McKinney Project Breaks Ground
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|Orchard Park of McKinney (rendering above) could be the poster child for ARA's comments on the seniors housing market. The Collin County project—a seniors assisted living development with an area dedicated to Alzheimer's care services—was selected because of pent-up market demand, McFarlin Group's John Swinney tells us. McFarlin Group is providing consulting and development services for the developer, The Cirrus Group, and will oversee operations through its affiliate, Orchard Park Senior Living.|
|Processed through HUD's Section 232 new construction LEAN loan program, John says HUD, like other lenders, is using caution when underwriting deals, going to great length to underwrite the market depth, including number of seniors, population growth,competition, and current provider occupancy. Slated to open in early 2011, Orchard Park, at 3392 Medical Center Dr., will be managed and operated by Good Neighbor Care Centers and offers 67 apartment-style AL residences and 30 memory care residences. The operator has more than 50 seniors living properties under management in 11 states. The Cirrus Group developed both the hospital and Medical Center at Craig Ranch.|