Seniors Housing News

Kapson continues expansion with East Coast acquisitions With 23 facilities in operation, 12 under construction and 18 more in development, Woodbury, N.Y.-based Kapson Seniors Quarters Corp. has acquired two Maryland facilities to add to its growing number of assisted living communities.

Senior Quarters at Chesapeake Landing, a 70-unit facility in Salisbury, Md., and 84-unit Senior QuartersManresa in Annapolis, Md., were purchased in April as part of the company's plan to increase its total number of units to more than 2,500.

Kapson also has opened Senior Quarters at Briarcliff Manor, a 68,000 sq. ft. retirement home in Briarcliff, N.Y. The property has 102 studio, one- and two-bedroom suites that can house up to 103 seniors.

Karrington erecting five new "cottages" in Minnesota Following its March 1995 foray into specialized assisted living, Karrington Health is expanding its holdings with five new facilities, dubbed "cottages."

The Rochester, Minn.-based company focuses on providing home settings for Alzheimer's patients and others who need dementia care.

Karrington's cottages have four separate units with separate and independent entryways, each connected to a common living room. Four to eight people can share an apartment, ranging from three to five bedrooms The first of the cottages opened in May.

The company also recently opened a 44,000 sq. ft. residence in Columbus, Ohio. Karrington of Rocky River, a nearly $5 million project, sits on a one-acre lot on Columbus' Detroit Road. The 64-bed, two-story residence is Karrington's most recent development as part of a plan to build 40 additional facilities. Currently, the company operates 32 properties in nine states.

CareMatrix finishes work on Bergen County facility Situated on 11 acres of New Jersey's Bergen County, Chancellor Park of Park Ridge, an assisted care community developed and operated by CareMatrix Corp., has completed all exterior construction and is set to open this summer.

The community will offer 100 studio and 100 bedroom apartments, all with kitchenettes. In addition, an on-site nursing center with 210 beds has been built for residents who need short- or long-term care.

The Needham, Mass.-based corporation has built 80 retirement communities in the United States.

RSL buys South Carolina property for two developments Resources for Senior Living, a Charlotte, N.C. concern, recently hammered out the details of a purchase agreement to develop two new assisted living communities in Columbia, S.C.

RSL plans to develop the eight-and a-half-acre site into separate communities. The Laurels development is being planned for seniors who need assistance with daily needs, while The Haven residence has been designed for dementia patients.

TRI Capital uses FHA Funds to settle land lease problem Construction already is under way on Courtyard Retirement Group's Prestige assisted living community in Provo, Utah, despite funding problems concerning the property 's land lease status.

An $8.6 million FHA 232 loan, financed by TRI Capital Corp., is providing alternate funding for the 138-bed property. The San Francisco-based company issues government-insured mortgage loans for senior housing.

With plans for a library, in-house theater, general store, nine-hole putting course and more, The Mirage Inn, a 136,000 sq. ft. living community in the resort town of Rancho Mirage, Calif., breaks ground this summer in an effort to attract the area's most affluent seniors.

Acquired in May by MBK Senior Living Communities, the nine-acre parcel has an estimated price tag of $20 million, including construction costs.

The Irvine, Calif.-based company, a division of MBK Real Estate Ltd., plans to develop a total of 150 apartment homes with units for independent living, assisted living and special care.

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