Liberty Senior Living’s high-end senior living complex is taking residents. The Triangle Business Journal reports that the 5-story complex in Raleigh rises where the Country Club Homes apartments once stood at Fairview and Oberlin roads.

Called Hayes Barton Place, residents will find a health center, pickleball court, movie theater and multiple restaurants, all geared toward seniors. Monthly fees start at $6,615 per month for 800 square feet and go up to $18,350 for the largest offerings.

The main building includes 169 terrace-style residences offering access to all the amenities, plus another 24 condo-style residences called The Flats at Bicton.

Liberty Senior Living has developed 14 properties, including The Templeton in Cary, has acquired five more and has two under development, including one in Pittsboro.

Hayes Barton Place has 86 percent of its spaces spoken for.

JLL’s Capital Markets group and HJ Sims arranged $473 million in tax-exempt and taxable bond financing for the ground-up development of The James, a luxury rental, 350-bed seniors housing community in Irvine. Reportedly it’s the largest tax-exempt senior living financing of the year and the largest nonprofit single-site senior living bond issue in history.

The JLL Seniors Housing Capital Markets team worked on behalf of Harbert South Bay Partners, LAMB Properties, P3 Foundation and Momentum Senior Living to secure the 35-year financing, with HJ Sims hired as sole underwriter of the bonds. JLL also handled the land sale to the partnership.

The James will be the first new senior living community in the Irvine market in 28 years. Jay Wagner, head of JLL’s Seniors Housing Capital Markets team, said, “While tax-exempt financing has been used to finance senior living in the past, this specific structure was innovative for both the clients involved and bond investors. We could not be more excited for our clients and investors to deliver this amazing project to the city of Irvine.”

Olshan Properties and O’Connor Capital Partners, in collaboration with New York City’s Housing Development Corporation and Department of Housing Preservation and Development (HPD), held the official opening of Parkchester Gardens, a 221-unit senior affordable housing development located at 1701 Purdy Str. in the Bronx’s Parkchester neighborhood. The first residents began moving into the building in late 2023, and additional move-ins will continue through 2024.

Residents will benefit from a Project-Based Section 8 contract, provided by HPD, that subsidizes their housing costs. In addition, 67 of the 221 residential units will house formerly displaced seniors.

“Olshan Properties and our partners at O’Connor Capital could not be happier to celebrate the completion of the Parkchester Gardens development,” said Zachary Bornstein, CEO, Olshan Properties. “Parkchester Gardens positively impacts the community by directly addressing the citywide housing affordability challenge. I am extremely grateful to our private and public partners for their invaluable contributions that have led to the project’s development and future success.”

WinnCompanies has begun work on the Residences on Lincoln Square, a $51-million project to transform the historic Worcester Boys Club building and property into 80 affordable apartment homes for adults 55 and older.

The WinnDevelopment effort will employ adaptive reuse techniques to preserve and renovate the 94-year-old building as 16 apartment homes and a variety of community spaces, while erecting a new five-story apartment building alongside it to house 64 new apartments. The two buildings will be connected on the ground floor by a single-story glass walkway. Completion is expected in the spring of 2026.

“Our legacy of development in Worcester dates back a half century to the company’s founding when Coes Pond Village became one of our first new construction communities,” said WinnCompanies CEO Gilbert Winn. “Having acquired this property in 2019, we couldn’t be happier to move forward with a development that will renew this historic structure and deliver much-needed affordable housing for seniors.”

Marcus & Millichap finalized the sale of Olivetree Senior Citizen Apartments, a 44-unit seniors housing property located in Olivehurst. The asset sold for $3,265,000.

Senior associate Aaron Moayed and first VP investments Isaak Heitzeberg in Marcus & Millichap’s Sacramento office marketed the property on behalf of the seller, a government agency. The buyer, Dawson Holdings, Inc. (DHI), was also procured by Moayed and Heitzeberg.

