March 13, 2014:
Your biweekly update on people, places, projects, plus…
Top Senior Living Developments
Name
Type
Developer
Cost
Kendal at Ithaca, Ithaca NY
24 IL, 13 SN,
new entrance/reception area
Kendal Corp.
$29.3 million
St. Francis Villa, East Kensington PA
40 IL
Catholic Health
Care Services
$20.0 million
East Cobb Community, Atlanta GA
749 IL, 96 HC
Isakson Living
$200 million
Cedar Hill Continuing
Care Community, Windsor VT
20 MC
Cedar Hill Continuing
Care Community
$10.6 million
Trilogy continues its amazing growth
Trilogy Health Services just celebrated the opening of Hearthstone Health Campus in Bloomington, Indiana, and announced the grand opening of Arlington Place Health Campus in Indianapolis. The two new developments represent Trilogy’s 79th and 80th senior living communities, the provider’s 49th and 50th sites in Indiana, and the seventh and eighth major new campus development or expansion projects undertaken by the company in the past year.
A $10 million building, Hearthstone Health Campus has 104 units—26 assisted living and 78 skilled nursing—in a “town square” residential setting, which is the model Trilogy has used in its other recent senior living developments. Private and companion suites are organized into “neighborhoods” with several common living spaces where residents can get to know one another, make fast friends, and participate in activities and programs.
The Arlington Place Campus, a joint venture between Trilogy and Mainstreet Property Group, has 30 assisted living apartments and 70 (private or companion) suites in a hotel-like environment for those needing rehabilitative care, assisted living, or long-term care. Residents of Arlington Place enjoy four different dining venues, an in-house movie theater, several intergenerational activity spaces, an outside fire pit for mingling, and walking trails. The campus is designed to attract family and friends so they’ll spend more time visiting with their loved ones.
A privately-held company founded in 1997 and based in Louisville, Kentucky, Trilogy Health Services provides senior living and long-term health-care services throughout five Midwestern states: Indiana, Ohio, Kentucky, Michigan, and Illinois. Trilogy campuses offer varying combinations of independent living, assisted living, skilled nursing, and memory care. And through a subsidiary, TriStar Services, the company provides home- and community-based services, adult day care, and rehabilitation therapy……… Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Presbyterian Communities & Services: 2 projects underway
Presbyterian Communities & Services (PC&S), a not-for-profit senior living organization based in Irving, Texas, has two large development projects underway in Dallas: 1) a five-stage makeover of Presbyterian Village North, and 2) a state-of-the-art inpatient hospice center.
Pi Architects of Austin prepared a five-stage master plan for renovating and expanding Presbyterian Village North, a 550-resident community on 67 acres. Phase 1 of the makeover, priced at $87 million, includes general renovations but also adds new independent living, assisted living, memory care, and rehabilitation facilities, along with new fitness and aquatics centers. The project began last May, with completion expected in winter 2015.
The $54 million, 100,000-square-foot T. Boone Pickens Hospice & Palliative Care Center, named for its primary benefactor, is scheduled to open in September 2015. The city’s first stand-alone inpatient hospice care center will include 36 inpatient care suites and four family or guest suites, as well as a bereavement center, chapel, garden reflection area, and educational center. Phase 1, at a cost of $40 million, is underway; Phase 2, which will follow, will add $14 million to the total cost. Mr. Pickens committed $18.4 million to the hospice project. Dallas-based PDRG Architects is the designer and builder.
PC&S was established in 2008 by joining three existing Dallas properties: Grace Presbyterian Village, a CCRC that opened in 1962 as Presbyterian Village of Dallas; Presbyterian Village North, a CCRC that opened in 1980; and Faith Presbyterian Hospice, which opened in 2003 and provides home hospice care and outreach services…….Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
LBGT low-income senior housing—a Philly first
Wrapped in an enormous rainbow-colored ribbon, John C. Anderson Apartments, a low-income housing project specifically targeted to LGBT seniors, officially opened in Philadelphia on February 24. The first LGBT-friendly senior apartment community in Pennsylvania—and the largest of only three (so far) in the entire United States—was the brainchild of Mark Segal, a long-time gay-rights advocate and president of The Dr. Magnus Hirschfeld Fund (dmhFund), which supports programs that address LGBT concerns. To develop the project, dmhFund partnered with Pennrose Properties, which specializes in affordable housing development primarily in the Mid-Atlantic region. John C. Anderson, for whom the project is named, was an openly gay city councilman who lost his life to AIDS in 1983 at the age of 41.
The six-story building is located in the heart of Philly’s historic and increasingly upscale “Gayborhood,” a welcoming area for the LGBT community and, therefore, a particularly safe environment for LGBT seniors. The 56 rental apartments are each designed with an open floor plan, oversized windows overlooking S. 13th Street, a fully equipped kitchen, and separate bedroom. Residents have access to a community room and roof deck for entertaining and activities and to a 5,000 square foot enclosed courtyard for gardening and just relaxing in what is otherwise an urban setting. The Energy Star 3.0 building features a “green” roof and solar-heated hot water system.
Funding for the $19.5 million project was secured through a Philadelphia HOME Loan, $6 million from the Pennsylvania Redevelopment Assistance Capital Program, $11.5 million in Low-Income Housing Tax Credit equity, and a construction loan provided by Wells Fargo. Six units are reserved for those with extremely low income ($11,100-$12,680); 23 units, for those with very low income ($27,750-$31,700); and 27 units, for those with low income ($33,300-$38,040). Monthly rents range from $105 to $891, depending on income level. Residents must be 62 years or older. And while the apartments are open to any eligible senior, it’s expected that most residents will be members of the LGBT community…….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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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 March 31st 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 Living: New Construction Heats Up
Thursday, March 13, 2014, 1:00 pm ET
New construction is picking up in some markets after the near standstill caused by the recession, although developers seem more favorable to building needs-driven models of seniors housing—assisted living and memory care facilities—rather than independent living communities. Go to http://www.levinassociates.com/conferences/1403-online-conference or call 800-248-1668 to register.
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