Creativcap Secures Two Construction Financings
With interest rates rising and inflation not slowing down, the seniors housing construction market is definitely becoming a riskier venture. However, Scott Kavel of Creativcap successfully arranged two construction financings for a couple of clients where the lenders decided to hold the entire exposure on their balance sheets, despite participation interest. These must be high-quality projects in strong markets with “best-in-class” operating partners to justify that confidence level. First, Mr. Kavel arranged a $70 million construction/permanent loan for a to-be-built 157-unit independent/assisted living community in California. Building the community in an opportunity zone, the buyer... Read More »
Senior Living Tower Going Up in Vancouver, Washington
PMB, a leading healthcare real estate developer, joint ventured with The Springs Living to break ground on a new 12-story seniors housing community in Vancouver, Washington, to be fully open by the first half of 2024. The urban community is set in the Vancouver Waterfront master plan, which includes 32 acres of parks, residential units, office space, retail and hotels. The seniors housing community, called The Springs at The Waterfront will feature 250 units and 360,000 square feet of independent living, assisted living and memory care. Amenities will include a spa and wellness center, indoor pool, and multiple dining venues including a pub and full bar. The community commands views of the... Read More »
Del Webb’s Development Spree Continues in Chicagoland
Del Webb is at it again. After already announcing new (and large) construction projects in Tennessee and Florida in the last month, the national builder of active adult communities disclosed that it was building another new community in Illinois, its first in the Chicagoland area in over 15 years. Similar to other Del Webb projects under the company’s GenYou collection, the community (named Lincoln Prairie by Del Webb) will feature 550 detached single-family homes on 474 acres. At its grand opening this fall, Lincoln Prairie by Del Webb will debut six model homes available to tour. But floor plans will include large kitchen islands, tall sliding glass doors to maximize natural light,... Read More »
Artemis/Avenida Partnership Building AA Community
Texas’s active adult space is booming, with many new construction projects and several acquisitions having been announced so far this year in the Lone Star State. Avenida Partners is getting in on the action, announcing a partnership with Artemis Real Estate Partners to develop a 155-unit community in Carrollton, a suburb north of Dallas. There will be one- and two-bedroom floorplans, as well as 48 duplex and triplex cottages. Spread across 10 landscaped acres, with over 35,000 square feet of best-in-class interior and exterior amenities, the community’s units will feature designer flooring, quartz countertops, walk-in closets, step-in showers, and private patios and balconies.... Read More »
Trilogy Building Senior Care Campus in Ohio
Trilogy Health Services is building a brand-new community with a full continuum of care services in the greater Cincinnati area. Located in Liberty Township, the community will feature 25 independent living units, 23 assisted living units, 18 memory care units, and 42 skilled nursing beds, 12 skilled memory care beds. Amenities include a full-service bistro, multiple dining areas served by a certified executive chef, an activity room, a beauty and barber salon, theater room, a physical therapy and rehab gym and a resident fitness center. It will be Trilogy’s third community in Butler County when it opens next year, and sixth in the Cincinnati MSA. Louisville-based DMK Construction is... Read More »Schedule a demo
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