Seniors Housing Business

AUG-SEP 2015

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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www.seniorshousingbusiness.com 19 August-September 2015 n Seniors Housing Business Development tor based in Massachusetts, has started construction on Bench- mark Senior Living at Woburn. The $30 million development will comprise 87 units — 67 for assisted living and 20 for memory care. The Woburn community will be Benchmark's 52nd community, and 25th in Massachusetts. Presbyterian Senior Living renovates Pennsylvania CCRC for $10 million Indiana, Pa. — Nonproft oper- ator Presbyterian Senior Living is renovating St. Andrew's Village, a continuing care retirement com- munity (CCRC) in Indiana, for $10 million. The renovation includes a new 1,700-square-foot community living and learning center and two garden courtyards. The community living cen- ter, which is complete, holds up to 110 people, and serves as a multi-functional gathering place for community events and reli- gious services. The new courtyards include over 14,000 square feet of outdoor gardens, which include dining areas and therapy features. St. Andrew's Village is cur- rently undergoing the fnal phases of the project, which includes renovation of the 30-bed Crosslands long-term care neighborhood and core support center. Completion is expected in November. Caddis starts construction on assisted living community in Texas Arlington, Texas — Dallas- based healthcare real estate frm Caddis has begun construction on Heartis Arlington, an 81-unit assisted living community in Arlington. The one-story community will total 67,000 square feet about 12 miles east of downtown Fort Worth. It is scheduled to open in spring 2016. Portland, Ore.-based operator Frontier Management will man- age the community, along with the four Heartis communities the com- pany already manages in Texas. The architect for Heartis Arlington is Austin, Texas-based Pi Architects Inc., and the general contractor is the Dallas offce of Weis Builders. Kansas City, Mo.-based UMB Bank provided construction debt fnancing. Caddis launched its senior living brand, Heartis, in early 2013. In addition to Arlington, the company has communities open or under construction in the Texas cities of Conroe, Cleburne, Fort Worth, Amarillo, Cypress, Clear Lake, San Antonio, Longview and Waco. Take the express to capital. The shortest distance to capital is straight talk. CapitalSource, a division of Pacifi c Western Bank, Member FDIC We know how to clear the way for an opportunity. Our industry expertise and ef cient loan process allow us to get deals done. And backed by our solid balance sheet and lending power we deliver f exible solutions for any size and type of skilled nursing or seniors housing facility. Whether you're expanding, diversifying, or responding to the reimbursement and regulatory environment, we can get things done. Give us a call to get on board. Don Kelly, Senior Director, Healthcare Finance dkelly@capitalsource.com For more information call (941) 309-5322, or visit www.capitalsource.com Continuum Healthcare Four Skilled Nursing Facilities $48,000,000 Senior Term Loan Chestnut Healthcare 14 Skilled Nursing Facilities $30,000,000 Revolving Credit Facility Tryko Partners Two Skilled Nursing Facilities $14,600,000 Senior Term Loan Madison Realty Equities One Assisted Living Facility $9,500,000 Senior Term Loan Benchmark Senior Living at Woburn, currently under construction in Woburn, Mass., will feature 67 assisted living units and 20 memory care units when complete.

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