Bernardon & Associates focuses on $53 million CCRC facility Kennett Square, Pa.-based Bernardon & Associates Architects P.C. plans to complete Phase I of Jenner's Pond, a 341-unit CCRC facility, in early 1998. The $53 million project will be developed by the Southern Chester County Medical Center, in conjunction with Krapf Candoit Construction Co. as the general contractor, on 88 acres earmarked for the campus-style community. Bernardon provided the land planning and design for a 59-unit assisted living facility, 164 cottage-style duplexes and a 118-unit seniors apartment complex composed of four four-story buildings, one of which houses a 30,000 sq. ft. community center.
The assisted living facility units will each have a kitchenette and private bath. A special-needs wing of 12 units is focused on residents that are in various stages of Alzheimer's disease. The cottages will have vaulted and cathedral ceilings, along with gas fireplaces, dens, lofts, skylights and optional walkout basements. The independent living garden-style apartments are one- and two-bedroom floor plans that have large living rooms, closet space and covered balconies.
$40 million in development slated for Gulf Coastal market Chicago-based Senior LifeStyle Corp. (SLC) has committed to develop four new assisted living communities in three Gulf Coast states with Medistar, a Houston-based medical real estate development company. The $40 million deal encompasses four properties with 454 units in Alabama, Louisiana and Texas. Zoning is complete with occupancy being slated for summer 1998. Each community will feature a combination of assisted living and dementia units. SLC's amenities package includes 24-hour licensed/certified staff, 24-hour security, a full-service dining room, emergency call systems, and communal lounges on each floor with health and fitness areas.
Senior Care Development builds $7 million community Branford, Conn.-based Senior Care Development LLC is building a new 90-unit, stand-alone assisted living facility called Laurel Gardens of Woodbridge, which will be the first such facility in New Haven County. Situated on 5.5 acres in Woodbridge, Conn., the facility will be managed by Needham, Mass.-based CareMatrix Corp. The campus will incorporate 60 assisted living units with personal care and a separate wing with 30 apartments that offers specialized services for residents with Alzheimer's or other dementia-related illnesses. The facility will open in early spring 1998.
TransAtlantic Capital targets independent living market TransAtlantic Capital Co., a New York-based commercial and multifamily mortgage firm, financed three independent living facilities in Nevada and Florida for $21.55 million. The loans closed in August of this year. A total of 471 units and 319,012 sq. ft. was financed in the deals, which include: $9.5 million for Montara Meadows, a three-story, 172-unit seniors apartment property located in Las Vegas; $6.55 million for Woodlands Village, a 166-unit community in Bradenton, Fla.; and $5.5 million for Regency Residences, a 133-unit property in Port Richey, Fla., consisting of two- and three-story buildings. All three loans were 10-year term at 8.10% with 25-year amortization.
Sunrise Assisted Living gains 66% increase in revenue growth Fairfax, Va.-based Sunrise Assisted Living Inc. (NASDAQ:SNRZ) reports revenue growth of 66% for the second quarter of this year. The firm's revenues were $18.7 million vs. $11.3 million during the same period in 1996. With overall revenues for the first six months of this year at $35.2 million, this represents an increase of 68% over the same time period last year. Over the last nine months, Sunrise Assisted Living has opened 13 new facilities and acquired seven existing communities.
GMACCM finances $17.1 million for West Coast communities In a transaction that closed in July of this year, Horsham, Pa.-based GMAC Commercial Mortgage (GMACCM) provided $17.1 million to acquire four seniors facilities in California. In one deal, GMACCM financed $10.5 million for three healthcare facilities located in Lancaster, Calif., with a total of 618 beds in the Antelope Valley portfolio. Secondly, a $6.6 million loan was provided to purchase the Golden Creek Inn, a three-story seniors facility, located in Irvine, Calif.
Associate Editor Randy Henry covers the seniors housing news beat for NREI. He welcomes comments and news items via e-mail to [email protected]