Financing has closed for a 248-unit senior living project situated on a six-acre site just southeast of 32nd Street and Camelback Road. The project, Clarendale Arcadia, is a joint venture among Harrison Street, LCS and Ryan Companies. The partnership entered into a long-term ground lease with landowner, LAKO.
Fifth Third Bank, N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent for the 347,346 gross square foot project.
“It is a testament to the combined strengths and tremendous track record of Harrison Street, Ryan Companies and LCS to get such a large-scale project closed in a challenging capital markets environment,” said Ryan Stoll, Director, National Senior Living at Fifth Third Bank, N.A. “We are proud to be a trusted financial partner for this Class-A venture and look forward to the project inspiring and enriching the lives of our cherished seniors.”
Craig Coppola, of The Coppola Cheney Group at Lee & Associates, worked on behalf of the land lessor and Ryan Companies to negotiate this transaction. According to Ryan Companies, Craig’s 25-year relationship with both parties created a deep and trusting atmosphere to get this transaction completed.
“One of the best developable sites in the Southwest and one of the largest developers in the United States are set to create a world-class project,” said Craig Coppola, Principal, Lee & Associates.
According to an in-depth market study conducted by Moore Diversified Services, senior living is undersupplied in this area, and the nearby communities that exist were built, on average, in 1990. This market-rate rental community will offer a full continuum of care and will help meet the current demand for high-quality senior housing.
“Ryan and our trusted partners are excited to deliver a new, luxury senior living community to future residents who are excited about living adjacent to Arcadia and Paradise Valley,” said Tyler Wilson, Vice President of Real Estate Development, Ryan Companies. “The combination of onsite amenities and great views combined with close proximity to Biltmore Fashion Park, golf courses, resorts and additional nearby attractions will set the project apart from other senior communities in the Phoenix metro area.”
ORB Architecture LLC, the project architect, has created a unique design, while complementing the character of the surrounding area. The high-end community will include 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. Independent living residences will range from 696 square feet to 1,692 square feet, and assisted living residences will range from 439 square feet to 1,315 square feet.
Award-winning interior design firm, Thoma-Holec Design, has incorporated an abundance of amenities including a fitness room, cardio room, salon, community room, movie theatre, bistro, two dining rooms, a pool and recreation deck, cabanas and outdoor seating areas. Clarendale Arcadia residents will also have access to underground parking.
Co-owner, developer and builder of the new community, Ryan Companies, has started demolition and utility infrastructure work. Phase one will be completed summer 2022 followed by phase two in winter 2022. The community will be managed by Life Care Services, an LCS Company, and pre-leasing will begin in the summer of 2021.
“The partnership between LCS, Ryan Companies and Harrison Street has brought great success to this project,” said Dan Lahey, Senior Vice President and Managing Director of Investments for LCS. “Clarendale Arcadia will be an incredible community that will provide life-enriching experiences to the next generation of seniors and their family members for years to come.”
Ryan Companies has built 46 senior living communities throughout the country, and Life Care Services currently partners with more than 140 communities across the nation. Together, this is the tenth development by the Ryan and Life Care Services partnership, and the second Clarendale community in Arizona.