May 22, 2014:
Your biweekly update on people, places, projects, plus…
Top Senior Living Developments
Name
Type
Developer
Cost
The Crossings,
League City, TX
116 IL, 34 AL,
48 SN, 24 MC
Methodist
Retirement Communities
$74 million
Solana at Deer Park,
Deer Park, IL
96 IL,
84 AL/MC
Formation
Development
Group
$31.5 million
Trillium Woods,
Plymouth, MN
209 IL,
44 AL/SN/MC
Life Care
Services
$161 million
The Bel Rae,
Mounds View, MN
97 IL/AL/MC
Bel Rae
Senior Living
$14 million
Cypress Palms’ memory care program (for women only) reopens
The Goodman Group, which manages Cypress Palms—an assisted living community in Largo, Florida—celebrated the grand reopening of Pearl Essence®, a memory-care environment designed exclusively for women residents. The multi-million dollar renovation project took about six months to complete. The grand opening took place on May 8.
The renovation of Pearl Essence®, which first opened in 2009, adds 15 custom-designed Alzheimer’s and dementia care apartments (bringing the total to 27), along with refurbished interiors, expanded lobby and lounge areas, a redesigned kitchen and dining area, and a new sun porch. The upgraded interiors feature stimulating artwork and sky murals created by local artist Fran Clanton, while simulated windows and porches in the corridors help engage the visual senses of the residents by bringing the sense of outdoors inside.
Why women only? Due to the increasing lack of mental capacity that comes with Alzheimer’s and dementia, many family members feel more comfortable having their female loved ones—a lot of whom still have husbands—reside in an all-women environment, according to sales and marketing associate Lindsey Edwards.
Pearl Essence is located on the first floor of Cypress Palms, which has offered “enhanced” assisted living since 1996 within the 95-acre Palms of Largo campus—a master-planned, intergenerational community in Pinellas County that offers housing, programs, and services for people of all ages. Cypress Palms also has a 15-unit co-ed memory care wing, called Sand Pearl, in addition to—but separate from—Pearl Essence.
The Goodman Group, headquartered in Minneapolis, develops and manages residential, health-care, and senior living communities and other commercial properties.
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Maplewood Senior Living’s new memory-care community underway
Under construction and scheduled to open November 1, Maplewood Senior Living’s newest assisted living/memory care facility— Maplewood at Stony Hill—will be one of Connecticut’s few stand-alone assisted living facilities dedicated exclusively to seniors living with Alzheimer’s disease and dementia. Last fall, the Westport-based developer and operator of senior living communities broke ground on a six-acre parcel in nearby Bethel and began construction of the $20 million, purpose-built facility.
Maplewood at Stony Hill, a 78,000 square-foot community with 84 rental units, will offer a mix of private, deluxe studio, and one-bedroom apartments for residents with early, mid-stage, and late-stage memory issues. Already, Maplewood has commitments for 20 units in the fully secured environment for both new residents and some relocating from a neighboring Maplewood community. Several additional commitments have been secured for residents needing only a supportive environment, as well.
To complement the locale, architectural firm Perkins Eastman designed the three-story building in a New England craftsman style, with two residential environments on each level. Each “neighborhood” will accommodate 15 residents and have its own services and amenities: living room, dining room, activity area, spa, outdoor gardens, and terraces or porches. An on-site Alzheimer’s and Dementia Education & Learning Center will offer information and support to family members and to the broader community.
This will be Maplewood Senior Living’s sixth community in Connecticut and its first that is solely dedicated to memory care. The company is looking for additional sites in Fairfield County—particularly along “the Gold Coast” that extends from Greenwich to Fairfield. Maplewood’s five existing assisted living communities, which are heavily focused on memory care, are currently operating at an estimated 90 to 100 percent occupancy rate—a clear response to the market for memory-care services in small, but densely populated, Connecticut.
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Buckeye Community Hope Foundation maximizes LIHTC
The next venture for Buckeye Community Hope Foundation (BCHF), an Ohio-based not-for-profit developer of affordable housing, will be a 34-unit project for low- to moderate-income seniors in Falls Township, Ohio. The BCHF project is once again being facilitated by the Ohio Housing Finance Agency’s Low-Income Housing Tax Credit (LIHTC) program.
Valley View Pines will comprise 18 one-bedroom and 16 two-bedroom apartments in a row of single-level, ranch-style homes, which aids accessibility; the materials used in construction will be “eco-friendly.” BCHF will receive federal tax credits of $446,509 during each of the next 10 years to offset the cost of construction. The LIHTC program then requires owners to maintain an affordable, fixed rent and limit occupancy to residents with up to 60% of the area’s median income ($40,398 in the 2012 census) for up to 30 years.
Since its founding in 1991, BCHF has worked with numerous partners—developers, builders, bankers and other financing intermediaries, investors, government agencies, and community groups—to develop affordable housing. Access to the federal LIHTC program has been critical to the their success. The LIHTC program is “the largest driver of the production of new affordable housing in the state and nation,” according to the executive director of the Ohio Housing Finance Agency.
BCHF currently has 73 affordable housing projects located across Ohio, West Virginia, Virginia, Indiana, Kentucky, and South Carolina—and targeted investments in Pennsylvania, Illinois, and Tennessee. More than 80% of the nearly 3,000 units in these projects are located in Ohio. Nearly all of the projects were facilitated through federal tax credits.
….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 – Now Published!
Deals have been made. The 2014 Senior Care Acquisition Report contains private deals in this market that are frequently too small to make it into the financial press. Order by May 31st and get our FREE report “The Entrepreneurial Spirit of Seniors Housing – Edition 1: Thoughts, Stories and Lessons on Leadership”. PLUS, you will recieve a complimentary $150 worth of deals in our online senior care m&a database. Now that’s a deal! Go to http://www.levinassociates.com/landing/scar19order or call 800-248-1668 to order today.
Upcoming Interactive Webcast:
Dual-Eligible Integration Projects: What Does It Mean For You?
Thursday, June 19, 2014, 1:00 pm ET
Several states have started dual-integration demonstration projects to achieve financial and administrative efficiencies and improve care coordination and health outcomes for participating dual-eligible enrollees. On the other hand, Medicaid managed care for skilled nursing may result in a $20-30 daily rate drop. What does all this mean for you? Go to http://www.levinassociates.com/conferences/1406b-online-conference or call 800-248-1668 to register.
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