In addition to the rapid pace of M&A activity that is taking place in senior housing this year, continued construction in the space is also demonstrating the strong demand that exists for senior housing across the country. While demand for senior housing remains high and interest rates remain low, senior housing providers and investors who are interested in obtaining capital to purchase these assets or engage in sale/leaseback or joint venture transactions should contact Cambridge Realty Capital to learn more about the many different financing options that it offers for these and other purposes as well.
New Development in the Midwest
In Lake City, Minneapolis, the developer Wildamere Properties began building a $13.4 million senior living facility next to the Mayo Clinic’s health center. The facility will be called The Bluffs of Lake City, and will also connect to Mayo Clinic’s senior center. Its proximity to Mayo’s senior center puts the community in close contact with seniors with care needs, and it should go a long way toward helping it fill up quickly and maintain a high occupancy level for the long-term. The Bluffs of Lake City will be approximately 83,500 square-feet, three stories tall, and will include 24 memory care apartments, 42 independent living apartments, and a suite for guests. In addition to the varied apartment types, the finished community will also offer attractive amenities such as chef-prepared dining, a salon, a movie theater, the ability to monitor residents remotely, a spa, and a chapel. Wildamere expects the community to open its doors to residents by next August, and when it does, Fairview Health Services’ Ebenezer Management Services will manage it.
Meanwhile, in Chelsea, Michigan, seniors in the area are excited about the recent opening of the Glazier Commons. Glazier Commons is a $12 million, 66-unit assisted living facility that took roughly a year to complete, and features suites that range in size from 450 square-feet to 600 square-feet. Similar to The Bluffs of Lake City, Glazier Commons also offers many striking amenities such as flat screen TVs in each suite, private dining halls, multiple courtyards, an outdoor movie theater, and a putting green. Glazier’s rooms are unfurnished so that residents can tailor their units to their own liking with their own furniture and decorations. Glazier’s management believes that the ability to essentially design your own room, along with the facility’s amenities and care services, will help it fill up quickly and maintain a high occupancy level.
New Developments in the West
Finally, over on the West Coast, the California-based building company C.W. Driver began development on a $100 million, 460,000 square-foot continuing care retirement community in Los Angeles. The facility will be called Fountainview at Gonda West, and when it is completed, it will contain 175 independent living units and 24 assisted living and memory care units. These units will house more than 500 seniors with various care needs, and the facility is expected to open sometime in 2016.
These are just a few examples of the many different senior housing construction projects that are taking place all across the country right now to meet the growing demand for senior housing services.