Active Adult Development Market Active Too
Throughout the last year, the active adult sector has proven to be one of the most attractive sectors of seniors housing, and there are three new projects underway. PulteGroup, a prominent builder based in Atlanta, announced it will begin building a 55+ active adult community in North Florida called Summer Bay at Grand Oaks. The community will feature 306 single-family homes, with new homes starting in the low $300,000s and models projected to be ready in early 2022. The project began after PulteGroup noticed an uptick in demand for these kinds of communities in St. Johns County, Florida. Across the country, Trilogy by Shea Homes, a 55+ brand owned by national homebuilder Shea Homes,... Read More »
Oregon CCRC Expanding with Bond Financing
Friendsview, a Quaker-affiliated not-for-profit CCRC in Newburg, Oregon, is set to break ground on a new expansion and redevelopment project next month. To fund the project, the Type-A, entrance-fee-based community is set to receive $124.22 million in funding from bonds issued through the Yamhill County Hospital Authority and underwritten by Ziegler. Greystone acted as the development consultant for the project, providing all necessary planning services to implement the project. Bond financing is expected to be used toward three segments of Friendsview’s redevelopment project – Springbrook Meadows North, Sutton Terrace at University Village... Read More »
Ziegler Closes Massive Bond Financing For Sonoma County Construction Project
Ziegler brought out the big guns for a nearly $300 million bond financing closed for Ensō Village, a to-be-built CCRC in Healdsburg, California. The Kendal Corporation, a national not-for-profit provider of senior living services, is spearheading the project, which will be a Zen-inspired community set on 16 acres in the heart of Sonoma wine country. Kendal has planned for 221 independent living, 30 assisted living and 24 memory support units. Of the 221 IL units, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments, which will all be mixed among the market-rate units on campus. Common areas and amenities will include a central lobby,... Read More »
BMO Harris Bank Finances New Jersey Development
BMO Harris Bank’s Healthcare Real Estate Finance group announced that it led and closed a $73.4 million construction financing for a joint venture between LCS and an institutional partner to develop a 220-unit senior living community in Florham Park, New Jersey. People’s United Bank was also a $30 million participant in the deal. Set to open in March 2023, the community will feature 128 independent living units (53 one-bedroom and 75 two-bedroom options), 58 assisted living units (10 studio, 40 one-bedroom and eight two-bedroom options) and 34 memory care units (32 private and two semi-private units). Read More »
Columbia Pacific Secures Construction Financing for Virginia Project
Live Oak Bank closed a $26.1 million construction loan for the development of a 126-unit assisted living (90 units) and memory care (36 units) community located in Chesapeake, Virginia. The loan came with a five-year term, but no other details were disclosed. Columbia Pacific Real Estate Fund III, LP is developing the project, which is situated on 6.63 acres. Leisure Care, a consistent partner of CPA, will operate it going forward. This represents Live Oak Bank’s second loan closing with CPA in the last six months. Read More »Schedule a demo
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