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 16 of 48

Development 16 Seniors Housing Business n April 2018 based general contractor specializ- ing in seniors housing, multifamily and mixed-use development. Trez Forman provides construction loan for active adult community in Florida Venice, Fla. — Florida-based Trez Forman Capital Group has pro- vided a $44.8 million loan for the construction of The Floridian Club of Sarasota, a 309-unit active adult community in Venice. Trez Forman's Ben Jacobson orig- inated the loan. The borrower is Sarasota Floridian. Plans call for 261 single-story attached villas and 48 three-story units served by elevators. Floor plans range from 991 square feet to 1,339 square feet. Long-term leases up to 10 years are available. Although there are no age restric- tions, the community is targeting Baby Boomer residents. Trez Forman is a joint venture formed in 2016 by Palm Beach- based Forman Capital and Vancou- ver-based Trez Capital Group. The entity provides commercial bridge loans for development and con- struction and senior stretch financ- ing starting at $5 million. LCS, Westminster Funds start construction of 44-unit CCRC expansion in Phoenix Phoenix — A joint venture be- tween Life Care Services and West- minster Funds has broken ground on Desert Willow Assisted Living, a 44-unit assisted living building on the campus of Sagewood, a con- tinuing care retirement community (CCRC) in Phoenix. Located within Sagewood's Aca- cia Health Center, the assisted liv- ing expansion will be available to those currently in the community as well as new residents. The new building will add to Sagewood's current size of 316 units. The two-story building is sched- uled to open this fall. Todd & Associates is serving as the architect on the project. Spell- man Brady & Co. is providing in- terior design. The Weitz Company is the gen- eral contractor. Watercrest opens 128-unit assisted living community in South Florida Port St. Lucie, Fla. — Watercrest Senior Living Group has opened Watercrest St. Lucie West Assisted Living and Memory Care in Port St. Lucie, located between Miami and Orlando. The 112,000-square-foot com- munity features 102 assisted living units and 26 memory care units. Watercrest Senior Living Group specializes in the development and operation of assisted living and memory care communities, market repositioning and advisory servic- es. The company is based in Vero Beach. Wolff plans 140-unit independent living community near Portland Hillsboro, Ore. — The Wolff Com- pany has announced plans to build Revel AmberGlen, a 140-unit inde- pendent living community in the Portland suburb of Hillsboro. Wolff plans to break ground later this year for a planned completion in 2020. The four-story property will be located in the Tualatin Val- ley on the west side of Portland. Revel AmberGlen is the 12th se- nior living community that The Wolff Company has developed since 2016. WE DON'T MEASURE SUCCESS IN TRANSACTIONS. WE INVEST IN RELATIONSHIPS. We offer more than just attractive capital, we are a partner in your success. 888.393.8248 Trez Forman provided $44.8 million in development financing for The Floridian Club of Sarasota, a 309-unit active adult community.

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