Expansion project receives funding
A retirement community in Dallas, Oregon originally planned to expand its campus in 2007, but had to put in on hold during the Great Recession (bet that’s not the first time you’ve heard that). But now, the project is off the ground thanks in large part to a $27.6 million bond issue underwritten by Cain Brothers. Already with 45 independent living garden homes, 73 IL units, 65 assisted living units, 20 memory care units and 121 skilled nursing beds, the community, sponsored by the not-for-profit Mennonite Retirement Community, Inc. and operated by Life Care Services, was looking to add 40 new lodge-style IL apartments, a 21,000 square foot clubhouse and various new amenities. The proceeds... Read More »California CCRC in the works
Life Care Services (LCS), together with local companies Villaggio Communities, John Madonna Construction and RRM Design Group, announced plans to build a 350-unit entrance fee CCRC in San Luis Obispo, California (located about halfway between Los Angeles and San Francisco) as part of a $500 million mixed-use project that would cater to seniors. In addition to the CCRC, which would be the first in its county, the project will include between 150,000 and 350,000 square feet of commercial retail space, 200 apartments and 60-100 single-family detached homes. Villaggio Communities, a seniors housing developer, is in the process of acquiring 111 acres from John Madonna Construction. The proposed... Read More »In Indiana
Life Care Services (LCS) recently announced it was breaking ground on the Clarendale of Schererville in Schererville, Indiana, the third “Clarendale” property for LCS and construction partner Ryan Companies. The community will feature 177 units of independent living, assisted living and memory care at a cost of $40 million, or $226,000 per unit, to build. The two other “Clarendale” properties are located in Illinois: a 186-unit community in Algonquin and a 156-unit community in Mokena. While the newest property will be ready to open in spring 2017, it will not be short on company. There has been plenty of building going on in the state of Indiana, particularly in the Gary and Indianapolis... Read More »Growing slow and steady
Big Rock Partners (BRP) certainly does its research when scouting for sites to develop seniors housing. We wrote a few months ago that BRP was building a $70 million, 225-unit senior living community in Celebration, Florida, a planned community developed by the Walt Disney Company in the 1990s. Intended as a family community, Disney had never zoned land for seniors housing (and there is none around for 15 miles), so as residents in Celebration are aging, an unmet need grew. Plus, Richard Ackerman, founder of BRP, secured an exclusive right to build seniors housing for eight years, including an option to build on an adjacent 20 acres. BRP plans to soon break ground on that project and open... Read More »Schedule a demo
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