Harrison Street-Ryan-LCS JV Launches PHX Senior Living Project
Harrison Street, LCS and Ryan Companies secured financing to begin development of Clarendale Arcadia, a 248-unit senior living community in Phoenix. The project will be built on a six-acre site at 3233 E. Camelback Rd. under a long-term ground lease with landowner, LAKO.
The high-end community will include 140 independent living apartments, 68 assisted living apartments and 40 memory care apartments. 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.
Phase one is slated to be completed summer 2022 followed by phase two in winter 2022. The community will be managed by Life Care Services, with pre-leasing set to begin in summer of 2021.
Lee & Associates’ Craig Coppola worked on behalf of the land lessor and Ryan to negotiate the transaction. Fifth Third Bank, N.A. acted as administrative agent and lead arranger alongside Regions Bank as syndication agent for the project.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development