Providers and developers are ramping up construction of new communities to satisfy the growing demand for senior housing services. Building new communities is easier today thanks to low interest rates that are decreasing the cost of capital. Before interest rates rise, senior housing providers and investors seeking capital to refinance debt, acquire properties, or for other purposes should contact Cambridge Realty Capital to learn more about the many different financing options it offers for senior housing transactions.
Development Flourishes in the Midwest
In Lake City, Minnesota, Wildamere Properties started construction on a new $13.4 million, 67-unit independent, assisted living, and memory care facility. The three-story, 83,500 square foot facility will connect to an existing care facility owned by the Mayo Clinic Health System. Out of its 67 units, 42 are designated for independent living and assisted living apartments, 24 are designated for memory care apartments, and one will be used as a guest suite. The facility will include many attractive amenities, such as a bistro, club room, remote monitoring technology, movie theater, community room, salon, and spa. Welsh Construction and Pope Architects are spearheading the facility’s development, and it is scheduled for completion next August.
In Michiana, Indiana, the $14.2 million Wellbrooke of South Bend – The Center for Health and Wellness recently opened its doors. Wellbrooke is the product of a joint venture between Mainstreet Property Group and LCS, and provides assisted living services, post-acute care, and short-stay rehabilitation and therapy services. The community has 100 beds and includes attractive amenities, such as a game room, movie theater, reflection room, and an on-site chef.
In Wisconsin, Chicago-based Senior Lifestyle Corporation was recently granted approval by the Village of Pleasant Prairie’s Plan Commission to build a 96-unit assisted living and memory care facility in the township. The facility, the Addison of Pleasant Prairie, will be built on 9.2 acres of land in two phases. During the first phase, construction of an 87,000 square-foot building will take place on approximately five acres of land. During the second phase, construction of an additional 66-unit building will take place on the remaining acreage. Similar to the other facilities under construction in Minnesota and Indiana, the Addison of Pleasant Prairie will offer appealing amenities, such as a salon, therapy room, gym, and multi-purpose room.
Also in Wisconsin, Florida-based Harbor Retirement Associates and Milwaukee-based architecture firm Eppstein Uhen Architects are collaborating on a new community, the HarborChase of Shorewood. HarborChase will offer assisted living and independent living units, and its residents will have access to an advanced memory care neighborhood. Construction on HarborChase is scheduled for completion sometime in 2015.