Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.
Issue link: https://seniorshousingbusiness.epubxp.com/i/484276
14 www.seniorshousingbusiness.com Seniors Housing Business n February-March 2015 Development Cushman & Wakefeld arranges $49.6 million construction fnancing for LCB Senior Living Boston — Cushman & Wake- feld Senior Housing Capital Markets has arranged $49.6 mil- lion in construction fnancing and joint venture equity for two LCB Senior Living housing develop- ments in New England. The projects are LCB's sev- enth and eighth seniors housing developments since it began its development program in 2013. The Residence at Salem Woods in Salem, N.H., will be an 84-apartment, 88-bed inde- pendent, assisted and memory care community situated in a three-story building on a seven-acre site. Wells Fargo provided $15.6 million in con- struction fnancing while the joint venture equity was provided by an institutional investor. The project is expected to open in early 2016. The Residence at Quarry Hill in South Burlington, Vt., will be a 102-apartment, 104-bed inde- pendent, assisted and memory care community developed on a 2.7-acre site just outside of downtown South Burlington. PNC Bank provided $18.4 million in construction fnancing while Virtus Real Estate Capital pro- vided $8.5 million in joint venture equity. The community has a planned summer 2016 opening. The Cushman & Wakefeld team involved in the transactions included executive managing director Rick Swartz; managing director Jay Wagner; director Aaron Rosenzweig; and associate Stuart Kim. MorningStar breaks ground on two new communities Denver — MorningStar Senior Living has broken ground on two new assisted living and memory care communities in Wheat Ridge, Colo., and Albuquerque, N.M. The Wheat Ridge community is a $15 million facility at 10100 W. 38th Ave. An information center is scheduled to open on site in April, with doors opening to residents in December under the name MorningStar of Wheat Ridge. Development of the property in the northern suburb of Den- ver is a joint venture between affliates of MorningStar, a Denver-based senior living developer and operator, and Millennium Venture Group, a Denver-based investment frm. The new senior living com- munity on two acres is Morning- Star's 18th, featuring 45 suites for assisted living and 19 suites devoted to individualized care for residents with Alzheimer's disease and other memory impairments. The architect for the project is Rosemann & Associates of Denver; the interior designer is Thoma-Holec Design of Phoenix; and the builder is Catamount Constructors. Capitol Seniors Housing to open four new facilities Washington, D.C. — Capitol Seniors Housing plans to open four new seniors housing com- munities in 2015, representing an The Residence at Salem Woods in Salem, N.H., is expected to open in early 2016. Continued on page 16