Company Of The Month
$22 million New Bedford facility designed by CBT / Childs Bertman Tseckares Sippican Partners development manager for Whalers Cove assisted living community
March 19, 2004
www.rejournal.com
REPRINTED from The New England Real Estate Journal
NEW BEDFORD, MA.
— Only a few years ago, an abandoned mill building in a depressed urban
area housed vandals and remnants of past industrial tenants. Today, Whalers Cove
is an assisted living community of 120 units for 140 seniors. Whalers Cove Ltd.
Partnership, its development manager, Sippican Partners, LLC and financial / historical
consultant, Commonweal Collaborative financed the $22 million project by combining
several public and private sector debt and equity programs. Whalers Cove is a
certified National Park Service historic restoration of the Whitman’s Mill
Building and received a preservation award from the Mass. Historical Commission
in September of 2003.
CBT / Childs Bertman & Tseckares, the project architects met the design challenge by creating a residential environment within an old mill building while respecting the cost restrictions inherent to affordable housing. The assisted living operations company, New England Senior Housing, is managing the lease up of the project and attained stabilized occupancy last month.
Equity for the project was raised through the syndication of historic and low income tax credits. Debt was secured through the use of taxable and tax exempt revenue bonds allocated through Mass. Development, city and state home stabilization funds provided by the city of New Bedford and the Department of Housing and Community Development, respectively. Whalers Cove L.P., Sippican Ptrs. and Commonwealth Collaborative worked with the counsel of Holland and Knight, LLP through several loan closings during development and construction to secure the completed financing for the project.
The development period of Whalers Cove required two years for planning, approvals, financing, design and construction bidding. The construction period was thirteen months. The construction scope required asbestos & lead remediation, a structural rebuild, exterior restoration and a complete reconstruction of the existing buildings interiors. The assisted living operations commenced six months prior to the completion of construction and the lease up period to attain stabilized occupancy required 14 months.
Assuming one can overcome the financing hurdles associated with assisted living in today’s financial market place; the development challenge of restoring an old mill building into an affordable assisted living community remains a significant undertaking.
CBT achieved the difficult balance of creating the right mix of residential units, common areas and design elements while maintaining the development budgets projected costs. The end design result is an exceptionally unique physical environment that visitors, operational staff, residents and their families continually praise. The internal core of the project houses the common areas which include a chapel, community rooms, a par course, north and south gardens, computer rooms, a wellness center, business offices, a library, a living room, a large dining room, three stair cases, and second floor openings from the first floor to the main roof clerestory. The interior designer, Dermarderosian & Dermardersosian used colors, textures and scale to evoke warmth, comfort and elegance. The design elements reflect historical period choices from the late 1800s and early 1900s.
The assisted living operations company, N.E Senior Housing offers independent and assisted living service programs for low income, group adult foster care, moderate income and market rate residents. Whalers Cove is now home to 98 residents with a monthly move in absorption rate of between 8-10 new residents. The majority of residents are connected to the city of New Bedford community, either as a resident, or with adult children living in the city.
Whalers Cove L.P., headed by Alan Altman, assembled a seasoned and dedicated development team to manage the redevelopment process. Whalers Cove project team includes;
Development manager – Sippican Partners, LLC is a development management firm offering professional services to institutions, corporations, private investors, limited partnerships, fiduciaries and other real estate property owners. Sippican Ptrs. specializes in acquisitions, permitting, design, financing, development and construction management of commercial, residential, institutional, raw land, public sector dispositions, historic rehabilitations and senior housing projects.
Financial and historic consultant – Commonweal Collaborative is a successful financial and historic consultant providing professional services to public and private sector clients. Commonweal Coll. specializes in structuring complicated and favorable financing for commercial, industrial and residential development projects.
Architect – CBT/Childs Bertman Tseckares is a design firm providing services in architecture, interior architecture, site planning and urban design. Founded in Boston in 1967, it employs 158 professional and support personnel. The practice includes the design of office, residential, academic, civic, and hospitality buildings, and a variety of interior spaces. Over 120 design awards recognize excellence and creativity in the design of new buildings and the preservation of existing structures.
Interior designer – Dermardersosian & Dermardersian has been providing interior design services for over four decades. D & D specializes in nursing homes, hospitals, independent living, assisted living and dementia / special care living environments.
Assisted living operator – The principals of New England Senior Housing have been involved with providing services for seniors for over four decades. The firm strives to provide quality care services at affordable costs while focusing on each residents well being.
