LCS Development Closes Financing for $160M Senior Living Community Expansion
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Sinai Residences of Boca Raton to add 111 new residences
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Des Moines, Sept. 29, 2020 (GLOBE NEWSWIRE) -- The Toby and Leon Cooperman Sinai Residences of Boca Raton has closed bond financing for a $160 million expansion project at its Boca Raton, Florida campus. Construction began September 8. The resort-inspired project will add 111 independent living residences and additional communal areas.
“HJ Sims is honored to be a long-standing partner of the team at Sinai Residences and to have been entrusted to bring this financing to the market at a time of market uncertainty,” Melissa Messina senior vice president at HJ Sims says of their relationship with the Jewish Federation of South Palm Beach County. “Through wide distribution, Sims was able to provide excellent execution, reducing the anticipated debt service burden on the community and providing a firm foundation for the expansion. We eagerly await what the new year will bring for Sinai Residences and are proud to continue our partnership with them.”
Located on a 100-acre campus in Boca Raton, Florida, Sinai Residences, is sponsored by the Jewish Federation of South Palm Beach County, Inc. The community is managed by Life Care Services, An LCS Company.
“Due to LCS’s expertise in managing Sinai Residences, we have one of the best luxury senior living communities in the country,” says Mel Lowell, chief operating officer, Jewish Federation of South Palm Beach County. “Because of their commitment to the needs of Sinai’s residents, LCS Development was retained in 2018 to spearhead the entire Sinai expansion and they are our go-to expansion development entity.”
“We made the correct decision,” Lowell says. “Working closely with the LCS Development team during the challenging expansion development process has allowed the Sinai expansion to be financed, permitted and currently under construction — all on a timely basis. LCS was also retained to manage the Sinai expansion. LCS and LCS Development are significantly responsible for the successes and achievements at Sinai Residences.”
In addition to the increased number of independent living residences, the project will add two themed dining venues, a cocktail lounge, a large multi-purpose room, movie theater, pool with indoor/outdoor dining options, and enhanced common areas. The existing fitness center and spa will also be renovated as part of the expansion.
“Our team is looking forward to collaborating with the Jewish Federation’s board of managers on this project which will enhance the community and bring additional services to residents,” says Ted MacBeth, senior vice president and director of life plan development, LCS Development. “Even with the challenges of the current market, Sinai Residences was able to secure financing for the expansion of their community. This speaks highly of their leadership and community oversight.”
The expansion project scope called for LCS Development to coordinate planning, lead development, coordinate the sales process, and provide oversight of design and construction services. LCS Development also assisted with financing and will support other aspects of the expansion as requested by the federation's board of managers.
Project partners include Leo A Daly as project architect. General contractor is The Whiting-Turner Contracting Company and WGI, Inc. is civil engineer/land planner.
About LCS Development
LCS Development, An LCS Company, is a full-service third-party developer of Life Plan and rental communities solely dedicated to designing and developing senior living communities since 1971. It has experience in helping owners and sponsors develop highly complex projects in markets throughout the United States. Utilizing four decades of in-house expertise and single-source precision ranging from master planning and design to construction management, sales, finance and more, LCS Development has helped develop more than $2.6 billion worth of projects in the last 10 years. At LCS Development, Experience Is Everything. For more information, visit lcsdevelopmentLCS.com.
About Life Care Services
Life Care Services, An LCS Company, has the experience required to boost community financial performance, increase occupancy, and develop new lifestyle and health initiatives to meet consumer expectations and help communities thrive. With a long track record of excellence, Life Care Services, sets itself apart from other senior living companies with its unique, comprehensive portfolio of support services. Life Care Services is the nation’s second largest operator of senior living communities and has expertise in the management of both Life Plan and rental communities. From independent living to assisted living, skilled nursing to memory care, at Life Care Services, Experience Is Everything. For more information, visit lifecareservicesLCS.com.
Jeri Uhlmansiek LCS 5158744500 firstname.lastname@example.orgSource: LCS Development
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