ODESSA — Love Funding has secured an $8.91 million construction-to-permanent loan for the 97-bed Orchard Park of Odessa, a 69,500-square-foot assisted living community in Odessa. Joshua Hausfeld of Love Funding's Washington, D.C., office secured the 40-year loan through HUD's 232 LEAN Program on behalf of the owners, McFarlin Group and Stroud Development, both of Dallas. The facility is slated to open in late 2012.
MISSOURI CITY — Oyster Creek Manor, a new mixed-use development for senior citizens in Missouri City, has opened for business. The property features an Alzheimer's unit, beauty salon, 24-hour nursing staff and a restaurant. A partnership between Houston-based Wallace Bajjali Development Partners and Atlanta-based Outer Marker Properties developed the property and is operating the facility. The facility is located at Hampton Drive and Murphy Road in the Hampton Pointe master-planned community in Missouri City. Westbury, N.Y.-based The Kalikow Group's affiliate, KEP Hampton ALF LLC, owns the property.
SPRING HILL, FLA. — Oak Grove Capital has secured a $16 million Fannie Mae supplemental loan for the 205-unit The Residences at Timber Pines, located at 3140 Forest Rd. in Spring Hill. The loan was provided to refinance the recourse construction loan used by the facility's sponsor, Chaska, Minn.-based The Goodman Group, to construct a 78-unit expansion. The 10-year loan has a 30-year amortization schedule.
LOUISVILLE, COLO. – The 46-unit Balfour Cherrywood Village Memory Care facility in Louisville has received one of the nation’s first Fannie Mae DUS ARM 7-6 loans for $5,620,700. The non-recourse loan was provided to Balfour Senior Living by Red Mortgage Capital.
HOUSTON AND OKLAHOMA CITY — Chicago-based Harrison Street Real Estate Capital has acquired an eight-property senior housing portfolio, with properties in Texas and Oklahoma, from E-Quest Management for $125 million in an off-market transaction. Harrison Street's partners, Houston-based Bridgewood Property Co., will manage the portfolio, which includes Village on the Park – Houston; Village on the Park – Friendswood; Village on the Park – Oklahoma City; Carriage Inn – Conroe; Carriage Inn – Bryan; Carriage Inn – Lake Jackson; Carriage Inn – Huntsville and Carriage Inn – Katy.
DEL RIO — McShane Construction has commenced construction on the 48-unit Las Brisas Manor Senior, an independent living facility, on behalf of the developer, The Paces Foundation. The 60,229-square-foot property will feature a brick exterior and individual porches and balconies. Martin Riley Associates – Architects is designing the facility to achieve Green Built Texas designation. Funding for the project came from the Texas Department of Housing and Community Affairs through its HOME Investment Partnerships Program. The facility is slated for a June 2012 completion.
BELLEVILLE, ILL. — In a joint venture, Cerulean Partners LLC and an entity associated with The Inland Real Estate Group of Companies, has purchased the Atrium of Belleville, a 76-unit senior living community in Belleville, Ill. for $2 million. The Atrium, formerly known as Grand Court, was previously owned by Brookdale Senior Living Inc. Cerulean, based in Chicago, plans to invest $1.5 million in property improvements.
COLUMBIA, MO. — St. Louis-based Paric is beginning construction on a $50 million addition and renovation at Lenoir Woods continuing care retirement community in Columbia, Mo. The five-year project is planned in phases, and construction includes a new two-story assisted living building, a four-story independent living building with underground parking and a new memory care facility. The senior living community is operated by St. Louis-based Lutheran Senior Services.
BURLINGTON, MASS. — The Northbridge Co. held a groundbreaking for its 110-unit assisted living and memory care community, located at 50 Network Dr. in Burlington, Mass. Situated on nearly nine acres of undeveloped land, the project will include one-and two-bedroom apartments, a cafe and theater. The development team includes Chelsea, Mass.-based The Architectural Team, Bridgewater, Mass.-based Callahan Construction and Needham, Mass.-based Waypoint Construction Consultants. The community is scheduled to open in the fall of 2012.
AMARILLO — Canyon Long Term Care has plans to build a 120-bed skilled nursing facility in Amarillo. Canyon is working with LTC Properties, the landlord, to develop the 50,000-square-foot facility. The new facility will replace an old healthcare facility in Canyon and will feature multiple dining areas and private rooms with bathrooms and showers. Construction is slated to begin this year and the facility is expected to open in late 2012.