RIVERVIEW, FL – Twin Creeks Senior Living broke ground in Riverview, Florida, near Tampa. The community is expected to open in early spring of 2017. The community will be adjacent to the River Springs Town Center, near the FishHawk Ranch community.

The two-tale building will include 80 helped living and memory care apartments in addition to generous common areas spaces and outdoor living areas for residents.

Enriched Community Development, LLC, a Tampa-based developer of senior living communities closed on the construction financing in March. ECD is a partnership between local senior living developer, Tom Dentinger, and North Carolina-based Retirement Living Associates, Inc. RLA, Inc. manages and develops several different types of senior living communities throughout the Southeast. An investment group headed by Robert D. Gries, Jr., founder and managing director of Gries Investment Funds is an equity partner in the project. RLA, Inc. will oversee management of the community once Twin Creeks is complete.

“Our philosophy in retirement living is to ensure that our residents not just thrive in their new home,” said David Ammons, President of RLA, Inc. “We want to help each resident truly delight in this next chapter in their life.” 

When completed, Twin Creeks will provide a variety of dining options for residents, various gathering spaces for activities and events, and a spacious library with a fireplace. Residents also will delight in exercise areas and perfectly landscaped outdoor spaces.  Home choices will include companion suites, studios, and one-bedroom apartments.

“The design of Twin Creeks will allow each resident to have the individual attention they deserve,” said Dentinger. “We are excited for this community to come to this area.”

Construction is expected to be completed in approximately 11 months. Beverly-Grant, Inc., an award winning design-build firm that specializes in health care construction, is the general contractor.

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ROCHESTER, MN – ABODA, one of the industry’s largest global housing providers, has announced the addition of Rochester, MN’s premier high-rise serviced apartment building, Broadway Plaza to its portfolio.

As of April 1, 2016, Royal Management & Development Inc. has entrusted the complete property management of Broadway Plaza to ABODA. “We welcome the leadership of ABODA to the Broadway Plaza family to lead and continue the success of our iconic and unique property and team. We are excited and grateful for this new beginning with the ABODA team,” said Imad A. Baker, CCIM, Royal Management & Development Inc. president.

“The addition of this premier building into our portfolio is a tremendous opportunity for ABODA as we continue to grow our brand globally and go into new types of business lines,” says Lee Curtis, CCHP, ABODA Global Housing Management president. “We are very excited and honored to add the iconic Broadway Plaza and its exceptional staff to the ABODA family.”

With General Manager, Scott Eggert, at the helm, Broadway Plaza will continue to provide a better hotel alternative in downtown Rochester, MN as part of the ABODA team.

Opened in 2004 and sitting at 29 tales and 342 feet, Broadway Plaza is the tallest building in Rochester. The building has 145 newly renovated, luxurious furnished apartments and retail space on the second floor. Located just steps away from the world-renown Mayo Clinic with direct access to the Skyway, residents can easily access everything downtown Rochester offers. Property amenities and services include 24/7 concierge service, continental breakfast, a fitness center, a swimming pool, sauna and steam room, and a business center, all designed to make guests more comfortable during their stay.

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NEW YORK, NY – Trepp, LLC, the leading provider of information, analytics, and technology to the CMBS, commercial real estate, and banking markets, released its March 2016 US CMBS Delinquency Report.

The Trepp CMBS Delinquency Rate increased seven basis points in March after plummets in January and February. The delinquency rate for US commercial real estate loans in CMBS is now 4.22%. The rate is 136 basis points lower than the year-ago level and the all-time high was 10.34% in July 2012.

In March, CMBS loans that were previously delinquent but paid off with a loss or at par totaled over $700 million. Removing these previously distressed assets from the numerator of the delinquency calculation helped go the rate down by 15 basis points. Over $600 million in loans were cured last month which dropped delinquencies by another 12 basis points. About $1.7 million in loans became newly delinquent, which place 33 basis points of upward pressure on the delinquency rate.

“Even with the small uptick in delinquencies this month, it was a excellent month for CMBS,” said Manus Clancy, Senior Managing Director at Trepp. “Spreads tightened considerably, new issues came to market well inside of where they were in February, and volatility subsided; all positive things for the market heading into the second quarter.

By major property type, delinquency rates increased for three of the five sectors in March. The office delinquency rate increased the most, escalating 25 basis points to 5.23%. The multifamily and retail sectors were the only to improve in March, dropping to 2.34 and 5.33, respectively. Apartment loans remain the best-performing major property sector.

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