PEARLAND AND KATY — A joint venture between McFarlin Group and Stroud Development have plans to build Orchard Park of Katy and Orchard Park of Pearland, two memory care/assisted living facilities that will serve 97 residents each. Orchard Park of Katy will break ground in October and be open for occupancy in late 2013. Amegy Bank of Texas will finance the facility's construction. Orchard Park of Pearland will break ground in the first quarter of 2013 and be open for occupancy in late 2013. HUD will finance the facility's construction through its 232 LEAN program. Bedford-based Galier, Tolson and French Design Associates designed the facilities, which will feature landscaped courtyards, private dining amenities, special events venue, fitness/wellness areas, therapy rooms and salons. Meridian Seniors Living will operate both facilities.
KATY, SCHERTZ AND CEDAR PARK — PinPoint Commercial and Thrive Senior Living have plans to develop three assisted living/memory care facilities in Texas, including The Legacy at Falcon Point in Katy, The Legacy at Forest Ridge in Schertz and The Legacy at Crystal Falls in Cedar Park. The 104-bed Falcon Point facility is scheduled to break ground before the end of the year, the 120-bed Forest Ridge facility is slated to break ground in early 2013 and the 90-bed Crystal Falls facility is also slated to break ground in early 2013. The three facilities are part of a five-property portfolio being constructed with a total development budget of more than $80 million.
HOUSTON — The LaSalle Group has plans to break ground on the $11.2 million Autumn Leaves of West Houston, a 26,000-square-foot memory care/assissted living community that will be located at 1725 Eldridge Parkway in Houston. The project is slated to provide 200 jobs and will be the eighth Autumn Leaves community in the Houston area.
EDEN PRAIRIE, MINN. — Dougherty Mortgage has arranged a $21.3 million loan for the refinancing of The Colony at Eden Prairie, a 164-unit assisted living facility in Eden Prairie. SE Rolling Hills owns the property, which is managed by The Waters Senior Living. Dougherty arranged the 40-year loan through the HUD Lean 232/223(a)(7) refinance program. The financing contains a 40-year amortization schedule.
PLANO AND NORTH RICHLAND HILLS — Washington, D.C.-based Capitol Seniors Housing has purchased the Franklin Park Canyon Creek in Plano and the Franklin Park Hometown in North Richland Hills, two independent living facilities previously owned by Franklin Development Co. Doug O'Toole and Rod Llanos of Marcus & Millichap's Houston office represented the seller in the transaction. The two independent living communities include walk-in closets, patios, balconies, covered parking, garages and elevator access.
COSTA MESA, CALIF. – The 40-bed Autumn Years at Newport Mesa has received a $5.14-million loan refinancing. The facility was built in Costa Mesa in 1999. It specializes in memory impairments like Alzheimer’s, Parkinson’s and other related dementias. Financing was secured by Artin Anvar of Love Funding’s Washington office. It was arranged for AY Newport Mesa LP.
LADY LAKE, FLA. — CNL Healthcare Trust has agreed to invest $21.6 million in the 96-unit HarborChase of Villages Crossing, a to-be constructed assisted living and memory care community in Lady Lake. The two-story building will total 91,000 square feet. Harbor Retirement Associates is the project developer and will provide management services under a long-term contract upon completion. CNL owns 100 percent of the project.
ST. ANTHONY, MINN. — Oak Grove Capital has arranged a $6.2 million 232/223(a)(7) HUD Lean loan for the refinancing of Chandler Place in St. Anthony. The seniors housing community contains 119 units.
WAUKEE AND PELLA, IOWA —Watermark, a subsidiary of The Freshwater Group, has acquired two continuing care retirement communities in Iowa for $40 million. The properties include the Village at Legacy Pointe at 1650 S.E. Holiday Crest Circle in Waukee, Iowa and Vriendschap Village at 2602 Fifield Road in Pella, Iowa. The 185-bed Village of Legacy Pointe is a newly constructed community that is 80 percent occupied. Vriendschap Village features 91 units and is 88 percent occupied. Mark Myers and Joshua Jandris represented the seller, Ewing Land Development, in the transaction.
JACKSONVILLE, S.C. — Marcus & Millichap has arranged the $19 million sale of the 185-unit Brighton Bay, an independent living community located at 10061 Sweetwater Parkway in Jacksonville. Michael Pardoll of Marcus & Millichap represented Wells Fargo & Co., the seller, in the transaction. The Carlyle Group was the buyer.