Watercrest Opens Senior Living Community In South Carolina
Watercrest Senior Living Group is opening another seniors housing community in the Southeast just a couple of months after announcing the grand opening of its 107-unit community in Winter Park, Florida, and the groundbreaking of another 98-unit community in Myrtle Beach, South Carolina. To open a new community these days must be a difficult task, let alone two, so we hope lease-up is going smooth and steady. The most recent project is located in Lancaster, South Carolina, on the outskirts of Charlotte, NC. It features 107 units, split between 75 assisted living and 32 memory care, and most of the amenities you would find at a Watercrest community: pool, spa, multiple dining... Read More »
Inter-Generational Development Going Up In Milwaukee
Funding was just secured for a multi-generational living complex going up next to Mount Mary University, a women’s Catholic college in Milwaukee, Wisconsin. Senior Housing Partners, an affiliate of the not-for-profit Presbyterian Homes & Services, is developing the $45 million project in partnership with the School Sisters of Notre Dame (SSND), Milwaukee Catholic Home and the University. Work on the site is expected to begin in September, with opening tentatively planned for Fall 2021. What plans aren’t tentative these days? The campus will include 52 private assisted living units for the sisters of SSND, 24 dormitory units for single mothers... Read More »
HJ Sims Funds CCRC Expansion Project in North Carolina
HJ Sims has a long history with the SearStone Retirement Community, a CCRC in Cary, North Carolina, and recently closed another financing for the property. Sponsored by Samaritan Housing, Inc., the community currently consists of 131 independent living units, 38 IL estate homes, 14 assisted living units and 25 skilled nursing beds. HJ Sims originally financed the first phase of the CCRC with a $117 million non-rated fixed rate bond issue in 2012. Then, the investment bank funded an expansion in 2016 with an $8 million issue. HJ Sims also provided the original seed capital, and the funds to advance refund the 2012 issue, and provided a portion of the pre-development capital for a Phase II... Read More »
Connecticut CCRC Plans Independent Living Expansion
A large not-for-profit CCRC located outside of Hartford, Connecticut is expanding its independent living offering with a $68 million project. Set on a 125-acre campus in the town of Simsbury, the community, owned by McLean Affiliates, currently consists of 88 independent living units split between 48 apartments, 13 villas and 27 cottages. There are also 74 assisted living/memory care units and 89 skilled nursing beds, bringing the total to 251 units/beds across the property. However, the expansion will add 55 new IL apartments while also taking away 12 cottages. The new units will average around 1,242 square feet in size, with monthly fees coming in at about $4,184 on... Read More »
Engel Burman Opens 15th Long Island Community
The Bristal Assisted Living just opened its 20th seniors housing community, and 15th on Long Island alone. The property is located in Mount Sinai, adjacent to Port Jefferson, and features 76 assisted living units and 44 memory care units within the “Reflections” neighborhood. Engel Burman, the developer/owner, will also include a movie theater, card room and a fitness center. Programming will also include creative arts, physical fitness classes and educational seminars, among others. Residents will be able to choose from studio to two-bedroom options, with rents ranging from $5,200 a month to $8,400 per month. Plus, there will be a memory care component in... Read More »Schedule a demo
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