Tag Archives: expansion

Mary's Woods Logo

Mary’s Woods Finances for Growth

On the banks of the beautiful Willamette River, a 16-year-old non-profit senior living community is capitalizing on its strong market reputation to grow for the future. Mary’s Woods at Marylhurst financed its existing continuing care campus in 1999 and it first opened in 2001.

Located in the Portland suburb of Lake Oswego, Ore., the community currently includes 233 independent living units, 50 independent living villas, 55 assisted living units, 23 memory support suites, 26 residential care suites and five licensed skilled nursing beds.

In April, Mary’s Woods secured $114,815,000 in tax-exempt bond financing and $60,250,000 in tax-exempt mandatory paydown securities that will help it add more units and serve more seniors.

The expansion will be called The Village at Mary’s Woods, and it will include 144 independent living units, 48 assisted living units, two common area buildings, 152 underground parking spaces and 150 above-ground parking spaces. One of the unique aspects of the project is a residential Town Square that will offer convenient services and programs that the organization has learned its residents appreciate and need.

Construction of this expansion will take place on 12 unused acres on the community’s existing 75-acre campus. Substantial construction is scheduled to end in phases, with completion of the first buildings to begin in late 2018 and completion of the entire project in late spring or early summer of 2019.

Mary’s Woods is led by a 16-member board of directors that includes Board Chair David Galt and Chief Executive Officer Diane Hood. This expansion will help Mary’s Woods capitalize on a market opportunity and serve its waitlist that includes more than 300 prospective residents.

“At the start of this project, our management team recognized the need for outside experience and expertise, both to ensure ultimate success and to provide assurances to our board as we moved forward,” Hood said. “Greystone brought a third-party perspective and a first-party investment in the project. They also brought a strong industry reputation, which was immensely helpful in navigating the capital markets to secure financing.”

Senior Vice President Stuart Jackson led Greystone’s work on this project:

“Mary’s Woods enjoys an incredible reputation in its market, which helped this expansion sell out as quickly as any that Greystone has worked on since the Great Recession,” Jackson said. “It’s been a pleasure to support such a strong organization — Diane and her team were excellent to work with. They are making a difference in the lives of their current residents, and this expansion will help them make a difference in many more lives in the future.”

Learn more about The Village at Mary’s Woods.

See renderings of the project in the gallery below.

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Buckingham Logo

The Buckingham’s Expansion Takes Shape in Houston

Scaffolding has appeared as The Buckingham expands its life plan community campus in Houston. This Senior Quality Lifestyles Corporation-sponsored community is in the process of adding 106 independent living apartments, 27 assisted living units, 18 memory support suites and 32 skilled nursing beds.

Workers are currently installing windows and exterior finishes. The project will be completed in phases, with the earliest phase opening in 2017’s second quarter.

In addition to its duties as management consultant at The Buckingham, Greystone is also serving as development consultant on this expansion project.

See construction photos below. Learn more about The Buckingham.

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Santa Marta’s Health Care Expansion Nearing Completion

Santa Marta is pushing toward completion of a health care expansion at its life plan community campus in Olathe, Kan. The $11 project will add eight assisted living units, 12 memory support suites and 18 private skilled nursing beds, as well as a new physical therapy gym.

The skilled nursing portion of the project is expected to be ready for occupancy this November. Workers are currently painting and installing flooring, tile and wall coverings. Final grading has also started in preparation for landscaping.

The assisted living and memory support portions of the project are expected to be ready for occupancy this December. Workers are currently installing showers and finishing drywall. Painting will soon commence.

In addition to its duties as management consultant at Santa Marta, Greystone is also development consultant on this expansion project. See photos of progress in the gallery below.

Learn more about Santa Marta.

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Gulf Coast Village’s Expansion Pushes Toward Completion

Work continues on an expansion project at Gulf Coast Village, a Volunteers of America-sponsored continuing care retirement community in Cape Coral, Fla. The expansion includes a new health center that will include 80 assisted living units and 48 memory support units. A second phase will include redevelopment of the existing skilled nursing center, resulting in a total of 105 beds.

Gulf Coast Village first opened in 1989. Greystone is serving as development consultant on this expansion project in addition to its duties as management consultant.

See photos of Gulf Coast Village’s expansion take this month in the gallery below. Learn more about Gulf Coast Village.

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Gulf Coast Village Expansion 50 Percent Complete

See progress at Gulf Coast Village, where sponsor Volunteers of America is adding a new health care center to include 80 assisted living units and 48 memory support suites. A second phase of the project calls for redevelopment of the existing skilled nursing center, which will add 20 beds for a total of 105.

Construction is now 50 percent complete. About 120 workers are on site each day, with that number set to climb to 150 in the next two months. Work should end in January 2017 with occupancy set for March 2017. The Phase II skilled nursing redevelopment will begin following occupancy of Phase I.

