July 31, 2014:
Your biweekly update on people, places, projects, plus…
Top Senior Living Developments
Name
Type
Developer
Cost
Brightview Norwalk, Norwalk, CT
66 AL, 24 MC
Shelter Development
$16 million
Autumn Leaves of
South Barrington,
South Barrington, IL
50 MC
The LaSalle Group
$11.1 million
The Meadows
at Glenwyck,
Glenville, NY
110 IL
Summit Senior Living LLC
$20 million
The Summit
at Rockwood South Hill, Spokane, WA
65 IL
Rockwood
Retirement Communities
Undisclosed
ISL to manage new community in Greater San Antonio
Construction has begun on The Heights at Shavano Park, a new senior care in Shavano Park, Texas, a suburb of San Antonio. When completed, the new Mediterranean-style community will have 84 units: 40 assisted living and 44 memory care. Residents will enjoy a dining room with a private dining area, a gym with equipment specifically designed for seniors, a spa and beauty salon, a theater, and a chapel. The grounds will feature an outdoor dining and barbecue area, individual gardening plots, and—given the physical and social benefits of living with a dog or cat—a dedicated pet area!
Dallas-based investment-banking firm Meridian Capital LLC, a partner of Global M&A Partners, will own The Heights at Shavano Park. Integral Senior Living (ISL), headquartered in Carlsbad, California, will manage the new community. ISL currently operates 58 assisted living and memory care facilities throughout the West and Southwest, including five communities in Texas. The Heights at Shavano Park is the company’s first project in San Antonio.
Shavano Park is a tiny, affluent city located at the edge of the beautiful Texas Hill Country and about 12 miles north of downtown San Antonio. The groundbreaking ceremony for The Heights at Shavano Park took place on July 21, with the grand opening scheduled for the latter part of 2015.
The Tribute at Heritage Village is the first of a portfolio of joint-venture projects that Thrive Senior Living will undertake in the metropolitan Washington, DC, market over the next 12 months with partners Harrison Street Real Estate Capital of Chicago and Palomino Capital of Dallas. Although development projects in the densely populated DC Metro area typically involve a lengthy, expensive, and sometimes difficult process, Thrive has targeted that market as part of its growth platform based on continued demographic demand and a lack of new and innovative competitors. “Overcoming obstacles in order to have the opportunity to change the landscape of senior living in such a dynamic market is an incredible opportunity,” according to John Toomay, President of Palomino Capital.
Atlanta-based Thrive Senior Living is a privately held owner/operator and developer of assisted living and memory-care communities already established in Florida, Georgia, Louisiana, and Texas. The Tribute at Heritage Village, the company’s first Virginia project, is scheduled for completion in September 2015. Synovus Bank is providing the financing.
….Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Holland Home rehab center in Grand Rapids to expand
Holland Home plans to expand its Breton Rehabilitation and Living Centre, with groundbreaking expected in late August. The $6.5 million, privately funded expansion of the rehab center—located on Holland Home’s Breton Woods campus in Grand Rapids, Michigan—will include a new 4,560 square-foot rehabilitation center, renovation and redecoration of the existing facility, and the addition of a 13,400 square-foot, 15-bed assisted living/memory care space.
The rehabilitation services expansion will quadruple the size and capacity of the existing Breton Woods campus and the capabilities of the center’s current rehab program; it will include a state-of-the-art therapy gym, physical therapy, occupational therapy, and a variety of exercise equipment.
The new assisted living/memory care building will reflect the feeling of living in a real home (rather than a nursing home). Spacious private rooms will surround communal living and dining areas and a residential-style kitchen—a model that significantly improves the quality of life while not compromising care. Bedrooms will feature a built-in track-lift system that will make it possible for one person to safely transfer a resident from the bed to a chair or to the bathroom, according to Mina Breuker, COO of Holland Home. The building construction will meet skilled nursing facility standards and codes and will be staffed by universal workers, along with nursing and social work support.
Holland Home of Grand Rapids, founded in 1892, is Michigan’s largest not-for-profit provider of senior services. Breton Woods is one of Holland Home’s three residential brands, along with Fulton and Raybrook. Holland Home acquired Breton Rehabilitation and Living Centre (formerly Breton Manor) in 1990. Construction on the expansion project is expected to continue through fall 2015. Post Associates Architects of Grand Rapids designed the expansion project; Erhardt Construction, based in Ada Township, Michigan, is the general contractor…..Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
Anthem Memory Care to develop multiple locations in suburban Chicago
Anthem Memory Care of Lake Oswego, Oregon, has received approval to develop a new memory-care community in the Village of Burr Ridge, Illinois—the first of several communities the company plans to bring to the suburbs of Chicago. Anthem is also under contract for two additional purchase and sale agreements in Chicagoland—one in Tinley Park and another in Glenview—and is pursuing as many as seven other locations in the area.
The 40,000 square-foot Burr Ridge community, with an estimated development cost of $12 million and as yet unnamed, will accommodate up to 76 residents dealing with various levels of Alzheimer’s, dementia, and other forms of memory loss. Upon opening, the new facility is expected to employ approximately 50 full-time equivalent employees. Contractors for the Burr Ridge project include: CB Two Architects of Salem, Oregon; The Adair Group of Denver, general contractor; and Woolpert Inc. of Dayton, Ohio, civil engineers.
Anthem Memory Care, founded in 2008, currently owns and operates three memory-care communities: Willowbrook Place and Highline Place, both in Littleton, Colorado; and Amber Grove Place in Chico, California. Burr Ridge will be the company’s first foray into Illinois but definitely not its last. “We have carefully analyzed the market and determined a clear need for stand-alone memory care in Burr Ridge,” said Isaac Scott, principal of Anthem Memory Care, “and expect this is the first of several communities we bring to Chicagoland.” Construction of the Burr Ridge community will begin in September. Anthem has targeted July 2015 for the grand opening…..Want to read more news? Click here for a free trial to The SeniorCare Investor and download the current issue today
We’d like to hear from you!
Please send your development news to us at:
general@levinassociates.com
To advertise in Senior Living Development News, contact us at:
advertise@levinassociates.com
The 2014 Home Health and Hospice Acquisition Report 2 for 1 Special – Preorder Today!
There’s no quicker way to get current on the home health and hospice M&A market or review historic M&A data. Learn all about today’s home health merger and acquisition market, not just what’s covered in major media.Take advantage of our limited time two-for-one offer: Order by July 31st and receive the 2013 Edition for FREE! Go to http://www.levinassociates.com/home-health-description or call 800-248-1668 to order today.
The SeniorCare Investor is celebrating 50 years!
Reserve your ad space now in our 50th anniversary editions to be published this fall. For more information visit this link.
Webcast Calendar… Click here to see more
Upcoming Conference Partnerships… Click here to see more
Previous Issues of Senior Living Development News… Click here to see more
