GRAND RAPIDS, Mich. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The Keller Lake expansion is currently under construction. The project will add 53 independent living units to the community to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living …
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LOS ANGELES — South Bay Partners, through a joint venture with LAMB Properties and Columbia Pacific Advisors, has started construction of The Variel in the Woodland Hills neighborhood of Los Angeles. The eight-story, mid-rise building will feature 215 independent living units, 94 assisted living units and 27 memory care units. The leasing office is scheduled to open this fall, with occupancy planned for winter of 2021. VTBS Architects and Rodrigo Vargas Design are the design team for the project. W.E. O’Neil Construction will serve as general contractor. West Bay Senior …
Resort Lifestyle Communities Plans Groundbreaking for $30M Independent Living Community Near Salt Lake City
by Jeff Shaw
SOUTH JORDAN, Utah — Resort Lifestyle Communities (RLC) plans to break ground Wednesday, Feb. 19, on South Jordan View, an independent living community in South Jordan, a suburb of Salt Lake City. Units will be available in studio, one-, two- and three-bedroom options. The community will total 180,000 square feet and development costs are estimated at $30 million. The total number of units and timeline for completion were not released.
EDISON, N.J. — Spring Hills Senior Communities has hired Joseph Laudisio as senior vice president of strategic development. Laudisio has 25 years of experience in the industry, and will assist Spring Hills in developing a post-acute strategy for the company. “The post-acute area has always been undervalued for the impact that it can have on overall patient management, along with supporting initiatives related to managing overall cost of care,” says Laudisio. “Additionally, services offered in the post-acute area have never been coordinated throughout the continuum of care and have left …
LONGVIEW, Texas — MedCore Partners and The National Realty Group (TNRG) have acquired Parkview on Hollybrook, a 189-unit senior living community in Longview, approximately 60 miles west of Shreveport, Louisiana. The campus offers 126 independent living, 41 assisted living and 22 memory care residences. The buyers intend to develop land adjacent to the existing campus to add independent living cottages by early 2021. Integral Senior Living (ISL) will manage the community. JLL marketed the property on behalf of the seller, an Austin-based private equity group. The price was not disclosed. …
LOS ANGELES — Seniors housing development costs are expected to rise modestly in 2020, with labor and land the primary drivers of higher expenditure, according to research from CBRE, a global real estate services and investment firm based in Los Angeles. Total cost for a seniors housing development rose by 6.4 percent in 2019 to an average of $317 per square foot. Average returns (stabilized net operating income as a percentage of overall development costs) rose to 9.5 percent, up approximately 60 basis points in 2019. This is attributable to …
MADERA, Calif. — Evans Senior Investments (ESI) has arranged the sale of Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community. The property is located in Madera, approximately 25 miles northwest of Fresno. Originally built in 2005, the community averaged 87.6 percent occupancy in the year leading up to the sale. ESI represented the seller, an independent owner. A California-based REIT acquired the property for an undisclosed price.
Resort Lifestyle Communities Opens Deerfield Springs Independent Living Near Cincinnati
by Jeff Shaw
LOVELAND, Ohio. — Resort Lifestyle Communities has opened Deerfield Springs, an independent living community in the Cincinnati suburb of Loveland. The property features 128 apartments in studio, one-, two- and three-bedroom layouts. “From our research, we found that Cincinnati’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities.
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Senior Haven, an assisted living community in Portland, Oregon. The property features 47 units totaling 50 beds. The community was built in 2012 and expanded in 2018. The facility is approximately 19,337 square feet and is situated on approximately 1.29 acres of land. A local owner-operator sold the property for an undisclosed price, and will continue to serve as a consultant post-closing. Senior Haven is the seller’s only senior living community. The buyer is a regional operator …
Ziegler Closes $108.8M Bond Financing for Phase II of St. Ann’s Home Renovations in Rochester, New York
by Jeff Shaw
ROCHESTER, N.Y. — Ziegler, a specialty investment bank, has closed $108.8 million in bond financing for continued renovations at St. Ann’s Home in Rochester. St. Ann’s Community operates the community, along with four others. Phase I of the master-planned project is complete, which relocated 34 post-acute rehabilitation beds from the Wegman Care Center to the ninth floor of St. Ann’s Home, the largest of the company’s skilled nursing facilities. The new bond financing will fund Phase II of the project, which will renovate floors three through eight of St. Ann’s …