CARBONDALE, ILL. — Love Funding, a lender specializing in HUD loans, has closed an $11.3 million bridge loan for Landings of Carbondale, a 92-unit assisted living and memory care community under development in the southern Illinois city of Carbondale. The loan will fund the transition from construction to permanent financing. Landings of Carbondale will be built on a 6.5-acre site on the northeast side of Carbondale. Fricke Management is developing the site, which The Landings of Carbondale LLC will own. Once completed, Revere Healthcare will operate the community. Love Funding’s Robyn Cunningham, senior director, and Adrian Hartman, director, secured the financing through Midland States Bank.
FORT WORTH, TEXAS — The Reserve at McAlister, a community for adults 55 and over in south Fort Worth near Burleson, is now open. General contractor KWA Construction began the project last fall. The 107,000-square-foot, 124-unit project from Ohio-based developer Miller-Valentine Group was designed by Kelly Grossman Architects to meet the needs of independent adults that are at least 55 years of age. KWA Construction specializes in multifamily construction with multiple projects in senior living, including Hillside West in North Oak Cliff and Heritage Village in Hurst, Texas. Located at 432 McAlister Road between Hemphill Street and I-35 West, the one- and two-bedroom apartment community offers amenities including fully equipped kitchens. The community grounds feature a fitness center, media and business centers and a swimming pool, as well as a multi-purpose community room with a kitchen and dining area.
SCOTTSDALE, ARIZ. — The Wolff Company, a private equity firm based in Scottsdale, has announced plans to begin development on six independent living communities in the first quarter of 2016. The developments are expected to break ground over the next six months in Issaquah, Lacey and Spokane, Wash.; Henderson, Nev.; Oxnard, Calif.; and Colorado Springs, Colo. Wolff intends to invest $300 million to $400 million annually in the development or acquisition of independent living and assisted living communities.
GREEN BAY AND APPLETON, WIS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of four Cottage Living assisted living and memory care communities in Green Bay and nearby Appleton for $18.4 million. Blueprint represented the undisclosed seller, which sold the properties to a non-traded real estate investment trust. At the time of sale, the portfolio was 92 percent occupied. The purchase price equates to approximately $150,000 per unit and there are 123 units. The buyer partnered with an operator from the West Coast. The portfolio will represent the new operator’s first entry into the Wisconsin market. Jacob Gehl of Blueprint was the lead advisor on the transaction.
MAPLEWOOD, MINN. — Evans Senior Investments has arranged the $30 million sale of The Shores of Lake Phalen, a seniors housing community located in the Twin Cities suburb of Maplewood. A non-traded REIT purchased the property at a price of $285,714 per unit. The Shores of Lake Phalen features 22 independent living units, 51 assisted living units and 32 memory care units. Constructed in 2011, the Class A community is adjacent to the Gateway State Trail for walking or biking. The new owner plans to lease the facility to a national operator. The final capitalization rate was 6.3 percent based on a 2015 budgeted net operating income of $1.9 million. Evans Senior Investments is a Chicago-based seniors housing investment banking firm.
OMAHA, NEB. — Carter Validus Mission Critical REIT II Inc. has acquired Old Mill Rehabilitation in Omaha for $13 million. The property is a 40,402-square-foot skilled nursing facility that was built in 2014. Old Mill offers 44 private rooms with in-suite bathrooms and showers. Amenities include 24-hour room service and a full-service salon. Rehabilitation services at the facility include physical, occupational and speech therapy, IV therapy, medication management and wound care. Carter Validus Mission Critical REIT II is a non-traded real estate investment trust.
ST. CHARLES, MO. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving real estate investors, has arranged the sale of Carrington Place of St. Charles, a 234-unit, 294-bed continuing care retirement community in St. Charles, a northwestern suburb of St. Louis. The $17 million sales price equates to approximately $72,650 per unit. The seller was not disclosed. The buyer was a private owner/operator based in Chicago. Mark Myers, Josh Jandris and Charles Hilding of IPA represented the seller and procured the buyer along with and Marcus & Millichap associate Richard Lynn. Carrington Place of St. Charles features 138 independent living units, 32 memory care units, 27 assisted living units, and 66 private and semi-private skilled nursing beds.
URBANDALE, IOWA — Lifespace Communities Inc. will break ground on a $9 million redevelopment project for Deerfield Retirement Community, a continuing care retirement community in Urbandale, a Des Moines suburb. The expansion will add new living options and health services, including new models of assisted living and memory care. Currently, Deerfield only offers skilled nursing and independent living. Milwaukee-based AG Architecture is the designer for the redevelopment project, and Minneapolis-based Weis Builders is the contractor. Construction is scheduled for completion by summer 2016.
BURLESON, TEXAS — Construction has begun on the Mustang Creek Estates of Burleson seniors housing project located at 1155 NW John Jones Drive in Burleson. The $7 million, 42,000-square-foot assisted living and memory care community will include six specially designed homes, housing up to 15 seniors each. The homes will include an open kitchen, personal assisted care and daily activities. The community will house 90 residents and will open in summer 2016. The community will sit on just over seven acres southwest of Burleson Church of Christ. Joseph E. Helmberger of Kimley-Horn designed the community.
WILLIAMSVILLE, N.Y. — Picone Construction is continuing the renovations at The Amberleigh, a seniors housing community located at 2330 Maple Road in Williamsville. Renovations include the conversion of existing space to 49 assisted-living residential units on the second and third floors, along with 16 memory care units on the first floor. Additionally, a new entry will be constructed, which includes a free standing porte-cochere and asphalt drop-off drive. The entry and first floor will include a reception area, waiting/lounge area, offices, conference room, new elevator, salon, activity room, dining room, craft room, private dining rooms, toilet rooms, staff lounge, laundry room, storage rooms and a secured fenced-in courtyard. The second and third floor common areas will include offices, toilet rooms, laundry rooms, living rooms and storage rooms. Each of the three floors will also include a nurse’s station with a hydrotherapy room. Foit-Albert Associates is the architect of record and Buffalo Engineering PC is the mechanical and electrical engineer for the project.