Zenith Capital, Village Concepts Plan $25 Million Project for Seattle
Zenith Capital, a company that provides alternative financing for the senior housing industry such as EB-5 funding, is teaming up with Federal Way, Wash.-based Village Concepts to build a new 100-unit, $25 million assisted living and memory care facility in Seattle.
The Linden Village Assisted Living Community will be constructed at 13524 Linden Avenue North in north Seattle’s Bitter Lake neighborhood.
The community will offer 79 units of assisted living in studio, one- and two-bedroom floor plans; and 21 spaces available in the building’s memory care wing.
Amenities include a rooftop deck, entertainment center, medication management and full meal plans available to residents.
Zenith Capital is overseeing development and financing of Linden Village, while Village Concepts is the operator. The architect is Innova, a Wash.-based firm with offices in Tacoma and Mercer Island.
The EB-5 immigrant investor visa program will provide a portion of the project’s overall financing.
Joint Venture Files Plans to Develop Two Memory Care Communities in Maine
Sandy River Company and Northbridge Companies recently announced that their joint venture has filed applications to permit and develop two new Avita memory care communities in Wells and Brunswick, Maine.
For Wells, the companies plan to develop a 60-unit Avita facility on a land parcel adjacent to York Hospital and the Wells Junior High School.
In Brunswick, project plans call for developing a 60-unit Avita community on a 14-acre site at the former Brunswick Naval Station known as Brunswick Landing.
Avita is the venture’s signature assisted living platform. In fall 2013, Avita of Stroudwater, located in Westbrook, opened. That community serves over 60 families and boasts amenities that include a salon and barber shop, computer lab, screen porches, social and recreational programs, assistance with personal care and a locally-sourced menu.
Each of the proposed Avita communities in Wells and Brunswick will offer the same level of programming and amenities, the joint venture companies stated in a release.
While the companies do not have ballpark development figures available to share yet, a spokesperson from Northbridge Companies told SHN that baseline rental pricing for private studios will be $6,800 per month, while shared apartments—each with their own bedroom—will rent at $6,300 per month.
Rental prices include three daily meals, scheduled transportation, daily housekeeping, weekly linen and personal laundry services, all utilities excluding phone and cable, full program schedule, assistance with medications and up to 60 minutes of daily personal care.
Northbridge Companies develops, owns and manages senior living communities throughout New England. The company’s portfolio includes 11 communities serving 715 residents, predominantly in the Massachusetts area, with communities in New Hampshire as well as Maine.
Wellbrook Senior Living Selects New Mexico for Post-Acute Pipeline
Torrance, Calif.-based Wellbrook Senior Living this week selected Las Cruces, N.M. as the first of several new markets within the state for the development of a transitional rehabilitation facility.
The project will encompass approximately 35,000-square-feet and will offer 50 private rooms for patients while creating nearly 100 new jobs in the community.
The need for quality post-acute care beds isn’t limited to Las Cruces, said Jecoah Byrnes, managing principal of National Healthcare Realty, a real estate advisory firm focused exclusively within the health care sectors, and also involved with the Las Cruces project.
“Their [Wellbrook’s] proximity to the Mountain View Medical Center campus is very positive, and we feel that they will be able to draw patients from as far away as El Paso, Texas,” Byrnes said in a prepared written statement.
The new facility will break ground in the fourth quarter of 2015, and Wellbrook expects construction to be completed by summer of 2016, upon which the company will begin admitted patients.
Construction: In process
Thrive Senior Living Underway on Tech-Infused Community for South Carolina
Atlanta-based Thrive Senior Living announced this week that it has broken ground on an innovative assisted living and memory care community that will be outfitted with an array of technologies in Northwest Murrells Inlet, S.C.
The 89-unit Thrive at Prince Creek will feature resort-style resident apartments, a spa, beauty salon, fitness center, movie theater, multiple courtyards featuring rich outdoor amenities and more. Of the total units, 25 are reserved for the building’s memory care section.
Interior finishes aim to defy the traditional look and feel of most senior living communities, Thrive said in a release on the project, featuring warm tones, the use of stone, wood and granite surfaces in a lodge-like environment.
