MARSHALL TOWNSHIP, Pa. —The Waters, a Minneapolis-based senior housing developer and manager, has purchased an 18-acre site in the Pittsburgh suburb of Marshall Township. The company plans to construct a 143-unit seniors housing community on the plot.
To be named The Waters of Wexford, the developer plans to break ground before the end of 2016 for a scheduled opening in May 2018. Development costs are estimated at $38 million.
Units will be split between independent living, assisted living and memory care.
The project is the first outside the Midwest for The Waters, which operates eight communities in Minnesota and is developing two more in Minneapolis and Milwaukee.
“Through extensive research we identified Pittsburgh as a great opportunity nearly four years ago,” says Kyle Didier, president of The Waters. “Focusing on promoting independence and choice, The Waters believes we can have the same success in Pittsburgh as we have had in Minnesota. Over the next three years we hope to bring at least four to five new senior living communities to the greater Pittsburgh area.”
Aron Will of CBRE secured a $27.1 million, five-year, floating-rate construction loan with 42 months of interest-only payments from a regional bank to fund the upcoming development.