Seniors Housing Business

JUL 2018

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

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Development 14 Seniors Housing Business n July 2018 Fuel growth and profits with an HR strategy. Serving the Senior Living Industry for over 15 years 833-558-9869 | Employee Attraction & Retention Employee Benefits & Benefits Administration Human Resources Software Payroll & Payroll Tax Administration Risk Mitigation & Workplace Administration Leadership & Talent Development LCS, Harrison Street, Ryan Cos. break ground on $50 million community near Nashville Bellevue, Texas — LCS, Harrison Street Real Estate Capital and Ryan Cos. US Inc. have broken ground on Clarendale at Bellevue Place, a 195-unit independent living, assisted living and memory care community in the Nashville suburb of Bellevue. The community will feature 113 independent living units, 44 assisted living units and 38 memory care units. Development costs are estimated at $50 million. This is the second Nashville-area seniors housing development for the joint venture. The property is one of the final parcels to be devel- oped in the One Bellevue Place mixed-use development. Construc- tion is slated for completion in November 2019. Terry Smith and Henry Trost of Avison Young represented Ryan Cos. in the acquisition of the land. Clarendale at Bellevue Place will feature 195 units of independent living, assisted living and memory care in the Nashville suburbs. HJ Sims secures $52.1 million construction financing for CCRC expansion in Massachusetts Lexington, Mass. — HJ Sims has closed $52.1 million in construc- tion financing for the expansion and repositioning of Brookhaven at Lexington, a continuing care re- tirement community (CCRC) in the Boston suburb of Lexington. Brookhaven opened in 1989 and is located on a 32-acre plot. The community underwent a previous expansion and renovation project in 2006. The current project fol- lows a master-planning process that showed the need for more in- dependent living units, significant renovations and a reconfiguration of the layout. Entrance-fee payments from the new independent living apart- ments will help pay down the short-term construction loan. The total financing includes a $36 mil- lion construction loan to be repaid within two years of the indepen- dent living apartments opening in 2020, as well as a $16.1 million term loan maturing in 2030. The construction loan features a floating rate to minimize inter- est cost. The current rate is below 3 percent. The long-term debt has a fixed interest rate of 3.89 percent to shield Brookhaven from inter- est rate increases over the 12-year term. Columbia Residential completes 149-unit affordable rehabilitation project in Midtown Atlanta Atlanta — Columbia Residential has opened Tenth & Juniper, a reha- bilitated affordable seniors housing high-rise in Midtown Atlanta. The building was originally con- structed in 1974. The Atlanta Hous- ing Authority brought Columbia Residential into the project in 2015 to rehabilitate the property into 149 affordable housing units reserved for seniors. Thirty apartments have been re- served for residents earning up to 50 percent of area median house- hold income, and 119 units will be reserved for residents earning up to 60 percent of area median house- hold income. Approximately 38 percent of residents from before the renovation are returning.

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