In the Pipeline: Senior Housing Construction Projects (10/24/13)

Construction: Planned

Senior Housing Trio to Break Ground on $20 Million Assisted Living Project

Integral Senior Living announced this week that a new community it will manage will break ground on a new assisted living and memory care community in Torrance, California.

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Capitol Seniors Housing along with Welbrook Senior Living have begun development of Welbrook South Bay, a new project that will cost approximately $20.4 million, according to a spokesman from Capitol Seniors Housing.

The companies expect to break ground November 7 on the roughly 57,000-square-foot community.

Upon completion, Welbrook South Bay will have 70 residences.

Wisconsin Senior Living Community Plans $12 Million Expansion

A Muskego, Wisconsin-based senior living community is planning a $12.1 million expansion and renovation project, Milwaukee-Wisconsin Journal Sentinel reports.

Tudor Oaks Retirement Community plans to expand and renovate part of its independent living building to create 18 apartments that also include attached parking garages.

The community also intends to add seven assisted living apartments and renovate its skilled nursing facility to expand therapy facilities and private rooms.

Project financing will come from a tax-exempt bond issue.

Nonprofit American Baptist Homes of the Midwest owns and operates Tudor Oaks.

Southern Illinois Council OKs $425,000 for Senior Living Projects

The City Council of Belleville, Illinois, voted Monday to approve up to $425,000 in tax increment funding to develop two new senior living communities, reports BND.com.

The approved funding will be used to help with the demolition for two new senior communities.

The Cottages, a $8.2 million senior living community featuring 32 units, is expected to break ground November near St. Peter’s Cathedral at 100 W. Harrison Street.

Another facility will be a $29.5 million project with about 130 beds, referred to as St. Paul’s.

Capital Firm Closes $20 Million Construction Loan for New Assisted Living Project

Red Capital Partners, LLC, the banking arm of Red Capital Group, LLC, announced Tuesday that it has closed a $20.6 million senior housing balance sheet construction loan, which will be used toward the development of a new assisted living and memory care community.

Kensington of Sierra Madre will be a 75-unit, 90 bed assisted living and memory care community located in Sierra Madre, California.

The property will be developed, owned and operated by affiliates of Kensington Senior Living, LLC.

The non-recourse construction loan will finance the completion and stabilization of the project over an initial five year term.

Construction: In process

Developers Begin Work on New Brookdale Memory Care Community

Fortney & Weygandt, Inc. recently announced they have begun work on Brookdale Senior Living’s newest senior housing facility in Williamsburg, Virginia.

Chambrel at Williamsburg project will be a one-story memory care community with 32 beds.

The project will encompass 24,370-square-feet and will be the fourth senior housing facility North Olmsted, Ohio-based Fortney & Weygandt, Inc. has built for Brookdale.

Chambrel at Williamsburg is scheduled for completion in September 2014. Development costs associated with the project were not disclosed.

Erickson Living Community Breaks Ground on $13 Million Expansion

Tallgrass Creek, an Erickson Living-owned retirement community in Overland Park, Kansas, broke ground Tuesday on a $13 million expansion project, reports Kansas City Business Journal.

Expansion plans include a 134,00-square-foot building that will add 87 independent living apartments to the existing community.

Tallgrass Creek opened in 2007 with 226 independent living units in two 130,000-square-foot buildings.

The community also plans to open the first phase of a new $20 million, 100,000-square-foot continuing care neighborhood that will include 28 additional assisted living apartments.

A second phase for the project will include 28 memory care and 44 skilled nursing units.

Construction: Completed

Former New Jersey Convent Reopens as Affordable Senior Housing

St. Peter the Apostle Paris in River Edge, New Jersey, has undergone a transformation into senior housing, thus becoming The Senior Residence at St. Peter the Apostle, NorthJersey.com reports.

The 24-unit project cost about $600,000, according to nonprofit real estate developer Build with Purpose, with additional funding coming in the form of several grants, including a $400,000 loan provided by The Reinvestment Fund based in Philadelphia.

A ribbon-cutting ceremony was held Sunday for the 62 and older age-restricted affordable housing development.

The monthly cost for a resident at The Senior Residence is $1,900, which is less than half of the state average of $4,286 for assisted living communities.

Written by Jason Oliva

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