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 »
Ziegler Secures Construction Financing for Michigan CCRC
A not-for-profit CCRC in Michigan is embarking on an independent living expansion and worked with the team at Ziegler to secure a bank bond financing to fund it. Located in the affluent suburb of East Grand Rapids, the CCRC was originally built in 1960 on a 20-acre campus. It currently consists of 170 entrance-fee independent living units, 20 rental IL units, 46 assisted living units, 35 memory care units and 29 skilled nursing beds. Recently, ownership purchased a medical office building on the northeast corner of the campus but has plans to demolish it and build 26 new independent living units with underground parking, communal areas on each floor and an outdoor patio/entertaining space.... Read More »
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 »Schedule a demo
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