Seniors Housing Business

FEB-MAR 2018

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

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Page 15 of 56

Development 15 February-March 2018 n Seniors Housing Business velopment financing. Western States Lodging's port- folio includes hotels, senior apart- ments and seniors housing com- munities in Utah, Oregon, Idaho, Washington, Hawaii, Colorado, Nevada and Arizona. Solvere to open $59.1 million community in New Jersey Hamilton Township, N.J. — Solvere Senior Living has opened Homestead at Hamilton, a $59.1 million seniors housing commu- nity in New Jersey. The project is located in the Tren- ton suburb of Hamilton Township, midway between New York City and Philadelphia. It will feature 96 independent living apartments, 75 assisted living apartments and 24 memory care apartments. The four- story building sits on a 24-acre site. Pike Construction Co. built the property, which J. Randolph Parry Architects PC designed. Andy Fritz will serve as general manager of the community. Based in Princeton, Solvere is an operator of seniors housing com- munities in Florida, New York, New Jersey, Texas, Maryland, West Virginia, Virginia and Indiana. Its partner company, Solutions Advi- sors, provides marketing, sales, consulting and creative services to the senior housing industry nation- wide. Joint venture plans $52.7 million renovation of affordable community in the Bronx New York City — A joint venture between Fort Schuyler Housing Development Co., Smith & Henzy Advisory Group Inc., MDG Design + Construction LLC, Concord Man- agement of New York and other partners has unveiled a $52.7 mil- lion renovation and refinancing plan for Fort Schuyler House, a 139-unit affordable seniors housing develop- ment in the Bronx. In addition to $15.5 million in capital repairs, the project will pre- serve the affordability of 138 of the units. The 139th unit is reserved for the property manager. Fort Schuyler House was built in 1973 to offer independent liv- ing opportunities for low-income seniors age 62 and over. The eight- story building features 118 studio units, 20 one-bedroom units and one two-bedroom unit. The project will provide apart- ment improvements, including the conversion of antiquated Dwyer units to fully functioning kitchens. The apartments will also receive new flooring; new electrical risers and CB panels; new emergency pull cords; and energy-saving ap- pliances, radiator control valves, bath and kitchen fixtures; and LED lighting throughout. The renova- tions will be done with tenants remaining in their homes to mini- mize the disturbance to residents. The shared spaces and over- all property will also receive up- grades, including new flooring and finishes; new security and energy efficiency measures; a newly reno- vated auditorium; and new tenant lounge. Landscaping improve- ments will include community roof terraces; a shuffleboard court; 200+ properties: AL • MC • SNF 805.981.8655 • " When I needed time-sensitive financing, I called LTC. Their leadership is straightforward, realistic and creative in finding workable solutions." L Y N N E K A T Z M A N N , P h D Founder & CEO, Juniper Communities Partner since 2012 Acquisition Development Preferred Equity Mezzanine

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