KAPSON SENIOR QUARTERS OPENS $11 MILLION FACILITY Woodbury, N.Y-based Kapson Senior Quarters Corp. has opened its doors at Seniors Quarters at Albany Shaker, an $11 million independent living community located in Albany, N.Y. The property is a 129-unit highrise with 48 studio, 59 one-bedroom and 22 two-bedroom apartments that started occupancy in December last year. The 83,344 sq. ft. highrise offers various types of housing with levels of care ranging from independent living to Alzheimer's and other dementia disorders. "By offering four different levels of care, we give seniors the opportunity to make a home at Seniors Quarters," says Charles Snyder, administrator at the facility. "If the needs of a resident increase, he or she will receive a higher level of care without moving out of our comfortable surroundings or away from friends and family."
NEW EXPANSION DOUBLES SIZE OF PREMIER SENIORS PROJECT Hackensack, N.J.-based Kennedy Funding has provided a $1 million loan to VFG-LaBAR LLC to expand an adult seniors community called LaBar Village. The property is located in the Pocono Mountains, near Stroudsberg, Pa., and it will add 212 new townhouses, doubling the size of the community. The first phase began construction in December 1997 with 60 new townhomes. Completion is set for spring of this year. Preconstruction prices ranged from $77,500 to $119,500 for the townhomes.
THE PRIME GROUP CLOSES LAND DEAL TO DEL WEBB CORP. The Prime Group, a Chicago-based real estate development and holding company, has closed a deal in December last year with the Del Webb Corp. for a 1,562-acre tract of land for the construction of Sun City, an age-restricted adult community in Huntley, Ill. The unique development will incorporate more than 5,000 homes and include various leisure amenities. Huntley is the largest masterplanned community in the Midwest totaling 2,650 acres, including the Sun City parcel. "The advent of Sun City will benefit many facets of this growing community," says Gary Skoien, executive vice president and COO of The Prime Group. "We feel that the quality of product developed by Del Webb Corp. will complement the Prime Group's vision for Huntley."
MCKEE GROUP NAMED AREA'S LARGEST SENIORS BUILDER Competing against nationally ranked builders and developers, the McKee Group, a developer of active seniors housing communities has been named one of the top 10 builders in the Philadelphia-Wilmington, Del., market for seniors housing. The company garnered 1.5% of the entire market for new seniors active homes on 160 net sales. At present, the group's sales activity included three communities for adults 55 years old and older. The seniors housing projects are well under way with units selling since November 1997. More than 1,328 units are slated for completion by spring 1998, including Fox Hill Farm (491 units), the Village of Buckingham Springs (700 units) and the Village of Cecil Woods (137 units).
TRI FINANCIAL CORP. FUNDS $14.5 MILLION FOR FACILITIES TRI Financial Corp., a san Francisco-based mortgage company providing loans for affordable seniors and multifamily housing, has funded $14.5 million for three seniors housing properties, meeting the demand for seniors projects in smaller markets. Construction is set to start in the first quarter of this year on all three properties, which include Golden Pond Retirement Village, a 96-unit seniors apartment complex in Sandy, Utah; the 81-unit Apple Tree Retirement Community in Layton, Utah; and Sunshine Gardens West, an 82-unit seniors community, to be built in Durango, Colo. All three loans closed at 40-year term with a 90% loan-to-cost agreement. The Golden Pond Retirement village and Apple Tree Retirement loans closed in October 1997, while the Sunshine Gardens West loan closed in November of 1997.
CAREMATRIX, B&G TEAM DEVELOPS FOR ACTIVE SENIORS Representing a new concept in retirement housing which favors a variety of services that contribute to an active lifestyle of its residents, Stony Brook Court opened in November 1997 with 86 units containing studios, one- and two-bedroom residences. CareMatrix Corp., a Needham, Mass.-based seniors housing provider, and Greenwich, Conn.-based B&G Associates created a partnership to develop the community, which at present has 31 residents with amenities on-site that target an active seniors community. These amenities include restaurant-style dining, a library, a creative arts center, a cocktail lounge with game room and a wellness center with strength training programs. Kagan Architects and Planners of New Haven, Conn., and Michael Stein of Rowayton, Conn., designed Stony Brook Court.
TRANSATLANTIC CAPITAL FINANCES $5.5 MILLION PROJECT New York-based TransAtlantic Capital, a company that originates commercial and multifamily mortgage loans, provided $5.5 million for the financing of Vineyard Place, a 130-unit independent living facility located in Milwaukie, Ore. The fixed-rate loan has a 10-year term with 25-year amortization at 7.15%.