Big Rock Partners Selects Construction Manager for $60 Million Luxury Community in Fla.
Big Rock Partners, a national real estate investment management and development firm headquartered in Beverly Hills, Calif., has selected Balfour Beatty Construction to serve as construction manager for a resort-style, $60 million senior living rental community under development in Celebration, Fla.
With a total of 225 rental residences, the new community will be Celebration’s first to offer independent, assisted living and memory care services, Big Rock Partners stated in a release.
The nine-acre site is the only parcel within Celebration planned for senior housing development.
Sabra Health Care REIT (Nasdaq: SBRA) provided Big Rock Partners with $4.5 million financing for the land and anticipates providing additional financing for construction, said Big Rock Partners’ Senior Managing Principal Richard Ackerman in a written statement.
Construction is projected to begin in late 2015 with an anticipated opening slated for mid-2017.
Balfour Beatty is working closely from the conceptual phase with the project’s architect, global firm Gensler. Life Care Services will operate and market the community. Finance advisor is Walker & Dunlop.
“From its boulevard entry and tree-lined fountains to the high-volume lobby with views of formal gardens, the feel will be gracious, livable and active,” said Gensler Design Director Tom Sze. “Visible from I-4, the building will have landmark presence, yet residential scale, and the four-to-six story plan enables us to create light, airy spaces seldom found in typical low-rise senior living communities.”
Among the project’s focal points, Sze said, will be the indoor pool, movie screening room, fitness center and top-floor solarium for viewing Disney World fireworks displays.
HealthSouth Enters JV to Build Inpatient Rehab Hospital in Ohio
Ala.-based HealthSouth Corporation and Columbus, Ohio-based Mount Carmel Health System have signed an agreement to begin construction on a new inpatient rehabilitation hospital in Westerville, Ohio.
The 60-bed hospital will be a joint venture between HealthSouth and Mount Carmel and will provide specialized rehabilitative care to patients who have experienced stroke, trauma, brain and orthopedic injuries or other major illnesses or injuries.
Construction on the 60,000-square-foot hospital is expected to begin in the fourth quarter of 2015 and to be completed by the first quarter of 2017.
Free-standing, the hospital will include 60 all-private rooms, an on-site therapy gym, walking path and cutting-edge rehabilitative technologies.
The hospital will be located north of Mount Carmel St. Ann’s near the southwest corner of Cleveland Avenue and Polaris Parkway.
Construction Begins This Fall on $62 Million Fla. Retirement Community
Construction is slated to begin this fall on Senior Premier Living, an upscale, $62 million senior living community nestled along the forests of the Suwannee River Basin in Jasper, Fla.
As part of a mixed-use, multi-level senior community, Senior Premier Living will be developed in four phases, with the first phase consisting of 23 acres with 75 one- and two-bedroom independent living villas.
Phase II will encompass 35 acres with 350 assisted living condo units, 50 memory care units and 14 independent living villas.
Additionally, three more phases of the project will provide 80 Golden RV lots with a clubhouse and amenities, along with 30 additional one- and two-bedroom villas, as well as a senior care and hospice center.
Senior Premier Living is affiliated with Florida Gateway Communities, and was recently approved as project of the Florida Gateway Regional Center.
Aspire Development Plans $17 Million Senior Living Project for Marietta, Ga.
Atlanta-based Aspire Development Partners is planning a $17 million senior living community that will begin construction later this year in Marietta, Ga., reports The Marietta Daily Journal.
The proposed development will include 90 units of assisted living and memory care, and is a joint collaboration Aspire and Hollander Properties, a Marietta-based investment firm that specializes in senior living communities.
Once completed in late 2016, the community will be operated by the Arbor Company, an Atlanta-based senior living operator.
Construction: In process
Mainstreet Begins Construction on The Healthcare Resort of Topeka
Carmel, Ind.-based Mainstreet is now underway on construction of Kansas’ latest transitional care development, The Healthcare Resort of Topeka.
