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DevelopmentFinanceIndependent LivingNewsNorth Carolina

CBRE Arranges Construction Funding for 12-Story Village on Morehead Community in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — CBRE Senior Housing has arranged an undisclosed amount of construction financing for The Village on Morehead, a seniors housing community in Charlotte. The borrower is a joint venture between Bridgewood Property Co. and Harrison Street. The 12-story, Class A development will feature 199 units of independent living, with assisted living services arranged by Bridgewood’s wholly owned management company, Retirement Center Management (RCM). The property sits on “an irreplaceable infill site between downtown Charlotte and the city’s most desirable neighborhoods,” according to CBRE. Aron Will, Austin Sacco and …

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CCRCDevelopmentFinanceNewsNorth Carolina

Ziegler Arranges $44.4M Bond Financing for The Forest at Duke in Durham, North Carolina

by Jeff Shaw

DURHAM, N.C. — Ziegler has arranged $44.4 million in bond financing for The Forest at Duke, a 47-acre continuing care retirement community just south of Duke University in Durham. The Forest at Duke opened in 1992 and currently serves over 360 residents across 154 apartments, 88 cottages (242 total independent living units), 34 assisted living units and 58 licensed skilled nursing beds. Proceeds of the bonds will be used for a renovation project that will include 90 new units (32 assisted living and 58 skilled nursing) in a “small house” …

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NewsNorth CarolinaPeople

Cadence Living Hires Melissa Cole as Regional Vice President of Operations for the North Carolina Region

by Jeff Shaw

SCOTTSDALE, Ariz. — Cadence Living has hired Melissa Cole as vice president of operations for the North Carolina region. Cole will have principal responsibility over operations of the seven Cadence Living-managed communities in the Charlotte, Winston-Salem and Raleigh metro areas. Cole brings over 20 years of senior living operations experience to Cadence Living and is a member of the North Carolina Assisted Living Association Board of Directors. Before Joining Cadence, she served in a similar role for Five Star Senior Living and also served in various leadership capacities including regional …

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Active AdultDevelopmentNewsNorth Carolina

Capstone, Liberty Start Construction of $36M Inspire Royal Park in Matthews, North Carolina

by Jeff Shaw

MATTHEWS, N.C. — Capstone Communities and Liberty Senior Living have started construction of Inspire Royal Park, an active adult community for persons age 55 or older in the Charlotte suburb of Matthews. Approximately 30 percent of Matthews residents are over age 55, according to the developers. Construction costs were estimated at $36 million. Inspire Royal Park will feature 204 residences comprised of 20 free-standing cottages with private attached garages and 184 loft apartments offering one, two or three bedrooms. Harrison Street Real Estate Capital, a Chicago-based private equity real estate …

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Singh Promotes Eric Davis to Executive Director of Waltonwood Cotswold in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — Singh, a seniors housing developer operating under the Waltonwood brand, has promoted Eric Davis to executive director of Waltonwood Cotswold in Charlotte. Davis brings with him nearly 10 years of experience to his new role. He began his work with the Waltonwood organization in 2015 as a third-shift wellness nurse. During his time with the community, Davis was promoted to the position of assisted living wellness coordinator, which allowed him to work directly with residents and their family members. In 2019 he was promoted to the associate …

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CCRCDevelopmentNewsNorth Carolina

Carolinas HealthCare System Completes Renovations to Grace Ridge Community in Morganton, North Carolina

by Jeff Shaw

MORGANTON, N.C. ­— Carolinas HealthCare System Blue Ridge has completed a renovation project at Grace Ridge Retirement Community in Morganton, located in the Blue Ridge Mountains. Beginning in 2020, Grace Ridge partnered with North Carolina-based Frank L. Blum Construction Co. and Steele Group Architects in the project. ID Collaborative designed the interior. Grace Ridge is a continuing care retirement community spanning 52 acres.

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AcquisitionsNew MexicoNewsNorth CarolinaTexas

Discovery Acquires 16 Properties, Launches New Morada Brand for Portfolio

by Jeff Shaw

BONITA SPRINGS, Fla. — Discovery Senior Living has acquired a portfolio of 16 seniors housing properties in Texas, North Carolina and New Mexico, the largest single acquisition in the Bonita Springs-based owner-operator’s history. Discovery’s partner on the acquisition was White Oak Healthcare REIT. The seller and names of the communities were not disclosed. As part of the purchase, Discovery launched a new brand — Morada Senior Living. Based in Dallas and wholly owned by Discovery, Morada will oversee the new portfolio with a dedicated management team led by a division …

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Affordable HousingDevelopmentNewsNorth Carolina

Hunt Capital Partners, Durham Housing Authority Plan Redevelopment of J.J. Henderson Senior Apartments in North Carolina

by Jeff Shaw

DURHAM, N.C. — Hunt Capital Partners, Durham Housing Authority and California Commercial Investment Group Inc. have closed $7.5 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of J.J. Henderson Senior Apartments in Durham. The acquisition is a Rental Assistance Demonstration (RAD) transaction, a program administered through the U.S. Department of Housing and Urban Development (HUD). By utilizing RAD, Durham Housing Authority gains access to more public and private funding resources to refurbish and preserve the property. Additionally, J.J. Henderson Senior Apartments converts from a …

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DevelopmentFinanceNewsNorth Carolina

Live Oak Bank Provides $8.5M Construction Financing for Project in Reidsville, North Carolina

by Jeff Shaw

REIDSVILLE, N.C. — Live Oak Bank has provided an $8.5 million construction loan for development of a 58-unit independent living and assisted living project in Reidsville, located north of Greensboro near the Virginia border. The borrower, ALG Senior, has controlled a Certificate of Need necessary to operate assisted living within the county for many years. Following an extensive search, ALG identified and acquired a 12.5-acre site for development.

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DevelopmentNewsNorth Carolina

Bridgewood Acquires Land in Charlotte for Village on Morehead Luxury Development

by Jeff Shaw

CHARLOTTE, N.C. — Bridgewood Property Co. has acquired 727 E. Morehead St. in Charlotte with plans to construct a luxury senior living community, The Village on Morehead, on the site. Bridgewood received rezoning approval for the site in July 2020 and plans to break ground in the spring of 2021. Bridgewood has selected Charlotte-based BB+M as the architects, LandDesign as the civil engineers and Choate Construction as the general contractor. Bridgewood’s long-standing operating partner, Retirement Center Management, will handle operations of the community upon completion.

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