KeyBank Secures Financing For To-Be-Built Community
KeyBank Real Estate Capital arranged construction financing for an affordable seniors housing community in Austin, Texas, which is expected to open in 2022. Being developed by Dallas-based Generation Housing Development and Hill Tide Partners, the project will comprise two four-story buildings and 174 total units, split between 102 one-bedroom and 72 two-bedroom apartments. Each unit will have a bathroom and range in size from 614 to 1,131 square feet. There will also be a community garden, swimming pool, community center, theater room, business center and fitness center. Ownership will reserve 17 units for residents earning 40% of the area median income, 148 units for those earning 60%... Read More »
Joint Venture Acquires Two Development Sites
With an eye to the future, ZOM Senior Living and Watermark Retirement Communities bought two parcels of land in southeast Florida to develop a couple of seniors housing communities. Development has certainly slowed for a variety of reasons, like state and local orders, lack of financing or an abundance of caution from investors. After all, who can be sure how much lease-up projections may change in the next several years. Some developers willing to break ground today may benefit from the lack of new supply, but it will vary from market to market. The ZOM/Watermark joint venture will first break ground later this summer on a 196-unit community in Coral Gables... Read More »
Watercrest Breaks Ground On South Carolina Senior Living Community
Watercrest Senior Living Group broke ground on another senior living community just a couple of months after starting work on a 98-unit senior living community in Macon, Georgia. This most recent project is located in Myrtle Beach, South Carolina, and also comprises 76 units of assisted living and 22 units of memory care. There will be amenities like a salon and spa, plus outdoor features like verandas, fireplaces and other social gathering spaces. Residents can also benefit from the local golf courses, medical centers and entertainment of Myrtle Beach. Just like the Georgia development, Watercrest is developing the community with equity partners Peninsula U.S. Real Estate, a private... Read More »
New Perspective Opens New Wisconsin Community
New Perspective Senior Living is operating a new community in Franklin, Wisconsin (Milwaukee MSA). It’s certainly a tough time to open your doors, but apparently initial move-ins have already started and even exceeded initial expectations. We hope it continues throughout the summer. Featuring 149 units, the community caters to independent living, assisted living and memory care residents on its six-acre campus, which is directly adjacent to the Milwaukee Milkmen baseball stadium. Games start early next month, in case you were wondering. The two-story lobby and reception area include fireplaces, water features and natural stone appointments. There are also several... Read More »
Oppidan and Ebenezer Open New Senior Living Development in Minneapolis
Oppidan Investment Company, a national development firm, and Ebenezer Management Services announced the opening of their brand-new seniors housing community in Minneapolis, Minnesota. The large community features a 10-story building with 283 total units of independent living, assisted living and memory care. An additional 1,900 square feet is available for a retail tenant, although who that tenant will be is not known yet. Plus, another 6,230 square feet is designated for a childcare center serving 105 children. These other uses of the space are just part of the intergenerational living plan for the community, as seniors will be able to engage with the children at the daycare center by... Read More »Schedule a demo
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