Located at 6202 SW 6th Ave. in Topeka, the Resort will boast 94 beds within its 69,935-square-feet structure and will provide assisted living and transitional care, including short-stay rehabilitation and therapy.
As a transitional care center, The Healthcare Resort of Topeka will offer hospitality-oriented care with amenities such as a therapy gym, an outdoor rehabilitation courtyard, movie theatre, game room, a spa, an on-site chef, among other amenities in a service-rich environment.
Representing a total community investment of $16 million, The Healthcare Resort of Topeka is expected to bring 225 construction jobs and approximately 90 permanent jobs at the property itself.
Mainstreet expects construction should be complete by spring 2016.
Maxwell Group Closes on Land for Newest Wellmore Property
Charlotte, N.C.-based Maxwell Group announced this week that it has closed on the land in Lexington, S.C., where the company will construct a $47 million premier retirement community under its Wellmore brand.
Wellmore of Lexington will be Maxwell Group’s 11th community and will open in spring 2017. The property in Lexington, however, is the second Wellmore community. It is located off Laurel Ridge Road beside the Golden Hills Golf & Country Club and across the street from the Lexington Place shopping center.
Similarly to the newly constructed Wellmore of Tega Cay, Wellmore of Lexington will offer assisted living, Alzheimer’s care, skilled nursing services, and short-term rehabilitation as well as amenities including a community clubhouse, gourmet dining, on-site rehab services and a full-service wellness center for residents.
Wellmore of Lexington will also offer social activities, wellness classes, a full-service bar, salon, spa and transportation services.
In addition to the one- and two-bedroom apartment homes on campus, Wellmore of Lexington will also have 14 cottages in the community.
Once complete, the Lexington property will span nearly 200,000-square-feet, with residential accommodations and the 27,000-square-foot wellness center.
Construction is slated to begin this August.
Integral Senior Living-Managed Community Begins Development in Kansas City
Calrsbad, Calif.-based Integral Senior Living announced this week that a new community it is managing will break ground soon in Kansas City, Mo.
Owned by Stonecrest Senior Living, Stonecrest at Burlington Creek is an assisted living and memory care community that will be located in the Northland area of Kansas City.
The community anticipates breaking ground this summer and opening summer 2016.
When complete, Stonecrest at Burlington Creek will have 97 residences in total—55 assisted living units that include studio, one-bedroom and two-bedroom options; and 42 memory care suites including private and shared options.
Kansas City-based Rosemann & Associates and Studio Six5 of Austin, Texas, are the architect and interior designer for the project.
NGKF Capital Markets Arranges Financing for $37 Million Senior Living Project in Ore.
NGKF Capital Markets this week announced it has arranged and structured $37.2 million in construction financing and preferred equity for The Ackerly at Timberland, a 147-unit senior housing project currently under development in the Beaverton neighborhood of Portland, Ore.
The project will total 162,000-square-feet and the 147 units will encompass independent, assisted living and memory care. Separate parking areas, a courtyard and a porte-cochere entry area will also be included.
NGKF Senior Managing Director Jordan Roeschlaub and Managing Director Daniel Fromm arranged and structured the financing, serving as exclusive advisor to borrower Rembold Companies.
BBVA Compass provided a $27.5 million construction loan and an unnamed institutional investor provided $10 million of preferred equity, the proceeds of which NGKF says Rembold will use to develop The Ackerly.
NGKF is part of BGC Partners, Inc., (Nasdaq: BGCP) a global brokerage company servicing the financial and real estate markets.
MorseLife Opens New Memory Care Residence in Fla.
MorseLife, a not-for-profit organization in Palm Beach County, Fla., last week announced it has opened its newest senior care residence in West Palm Beach, a 53-apartment assisted living residence and separate 30-bed advanced memory care long-term care unit.
The memory care residence has been built in the original Edwards Pavilion of the MorseLife nursing residence. The first two floors offer 52 secure studio apartments with expansive dining and living room areas, kitchen, gardens as well as full service amenities and activities.
