use zone with a senior affordable housing community,” says Ed Cadavona, partner …
DEWITT, Iowa — Lument has arranged a $21.8 million loan via the U.S. Department of Agriculture’s Community Facilities (CF) Direct Loan program to fund the construction of Fieldstone of DeWitt, a 91-unit seniors housing campus. Located in eastern Iowa, the community will consist of a 70-bed replacement skilled nursing facility, of which 16 units will provide dementia care and 21 units will provide assisted living care. Previously, the community was attached to a hospital. The new skilled nursing beds will be located in four cottages, each with its own common …
CLEVELAND —Evergreen Real Estate Group has acquired Carter Manor Apartments, an affordable seniors housing community in downtown Cleveland, for an undisclosed price. Evergreen plans to update the 270-unit apartment tower through an $18 million capital improvement program that will preserve the building’s historic facade and restore other original design elements. The 11-story property comprises a mix of 33 studio, 209 one-bedroom and 28 two-bedroom apartments, all of which will be preserved as affordable housing for seniors and disabled individuals. Evergreen will both own and manage the community. Designed by architect …
AUSTIN, Texas — Ryan Cos. US Inc., Grand Living and Castletop Capital have unveiled plans for Grand Living at The Grove, a 260,000-square-foot seniors housing community in The Grove, a mixed-use project near the Oakmont Heights neighborhood of Austin. The community will feature 186 independent and assisted living units, as well as a 34-unit memory care wing. The project will be the fourth Grand Living community in Texas. A groundbreaking ceremony is planned for summer 2022. “The Grove is the ideal location for Austin’s senior population with its dining and …
GLENN DALE, Md. — The Reid Temple African Methodist Episcopal Church, Reid Community Development Corp., UrbanMatters Development Partners LLC and Atlantic Pacific Communities have announced a virtual ribbon cutting to be held May 19 at Woodlands at Reid Temple, an affordable seniors housing community in Glenn Dale. Located between Baltimore and Washington, D.C., construction on the 252-unit community began in 2019. Maryland’s Community Development Administration provided financing for the project through its Risk Share loan program, while PNC Bank participated as the bridge lender and tax credit equity partner. The …
FLORHAM PARK, N.J. — The LCS Family of Companies has broken ground on The Delaney at The Green, a seniors housing community in Florham Park, approximately 25 miles east of Manhattan. The community will feature 128 independent living units, 58 assisted living units and 34 memory care units. Construction is scheduled for completion by March 2023. LCS Real Estate structured the financing in collaboration with an institutional equity partner. LCS Development designed the community. When complete, Life Care Services, An LCS Company, will provide operational management of the community. The …