Texas Development Lands Construction Financing
A major theme coming out of the NIC Fall Conference was the drying up of the construction lending market, but JLL Capital Markets announced it has arranged $61 million in construction financing for the development of The Preserve at Spring Creek, a 230-unit assisted living, memory care and independent living community in Garland, Texas. JLL worked on behalf of the joint venture sponsor, JAMP Enterprises LLC and Frontier Management LLC, to secure the 15-year, 75% loan-to-cost, floating-rate loan through a regional bank, with five years of interest only. The community will consist of a 120-unit apartment-style complex as well as 110 additional two-bed, two-bath independent living cottages... Read More »Resthaven Breaks Ground on The Farmstead
Resthaven broke ground on a $72.5 million development project called The Farmstead, an independent and assisted living community in western Michigan. The community will serve greater Ottawa County, and will be situated on 40 acres just southwest of Grand Rapids, Michigan. The Farmstead will comprise 24 single-family homes/duplexes, 24 assisted living and memory care units and 80 independent living apartments. Filling a high demand for seniors housing in the area, all the stand-alone homes are already reserved, but there are still a few apartments that have yet to be pre-leased. The community also comes with a clubhouse. Resthaven is a not-for-profit healthcare and senior living... Read More »Big Rock Partners Embarks on $250 Million Development
Green Cay Life Plan Village announced plans for a $250 million development in Boynton Beach, Florida. The 15-acre site at Jog Road and Flavor Pict Road will be developed by BRP Senior Housing Management LLC (an affiliate of Big Rock Partners) and Greenbrier Development LLC. The resort-like CCRC will comprise around 170 independent living, 16 assisted living and 16 memory care units in a three-story, 340,000-square-foot building. That puts the development cost at more than $1.2 million per unit. Amenities will include multiple dining options, a bar and bistro, fitness and wellness centers, yoga studio, salon, movie theater, multi-purpose spaces, a pool, patios and outdoor areas, as well as... Read More »Greystone Finances Florida Active Adult Development
Greystone arranged $52.5 million in debt and equity financing for an active adult development in Gainesville, Florida. Developed by Discovery Senior Living, the 180-unit active adult community will be named Discovery Place at Celebration Pointe, which will feature outdoor gathering areas, restaurants, entertainment options, a high-tech theater and a full calendar of festivals and special events. The community sits miles away from The University of Florida. Construction began in May 2022, and the community should open by early 2024. Cary Tremper and Matt Miller of Greystone originated the financing. Read More »KIRCO/Phoenix Open Alabama Community
Michigan-based KIRCO, a commercial real estate development and investment firm with operations in 17 states, and Phoenix Senior Living, a Georgia-based operator with over 50 communities across the Southeast, announced the opening of Madison Crossings in Madison, Alabama, 10 miles outside of downtown Huntsville. Operated by Phoenix, the community offers 105 independent living and 27 memory care units, beginning to welcome residents this April. Amenities include an outdoor pool, wellness center, pub, beauty salon and spa, yoga studio, pickleball and bocce ball courts. The project represented the 10th Alabama property under the Phoenix Senior Living brand. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