The third secure level of the building includes 30 long-term care beds for seniors with advanced memory impairment.
The construction represents the third phase of MorseLife’s $150 million capital project that is funded in part by the Campaign to Transform MorseLife, which has raised nearly $30 million to date.
Thus far, the campaign has resulted in the January 2014 opening of the Sondra and David S. Mack Pavilion for short-term rehabilitation and the November 2014 renovation of the Resnick Pavilion of the nursing home.
The fourth phase, to break ground this summer, will be the construction of a 182-apartment independent living residence dubbed The Tower at the Tradition.
Pinkard Construction Completes Mountain Vista Retirement Community
Colo.-based Pinkard Construction Company, owner American Baptist Homes of the Midwest and William Brummett Architects, have completed the two-phased addition and renovation to Mountain Vista Retirement Community located in Wheat Ridge, Colo.
The 23,500-square-foot Mountain Vista project included the conversion of a 9,000-square-foot memory care wing to market rate therapy care, and a 14,500-square-foot, 22-unit memory care addition.
The five-month long phase-one renovation overhauled an entire wing of skilled nursing to create 14 rehabilitation suites designed specifically for short-term care.
Project scope included the addition of private showers to all suites, expanded daylighting, new dining and common areas, a new therapy gym, two new bathing spas, and hair salon with new finishes and furnishings.
Phase II construction ties-in a single-story, wood-framed and brick veneer secure memory care wing to the existing, two-story assisted living building. The memory care wing includes a delayed egress system, nurses station, large living/dining area, activities room, bathing spa, library, new lobby and a new courtyard converted from a surface parking lot.
Additionally, in the existing two-story assisted living building, a second-floor deck was converted into a fully enclosed dining facility.
Developers Complete Addition of Affordable Senior Housing Villas in South L.A.
AMCAL Multi-Housing, a developer of affordable housing and their non-profit development partner, LifeSteps, has recently completed construction on Broadway Villas, an affordable senior housing apartment development in the south Los Angeles community of Watts.
Featuring a total of 49 units, Broadway Villas is a Craftsman-style development designed by Van Tilburg, Banvard & Soderbergh (VTBS).
The Villas offers 40 one-bedroom apartments and nine two-bedroom contemporary apartments with balconies overlooking the neighborhood or courtyard designed by VTBS.
Each apartment includes an oven, stove, garbage disposal, dishwasher and refrigerator. Washers and dryers are also located on each of Broadway Villas’ three floors.
Included within the development are 16 units for formerly homeless seniors and seniors who have complex physical and behavior conditions, with operating subsidy funded by the County of Los Angeles Dept. of Health, which is also providing funding for LifeSteps to provide intensive services to this population.
Common area amenities at the Villas include a community room, extensive landscaping, a barbecue area, walkways and seating areas. The community room showcases large space for complimentary educational and social service programs, including computer training, job skills training, ESL, health and nutrition classes.
Energy Star appliances are also featured throughout the community, as well as a variety of eco-friendly paint and building materials, all of which contributed to the Villas’ achievement of LEED Gold certification by the U.S. Green Building Council, which administers LEED certifications.
Broadway Villas was financed with equity from Enterprise Community Investment; construction and permanent loans from U.S. Bank; and funding from the Los Angeles Housing and Community Investment Department and State of California Housing and Community Development – Infill Infrastructure grant.
Written by Jason Oliva
Companies featured in this article:
AMCAL Multi-Housing, American Baptist Homes of the Midwest, Aspire Development Partners, Balfour Beatty, BGC Partners, Big Rock Partners, HealthSouth, Hollander Properties, Integral Senior Living, Life Care Services, LifeSteps, Mainstreet, Maxwell Group, MorseLife, Mount Carmel Health System, NGKF Capital Markets, Pinkard Construction, Premier Senior Living, Rembold Companies, Rosemann & Associates, Sabra Health Care REIT, Stonecrest Senior Living, The Arbor Company, Van Tilburg Banvard & Soderbergh, Walker & Dunlop, William Brummett Architects