(The Blake at Carnes Crossroads, an assisted living and memory care community in Charleston, S.C. under development by Cardinal Ventures)
Senior Housing Partners, Zenith Capital Plan $12.3 Million Calif. Project
Lake Oswego, Ore.-based Senior Housing Partners LLC and Seattle-based Zenith Capital recently announced they are planning to build a new memory care community in Torrance, Calif.
South Bay Memory Care, which will be located at 2455 Pacific Coast Highway, will consist of 48 units providing 56 beds for those in need of memory care services.
Construction on the one-acre parcel will begin in the third quarter of 2016. The community plans to begin accepting residents in late 2017.
Senior Housing Partners and Zenith Capital expect the project to cost $12.3 million.
The developer, Senior Housing Partners, is a privately held company with more than four decades of experience in the senior housing sector, including extensive experience in independent living, assisted living and memory care services. The principals of the company have been involved in more than 200 projects totaling more than $1.5 billion developed, acquired or managed.
Zenith Capital will partner in the project and will oversee its financing, a portion of which will come from the U.S. government’s EB-5 immigrant investor visa program, as well as additional equity partners investing into the project.
The Seattle-based company is a financial services group specializing in capital solutions for the senior housing industry and has similar projects underway, including Linden Avenue Village in Seattle and Covington Senior Living located in Covington, Wash.
The company’s team has more than 40 years of experience financing senior housing, industrial manufacturing, retail and hotel. Zenith currently has a $1.7 billion track record that includes bond financing, tax-credit financing, debt placement as well as foreign direct investment.
Omega Communities Plans 415-Unit Project for The Villages
Birmingham, Ala.-based senior housing developer Omega Communities this week announced plans to build a 415-unit multi-phase community in the heart of The Villages, Fla.
Plans call for the community to be built on a 30-acre mixed-use parcel in a natural setting located at 1155 Highway 466 in Lady Lake, Fla.
The first phase of the development will be on 7.5 acres of the master-planned site and will house 145 independent living beds, 29 assisted living beds and 24 memory care beds.
OutsideIn Architecture has recently completed construction drawings for the buildings whose design is based on sustainable architecture providing safer and more environmentally responsible communities.
Greenbrier Senior Living will manage the project and the community for Omega, which expects to being construction in June of this year.
The community, to be known as Living Waters, will see the first phase completed in the summer of 2017 with over 150,000-square-feet of high-end residential space, common areas and resort-style amenities.
Residential apartments will be offered on a rental basis and will not require an entrance fee.
The second phase of development is projected for 2017, ultimately completing a total of 415 planned units and 35,000-square-feet of retail and medical office development in one sustainable senior community.
Living Waters will be Omega’s fourth project in Florida and sixth overall. The company plans to break ground on Cypress Point Living in Fort Myers, Fla. later this month.
Earlier this year, Omega announced the development of Lake Vista at Eagle’s Landing in McDonough, Ga.
Construction: In process
Cardinal Ventures, Frampton Construction Begin Work on S.C. Community
Frampton Construction Company, LLC, a full-service construction firm with offices in Charleston, S.C. and Charlotte, N.C., recently announced it has joined with Cardinal Ventures to bring another assisted living and memory care community to the state of South Carolina.
The Blake at Carnes Crossroads is the second project Frampton has teamed with Ridgeland, Miss.-based senior living developer Cardinal Ventures. The project is a sister community to The Blake at Woodcreek Farms, which is currently under construction by Frampton in Elgin, S.C.
Part of the namesake of both communities derives from Blake Management Group (BMG), the management company of Cardinal Ventures.
The Blake at Carnes Crossroads is an 88,000-square-foot, 100-unit assisted living and memory care community strategically located to enjoy the attractions of both Summerville and Goose Creek.
Sitting just 20 miles northwest of Charleston, S.C., The Blake began construction on March 31 and is scheduled to be complete by May of 2017.
The Blake will be a premier anchor for the new Carnes Crossroads master planned community, a 3.7 acre site developed by Daniel Island Company, which includes medical offices, shops, restaurants, a school, parks and a church.
Koelsch Senior Communities Developing $17.5 Million Community in Wash.
Olympia, Wash.-based Koelsch Senior Communities is currently in the process of developing a $17.5 million memory care community in Edmonds, Wash.
Cedar Creek Memory Care will provide care for 80 residents within nearly 55,000-square-feet.
The community will offer private, neighbor and shared accommodations featuring courtyards, sun rooms and a beauty shop. there is also an on-site parking garage with 45 spaces.
Located at 21006 72nd Ave W., Cedar Creek Memory Care is being developed by Koelsch Construction with RJ Development, also based in Olympia. Koelsch is serving both as general contractor and operator of the community once it opens.
Construction began in April 2015 and will open to residents this winter, according to a release from Koelsch.
Koelsch Construction currently has nine memory care buildings in development or under construction. The company has 23 senior living communities serving over 1,500 residents across seven states.
Twin Creeks Senior Living Under Construction in Riverview, Fla.
Twin Creeks Senior Living, an assisted living and memory care community in Riverview, Fla., is now under construction and expected to open in early spring of 2017.
The community, which will be adjacent to the River Springs Town Center, near the FishHawk Ranch community, will be a two-story building that will include 80 assisted living and memory care apartments, in addition to common areas and outdoor living spaces for residents.
