Seniors Housing Business

MAY-JUN 2018

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

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Development 12 Seniors Housing Business n May-June 2018 E x i t S t r a t e g y • C a p i t a l S o l u t i o n s • P a r t n e r s h i p P l a c e m e n t • C o n s u l t i n g Delivering Results. Focused On Solutions. The leading advisory firm exclusively focused on seniors housing and healthcare real estate. g e t i n t o u c h C h i c a g o • L o s A n g e l e s • B a l t i m o r e • D e n v e r • S a l e m Big Rock opens $82 million community near Disney World Celebration, Fla. — Big Rock Part- ners has completed construction of Windsor at Celebration, an inde- pendent living, assisted living and memory care community in Cele- bration, a master-planned commu- nity in Central Florida originated by Disney. Development costs were estimat- ed at $82 million. The community features 151 one- and two-bedroom independent living residences, 55 one- and two-bedroom assisted liv- ing residences and 33 private mem- ory care residences. Institutional and private eq- uity partners in the development include Square Mile Capital, RD Management and TownshipCapital. Bank of the Ozarks provided $41 million in construction financing for the project, which Walker & Dunlop arranged. This is Delray Beach, Fla.-based Big Rock's second senior living rental community to open. The first, in Lake Worth, is the $105 mil- lion Atria at Villages of Windsor. Three additional communities are in the works. Life Care Services is the operator of Windsor at Celebration. Gensler designed the community, which Balfour Beatty constructed. Vestcor starts construction of 118-unit community in Tallahassee Tallahassee, Fla. — Vestcor Senior Living has started construction of an unnamed independent living, assisted living and memory care community in Tallahassee. Roger B. Kennedy Construction is building the property under a construction contract in excess of $20 million. The three-story, 140,000-square-foot building will offer 119 units. Group 4 Design is the architect of the property, which is slated for completion in summer 2019. The property is located within a development area known as the Canopy Planned Unit Develop- ment. This will give residents ac- cess to 4.4 miles of nature trails, the 14-mile Miccosukee Greenway and 156 acres of green space. Based in Jacksonville, Vestcor owns 11 seniors housing communi- ties throughout Florida. Perkins Eastman breaks ground on 153-unit expansion at CCRC in Maryland Rockville, Md. — Architecture firm Perkins Eastman has broken ground on Gardenside, a 153-unit expansion at Ingleside at King Farm, a continuing care retirement community in the Washington, D.C. suburb of Rockville. Greenbriar Development is the main stakeholder in the nonprof- it, faith-based community, which Ingleside operates. The expansion project will add 121 assisted living apartments and 32 memory care apartments. New amenities include a Cen- ter for Healthy Living, arts center, classrooms, library, meditation space, yoga studio, spa/salon, game room and clinical suite with doctor's office and exam rooms. Gardenside is scheduled for completion in 2019. Windsor at Celebration recently opened, offering 239 units of independent living, assisted living and memory care in the shadow of Disney World in Celebration, Fla.

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