Seniors Housing Business

APR 2018

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

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Page 14 of 48

Development 14 Seniors Housing Business n April 2018 master-planned development, lo- cated near a new supermarket and a polo club. Ryan A+E is providing architec- tural services, and Grand Living will operate the community upon completion. A sales center is sched- uled to open at the site this fall. A completion timeline was not re- leased. NorthMarq arranges $29.3 million financing for community in California Visalia, Calif. — NorthMarq Cap- ital has arranged $29.3 million in financing for the construction of Quail Park at Shannon Ranch, a 120-unit seniors housing property in Visalia, located between Los An- geles and the Bay Area. Living Care Lifestyles, the Kawe- ah Delta Hospital and several local investors own the property. Liv- ing Care Lifestyles will operate the community upon completion in early 2019. Stuart Oswald of NorthMarq se- cured the five-year loan through a regional bank. Hines, Welltower break ground on 151-unit seniors housing tower in Manhattan New York City — Hines and Welltower Inc. have started con- struction of Sunrise at East 56th, a seniors housing property located at 139 E. 56th St. in Midtown Man- hattan. Also known as The Welltow- er, the 16-story tower will be the neighborhood's first purpose-built assisted living and memory care community. Designed by SLCE, the property will feature retail at the base and 151 assisted living and memory care units. Community amenities will in- clude dining rooms, a salon, exer- cise facilities, medical examination rooms, an art studio and a theater. Slated for completion in early 2020, Sunrise Senior Living will operate the development. Cham- palimaud is serving as interior de- signer for the property. BMO Harris provides $35.3 million construction financing for 171-unit community in Jacksonville Jacksonville, Fla. — BMO Harris Healthcare Real Estate Finance, as sole lender, has provided a $35.3 million loan for the construction of Grand Living at Tamaya, a 171- unit seniors housing community in Jacksonville. The borrower is a partnership between Ryan Cos. and Grand Liv- ing. The property will offer inde- pendent living, assisted living and memory care. In 2014, real estate developer Ryan Cos. and owner-operator Grand Living formed a joint venture to de- velop seniors housing communities across the United States. LandSouth breaks ground on $19.3 million independent living community near Tampa New Port Richey, Fla. — Land- South Construction has broken ground on Trinity Independent Se- nior Living, a luxury independent living community with a construc- tion value of $19.3 million. Trinity is being built in a growing area of New Port Richey, located in Pasco County north of Tampa. The developer, Trinity IL Senior Living LLC, has chosen Chancey Design Partnership as the architect for the five-story project that sits on 2.8 acres. The project is scheduled for completion in June 2019. The community will feature 117 apartments with 12 floor plans ranging from 732 square feet to 1,330 square feet. Watermark Re- tirement Communities will operate the property. LandSouth is a Jacksonville- delivers done deals. Grand Living at Lakewood Ranch will offer 172 units of independent living and assisted living in Sarasota, Fla. Development costs are estimated at $50 million.

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