Lifespace Communities Redeveloping Its Chicago-Area CCRC
A 247-unit CCRC in Downers Grove, Illinois (Chicago MSA) is in line for a massive $150 million redevelopment of its campus. In the first phase breaking ground this Fall, the owner, not-for-profit Lifespace Communities, Inc., will look to add 66 assisted living units, 28 memory care units and 102 skilled nursing suites, with private courtyards. The initial project will cost an estimated $61 million, or $311,200 per unit. According to our in-house construction database, which tracks senior care developments dating back to 2013, CCRC expansion or new construction projects cost approximately $420,000 per unit, or more than $100,000 per unit over the cost of Phase I. But, when you add in the... Read More »
Dover Development Goes Back To School
Knoxville, Tennessee-based Dover Development has gone back to school on its latest senior living development projects. That is, the firm has specialized in renovating neglected historic buildings, including most recently a couple of former schools, into seniors housing. First, Dover has already begun work on renovating an 80-year old (and unoccupied for 25 years) former high school in South Knoxville. After purchasing the school for $1,000 from the city of Knoxville, Dover embarked on $9.5 million ($158,300 per unit) renovation of the building, which will include 60 units of assisted living and memory care by its expected 2018 opening. Dover didn’t stop there in Knoxville. The company is... Read More »
Watercrest Partners With United Properties In Latest Development
Watercrest Senior Living Group has announced its latest senior living development project, and a brand-new partnership too with United Properties. The joint venture plans to break ground this Fall on a 128-unit luxury assisted living/memory care community in Naples, Florida, with an expected opening in early 2019. United Properties has already purchased the property and is entering the Florida market with this project, after developing 15 seniors housing communities in the Minneapolis, Minnesota and Denver, Colorado areas. Watercrest, on the other hand, is well versed in the Florida seniors housing market, having opened communities in Lake Nona, Sebastian, Jacksonville and Viera, so far.... Read More »Trust In SunTrust Bank
SunTrust Bank pulled double duty for an entrance fee CCRC in Stone Mountain, Georgia, providing permanent financing for both the existing community and a new addition in the form of a $74.4 million loan on behalf of the owner/operator, Isakson Living. Through its Aging Services practice, SunTrust provided a mix of fixed- and floating-rate debt, about 60% of which went towards refinancing the existing 398-unit CCRC, known as Park Springs. Built in 1999, the community was over 90% occupied and was ready to expand. So, the remaining 40% of the financing (about $27.8 million) funded a brand-new health center to feature an 18-unit skilled nursing rehab facility next to a new physical therapy... Read More »Walker & Dunlop Obtains HUD Financing For Senior Living Project
A group of local owners in Colorado went to HUD to receive construction financing for their 137-unit senior living development in Monument, Colorado (between Denver and Colorado Springs). Having just broken ground last month, the community will feature 80 assisted living, 30 memory care (in two separate 15-unit neighborhoods) and 27 independent living units on a scenic 6.4-acre property. It is scheduled to open in late-2018, with a host of amenities, including several dining areas, guest apartments, a barber and beauty salon, community store and concierge services. Lakewood, Colorado-based WellAge Senior Living will manage the community. Ralph Lowen of Walker & Dunlop structured a... Read More »Schedule a demo
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