Kidder Mathews Finds JV Equity Partner For Kansas Development
After the team arranged the construction debt on the planned senior apartment community in Shawnee, Kansas, Sean McNee and Robert Black of Kidder Mathews then secured a JV equity partner for the project on behalf of the developer, JC Mulligan Development Group, and the sponsor, Omega Senior Living. Featuring 228 apartments and 60 attached, for-sale villas (starting at $345,000 per villa), the developer commenced site improvements before the pandemic set in, which caused a six-month delay in any work. Completion is now expected by winter of 2022-2023, at a total cost near $45 million, or $196,000 per unit for the apartments. Monthly rents will range from $1,450 for a studio to $2,050 for... Read More »
CBRE Secures Construction Loan For Oregon Project
Construction lending may be slow at the moment, but Aron Will, Austin Sacco and Adam Mincberg of CBRE arranged financing for a to-be-built seniors housing community in Happy Valley, Oregon. A joint venture between The Springs Living and Harrison Street Real Estate Capital is building the community, which is set on a 6.95-acre site about 10 miles southeast of downtown Portland. Across the 210 units, half will be reserved for independent living, with the other half split between assisted living and memory care. There will also be numerous amenities, including an indoor pool, a movie theater, and a private dining room. CBRE secured a $60.4... Read More »
Tryko Partners Developing Pittsburgh Seniors Housing
Selected by The Urban Redevelopment Authority of Pittsburgh to redevelop a former school in the city to serve the needs of both low-income and middle-income seniors, Tryko Partners just obtained a gap financing commitment from the Pittsburgh Housing Authority to help fund the project. Formerly the Fairywood School in the city’s west end, the site will include a total of 46 one-bedroom units with covered porches, including 39 reserved for low-income residents. There will also be a community building where residents can take advantage of financial literacy, nutrition and exercise programs, health screenings, and other support services for seniors. The project would also anchor a... Read More »
Another University-Based CCRC Finished Construction
We wrote last week of a major seniors housing development in the works on the campus of SUNY Purchase in Westchester County, New York (one that is estimated to cost upwards of $320 million when all is said and done), but a similar project on the campus of Arizona State University just completed construction. Mirabella at ASU is a not-for-profit CCRC with 246 units of independent living and 52 health care units, as well as a host of luxury amenities in the sleek, 20-story building. Some of those features include an indoor pool and wellness center, physical therapy gym, theater, art museum, event and lecture hall, game rooms, salon and spa, dog park, valet and... Read More »
LCS’ Westchester Development Hits 60% Presales
A massive independent living development in the works on the campus of Purchase College SUNY in Purchase, New York is already 60% presold. And the ground has yet to be broken. Set on a 40-acre neighborhood, the development is expected to cost around $320 million. That’s nearly $1.5 million per unit. This isn’t Manhattan real estate, but building on a college campus in Westchester County must come at a cost. It was originally conceived back in 2008, when the state legislature approved a plan for the college to lease some of its land for senior living purposes. The governor at the time, David Paterson, vetoed the bill, but current Governor Andrew Cuomo signed the bill into law in... Read More »Schedule a demo
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