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 16 www.seniorshousingbusiness.com Seniors Housing Business n February/March 2017 sisted living units and 20 memory care units in a two-story structure located on 9.6 acres. Construction began in late 2016 and is slated for completion in early 2018. This is the third investment De- kel has made with the borrower, Willis Development. Cushman & Wakefield arranges $23.3 million construction financing for LCB community Stamford, Conn. — Cushman & Wakefield has arranged $23.3 mil- lion in financing for a joint venture between LCB Senior Living and Virtus Real Estate Capital, which will use the loan to build The Resi- dence at Stony Ford, a 104-unit in- dependent living, assisted living and memory care community. The five-story community will be LCB's 13th seniors housing devel- opment. It is situated on an infill, mixed-use, one-acre plot in down- town Stamford, approximately 30 miles northeast of New York City. Existing multifamily and office buildings on the site will be demol- ished for the new development. M&T; Bank will provide the capi- tal. Cushman & Wakefield's Rick Swartz, Jay Wagner, Aaron Rosen- zweig, James Dooley and Caryn Miller arranged the financing. The developers expect to open the project during the second quar- ter of 2018. LCB is a developer and operator of 1,607 seniors housing beds with an additional 450 currently under construction and an active pipeline of four additional projects expected to break ground in 2017. The com- pany's properties are largely cen- tered in New England. Erickson plans 114-unit expansion to independent living community in New Jersey New Providence, N.J. — Erickson Living, one of the largest seniors housing operators in the United States, has announced a Phase II expansion of Lantern Hill, the com- pany's 161-unit independent living community in New Providence, approximately 30 miles west of New York City. The expansion will add 114 ad- ditional independent living units to the property, for a total of 275. The new units will be in two new buildings scheduled to open in ear- ly 2018. Long-term, Erickson plans to turn the 20-acre property into a 360-unit continuing care retirement community. The first independent living phase opened in June 2016 and sold out in 10 weeks, accord- ing to Erickson. Titan Senior Living breaks ground on 109-unit project in Texas Corpus Christi, Texas — Titan Se- nior Living, a San Antonio-based developer, has broken ground on Élan: A Senior Lifestyle, a 109-unit assisted living and memory care community in Corpus Christi. Civitas Senior Living, a Fort Worth-based operator, will man- age Élan once completed. The community will sit on a five-acre site and include 77 assisted living units and 32 memory care units in a three-story building. The project is scheduled to open in summer 2018. Development costs were not disclosed, but Cushman & Wake- field arranged $15.2 million in construction financing for the project. A Texas-based regional bank provided the capital. Aaron Rosenzweig, Richard Swartz, Jay Wagner and Sam Dylag led the Cushman & Wakefield team in ar- The Residence at Stony Ford in Stamford, Conn., will be LCB Senior Living's 13th development.

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