WEST CALDWELL, N.J. —Value Cos., a Clifton, N.J.-based developer, plans to break ground on The Villas at West Caldwell this spring. The Villas is an age-restricted rental community in West Caldwell, and will include 30 residences. The two-bedroom homes will range from 1,200 to 1,500 square feet. Leasing is scheduled to begin in the fall or winter of 2013, and initial monthly rents are expected to begin in the mid-$2,000s. The community will accept adults age 55 and older.
STONE MOUNTAIN, GA. — The 474-unit Park Springs, a continuing care retirement community located at 500 Springhouse Cir. in Stone Mountain, has received $47.3 million in refinancing. Richard Swartz, Phil Anderson, Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield Sonnenblick Goldman's Boston office arranged the financing on behalf of the borrower, Isakson Living. Bank of America and Atlantic Capital Bank provided the financing.
ORLANDO, FLA. — Orlando-based CNL Lifestyle Properties has entered into an agreement to acquire four assisted living communities in Georgia from Solomon Holdings III Dogwood Four for $80 million. The properties include Dogwood Forest in Alpharetta, Dogwood Forest of Eagles Landing in Stockbridge, Dogwood Forest in Fayetteville and Dogwood Forest in Gainesville. The company expects to close the purchase in May.
LAKE ZURICH, ILL. — Ryan Cos. has completed construction of Zurich Meadows, a new 95-unit seniors residential communityin Lake Zurich. The developer of Zurich Meadows is Chicago-based Carefree Development. The $15 million project is located at 250 Mohawk Trail and includes 56 one-bedroom and 39 two-bedroom units. The development also features a game room, fitness center and a library. Zurich Meadows opened in mid-January and currently has 26 residents.
SAN ANTONIO — St. Paul, Minn.-based Oak Grove Capital has originated financing for the 144-unit Emeritus at Amber Oaks, a seniors housing facility located in San Antonio. The transaction is part of a $17.9 million refinancing for three properties in the U.S., including Emeritus at Amber Oaks. The 30-year loan was arranged through HUD's 232/223(f) financing program.
GULF BREEZE, FLA. — The 107-unit The Blake at Gulf Breeze, an assisted living and memory care community located at 4410 Gulf Breeze Pkwy. in Gulf Breeze, has been sold for $24 million. The property, which includes 70 assisted living units and 37 memory care units, is currently 95 percent leased. Ryan Maconachy and Chad Lavender of ARA's Boca Raton, Fla., office represented the seller, Twin Palms, in the transaction. The buyer was AEW Capital Management, which acquired the property on behalf of AEW Senior Housing Investors. Blake Management Group, the original developer, will operate the property.
YONKERS, N.Y. — The $24 million Westchester Center for Independent and Assisted Living has opened to Medicaid recipients this month. The facility is located at 78 Stratton St. South. in Yonkers and includes luxury apartments, an in-house movie theater, beauty salon and billiard room. Center Management Group financed the project with tax incentives from the Yonkers Industrial Development Agency.
LAS VEGAS – The Concorde Assisted Living Center in Las Vegas has sold to Forterus for $5 million. The 101-unit facility is located at 4625 East Twain Ave. It was built in 1997. Forterus was represented by its company chairman, Michael Cartright The seller, IMH Financial Corporation, was represented by Trisha A. Talbot, Julie A. Johnson and Kathleen M. Morgan of GPE Commercial Advisors, along with Neil Sorkin of Cushman & Wakefield.
PEACHTREE CITY, GA. — Atlanta-based NorSouth Development has plans to break ground this summer on the $14.2 million, 96-unit HearthSide Peachtree City, an affordable rental community for seniors located in Kedron Village in Peachtree City. Foley Design Associates Architects designed the project to meet EarthCraft Communities standards. Amenities will include a walking path, a garden center with planting beds, covered golf cart parking spaces with charging stations, a community room with a bistro, a media room, a fitness center, an art studio and a sunroom. Completion is slated for mid-2013.
KINGWOOD — Love Funding has secured $6.64 million in refinancing for the Rosemont Assisted Living and Memory Care center in Kingwood. Brian Robertson of Love Funding's St. Louis office arranged the 35-year loan through HUD's 232/223(a)(7) LEAN program.