The deal generated multiple competitive bids and closed in a record zero days on the market. “DHI was awarded a 9% tax credit allocation through the acquisition-rehabilitation tax credits, enabling them to enhance the value and sustainability of the property,” said Moayed. “The seller, in turn, received a premium on their property due to the cash-flow restrictions associated with the USDA RD 515 program, making the sale particularly advantageous.”

Olivetree Senior Citizen Apartments is located at 1901 7th Ave in Olivehurst. The tenants are poised to benefit from a comprehensive rehabilitation of the property. “This transaction represents a win-win for all parties involved, including the tenants who stand to benefit immensely from the outcome,” Moayed said.

Belmont Village Senior Living and Greystar Real Estate Partners, LLC will develop Belmont Village Rancho Santa Fe, a luxury senior housing community within the gated Lakes of Rancho Santa Fe master-planned community. Groundbreaking is expected before year-end. Located at 16202 Sunny Summit Dr. in Rancho Santa Fe, the project will feature more than 185 apartments, including 15 freestanding cottages.

Jerry Brand, executive director of Greystar Development and Construction Services, and Belmont CEO Patricia Will are both long-term residents of Rancho Santa Fe. Following the success of their initial collaboration, Belmont Village La Jolla in 2022, Brand and Will are bringing their expertise to their hometown.

“Simply put, this is the project where I expect to live,” said Will. Belmont Village Rancho Santa Fe will be Belmont Village’s fourth community in the San Diego area and 17th in California since 2002. The company benefits from a relationship for program development with UCSD’s Stein Center for Research on Aging.

Pictured: Patricia Will and Jerry Brand.

TWG held a groundbreaking event for its first seniors-only affordable housing property in Washington state. Upon completion, Ardea at Totem Lake will provide 170 new homes for older low- and middle-income residents at 12700 116th Ave. N.E. in Kirkland. The development is supported by a $16.15-million low-rate loan from the Amazon Housing Equity Fund.

“King County, Washington is one of the wealthiest counties in the country, making affordable housing oftentimes unattainable for seniors,” said Allen Dauterman, senior development director at TWG. “We are so proud to introduce Ardea at Totem Lake to the community and provide seniors with an affordable place they can call home, one that is transit-oriented and built with their needs in mind.”

In addition to the Amazon loan, Ardea at Totem Lake also received public funding support from the City of Kirkland, JLL Capital Markets, King County and A Regional Coalition for Housing. The project is near TWG’s other affordable housing community in the area, Grata at Totem Lake, which is expected to open later in 2024. Ardea at Totem Lake is scheduled to be completed and ready for residents in late 2025.

Greystone Monticello has closed a $16.67 million bridge loan for the acquisition of a seniors housing property in Illinois. The financing was originated by Karina Davydov, a managing director for Greystone Monticello. The property comprises independent living, assisted living and memory care units.

“We are excited to deepen our relationship with a top-notch regional operator as it expands its footprint in the Midwest market,” said Davydov. “Greystone Monticello prides itself on its ability to provide custom solutions in the ever-evolving capital markets.”

The bridge financing closed by Greystone Monticello carries a two-year term with two six-month extensions. “The Greystone Monticello bridge platform is certainly ideal for seniors housing operators looking to transact during times of transition in the market, and we look to exceed their expectations over the long term,” added Joseph Borenstein, head of the healthcare sales desk at Greystone Monticello.

Northmarq SVP/managing director Stuart Oswald arranged the $35-million refinance of The Lodge at Mallard’s Landing. The 147-unit, private-pay independent living, assisted living and memory care community is located in Gig Harbor, WA, 10 miles north of Tacoma, and is managed by locally based Senior Services of America. 

This is the third financing Northmarq has arranged for the property over the past decade. “We are grateful to have been chosen again for this financing assignment,” said Oswald. “Fortunately, I toured the property with the lender three years ago, and it has remained on their radar since that visit.” 

The six-year, fixed-rate loan was rate locked at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. It features an earn-out component that allows the borrower to draw additional dollars as the NOI improves.