SOUTH BARRINGTON, ILL. — A partnership between The LaSalle Group and Silverado Interest plans to build an $11 million memory care community in South Barrington that will serve residents with Alzheimer's, dementia and memory impairment. The 29,000-square-foot facility, named Autumn Leaves of South Barrington, will be located at 215 Bartlett Road. The interior design team plans to use the latest Alzheimer's and dementia research to choose elements such as artwork, paint and light fixtures. For instance, the dining rooms will include aquariums. According to scientific research, the aquariums will create a calming effect and increase residents' appetite.
Seniors Housing
WEST COVINA, CALIF. – The 65-unit West Covina Senior Villas has received a $3.2-million refinance loan. The loan on this newly built property features a 5 percent fixed interest rate, a 30-year term and a30-year amortization schedule. The funds were arranged by Dale Holzer of Alliant Capital LLC.
WEST COVINA, CALIF. – The 65-unit West Covina Senior Villas has received a $3.2-million refinance loan. The loan on this newly built property features a 5 percent fixed interest rate, a 30-year term and a30-year amortization schedule. The funds were arranged by Dale Holzer of Alliant Capital LLC.
DURHAM, N.C. — Dougherty Mortgage LLC has closed a $17.25 million loan for the acquisition of Arbor Walk, a 115-unit independent living and assisted living property in Durham. The seven-year term loan was arranged through Dougherty Mortgage’s Maryland office for CSH Walk LLC.
FAYETTEVILLE, ARK. — CNL Lifestyle Properties Inc., a real estate investment trust, has acquired Fayetteville’s Culpepper Place for $14 million from Foster Hospitality Group. The assisted living community has 67 units and opened in June 2011. It is 100 percent occupied. This is the second Arkansas property CNL Lifestyle Properties has purchased from Foster Hospitality Group.
CRYSTAL, MINN. — Oak Grove Capital has arranged a $10.4 million Fannie Mae loan for Heathers Manor, a 78-unit assisted living facility in Crystal. Bill Kaufman of Oak Grove arranged the 10-year loan on behalf of the borrower, Life Care Cos.
HOUSTON — Marcus & Millichap has brokered the sale of a 145-bed congregate care seniors housing facility, located at 2801 Gessner Road in west Houston's Spring Shadows area. Doug O'Toole of Marcus & Millichap represented the seller, MetroNational, in the transaction. The buyer of the non-performing asset was Signature Healthcare Services, which plans to reopen the 122,786-square-foot facility as a drug/rehabilitation hospital.
COPLEY TOWNSHIP, OHIO — Concordia of Ohio has acquired the 280,185-square-foot Summer on Ridgewood, a continuing care retirement community in Copley Township, for $23 million. The property is 78 percent occupied and all resident contracts will be assumed by the new owner. The property features 22 independent living units, 79 garden apartments, 40 assisted living units and 48 skilled nursing beds. CLW Senior Housing represented the court-appointed receiver, Jeffrey T. Heintz of Brouse McDowell, in the transaction.
SAN ANTONIO — Austin-based TRISUN Healthcare and Dallas-based Suntex Development have broken ground on Lakeside Assisted Living, a 56,500-square-foot assisted living and memory care facility that will be located at 8627 Lakeside Parkway in west San Antonio. The new facility will be located adjacent to TRISUN Care Center Lakeside, a skilled nursing and rehabilitation facility. The property will consist of 42 assisted living units and 18 memory care units. The facility is slated to open in the summer of 2013.
CEDAR PARK — Marcus & Millichap has arranged the sale of New Hope Manor, a 114-bed skilled nursing facility located at 1623 W. New Hope Drive in Cedar Park. The list price of the property was $6.5 million. Rod Llanos of Marcus & Millichap's Houston office represented the seller, a developer, and the buyer, a limited liability company, in the transaction. The property was built in the 1990s.