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KeyBank Provides $21.5M in Financing for Three National Church Residences Affordable Communities

by Jeff Shaw

SEBRING, Fla., RAVENNA, Ohio, and GRAND PRAIRIE, Texas — KeyBank has provided $21.5 million of capital for National Church Residences (NCR) to rehabilitate three affordable seniors housing properties in Florida, Ohio and Texas. Fair Havens Village is an 80-unit property in Sebring, with 79 studios and one-bedroom affordable units plus a manager unit in three buildings. The property was originally constructed in 1985. The renovation will improve safety and accessibility and includes roof repairs, common area and residential unit improvements, and modernization of HVAC, electrical and plumbing systems. In addition …

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DevelopmentNew JerseyNews

Reuten Associates Plans 195-Unit Residences at Reuten Park in Closter, N.J.

by Jeff Shaw

CLOSTER, N.J. — Reuten Associates and Metropolis Property Group have unveiled plans for The Residences at Reuten Park, a 195-unit seniors housing development in Closter, approximately 15 miles north of Manhattan. The Residences at Reuten Park will replace five obsolete post-World War II-era manufacturing buildings located within the Reuten Corporate Park. The community will offer independent living, assisted living and memory care units on a six-acre plot. The project will take approximately 15 months to build, and still requires approval of Closter’s Zoning Board of Adjustment. “We believe that transforming …

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AcquisitionsCCRCMaineNews

Knapp Group Brokers $10.2M Sale of CCRC Community in Maine

by Jeff Shaw

MAINE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has arranged the sale of continuing care retirement community (CCRC) in Central Maine. The 121,677-square-foot community spans an entire city block, totaling 3.6 acres. Occupancies have consistently been over 90 percent, according to the brokers. The price was $10.2 million. Details on the buyer and seller were not disclosed. The lead agent for this transaction was Jim Knapp.

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Active AdultDevelopmentFeaturesNews

Design of Active Adult Properties Must Appeal to Multiple Generations, Say InterFace Panelists

by Jeff Shaw

As a concept, the term “active adult” supports the notion that age is just a number. As an evolving subcategory of seniors housing, active adult is a property type that means different things to different people. For that reason, designers and builders of this asset class face the unique challenge of visualizing and delivering communities that appeal to a broad range of renter profiles. Effective, consistent branding is one of the biggest challenges within the active adult sector, which is very much in its infancy relative to other commercial property …

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Active AdultDevelopmentNevadaNews

Sparrow Partners to Build Two Active Adult Communities in Henderson, Nevada

by Jeff Shaw

HENDERSON, Nev. — Sparrow Partners has unveiled plans for its first two active adult communities in the Las Vegas area: the 173-unit Mera Rhodes Ranch and 189-unit Mera Henderson. Both located in the first-ring suburb of Henderson, the communities are under construction and scheduled to open in mid-2022. “Las Vegas has one of the fastest growing populations of older adults in the nation, including many healthy seniors who no longer want to own a high-maintenance home but don’t yet need expensive support services,” says Jeff Patterson, co-founder of Sparrow Partners. …

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Affordable HousingDevelopmentFinanceFloridaNews

Centennial Bank Provides $33M Construction Loan for Affordable Community in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — Centennial Bank Southeast Florida has provided a $33 million loan to CREI Holdings LLC for a development of an affordable seniors housing community in Sweetwater, a suburb of Miami. CREI plans to develop an eight-story, 217,000-squarae-foot, 244-unit community on the five-acre parcel, citing area population growth during the pandemic. The site was formerly Vann Academy, a school and daycare center that closed its doors around the start of the pandemic. The future community will comprise one- and two-bedroom units ranging from 609 to 874 square feet. The …

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AcquisitionsGeorgiaNews

JLL Brokers $18M Sale of Summer Breeze Seniors Housing Community in Savannah, Georgia

by Jeff Shaw

SAVANNAH, Ga. — JLL has brokered the $18 million sale of Summer Breeze, a 79-unit independent living, assisted living and memory care community on Savannah’s Wilmington Island. Mike Garbers, Cody Tremper and Michael Sivewright of JLL represented the seller, Salt Lake City-based Bridge Investment Group. An unnamed investor acquired the property in a 1031 exchange. Summer Breeze offers 28 independent living units, 39 assisted living units and 12 memory care units. The community was 95 percent occupied at the time of sale. Located approximately 10 miles southeast of downtown Savannah, …

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AlaskaAssisted LivingFinanceNews

Greystone Funds $22.5M Refinancing for Assisted Living Facility in Anchorage, Alaska

by Jeff Shaw

ANCHORAGE, Alaska — Greystone has provided a $22.5 million bridge loan to refinance Aspen Creek Senior Living, an assisted living facility in Anchorage. Stella Plotkin of Greystone originated the loan on behalf of the borrower, Spring Creek Holdings. The floating-rate, interest-only bridge financing features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing. …

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AcquisitionsAssisted LivingNewsTennessee

Knapp Group Negotiates Sale of 48-Unit Community in Central Tennessee

by Jeff Shaw

TENNESSEE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has arranged the sale of a 48-unit assisted living and memory care community in Central Tennessee. The property sits on 12 acres and totals 28,000 square feet. It was originally constructed in 2009. The price was $6.5 million. The buyer and seller were not disclosed. Justin Knapp led the transaction.

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Active AdultDevelopmentFloridaNews

BCC Construction to Build $30M AVIVA at Port St. Lucie Project in Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — BCC Construction, a Prospect Real Estate Development Group company, has been awarded the contract to build AVIVA at Port St. Lucie, a $30 million senior living center in the South Florida city of Port St. Lucie. Miami-based developer Lloyd Jones is leading the project. The age-restricted residential complex will feature 159 units. Construction is expected to begin in early August 2021 and for completion in early 2023.

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