Kisco Senior Living & HCN to Build N.C. Senior Living Community
Carlsbad, Calif.-based Kisco Senior Living is taking over the development of a N.C. senior living community, reports the News Observer, in a joint venture project with Toledo, Ohio-based Health Care REIT (NYSE:HCN).
Kisco is scaling back original plans made by Kane Realty for the continuing care retirement community, which will now have a rental model rather than entrance fee. The Cardinal retirement community will have 160 independent living units and 60 units for assisted living, nursing care, and memory care.
HCN had originally been Kane’s financing partner on the deal.
Business Owner to Develop $17.5 Million Senior Living Project in Minn.
The former co-owner of a local restaurant has a new project in the works: the development of a 101-unit senior living community in Lakeville, Minn., reports TwinCities.com.
Kingsley Shores Senior Living will be a three-story independent living, assisted living, and memory care community built on a four-acre plot. Businessman Frank Schoeben owns the land and is spearheading the $17.5 million project, says the article.
The development team includes Winkelman Building Corp, based in St. Cloud, Minn., Frisbie Architects Inc., based in River Falls, Wisc., and SilverCrest Properties, of St. Louis Park, Minn.
Upon completion of construction, SilverCrest will manage the property and is also part-owner.
Calif. Senior Home to Expand Services, Build Senior Care Campus
Los Angeles Jewish Home plans to develop a senior care community in The Village at Playa Vista, called The Gonda Healthy Aging Westside Campus. The Gonda campus will include a continuing care retirement community with 176 units designated for for independent seniors, and 24 units for assisted living and memory care. Nearby will be a Brandman Centers for Senior Care PACE (Program of All-Inclusive Care for the Elderly) site that will have the capability to care for an additional 240 seniors. A 60-bed skilled nursing in the vicinity is also being planned.
Joint Venture to Build 2 Senior Living Communities in Texas
Joint venture partners McFarlin Group, LLC and Stroud Development, LLC, both based in Dallas, Tex., are planning to build two assisted living and memory care communities in the Houston metropolitan area, bringing the number of communities the joint venture is developing in Texas to five.
Orchard Park of Katy will provide assisted living and memory care services with the capacity for 97 residents. Amegy Bank of Texas will provide financing for the development, which is expected to break ground in October 2012 and open in late 2013.
Orchard Park of Pearland will be an approximately 70,000-square-foot project also with memory care and assisted living services and capacity for 97 residents. The McFarlin Group/Stroud Development joint venture utilized HUD’s Section 232 LEAN program for financing the project. Construction is expected to begin in the first quarter of 2013 and be completed by late 2013.
“We feel Texas continues to have a lot of potential, and is currently looking at several markets throughout Texas with the DFW area being our current focus,” said Dustin Pridmore, Principal of McFarlin Group, in a statement.
The two companies currently have three other Texas projects in various stages of construction or planning, all financed through the Section 232 program.
All the Orchard Park communities have been designed by architectural firm Galier, Tolson and French Design Associates, based in Bedford, Tex. Each community will serve 57 assisted living residents and have a separate secured memory care wing with capacity for 40 residents. The communities’ amenities will include private dining spaces, special events venues, fitness and wellness areas, weekly linen and housekeeping services, and assistance with ADLs.
Meridian Senior Living will manage the communities upon completion.
Northbridge Companies to Expand New Development Portfolio in New England
Northbridge Companies, based in Burlington, Mass., has added two new senior living development projects to its New England portfolio with a total expected construction cost of about $31 million.
The company will develop a $16.8 million assisted living and memory care community in the Boston suburb of Wayland, Mass. Carriage House at Lee’s Farm will have 62 units, 33 of which will be assisted living units with 29 designated for memory care. Northbridge secured financing for the project from Cambridge Savings Bank, with equity provided by a partnership including the Nordblom Company and RMA.
Northbridge will also develop Avita of Stroudwater in a joint venture with Sandy River 2. The Westbrook, Maine community will have 60 units all dedicated to memory care. The $14.45 million project is financed through TD Bank, with equity provided by a partnership between private investors and RMA.
Construction: In the Process
Construction Begins on $6.5 Million Wisc. Senior Living Community
Applewood Senior Living recently broke ground on a $6.5 million assisted living and memory care community in Brookfield, Wisc., reports BizTimes.com. Applewood of Brookfield will have 48 private suites, each with its own bathroom and kitchenette. The community is expected to open in the spring of 2013.
The developer has operated a similar community in the area since 1993.
Dominion Partners to Build $23 Million Senior Apartment Complex in Fla.
Birmingham, Ala.-based senior living developer Dominion Partners will soon break ground on a 250-unit senior apartment complex in Santa Rosa Beach, Fla. as part of a joint venture with Mesa Capital Partners of Atlanta, Ga.
Construction is expected to take about a year to complete, with estimated development costs expected to exceed $23 million.
The apartments will include one-, two-, and three-bedroom units with community amenities including a clubhouse, resort-style pool, covered outdoor pavilion area, car wash area, and covered parking. There will also be a 1,500-square-foot health facility located within the community clubhouse.
The project team includes Atlanta, Ga.-based Multicon Construction LLC as general contractor; Birmingham, Ala.-based Maxus Construction providing construction management services; and Atlanta, Ga.-based Pucciano & English as architects.
Vintage Senior Living Completes IL-to-AL Renovation
A Vintage Senior Living community, Narrows Glen, recently completed renovations that converted independent living units to 55 assisted living units. The renovations made the units wheelchair accessible with lowered thermostats, better lighting, wider door frames, larger bathrooms, and handrails and emergency call buttons in hallways. Residents will be able to get assistance with activities of daily living from staff. Other renovations include new carpeting and paint schemes.