LA VERNE, Calif. — Truist Financial Corporation has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The funding will be used to refinance existing debt and support the construction of a new independent living area, named Hawthorne Homes. The 24,000 square-foot development will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, …
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SEATTLE — Greystone has provided a $13.9 million HUD-insured loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Greystone’s Shana Daby and Lorie Hanson originated the transaction on behalf of Lake City Project Associates. The nonrecourse loan features a fixed rate with a 40-year term and amortization. As green-certified and energy-efficient housing, the property also qualifies for a reduction in Mortgage Insurance Premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake …
Hunt Capital Partners Raises $11M in Equity for 90-Unit Mixed-Income Development in Waco, Texas
by Jeff Shaw
WACO, Texas — Hunt Capital Partners, in collaboration with co-developers Mears Development and Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50, and 60 percent of the area median income. “A recent study by the Harvard University Joint Center for Housing Studies reported that almost 49 percent …
Ziegler Arranges $131.4M Bond Financing for Development of Stevenson Oaks in Fort Worth
by Jeff Shaw
FORT WORTH, Texas — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks …
SOUTHFIELD, Mich., and CHARLOTTE, N.C. — A national survey of independent living community residents, staff and prospective residents showed that those in the community overwhelmingly felt safe so far during the COVID-19 pandemic. Additionally, respondents said they were confident that communities had taken appropriate precautions to keep them safe. Plante Moran Living Forward, the Southfield-based senior living development consulting division of Plante Moran Cresa and an affiliated entity of Plante Moran, partnered with Retirement Dynamics, a Charlotte-based senior living consulting firm, to complete the research. In June and July of …
TEMECULA, Calif. — The City of Temecula Planning Commission has unanimously approved the construction of Solana Way, an assisted living and memory care facility that Griffin Living is developing on a vacant site that was previously unusable due to water runoff. Located approximately midway between Los Angeles and San Diego, the 91,002-square-foot community will feature 75 assisted living units and 32 memory care units in a two-story building. “The Temecula site was both a nuisance and an eyesore at a major intersection, and now will feature a new, thoughtfully designed …
LOUISVILLE, Ky. — OdessaConnect, a seniors housing technology platform based in Louisville and formerly known as myFamilyChannel, has hired Jessica Heck as chief business development officer. Heck was most recently chief strategy officer for Blake Management Group. She has already started at her new position, and led the rebranding effort of the company. Heck joins the team with nearly a decade of experience in the senior living industry. Beginning with Atria Senior Living, Heck went on to work for Elmcroft Senior Living and Milestone. She serves on the board of …
Smith Senior Living Opens $24M Rehab Expansion at Smith Crossing in Orland Park, Illinois
by Jeff Shaw
ORLAND PARK, Ill. — Smith Senior Living has opened Smith Crossing Greenleaf Rehab, a 46-suite short-term rehabilitation expansion at its Smith Crossing community in the Chicago suburb of Orland Park. The two-story, 45,222 square-foot building is connected with a passageway to the west side of the main building on Smith Crossing’s 32-acre. This expansion increases the total square footage of its main building to almost 506,000 square-feet of residences and common areas. With the $24 million addition of the new rehab wing, Smith Crossing has invested $119 million in building …
MT. STERLING, Ky. — Senior Living Investment Brokerage has arranged the sale of Sterling Meadows, a 30-unit assisted living community in Mt. Sterling, approximately 35 miles east of Lexington. Built in 2014, the 66,000-square-foot property was 80 percent occupied at the time of sale. It also offers an opportunity for a memory care expansion. A Lexington-based developer looking to exit seniors housing sold the asset to a Southeast-based owner-operator for $2.9 million. This is the buyer’s first community in Kentucky. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage …
SEATTLE — Seniors Better Together, a Seattle-based marketing company, has launched a co-op campaign designed to communicate the benefits of senior living in the era of COVID-19. The campaign will include digital and television advertising, extensive social media marketing, an online pop-up store with branded merchandise, and an interactive website where seniors, family members and providers can share positive stories about their communities. “Now more than ever it’s critical to convey the benefits of community living to seniors and their adult children,” says DeAnne Clune, Seniors Better Together managing director. …