CARY, N.C. — Bonaventure has broken ground on Acclaim at Cary Pointe, a seniors housing community in Cary, located in the Raleigh-Durham area. The four-story building, Bonaventure’s first in the state, will feature 138 units ranging from 681 to 1,164 square feet. The type of care was not disclosed. Two similar communities under Bonaventure’s Acclaim brand opened this past summer: Acclaim at Belmont Bay in Woodridge, Va., and Acclaim at East Beach in Norfolk, Va. Headquartered in Alexandria, Va., Bonaventure is an integrated asset management company specializing in multifamily design, …
CHARLOTTE, N.C. — KeyBank Real Estate Capital (KBREC) has provided a $14.3 million construction loan, $8.4 million equity bridge loan and $13.3 million Fannie Mae loan for the development of Eastway Park Apartments in Charlotte. The community will feature 132 age-restricted units for those 55 years of age or older, with income ranging from 30 to 80 percent of area median household income. The property will be subject to an agreement ensuring ongoing affordability for at least 30 years. The developer is Harmony Housing. Forty of the one-bedroom units will offer …
CHARLOTTE, N.C. — Raleigh-based Greystone Affordable Development and Charlotte-based Urban Trends Real Estate Inc. have released plans to develop Eastway Crossings, a $28.9 million affordable housing community located on Charlotte’s east side. The development will be funded through the Low-Income Housing Tax Credit (LIHTC) program. Greystone Affordable Development and Urban Trends are co-developers working on behalf of Harmony Housing, a national nonprofit specializing in affordable and workforce housing. Eastway Crossings is Greystone Affordable Development’s first new construction project in the Charlotte market. The community will offer residential units for senior …
CHARLOTTE, N.C. — Arden, a new brand of 55-plus active adult communities, has unveiled plans to build its first four properties in metro Charlotte. All four developments are scheduled for groundbreaking in 2022. Arden has further plans to expand the brand across the Southeast. “We are excited to offer a new option for active adults that offers the perks of age-qualified living at rates more consistent with traditional multifamily housing apartment homes,” sais Jim Lindsey, managing partner with Arden. “In doing this, we hope to open up the benefits of …
HUDSON, N.C. — Greystone Affordable Development and Weaver-Kirkland Development have broken ground on Kirkwood Grove Apartments, a 70-unit affordable seniors housing community in Hudson, approximately 65 miles northwest of Charlotte. Kirkwood Grove is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years. Kirkwood Grove will be Greystone’s first new-construction affordable housing development where it will serve as a long-term owner. The second property for the partnership will be The Havens at Oxford in Oxford, N.C., which …
WILMINGTON, N.C. — LCS Development has started construction of an expansion at Plantation Village, a continuing care retirement community in Wilmington. The project will add 44 independent living units with covered parking, a new artisan studio, woodshop, dog park, cocktail bar, billiards room, more indoor and outdoor dining options, and expanded garden area for residents. A theater room, board room and creative arts room are also planned. Herbert J. Sims & Co. guided the financing of the project. Construction is scheduled for completion by May 2023. Project partners include CJMW …
DURHAM, N.C. — Ziegler has arranged $130.8 million in bond financing for United Methodist Retirement Homes (UMRH). Based in Durham, UMRH operates three communities in North Carolina: Croasdaile Village in Durham, Cypress Glen in Greenville and Wesley Pines in Lumberton. The portfolio totals nearly 1,000 units. The bonds comprise both public, fixed-rate bonds and direct bank-held bonds that enable UMRH to lock in cash flow savings while borrowing $32.6 million of new money capital with its maximum annual debt service unchanged. In addition, the financing will fund a 54-unit independent …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC) has provided a $52.5 million unitranche loan for the purchase of a 13‑property seniors housing portfolio located in North and South Carolina. An existing operator partner will manage the communities. The loan provides for additional commitments of $6.1 million for capital improvements and $650,000 for working capital, for a total investment commitment of approximately $60 million.
MATTHEWS, N.C. — Acts Retirement-Life Communities has started construction on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas. Amenities include tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which …
NEWTON, N.C. — Ziegler has arranged $76.1 million in bond financing for EveryAge, a Newton-based nonprofit owner-operator formerly known as United Church Homes and Services. The company was founded in 1961 to develop and manage seniors housing properties in the Southeast. The bonds affect the borrower’s three continuing care retirement communities: Abernethy Laurels in Newton; Piedmont Crossing in Thomasville, North Carolina; and Lake Prince Woods in Suffolk, Virginia. The financing was achieved through four separate bond issues: $22.2 million in fixed-rate bonds to refund a series of 2017 bonds and …