AUSTIN, Texas — AMTEX Multi-Housing LLC has received financing and started construction of Limestone Ridge Senior Apartments, an affordable seniors housing community in Austin. The property will feature 223 one- and two-bedroom units, plus two apartments for on-site managers. Units are reserved for those over age 55 making up to 60 percent of the area median income (AMI), which is $45,420 annually for a two-person household. The community will also feature a one-story clubhouse and will have 405 surface parking spaces, or 1.8 spaces per unit. Social services will be …
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SILVER SPRING, Md. — Pennrose has opened the doors on Pointe View at Aspen Hill in Silver Spring, located just north of Washington, D.C. The mixed-use property features 120 units, of which 108 are reserved for those age 62 and older making between 30 and 60 percent of the area median income. The remaining 62 units are for “very low income” residents, though the developer did not specify the requirements associated with that designation. Pennrose has partnered with The Senior Connection to provide on-site supportive services. Pointe View at Aspen …
EXTON, Pa. — Capitol Seniors Housing has started construction of Arbor Terrace Exton, an assisted living and memory care community in Exton, a suburb of Philadelphia. The 78,000 square-foot community will feature 86 apartments located near major medical facilities, restaurants and shopping. Capitol expects to complete construction in winter 2020. The Arbor Company will operate the community upon completion. The designer on the project is Meyer Senior Living Studio.
ROCK HILL, S.C. — Harbor Retirement Associates has opened HarborChase of Riverwalk, a seniors housing community in Rock Hill, just across the state border from Charlotte. The property features 63 assisted living units and 25 memory care units. Harbor has another community in the Rock Hill area, and the two will act as sister communities.
GREELEY, Colo. — OZ Architecture has completed design work on WellAge Greeley, a 71,000-square-foot senior living community in Greeley, approximately 55 miles north of Denver. Rocky Mountain Senior Housing is developing the 92-unit community, which WellAge will operate. The property sits on 3.5 acres and will offer independent living, assisted living and memory care. The community is scheduled to open in second-quarter 2020.
COBB COUNTY, Ga. — Lancaster Pollard’s investment banking affiliate, OREC Securities LLC, has arranged $24.5 million in financing for the construction of a seniors housing community in the Atlanta suburbs of Cobb County. Brickmont Assisted Living is developing the 131-unit project, which will offer both assisted living and memory care. The financing is structured as a bond issuance. Conner Girdley led the transaction for Lancaster Pollard.
SCOTTSDALE, Ariz. — Cadence Living, a Scottsdale-based operator, has hired Dakota Seven as regional sales director for the West region. Seven will support Treva Whalen, vice president of operations for the West, and the six California communities in Cadence’s portfolio. Seven started her career in seniors housing as a part-time sales assistant with Sunrise Senior Living. After Sunrise, she was a sales and marketing director for Atria Senior living, supporting redeveloped properties, lease-up projects and stabilized properties in California. Most recently she worked as regional sales specialist with Oakmont Management …
JLL Hires Deborah Street to Head New Advisory, Investment Transaction Services Practice
by Jeff Shaw
SAN DIEGO — JLL today announced the addition of a new advisory and investment transaction services practice. The new service offering will be led by Deborah Street, who joins the firm as a senior vice president based in San Diego. Street will oversee a continuum of services across multiple property types, with a focus on seniors housing, nursing care and multifamily. Services include on-demand underwriting, strategic planning, transaction structure/return analysis, transaction management, and due diligence for potential investment and development opportunities, as well as ongoing asset management services and strategic …
CHICAGO — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 properties managed by Brightview Senior Living located throughout Maryland, New Jersey and Massachusetts. Harrison Street and Brightview already partner on several properties. This acquisition adds 1,322 units to the portfolio. The price and seller were not disclosed. The properties include: Brightview Perry Hall, Nottingham, Maryland Brightview Rolling Hills, Catonsville, Maryland Brightview Towson, Towson, Maryland Brightview White Marsh, Baltimore Brightview South River, Edgewater, Maryland Brightview Greentree, Marlton, New Jersey Brightview Mount Laurel, Mount Laurel, New …
Capital Funding Provides $14.5M Bridge Loan for Two Skilled Nursing Facilities in Southeast
by Jeff Shaw
EMPORIA, Va., and LOUISVILLE, Ky. — Capital Funding has provided a $14.5 million bridge-to-HUD loan to The Portopiccolo Group. The funds will be used to acquire one skilled nursing facility, Emporia Manor, and cross-collateralize it with another facility, Sycamore Heights Health and Rehabilitation. Emporia Manor is a 120-bed facility in Emporia, while Sycamore Heights is a 96-bed facility in Louisville. The Portopiccolo Group, a family owned private equity and investment management firm, will own both properties following the transaction. Clearview Healthcare Management operates Sycamore, while Accordius Health will operate Emporia. …