Located in Cape Coral, Fla., Gulf Coast Village first opened in 1989. In addition to serving as development consultant on this expansion project, Greystone is also management consultant at GCV.

See construction images in the gallery below. Learn more about Gulf Coast Village.

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Bond Financing Sparks Growth at Gulf Coast Village

Gulf Coast Village has faithfully served Floridians with high-quality continuing care services since 1989. Today, Gulf Coast Village is expanding so that it may update its community and create space to serve more seniors.

Sponsored by Volunteers of America, Gulf Coast Village is located on a 36-acre campus in Cape Coral, Fla. It currently includes 157 independent living apartments, 46 assisted living units, 24 memory support suites and 85 skilled nursing beds.

Proceeds from a $79,385,000 bond financing closed this month will fund a significant expansion and renovation project.

Phase I of the expansion will add 80 assisted living units and 48 memory support suites as part of a new assisted living center to be located on the undeveloped portion of GCV’s campus. Phase I is already underway, with completion scheduled for February 2017.

Phase II will begin shortly after the completion of Phase I, adding 24 catered living units and 20 skilled nursing beds, while also removing the original 46 assisted living units and 24 memory support suites.

The result will be a beautifully expanded and updated campus that includes a total of:

  • 157 independent living apartments
  • 24 catered living units
  • 80 assisted living units
  • 48 memory support suites
  • 105 redeveloped skilled nursing beds

The entire project should reach its conclusion by July 2017.

Greystone is serving as development consultant on this project, in addition to its long history and ongoing role as management consultant at Gulf Coast Village. HJ Sims served as underwriter for the bond financing, AG Architecture is architect on this project, and LECESSE is the construction manager.

Learn more about Gulf Coast Village.

See renderings of the expansion in the gallery below.

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Buckingham

Financing Paves Way for Expansion at The Buckingham

Proceeds from a $109.38 million bond financing closed this month will allow The Buckingham, Houston’s premier continuing care retirement community, to serve more residents and further its non-profit mission.

Since first opening in May 2005, The Buckingham has served the Houston area with high-quality continuing care services. This Senior Quality Lifestyles Corporation-sponsored CCRC sits in the heart of Houston’s Memorial-Tanglewood area; its location, plus excellent amenities and an emphasis on hospitality, have led to marketing success and an opportunity for expansion.

Expansion is now possible thanks to this financing, underwritten by Ziegler. After purchasing six adjacent acres in late 2014, The Buckingham will use the bond proceeds to add 106 independent living apartments, 27 assisted living units, 18 memory support suites and 32 skilled nursing beds. To accommodate the increased number of residents, The Buckingham will also add 111 underground and 292 surface-level parking spaces.

The Buckingham’s original construction included 204 independent living apartments, 43 assisted living units, 16 memory support suites and 60 skilled nursing beds on 17 acres. Once the expansion is completed, The Buckingham will sit on a 23-acre campus that includes a total of 310 independent living apartments, 70 assisted living units, 32 memory support suites and 92 skilled nursing beds.

From Greystone Senior Vice President Stuart Jackson: “SQLC has solidified itself as a leading provider of senior services in Texas and beyond, and the recent expansion and repositioning of The Buckingham will cement its position as the dominate CCRC provider in greater Houston. The enhancement of living environments on the campus will better serve current and future generations of Houstonians. The marketplace has responded quickly to this change having achieved over 65 percent presales in a matter of months while maintaining high occupancies in the existing campus. This growth at The Buckingham has tremendous potential to advance this community similar to Edgemere in Dallas in its financial strength and market potential.”

Greystone’s relationship with SQLC dates back more than a decade to when it served as development consultant on the Edgemere project in Dallas, SQLC’s first continuing care retirement community. In the years since, Greystone has served as development consultant on The Buckingham’s original construction and expansion, as well as on SQLC’s four other projects:

  • Querencia at Barton Creek (Austin, Texas)
  • Mirador (Corpus Christi, Texas)
  • The Stayton at Museum Way (Fort Worth, Texas)
  • The Barrington of Carmel (Carmel, Ind.)

Greystone also serves as management consultant at each of SQLC’s six communities — The Buckingham included.

See renderings of The Buckingham’s expansion in the gallery below.

Learn more about The Buckingham.

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East Ridge Logo

Almost Complete: Punch Process Underway at East Ridge

The expansion of East Ridge at Cutler Bay is looking more and more complete as summer moves forward. New photos taken on July 9 show the installation of sidewalks, roadways and landscaping. The punch process is underway in new assisted living, memory support and skilled nursing apartments. And the project team is preparing for state health department inspections in August — and a certificate of occupancy if all remains on schedule.

East Ridge is a continuing care retirement community that first opened in 1961 in Cutler Bay, Fla. SantaFe Senior Living announced its $70 million expansion in 2013. When the expansion project is complete, East Ridge will include 195 independent living apartments, 90 assisted living apartments, 31 memory care suites and 74 private skilled nursing rooms. Greystone is serving as development consultant on the project.

