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Active AdultDevelopmentMassachusettsNews

MassDevelopment Provides $129M in Bond Financing for Opus Newton Project Near Boston

by Jeff Shaw

NEWTON, Mass. — MassDevelopment has provided $129 million in tax-exempt bond financing for the construction of Opus Newton, a 174-unit seniors housing project that will be located on the western outskirts of Boston. The borrower and developer is locally based nonprofit organization 2Life Communities. Construction began in March and is scheduled for completion in mid-2025. Opus Newton, an age-restricted complex with units reserved for renters age 62 and above, is being constructed on four acres at 777 Winchester St. The property will house 62 two-bedroom units and 112 one-bedroom apartments. …

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Assisted LivingDevelopmentInvestmentNewsVirginia

JLL Arranges Joint Venture Equity for 142-Unit Development in Fredericksburg, Virginia

by Jeff Shaw

FREDERICKSBURG, Va. — JLL Capital Markets has arranged joint venture equity for development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property is situated on a 16.2-acre parcel. The site is within an established, regional medical hub in a growing area. Completion is scheduled for 2025. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team.

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DevelopmentNewsTennessee

Liberty Senior Living Completes Brightmore of East Memphis

by Jeff Shaw

EAST MEMPHIS, Tenn. — Liberty Senior Living has completed construction of Brightmore of East Memphis, an independent living, assisted living and memory care community in East Memphis. Liberty both owns and operates the community. Construction began in 2021. The development sits on an eight-acre site features 64,000 square feet of amenity space. The number of units was not disclosed.

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DevelopmentKansasNews

Lifespace Completes Renovations at Claridge Court Near Kansas City

by Jeff Shaw

PRAIRIE VILLAGE, Kan. — Lifespace has completed renovations at Claridge Court, a seniors housing community in Prairie Village, approximately 10 miles south of Kansas City. The project, which updated Claridge Court’s living spaces, communal areas and amenities, took about a year. One of the highlights of the renovation is the new Health Center Terrace, which was made possible in part by the Claridge Court Foundation, a resident-run organization dedicated to supporting the community. The foundation provided funding for the new addition along with many other features in the community. Claridge …

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NewsPeople

Epoch Senior Living Hires Michael Toce as Vice President of Wellness Services

by Jeff Shaw

WALTHAM, Mass. — EPOCH Senior Living, a Waltham-based operator, has hired Michael Toce as the organization’s vice president of wellness services. Toce brings more than 15 years of senior living leadership experience to his new role. Most recently, he served as senior corporate director of care for a group of multi-state senior living communities in New England, New Jersey and Pennsylvania. He was responsible for regulatory compliance, quality management techniques and resident safety. Prior to that, he served as an administrator for Yale University School of Medicine. Toce also worked …

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AcquisitionsAssisted LivingMassachusettsNews

KIRCO Acquires Brookmeadow at Blue Hills Value-Add Community in Stoughton, Massachusetts

by Jeff Shaw

STOUGHTON, Mass. — KIRCO has acquired Brookmeadow at Blue Hills, a 91-unit assisted living and memory care community in the Boston suburb of Stoughton. The community was built in 2009 and was acquired at 45 percent of replacement cost in a high-income, underserved market, according to KIRCO. Cushman & Wakefield negotiated both the sale and acquisition financing. KIRCO cited the high ranking of the Boston metropolitan statistical area (MSA) in terms of income, employment, education and seniors housing occupancy as reasons for the acquisition. “This acquisition aligns with KIRCO’s Senior …

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Assisted LivingColoradoDevelopmentNews

Confluent, MorningStar Open 81-Unit Observatory Park Community in Denver

by Jeff Shaw

DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. “The Observatory Park property is in the heart of one of Denver’s most central, tight-knit and vibrant neighborhoods where residents will benefit from convenient access to local parks, golf …

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AcquisitionsNewsOregon

SLIB Negotiates Sale of 25-Unit Clackamas View in Milwaukie, Oregon

by Jeff Shaw

MILWAUKIE, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Clackamas View, an independent living, assisted living and memory care facility in Milwaukie, just south of Portland. The facility consists of 25 units and was built in 2012. The property totals 15,132 square feet on approximately 1.42 acres of land. The buyer was a private investor that will lease the community to a local operator. The buyer plans to spend money on capital improvements and focus on private pay residents. Jason Punzel, Brad Goodsell, Vince Viverito and …

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Affordable HousingDevelopmentNewsPennsylvania

Pennrose Breaks Ground on 51-Unit Affordable Community in Philadelphia’s Chinatown Neighborhood

by Jeff Shaw

PHILADELPHIA — Pennrose has broken ground on 800 Vine Senior, which will convert an underutilized surface parking lot in Philadelphia into a 51-unit affordable seniors housing development. Located in the Chinatown neighborhood of Philadelphia, the community is scheduled to open in summer 2024. The five-story building will feature 51 units with a mix of studio, one- and two-bedroom apartments. Six units will be available for residents earning up to 20 percent of area median income (AMI), 20 units will be available for seniors earning at or below 50 percent of …

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