Tampa-based senior living developer Enriched Community Development (ECD) LLC closed on the construction financing for the project in March.
ECD is a partnership between local senior living developer, Tom Dentinger, and North Carolina-based Retirement Living Associates, Inc.
An investment group headed by Robert D. Gries, Jr., founder and managing director of Gries Investment Funds is an equity partner in the project.
Once construction is complete, RLA, Inc. will oversee management of the community once Twin Creeks is complete.
Construction is expected to be completed in approximately 11 months, according to a release from Twin Creeks Senior Living.
Beverly-Grant Inc., a design-build firm that specializes in health care construction, is the general contractor.
Oxford Senior Living Begins $15 Million Project in Kansas City
Wichita, Kan.-based developer and operator Oxford Senior Living is expected to break ground this week on a $15 million assisted living community in the Shoal Creek Valley area of Kansas City, Mo.
The Oxford Grand Assisted Living & Memory Care community will offer 51 assisted living apartments for active seniors and an additional 22 memory care.
As for amenities, residents will enjoy access to a coffee bar, restaurant-style dining, a private fitness center, a demonstration kitchen and more.
At 70,000-square-feet, the building is modeled after The Oxford Grand in west Wichita, which opened in November 2013.
A second Oxford Grand project is currently under construction in McKinney, Texas, with an estimated completion in fall 2016.
The anticipated construction completion for the Oxford Grand Assisted Living and Memory Care community in Kansas City is spring 2017.
The general contractor for the project is Crossland Construction Company, Inc. The architect is LK Architecture, Inc.
The project is a joint venture between Oxford Senior Living and Kansas City-based CBC Real Estate Group. This will be the third project that Oxford and CBC have co-developed together.
Brookdale Completes Second Phase of $18 Million Expansion Project
Brookdale Senior Living (NYSE: BKD) announced this week the completion of a $18 million expansion project at a community in Madison, Wis.
Brookdale Madison West, formerly known as Wynwood of Madison West, has been an assisted living community for almost 30 years, offering 48 apartments in a two-story building.
The first phase of the project, completed last year, included a new building for assisted living residents. These 67 upscale studio-plus and one- and two-bedroom accommodations are significantly larger and accompanied by abundant amenities, such as a two-story foyer, elegant dining area, pub/cafe, chapel, spa, beauty salon, arts and crafts areas, and numerous patios including an outdoor fireplace.
In the project’s second segment, the current two-story assisted living building was updated and renovated to serve people with Alzheimer’s. As such, two dementia care programs are now housed in this part of the community.
One of these programs will seek to slow the progression of the disease for those in its initial stage through Brookdale’s Clare Bridge Crossings dementia care program.
The other program, known as Clare Bridge, will provide individualized care and purposeful daily living for people whose Alzheimer’s has moved beyond the early phase.
Clare Bridge Crossings and Clare Bridge each offer 20 apartments in a secured environment.
Developers Celebrate Opening of Colo. Memory Care Community
Pinkard Construction, with Blackwood Development and Choice Capital Partners, recently celebrated the grand opening of the newest Villagio Senior Living community in Broomfield, Colo.
The community is a 43,000-square-foot, 51-unit “memory care continuum” designed by utilizing the latest in resident care philosophies and environmental design, according to a release issued by Pinkard.
Believing that each resident progresses through Alzheimer’s Disease and other forms of dementia at different rates, and in different ways, Villagio created the continuum to more easily allow community staff to deliver specialized programming tailored specifically to residents in their personal stage of dementia.
Villagio communities focus on a spacious home-like feel with an abundance of natural light. Residents may enjoy a variety of amenities, including specific 24-hour care, a gourmet and innovative quality dining experience and robust programming.
During the project’s development phase, Pinkard worked closely with VTBS Architects and owner representative Blackwood Development to identify over $500,000 in value engineering savings.
Over the last 15 years, the principals of Villagio Senior Living have owned, managed and/or capitalized more than 60 senior communities comprising more than 4,500 senior housing units.
With 54 years headquartered in the Colorado Front Range, Pinkard Construction Company has completed 28 senior living projects since 2004, ranging from independent and assisted living to skilled nursing, rehabilitation care and adult day services.
Memory Care America Nears Opening of New Texas Community
Later this month, Nashville-based Memory Care America will open its newest memory care community in New Braunfels, Texas.
Memory Care of New Braunfels is a 45,000-square-foot, 64-bed community that plans to host a grand opening event on Thursday, April 28.
The opening event will feature a short seminar from Neela K. Patel, M.D., associate professor of family and community medicine at the University of Texas Health Sciences Center San Antonio.
In addition to residential care, the community’s personalized memory care program is intended to strengthen abilities, maximize function and promote independent.
Also included at the community will be safety precautions such as lighted handrails to prevent falls, hydration programs with water, juice and healthy fluids to help residents remain hydrated, and comprehensive activity programs including art and music therapy.
Written by Jason Oliva
Companies featured in this article:
Blackwood Development, Blake Management Group, Brookdale Senior Living, Cardinal Ventures, CBC Real Estate Group, Enriched Community Development, Frampton Construction, Greenbrier Senior Living, Koelsch Senior Communities, Memory Care America, Omega Communities, Oxford Senior Living, Pinkard Construction, Retirement Living Associates, Senior Housing Partners, Villagio Senior Living, Zenith Capital