MERIDIAN, Idaho; SANTA CLARA, Utah; and CREEK, Ariz. — Grace Management Inc. has added three senior living communities to its management portfolio: The Pointe at Meridian in Meridian; Snow Canyon Retirement Community in Santa Clara, opening in fall 2024; and Cave Creek Assisted Living in Cave Creek, opening late 2024. Gold Stream Retirement Communities owns all three properties. Based in Salt Lake City, Gold Stream has strategically honed its focus on the development of upscale retirement communities in previously underserved markets. With this expansion, Grace Management now manages 64 communities …
SCOTTSDALE, Ariz. — Senior Resource Group has started the planned expansion of Maravilla Scottsdale, a seniors housing community in the Phoenix suburb of Scottsdale. Neighboring the Fairmont Scottsdale Princess hotel and The Champions Course at TPC Scottsdale golf course, Maravilla Scottsdale has served older adults since its opening in 2012. The current community comprises 217 units, including 157 independent living, 36 assisted-living and 24 memory care residences. The expansion will add 162 more independent living residences, consisting of 47 casitas and 115 lodge homes. Construction is ahead of schedule on …
TUCSON, Ariz. — Greystone has provided a $29.4 million HUD-insured loan to refinance a 240-bed skilled nursing facility in Tucson. Eric Rosenstock originated the loan on behalf of Sapphire of Tucson Properties LLC. Sandstone of Tucson Rehab Centre in Pima County is a long-term skilled nursing and post-acute rehabilitation facility that includes 127 units, consisting of 43 private and 84 semi-private rooms. The permanent FHA loan carries a 35-year term and amortization.
GLENDALE, Ariz. — JLL Capital Markets has arranged financing for Inspira Arrowhead, a newly constructed seniors housing asset in Glendale, Arizona. The borrowers are funds managed by affiliates of Fortress Investment Group LLC and COGIR Senior Living. The amount of the financing was not disclosed. Inspira Arrowhead is a 187,393-square-foot, Class A community featuring 165 seniors housing units across three stories. Alanna Ellis and Alex Sheaffer led the JLL Capital Markets team.
CHANDLER, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of North Chandler Place, a 198-unit continuing care retirement community in the Phoenix suburb of Chandler. The property features 119 independent living, 16 assisted living, 28 memory care and 35 skilled nursing units. It was built in 1966 with additions in 2002 and 2007. The property totals 192,208 square feet on approximately 15.2 acres of land. The seller is a group of investors that will reinvest their proceeds in other core assets in the portfolios. The buyer is …
TEMPE, Ariz. — Ryan Cos. US Inc. has completed the second phase of a master-planned renovation on the 50-acre campus of Friendship Village Tempe. The newly constructed, four-story, 142,000-square-foot building is 89 percent occupied. LCS Development is leading the project, and the operator is LCS. Friendship Village Tempe, one of the first continuing care retirement communities in the region, was originally built in 1980. The revitalization of its campus began with Phase I of construction in 2019. Ryan A+E Inc., the design studio of Ryan, was the architect for both …
Dominium Receives $354.2M Financing Package for Two Affordable Housing Projects in Glendale, Arizona
GLENDALE, ARIZ. — Merchants Capital has arranged more than $86.2 million in Freddie Mac 4 percent Low-Income Housing Tax Credit (LIHTC) Tax-Exempt Loan (TEL) forwards for the construction of Juniper Square, an affordable seniors housing community, and 67 Flats, an affordable family housing development, both in Glendale. Dominium Inc. is developing the two communities. The properties will maintain affordability through 2053, which will restrict all units to residents earning 60 percent or less of the area median income. The Freddie Mac permanent financing comprises $29.8 million for Juniper Square and $56.3 …
SCOTTSDALE, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 143-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The community totals approximately 145,000 square feet on 3.3 acres of land. The seller is an independent owner based in Southern California that had used multiple management companies over the past few years. The Utah-based buyer is the current management company, which has a national seniors housing portfolio. Matthew Alley, Jason Punzel, Vince Viverito and Brad Goodsell of SLIB handled the transaction.
FOUNTAIN HILLS, Ariz. — LCS has completed the $10 million renovation project at Fountain View Village, an independent living, assisted living and memory care community in Fountain Hills, approximately 25 miles northeast of Phoenix. The project included a redesign of all common areas and apartments, as well as upgrades to all community amenities. The project also includes a sport court area with a gazebo, pickleball court, and putting green in an outdoor recreational space, scheduled for completion in early 2024.
PHOENIX — Pennrose, Butler Housing Co., CBC Financing Corp., the City of Phoenix, the Arizona Department of Housing and additional project partners have broken ground on Garfield Housing Phase II, an affordable housing community for low-income seniors in Phoenix’s Garfield neighborhood. The project is located at 1510 E. Portland St. Located adjacent to the Garfield Commons affordable housing community, the second phase will deliver 60 affordable apartments with community amenities and on-site supportive services for seniors age 55 or older. Completion is slated for winter 2024. The four-story, 58,000-square-foot community …
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