See the latest aerial photos from East Ridge in the gallery below.

Click here to learn more about East Ridge at Cutler Bay.

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Editorial: Maximize Your Campus Density with a Flexible Plan

By Burt Derr, First Vice President, Development Services

As the old adage goes “Real Estate is a great investment, because they’re not making any more of it.” Truer words have never been spoken.

In these days of extreme activity in construction and development, it can be easy to lose sight of a few of the core principles of sound development. A lot of today’s campus work is focused on expanding new revenue-producing units and associated services, as well as repositioning existing assets to improve operations and service delivery, and recalibrating unit mixes by service levels or within service levels.

One of the easiest routes to expanding, of course, is to overtake that large, undeveloped parcel on your campus. You could also secure adjacent property, if available. With each exciting path to new construction, however, come very serious, long-term considerations.

It’s very critical, before initiating a new development project, to pause and reflect on your long-term strategy. You should have a well thought-out roadmap, or at the very least, a business plan that takes you from your current situation into the next several years of evolution of your campus.

With a plan, you can be far more confident in your short- and long-term moves. With any plan you create, you will want to maximize the density of your new construction. This means building as small a footprint, with as many allowable stories, to which you are entitled by local zoning and development codes. You will have to ask many questions of your project. What can I afford? What other expansion needs should I incorporate at this time? What will my next step, then the next, be?

As easy and tempting as it may be, plan your new addition in such a way that allows you a zone for future growth. Perhaps you know exactly what that expansion might be, or perhaps it will be dictated by your future market. In either case, leaving a ‘future build zone’ on your campus will serve you well.

You should also give thought to where you will best be served in conserving expansion property on your site. While this might be more of a dice-rolling proposition, there are questions you can consider. What will my next two or three moves look like? What will my next best revenue enhancement be? What services will I need to stay atop my market?

Flexibility will always be your key driver in this instance. For example, you may have to decide whether to build adjacent to your IL cottages, or next to your health center. Your obvious first consideration is who you will be serving. In addition, which of your various business centers will you want to grow next – cottages, IL apartments, memory support or another health center related business? Finally, with the placement of your expansion, have you given yourself the widest range of options to further expand your future services?

Driving density in your planning is always a positive step. Now, get out there and grow your business!

Be Flexible

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Greystone featured on upcoming industry panels

Join Greystone at the following industry conferences, where you can see our team speak on trends in growth, marketing, service, resident needs and more.

LeadingAge Illinois

Leveraging Data, CRM and Marketing Automation to Drive Higher Occupancy
April 29, 3:30 – 4:30 p.m.
Learn how to implement a customer relationship strategy that engages your customers throughout the sales cycle, and how to be smarter about analyzing leads to drive efficiency. Hosted by Tricia Mackin, Greystone vice president of marketing services, and GlynnDevins.

Room for Growth: Trends in Developing and Designing Senior Communities
April 30, 8:45 – 10:15 a.m.
Discuss the latest trends in developing a senior living community, explore the newest financing options, and understand the role site planning and design play in the overall customer experience. Hosted by Mark Shegon, Greystone corporate vice president of development services, and Hitchcock Design Group.

New Campus Development and Significant Expansions
May 1, 7:30 – 8:30 a.m.
Hear about successful projects from around the country and examine innovative marketing, planning, design and service strategies that can maximize resident satisfaction and optimize your financial performance. Hosted by Brad Straub, Greystone senior vice president of planning and finance, Ziegler and Sawgrass Partners.

LeadingAge California

Finance and Development: Staying Relevant in the Ever-Changing Marketplace
May 4, 9 a.m. – 1 p.m.
Learn from innovative case studies from the west coast and around the country, and gain insight into the capital markets for new development, expansion and repositioning. Hosted by Brad Straub, Stuart Jackson, Greystone senior vice president of planning and finance, and Ziegler.

LeadingAge Texas

Reaching the Pinnacle: A New Standard for Service Excellence
May 18, 10:30 a.m. – Noon
Discover the positive impact you can make with Pinnacle, the new service standard from Greystone that redefines how communities approach hospitality. Hosted by Rick Cumberland, Greystone senior vice president of operations management services, Tim Mallad, Greystone first vice president of operations management services, and The Buckingham.

I’ll Stay Awhile: How Resident Longevity Impacts your Business Model
May 18, 2 – 3:30 p.m.
Take an in-depth look at how resident longevity has impacted the business models of four communities and the lessons they’ve learned along the way. Hosted by Tim Mallad, Steve Ailey, Greystone corporate vice president of financial management services, Sharon Hutson, Greystone vice president of marketing services, and Edgemere.

LeadingAge New York

Reaching the Pinnacle: A New Standard for Service Excellence
May 20, 2 – 4 p.m.
See description above. Hosted by Rick Cumberland, Tim Mallad and The Woodlands at Furman.