February 27, 2014:
Your biweekly update on people, places, projects, plus…
Top Senior Living Developments
55 MC units
The Goodman Group
Legend Assisted Living & Memory Care,
Fort Worth, TX
73 AL/18 MC units
Legend Senior Living
Greencroft Goshen, Goshen, IN
64-66 SN beds
Mainstreet Property Group’s “medical resort” concept
Why shouldn’t a nursing home look and feel like a pleasant—and desirable—boutique hotel? That’s the premise of Mainstreet Property Group’s innovative Next Generation™ design for skilled nursing facilities and a style that seems to be making headway in Indiana, currently one of the most active states in terms of senior living development. Mainstreet is a Hoosier company, based in Carmel, and one of the country’s largest developers of seniors housing and care properties. Its innovative and aesthetically appealing Health Care Resorts™ approach to long-term care focuses on private rooms, concierge-style services, restaurant-style dining with on-site chefs, landscaped outdoor areas, and intergenerational social options. After all, not just seniors need extended stays in nursing homes, observes Zeke Turner, Mainstreet’s chairman and CEO. Therapy and rehab needs are not defined by age.
Clearvista Lake Health Campus in Indianapolis, which held its grand opening last month, is Mainstreet’s latest effort to transform the industry through its NextGen design. A joint venture with Trilogy Health Services, which will manage Clearvista Lake, the new community will offer 100 top-of-the-line assisted living apartments and suites in a hotel-like environment.
Mainstreet and its affiliate, HealthLease Properties REIT, have already developed or acquired nearly 50 properties in Canada and the United States, including more than $200 million in NextGen developments. Seven of these “medical resort” properties (210 assisted living units and 492 skilled nursing beds) are slated to open in Indiana in 2014. These seven projects will provide an economic impact to the region of about $850 million and create about 2,500 construction jobs and 850 permanent jobs. Mainstreet has four Indiana developments on the drawing board for 2015, as well……. Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Milwaukee’s “green” achievements
Milwaukee is setting a “green” standard for affordable senior housing development, as exemplified by Westlawn Gardens, a 345-unit public housing project, and Olga Village, a 37-unit apartment building for low-income seniors on the city’s south side. Westlawn Gardens, part of a neighborhood revitalization project, achieved LEED-ND (Neighborhood Development) Stage 3 Silver Certification, the highest rating for neighborhoods under current LEED standards. It is the world’s first development to achieve that rating, which recognizes smart growth and green building practices in an urban environment. The neighborhood includes a 30,000 square-foot community garden, a sustainable food production program, and geothermal heating and cooling systems in the apartment buildings. One of those buildings has 47 units reserved for seniors. Phase 1 of the $82 million project, which began in 2010, was financed with $76 million in Low-Income Housing Tax Credits (LIHTC) from the Wisconsin Housing and Economic Development Authority (WHEDA), the largest LIHTC award in the state’s history.
The Olga Village project, completed in 2011, also received LEED Silver certification for implementing environmentally sustainable and energy-efficient approaches in its design and construction—such as the 26 solar panels on its roof, condensing gas boilers that cut energy use for hot water by 63%, and ground-source heat pumps that are expected to produce a 62% decrease in the energy required for heating and cooling purposes. Olga Village was also financed with LIHTC from WHEDA, with additional funding from HUD and the City of Milwaukee…….Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
The Wellmore of Tega Cay—focused on wellness
Wellmore of Tega Cay, a $35 million project now under construction in Tega Cay, South Carolina (a suburb of Charlotte, North Carolina), and the flagship community for CNL Healthcare Properties’ new Wellmore brand, will open in summer 2015. The nearly 150,000-square-foot campus will offer 152 residential units (assisted living, memory care, and skilled nursing) in six buildings and a 25,000 square foot clubhouse and wellness center—a feature of the Wellmore brand. Maxwell Group, Inc., a Charlotte-based management company, will operate Wellmore of Tega Cay upon completion.
As the brand name implies, Wellmore communities focus on nationally recognized wellness initiatives aimed at extending and improving the lives of seniors. Wellmore is the only proposed retirement community brand on the market that employs “purpose-based wellness programming, which arms older adults with a nonclinical, cost-effective way to maintain their independence as they age,” according to Donald Thompson, Maxwell Group’s CEO for Wellmore.
Wellmore of Tega Cay is the first of 10 Wellmore communities planned for development throughout the Southeast, including at least one more in South Carolina. In February 2014, Red Capital Partners, LLC closed a $26.2 million non-recourse construction loan for the Tega Cay project……….Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
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NEW – The Senior Care Acquisition Report, 19th Edition – Preorder Today and Get the 2013 Edition FREE ($595 Value)!
Deals have been made. The 2014 Senior Care Acquisition Report contains private deals in this market that are frequently too small to make into financial press. Take advantage of our limited 2-for-1 offer – Preorder The 2014 Senior Care Acquisition Report by February 28th and receive The 2013 Senior Care Acquisition Report FREE ($595 value)! Now that’s a deal! Go to http://www.levinassociates.com/landing/scar19order or call 800-248-1668 to preorder today.
Today: Interactive Webcast:
Senior Care M&A Market Review and 2014 Outlook
Sponsored by Lancaster Pollard
Thursday, February 27, 2014, 1:00 pm ET
Our panel of industry experts will analyze 2013 M&A statistics for this sector and provide their outlook for 2014. Will capital remain relatively cheap? Are SNF acquisitions still too risky? How much consolidation should we expect in the CCRC world? Who’s buying—and who’s selling—what? And how is RIDEA changing the game? Go to http://www.levinassociates.com/conferences/1402b-online-conference or call 800-248-1668 to register.
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