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DevelopmentNewsOregon

Alliance Residential Breaks Ground on 237-Unit High-Rise in Downtown Portland

by Jeff Shaw

PORTLAND, Ore. — Alliance Residential has started construction on Holden of Pearl, a 16-story seniors housing community in the Pearl District of downtown Portland. The 237-unit community will offer apartments for rent that cater to residents seeking both independent and assisted living, while also reserving a separate, private community for memory care residents. The asset includes 28,000 square feet of indoor amenity space. Milestone Retirement Communities will operate the property upon completion. Although a development cost was not disclosed, CBRE arranged a $103 million construction loan for the project. Aron …

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Affordable HousingDevelopmentNewsPennsylvania

Grace Inspired Ministries Plans for Sellersville Affordable Senior Apartments in Telford, Pennsylvania

by Jeff Shaw

TELFORD, Pa. — Grace Inspired Ministries (GIM), along with development partner Leon N. Weiner Associates Inc. (LNWA), has unveiled plans for Sellersville Senior Apartments, an affordable housing community in Telford, approximately 30 miles north of Philadelphia. The community will feature 50 apartments, eight of which will be dedicated as supportive housing. “Sellersville Senior Apartments will bring much needed affordable and supportive housing to an area with a growing cost of living and a very limited supply of high-quality, cost-effective, rental housing for seniors,” says Dan McKee, president and CEO of …

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Assisted LivingColoradoFinanceNews

HJ Sims Partners Arranges $3.8M in Retroactive PACE Financing for StoneCreek Real Estate Partners

by Jeff Shaw

DENVER — HJ Sims has arranged $3.8 million in Retroactive Property Assessed Clean Energy (PACE) financing for StoneCreek Real Estate Partners, a Dallas-based developer. StoneCreek develops and owns seniors housing communities in Texas, Colorado and Arizona, with Civitas Senior Living as the operator. The StoneCreek Littleton development is a 92-unit senior housing community with 70 assisted living units and 22 memory care units. The community opened in January of 2020 and provides local access to quality senior housing and care in the Littleton area of Denver. With occupancy and operational …

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DevelopmentFeaturesNews

InterFace Panel: Developers Continue to Build Projects through Pandemic

by Jeff Shaw

The seniors housing industry has had a rough ride through the COVID-19 pandemic. First-quarter occupancy clocked in at a record-low 78.8 percent, a drop of 870 basis points from the year prior, according to NIC MAP Data, Powered by NIC MAP Vision. But seniors housing is a needs-based product, and most industry professionals expect a strong rebound. As a result, new construction projects are starting to make a comeback in preparation for pent-up demand. That was the topic of discussion during “The Power Panel: CEOs Discuss the State of Development” …

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AcquisitionsCaliforniaNews

Avanath Capital Acquires Overlook at Anaheim Hills in California for $87.5M

by Jeff Shaw

ANAHEIM HILLS, Calif. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety …

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NewsPeople

Lifespace Communities Appoints Nikki Kresse as Chief People Officer

by Jeff Shaw

WEST DES MOINES, Iowa — Lifespace Communities has appointed Nikki Kresse to the position of chief people officer. Kresse has more than 20 years of extensive experience as a human resources leader. Kresse earned her bachelor’s degree in business management from Colorado State University Global, and is a Certified Benefits Professional and a Certified Compensation Professional. Lifespace Communities, based in West Des Moines, is a nonprofit owner-operator of 15 continuing care retirement communities in eight states, serving more than 5,100 residents and employing more than 3,900 team members.

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Assisted LivingDevelopmentFinanceIndianaNews

Northland Networks Arranges $19.4M Construction Financing for Bridgepointe Gardens Near Louisville

by Jeff Shaw

JEFFERSONVILLE, Ind. — Northland Networks has arranged $19.4 million in financing for the development of Bridgepointe Gardens, a seniors housing community in Jeffersonville, located just across the Ohio River from Louisville, Kentucky. The borrower is Denton Floyd Real Estate Group, a growing real estate development firm with over 3,500 multifamily units in Kentucky and Indiana. This project will be the company’s second senior living community and will be managed by Vitality Senior Services, an affiliated organization. Construction on the project has already begun. When completed, the community will feature 115 …

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Affordable HousingDevelopmentNewsTexas

Palladium Starts Construction of 122-Unit Mixed-Income Project in Garland, Texas

by Jeff Shaw

GARLAND, Texas — Locally based developer Palladium USA is underway on construction of a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. Completion is scheduled for June 2022.

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FinanceMinnesotaNews

Dwight Capital Provides $22.2M HUD Refinancing for Gramercy Park Cooperative in Minnesota

by Jeff Shaw

RICHFIELD, Minn. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed borrower.

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FinanceNewsPeople

Monticello Appoints Darren Margulis to Oversee Advisory Services Business

by Jeff Shaw

NEW YORK CITY — Monticello, a New York-based private real estate and asset-based lender, servicer and manager, has hired and appointed Darren Margulis as managing director to oversee its advisory services business unit, which provides lenders and financial institutions custom asset management and special servicing solutions specifically designed for the seniors housing industry. Margulis brings over 25 years of experience to Monticello, including in healthcare and commercial real estate underwriting, portfolio management and investor relations. Prior to his current role, Margulis co-led Formation Capital’s lending group with a primary focus …

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