Seniors Housing Business

FEB-MAR 2017

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

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Development www.seniorshousingbusiness.com 15 February/March 2017 n Seniors Housing Business mated at $50 million. It is situated on six acres, and will feature 121 in- dependent living units, 39 assisted living units and 23 memory care units. This is Singh's second Raleigh- area seniors housing project. It is scheduled to open in the first quar- ter of 2018. Koelsch Communities starts construction of $46 million independent living community Surprise, Ariz. — Koelsch Com- munities has started construction of The Park at Surprise, a 155-unit independent living community in the Phoenix suburb of Surprise. The 202,000-square-foot project is being built on an 8.5-acre plot. Development costs are estimated at $46 million. The Park at Surprise will be the fourth Koelsch community in Ari- zona, and is scheduled to open in summer 2018. Madrona Point Development is partnering with RJ Development, both based in the city of Olympia, Wash., to develop the project. Koel- sch Construction will serve as gen- eral contractor. Koelsch Communities operates 22 communities in seven states and is planning to open 16 communi- ties during the next two years. CA Ventures, Pathway open $28 million, 96-unit community in Illinois Grayslake, Ill. — CA Ventures LLC and Pathway Senior Living have opened Travanse Living at Grayslake, a 96-unit assisted living and memory care community in Grayslake, located approximately midway between Chicago and Mil- waukee. Development costs are estimated at $28 million. Chicago-based Worn Jerabek Wiltse Architects designed the community, which features 68 assisted living units and 28 memo- ry care units. Travanse Living at Grayslake is the second seniors housing devel- opment opened by Chicago-based CA Ventures, which started as a student housing developer before entering other sectors. Pathway Senior Living, also based in Chicago, will operate the new community. The company currently operates 24 communities totaling more than 1,300 assisted living units and 600 senior apart- ments in Illinois, Kansas, Minne- sota and Wisconsin. Dekel Capital arranges $25.4 million development loan for 106-unit community in Tucson Tucson, Ariz. — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged $25.4 million in financing for the devel- opment of Sage Tucson, an assisted living and memory care project in the Casas Adobes submarket of Tucson. The deal was capitalized with a $17 million construction loan ar- ranged through Dekel's advisory practice and $8.4 million joint- venture equity funded by the firm's proprietary equity fund, Dekel Strategic Investors (DSI). The property will include 86 as- I D E A S I N T O A C T I O N C A P I T A L M A R K E T S FOCUSED ON YOUR NEEDS WE NAVIGATE THE COMPLEXITIES OF SENIOR HOUSING. In today's senior housing market, it is more important than ever to partner with experts who can close complex real estate transactions. Cushman & Wakefield's national Senior Housing Capital Markets team offers a platform of integrated services providing owners and operators, developers, REITs, lenders, and advisors with seasoned experts. Who understand your investment strategy. Guide you through the transaction process. And save you time and money. What can our Senior Housing team do for you? cushmanwakefield.com/action Investment Brokerage and Banking | Capital Market Debt/Equity Sourcing | Mergers and Acquisitions Valuation and Financial Analysis | Market Consultation and Research | Specialized Consulting Assignments

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