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CCRCDevelopmentNewsVirginia

Harbor’s Edge Completes 24-Story River Tower Expansion in Norfolk, Virginia

by Jeff Shaw

NORFOLK, Va. — Harbor’s Edge, an independently owned continuing care retirement community in Norfolk, has completed construction of River Tower, a 24-story, 147-unit expansion. Dallas-based architecture firm Three designed the new building, which expands the community’s offerings across the continuum of care — independent living, assisted living, memory care and skilled nursing. In addition, the tower features 100,000 square feet of common areas and amenities. Development costs were estimated at $145 million. A grand opening is planned for spring 2022, when all residents should be moved into the fully pre-sold …

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CCRCFinanceNewsVirginia

Ziegler Arranges $71.3M Bond Financing for Williamsburg Landing CCRC in Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — Ziegler has arranged $71.3 million in bond financing for Williamsburg Landing, a continuing care retirement community (CCRC) in Williamsburg. Williamsburg Landing is located on 138.6 wooded acres and was founded in 1982. Since opening its doors, the community has grown to include 317 independent living apartments, 72 assisted living units, 24 memory care units and 73 health and rehabilitation units. Over the years, Williamsburg Landing has borrowed for its capital needs with direct bank bonds, resulting in a complex capital structure with 14 separate obligations provided by …

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CCRCDevelopmentFinanceNewsVirginia

Walker & Dunlop Arranges $300M Construction Loan for The Mather in Tysons, Virginia

by Jeff Shaw

TYSONS, Va. — Walker & Dunlop, Inc. has arranged $300 million in construction financing for The Mather, a high-rise continuing care retirement community in the Washington, D.C. suburb of Tysons. A 50/50 partnership between Mather and Westminster Capital is developing the building. The project was announced in 2017, the land acquisition was completed in 2019 and pre-sales began this past summer. The transit-oriented project will comprise two buildings with 300 independent living apartments, 16 assisted living apartments, 20 memory support suites and 42 private nursing suites that will be built …

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AcquisitionsDevelopmentFinanceNewsVirginia

HJ Sims Arranges $93.4M in Financing for LifeSpire Acquisition, Campus Improvements

by Jeff Shaw

GLEN ALLEN, Va. — HJ Sims has arranged $93.4 million in financing for LifeSpire of Virginia, a continuing care retirement owner-operator based in Glen Allen. LifeSpire currently owns and operates four life plan communities in Virginia: The Chesapeake, The Culpeper, The Glebe and Lakewood. The financing provided funds for the acquisition The Summit in Lynchburg, for capital projects Lakewood and The Culpeper, and to refinance existing bank debt with permanent bond debt. The seller in the Summit transaction is Centra Health System. The $30.3 millionsale also includes adjacent developable land …

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DevelopmentNewsVirginia

Anthology Opens 150-Unit Community in Henrico, Virginia

by Jeff Shaw

HENRICO, Va. — Anthology Senior Living has opened Anthology of Tuckahoe, a 150-unit seniors housing community in Henrico, a suburb of Richmond. The community features independent living, assisted living and memory care services. According to a recent report by the U.S. Census Bureau, more than 15 percent of the Henrico County population has already reached age 65 and older, a number that will continue to climb as the baby boomers age.

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CCRCFinanceNewsVirginia

Ziegler Arranges $58.2M in Financing for WindsorMeade Williamsburg CCRC in Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — Ziegler has arranged $58.2 million in a mix of bond financing and loans for WindsorMeade Williamsburg, a continuing care retirement community in Williamsburg. The community sits on an approximately 105-acre campus that currently consists of 181 independent living units, 14 assisted living units, 18 memory support units and 22 skilled nursing beds. All of the skilled nursing beds are Medicare certified and WindsorMeade is in the application process to receive Medicaid certification. In 2013, faced with liquidity and occupancy challenges, WindsorMeade reached an agreement with a majority …

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DevelopmentNewsVirginia

Trammell Crow to Develop 383,000 SF Seniors Housing, Medical Office Property in Metro D.C.

by Jeff Shaw

ALEXANDRIA, Va. — Trammell Crow Co. (TCC) plans to develop a 383,000-square-foot mixed-use development in Alexandria. Located at 765 John Carlyle St., the Class A project will include a 268,000-square-foot seniors housing property and a 115,000-square-foot medical office building. The buildings will be constructed above a common podium, offering a mix of retail uses and a 440-space parking garage. Construction is slated to begin in the third quarter of 2022 for completion by the end of 2024. The 18-story seniors housing building will include approximately 215 residences that will offer …

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AcquisitionsNewsSkilled NursingVirginia

Blueprint Brokers Sale of 120-Bed Carrington Place Skilled Nursing Facility in Rural Retreat, Virginia

by Jeff Shaw

RURAL RETREAT, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Carrington Place at Rural Retreat, a 120-bed skilled nursing facility in the western portion of Virginia, near the North Carolina and Tennessee borders. The property is a dually certified facility constructed in 2015. Census stabilized shortly after opening and the operator subsequently executed its below-market option to acquire the real estate. The operator then decided to exit and take advantage of Virginia’s red-hot acquisition market. The chosen buyer was an owner-operator based in the Northeast and …

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AcquisitionsMemory CareNewsVirginia

Blueprint Brokers $31M Sale of Memory Care Portfolio in Virginia

by Jeff Shaw

RICHMOND and VIRGINIA BEACH, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two memory care communities in Richmond and Virginia Beach ProMedica acquired the assets with ownership partner Welltower for $31 million. The seller was not disclosed. The portfolio included two fully stabilized communities that boasted high occupancy and above-market rates. The Memory Center Richmond consists of 48 units and opened in 2015 while The Memory Center Virginia Beach consists of 48 units and opened in 2008.

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CCRCDevelopmentNewsVirginia

Mather Launches Phase II Presales at Massive CCRC Project in Tysons, Virginia

by Jeff Shaw

TYSONS, Va. — Mather has started pre-sales for the second phase of The Mather, a Life Plan Community in Tysons, a suburb of Washington, D.C. The second phase is known as the South Building. The two high-rise buildings of the development include one with 186 apartments (Phase I, projected to open in 2023) and another with 114 apartments (Phase II, projected to open in 2024), which will be connected by a multi-story concourse with amenity spaces. Phase I is currently 80 percent pre-sold. Entrance fee pricing starts at $646,700, with …

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