On the tech-side, residents will be able to access their apartments using a keyless RFID system, which can also be used to access the state-of-the-art pneumatic fitness equipment at the community.
Other tech includes tools like activity trackers and in-room monitoring systems that learn each resident’s routines and patterns, and can report anomalies and trends.
Thrive utilizes the LG Smart Senior Living platform, which creates an entirely digital environment and integrates communication, medication management, electronic health records and resident care plans all on single device in the hands of each care team member.
THW Architects of Atlanta and Studio Six 5 Interiors of Austin, Texas are also involved with Thrive at Prince Creek. Construction is being overseen by Atlanta-based Freese Johnson.
The community is owned by LTC Properties (NYSE: LTC).
Dominion Senior Living Breaks Ground in Tenn.
Southeastern senior housing developer Dominion Senior Living is executing its regional development pipeline with a new project having just broken ground in Hixson, Tenn.
Located at 2143 Northpoint Boulevard, Dominion Senior Living of Hixson will provide a faith-based senior housing community for up to 82 residents in 32 assisted living and 32 memory care apartment homes.
The 47,000-square-foot development sits on a property that was acquired from Abba’s House, a Baptist church that will serve as a spiritual partners in the community, Dominion stated in a release.
Four large courtyards on-site will include picnic areas, games and botanical gardens, and the community will also feature sensory gardens designed to engage residents living with Alzheimer’s and other forms of dementia.
Dominion Senior Living of Hixson is located just minutes from Memorial North Park Hospital and residents of the community will be able to enjoy nearby services such as shopping, banks and doctors’ offices.
Orlando SNF Getting $15 Million Makeover
Guardian Care Inc., a skiled nursing facility (SNF) in Orlando, Fla., will get a $12 million – $15 million renovation next year, reports Orlando Business Journal.
Plans call for demolishing the neighboring Magruder Village Apartments and building a 48,000-square-feet, 80-bed facility.
Once built, plans also call for the vacating and demolition of an existing 60-bed building, for which Guardian Care plans to use the empty land for building an assisted living and memory care facility.
Construction of the 13-acre site is slated to begin fall 2016.
Atria Completes $20 Million Construction, Renovation Project at Mass. Community
Atria Senior Living recently completed a renovation and construction project valued at $20 million at Atria Marland Place, a community in Andover, Mass., reports The Andover Townsman.
New amenities at Atria Marland Place include a redesigned restaurant, modern bistro, newly designed tavern, custom fitness center, movie theater, spa, salon and a brand new electronic training center.
Developers Complete $3.2 Million Affordable Senior Housing Community in Minneapolis
WNC, a national investor in real estate and community development initiatives, announced this week the completion of Hi-Lake Triangle Apartments, a newly built 64-unit affordable senior housing community in Minneapolis.
For the project, WNC provided approximately $3.2 million in low-income housing tax credits (LIHTC) equity to fund the new development.
Hi-Lake is a six-story building comprised of 53 one-bedroom and 11 two-bedroom units located at 2230 E. Lake St., approximately three miles from downtown Minneapolis.
The building, which is part of a mixed-use development containing 5,385-square-feet of ground floor retail space, offers residents a rooftop terrace, outdoor picnic area, community room, recreational facility, common living room with a fireplace, laundry facilities, intercom access and onsite management.
Each unit is equipped with central air conditioning and the building’s parking area includes 41 spaces received for Hi-Lake tenants.
Hi-Lake Triangle LLC served as the general partner of the project, while Stephen B. Wellington, Jr. served as the project developer. Wellington Management received the LIHTC financing to help fund the development, which occurred over approximately 9.5 months until completion.
Written by Jason Oliva
Companies featured in this article:
Atria Senior Living, Dominion Senior Living, Guardian Care, Innova, LTC Properties, National Healthcare Realty, Northbridge Companies, Sandy River Company, Studio Six 5, Thrive Senior Living, THW, Village Concepts, Wellbrook Senior Living, Wellington Management, WNC, Zenith Capital