Development

Assisted LivingCaliforniaDevelopmentFinanceNews

Cushman & Wakefield Arranges $23M in Construction Financing for Seniors Housing Community in Rolling Hills Estates, California

by Jeff Shaw

ROLLING HILLS ESTATES, Calif. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged $23 million in construction financing for Peninsula Pointe, a to-be-built,  87-unit, assisted living and memory care community in Rolling Hills Estates on the Palo Verdes Peninsula. The borrower is a joint venture between Singerman Real Estate and Darnell Capital. The project includes the redevelopment of an existing, vacant office building into a luxury, three-story, 65,000-square-foot seniors housing community to be operated by Cadence Living. A large regional bank provided the financing.

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Active AdultDevelopmentFloridaIndependent LivingNews

CanAm Capital Provides $10M Construction Loan for South Florida Senior Living Facility

by Kristin Hiller

PORT ST. LUCIE, Fla. — CanAm Capital Partners, an affiliate of New York City-based investment bank CanAm Enterprises, has provided a $10 million mezzanine loan for the construction of a 159-unit active adult and independent living community in South Florida. The property will be situated on a 10-acre site in Port St. Lucie, located on the east coast of the Sunshine State. The borrower, Lloyd Jones LLC, will operate the property under its Aviva brand. An expected completion date was not disclosed.

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Affordable HousingDevelopmentFloridaNews

CREI Holdings Breaks Ground on 244-Unit Lil Abner Affordable Apartments in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — Consolidated Real Estate Investments Holdings LLC (CREI Holdings) has broken ground on Lil Abner Apartments II, a 244-unit affordable seniors housing community in the Miami-Dade County municipality of Sweetwater. Located on a 5.1-acre site, formerly home to Vann Academy, the project will feature an eight-story, 250,992-square-foot building with 197 parking spaces. Units will range from 588 to 940 square feet. There will be 106 one-bedroom units and 138 two-bedroom units. Forty percent of the apartments will be restricted to seniors earning no more than 60 percent of …

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CaliforniaDevelopmentMemory CareNews

Advocacy Development Partners, Frontier Management Open Memory Care Community in San Dimas, California

by Jeff Shaw

SAN DIMAS, Calif. — Advocacy Development Partners and Frontier Management have opened The Terraces of Via Verde, a memory care community in San Dimas, approximately 25 miles east of Los Angeles. Totaling 32 units on 1.2 acres, the developers claim the property to be the first memory care-only community in San Dimas. The location is near Via Verde Park and Via Verde Plaza, a grocery-anchored shopping plaza. The asset is separated into two separate, secured, 15,000-square-foot neighborhoods with 16 units each.

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CCRCDevelopmentLouisianaNews

HJ Sims Arranges $23.3M Financing for Poydras Home CCRC Renovations in New Orleans

by Jeff Shaw

NEW ORLEANS — HJ Sims has arranged $23.3 million in financing for Poydras Home, a continuing care retirement community (CCRC) in New Orleans. Opened in 1857, Poydras now consists of 10 independent living units, 22 assisted living units, 11 memory care units and 64 private nursing care beds. The community will replace all 64 nursing units with a small-house model and add 14 new assisted living units across two three-story buildings. Poydras will be the first certified Green House project in Louisiana, featuring an model of care where the resident’s …

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Affordable HousingDevelopmentNewsTexas

Volunteers of America to Develop The Oaks Affordable Community in Dallas

by Jeff Shaw

DALLAS — Volunteers of America National Services (VOANS) has been selected by DHA Housing Solutions for North Texas to develop The Oaks, a mixed-income affordable seniors housing community in Dallas. The project is slated for completion in 2023. The community will feature 260 units for residents age 62 or older. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.

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Assisted LivingColoradoDevelopmentNews

Hunt Midwest Breaks Ground on 102-Unit Capstone at Centerra in Loveland, Colorado

by Jeff Shaw

LOVELAND, Colo. — Hunt Midwest has broken ground on The Capstone at Centerra, a 78,000-square-foot assisted living and memory care community in Loveland. Located within the 3,000-acre, master-planned Centerra development, the community is projected to open in late 2022. Integral Senior Living (ISL) will be the operator of the 102-unit property.

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DevelopmentMemory CareNew HampshireNews

Benchmark Completes Improvement Project at Evolve at Rye in New Hampshire

by Jeff Shaw

RYE, N.H. — Benchmark Senior Living has completed a community enhancement initiative and rebranding of its memory care community in Rye. Evolve at Rye is now Benchmark at Rye. Benchmark purchased and began operating the community in November 2020. In addition to offering long-term residency, Benchmark at Rye is also a short-term respite care provider for those needing a break from caregiving, require extra care temporarily or a seek a trial of community living. Benchmark is looking to add traditional assisted living on the same campus.

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DevelopmentNewsPeople

Pennrose Hires Tom Anderson as Senior Vice President of Development

by Jeff Shaw

PHILADELPHIA — Pennrose, a developer based in Philadelphia, has hired Tom Anderson to its executive development team as senior vice president of development. Anderson will lead Pennrose’s strategic expansion into the Midwest and Mountain regions. In addition to providing leadership for an expanding development team, he will also provide executive representation of Pennrose among industry organizations and associations, financial partners, design and construction partners, housing authorities, and state agencies. Prior to Pennrose, Anderson spent six years as managing director of Cohen-Esrey Development Group, an affordable housing developer. In this role, …

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Affordable HousingDevelopmentNewsUtah

TWG Breaks Ground on $9.5M Residences at West Haven Affordable Development in Utah

by Jeff Shaw

WEST HAVEN, Utah — TWG has started construction of Residences at West Haven, a new affordable seniors housing project in West Haven, approximately 35 miles north of Salt Lake City. The 38,000-square-foot, three-story property will consist of 40 one-bedroom units affordably priced for seniors aged 62 and older. Priority will be given to residents who are military veterans, and a number of units will also be reserved for local seniors with disabilities or who are suffering from homelessness. All units are reserved for seniors who earn between 30 percent and …

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