Watermark & Hines Partner On Mid-Rise Development in Houston
Watermark Retirement Communities and Hines have partnered to develop a large, seven-story seniors housing community in Houston’s Greater Heights neighborhood. The community will include 222 units of independent living, assisted living and memory care, with rents starting between $3,500 and $5,500 per month for IL. There will also be a host of amenities, two whole floors of dedicated amenity space, in fact. The community will also be the tallest building in the neighborhood and will have views of the downtown skyline. This is Watermark’s fifth Élan property, which is the operator’s upscale brand. Other partners on the project include Munoz + Albin Architecture and Planning (the design... Read More »
Construction Costs Go Up for Indiana Senior Living Project
Rising construction costs have stymied a number of senior living construction projects (much to the relief of thousands of operators looking to quickly recover their occupancies), but one development is still going ahead, albeit with a $3 million increase in financing. Evergreen Real Estate Group is building a 120-unit Medicaid assisted living community in Goshen, Indiana, which will feature 49 studio and 71 one-bedroom units, with Gardant Management Solutions serving as operator. Development costs were originally estimated to be $28 million, or $233,300 per unit. The plan was approved in late 2019, and the Goshen City Council approved the issuance of up to $22 million in tax-exempt... Read More »
Lument Arranges Construction Financing From USDA
Lument closed a USDA CF loan to fund the construction of a 91-unit senior care campus in DeWitt, Iowa. Two Iowa-based companies, WesleyLife and Genesis Health System, teamed up to break ground on the project at the end of 2020. Featuring 91 total units, including a 70-unit skilled nursing facility (of which 16 units will be for dementia care) and 21 units of assisted living, the community is replacing the 50-year-old SNF on campus that was attached to a hospital. It will operate under the Wellspire brand, which was formed in 2019 as a partnership between WesleyLife and Genesis. To fund the project, Lument’s Quintin Harris and Adam Walker secured a $21.8 million loan through the... Read More »
Ziegler Helps Finance Pennsylvania CCRC’s Expansion
Ziegler closed nearly $40 million in financing for a not-for-profit CCRC client in Palmyra, Pennsylvania, securing both institutional investor and bank support for the transaction. After originally opening the community in 1979, Lebanon Valley Brethren Home, dba Londonderry Village, is planning on expanding on a portfolio of a 40-acre tract of farmland it already owned south of the campus. It currently features 374 independent living units, 38 personal care/assisted living units and 88 skilled nursing beds, but the project would add 35 new IL units in 11 cottages/townhouses and two 12-unit buildings. There would also be a sales office and clubhouse added to the site. To fund the... Read More »
ORIX Corporation USA Makes Preferred Equity Investment
A joint venture is developing a seniors housing community in Texas thanks to a preferred equity investment completed by ORIX Corporation USA’s Municipal and Infrastructure Finance business, led by Rob Wetzler. The actual investment amount was not disclosed, but it will help fund the construction and start-up costs of a 103-unit seniors housing community in Aledo (Fort Worth area). Civitas Senior Living, a developer, owner and operator of over 40 communities across the southern United States, and Journey Capital, a Dallas-based asset manager focused on seniors housing development and acquisitions, are responsible for the project. This will be Journey’s seventh... Read More »Schedule a demo
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