MISHAWAKA, IND. — Fishers, Ind.-based AHEPA National Housing Corp. and the Department of Housing and Urban Development have broken ground for the 50-unit Penelope 60 Apartments, an affordable senior housing apartment building located at 810 S. Merrifield Ave. in Mishawaka. AHEPA Management Co. will manage the property, which is slated for completion in September 2012.
CHICAGO — Cambridge Realty Capital Cos. has provided HUD Section 223 (a)(7) loans for eight senior housing communities in the Chicago metropolitan area and downstate Illinois. The properties include: – The 97-unit Centennial South Apartments in Mt. Prospect – The 100-unit Centennial North Apartments in Mt. Prospect – The 80-unit Carmel House Apartments in Zion – The 104-unit Lakeland Apartments in Fox Lake – The 80-unit Forest Apartments in Glen Ellyn – The 115-unit Jefferson House in Macomb – The 110-unit Colonial House Apartments in DeKalb – The 160-unit Vermillion House Apartments in Danville An Illinois limited partnership owns the properties, all of which received fully amortized 39-year loans.
ATLANTA — The NorSouth Cos. has broken ground on the 121-unit Hearthside Brookleigh, a $15.7 million senior housing community in Atlanta. The facility is considered Phase III of the six-phase, mixed-use development Brookleigh, located near the intersection of Ashford Dunwoody and Johnson Ferry roads in Atlanta. Upon completion, the development will feature Hearthside Brookleigh, a retail village, luxury mid-rise apartments, single-family homes and condominiums. Completion for Phase III is slated for early 2012.
INDIANAPOLIS, GREENSBURG AND WESTFIELD, IND. — Red Mortgage Capital has provided refinancings totaling $13.71 million for three senior housing properties located in Indiana on behalf of American Eagle LifeCare Corp. In Indianapolis, the 60-unit Home Place received a $2.25 million loan; in Greensburg, the 96-unit Morning Breeze received a $7.65 million loan; and in Westfield, the 111-unit Sanders Glen received a $3.81 million loan. Terms of the financing were undisclosed.
CENTRAILIA, ILL. — Cambridge Realty Capital Companies has secured a $8.6 million HUD Lean Loan to refinance the 120-unit Centralia Manor, a skilled care nursing home located at Centrailia. The 35-year, fully amortized loan was arranged for the owner, an Illinois-based limited liability company, through HUD's Section 223(a)(7) funding program.
BENNINGTON, VT. — Wilton, Conn.-based Westport Capital Partners has closed on the sale of The Inn at Fillmore Pond in Bennington — the last facility to be sold that was part of the four-facility senior housing portfolio known as the New England Healthcare Portfolio. Westport Capital purchased the portfolio in partnership with Capital Health Group and Kaplan Development Group in April 2007 for $83 million, which equates to approximately $210,000 per unit. The ownership added 14 cottages oriented for independent living and completed a 28-unit dementia wing addition to the Bennington facility. The other facilities in the portfolio include: The Inn at Forge Hill in Franklin, Mass., which sold in 2010. The Inn at Robbins Brook in Acton, Mass., which sold in 2010. The Inn at Spruce Wood in Durham, N.H., which sold to an owner/operator of senior housing properties.
ST. PAUL, MINN. — St. Paul-based Oak Grove Capital has arranged a $437.8 million Fannie Mae DUS credit facility for Brookdale Senior Living. The 7-year loan, which is 75 percent-fixed rate and 25 percent variable rate, was used to refinance existing loans for 44 different properties totaling 4,145 units. The properties include assisted living, independent living, memory care and skilled nursing facilities in 13 states including Florida, California, Texas and Ohio.
MCKINNEY — Atlanta-based ARA has brokered the sale of The Chateau, a 202-unit senior living community in McKinney, to Holiday Retirement. The three-story community was built in 2006 and renovated in 2010. ARA’s Ryan Maconachy and Chad Lavender represented the seller, ES McKinney.
GRANT PASS, ORE. – Oak Grove Capital has originated $25 million in variable rate, permanent financing for three senior housing communities in Oregon and Montana. The financing was obtained through Freddie Mac’s Senior Housing Capped ARM program. The three communities are operated by Emeritus Corporation and owned by a joint venture between affiliates of Emeritus, Blackstone Real Estate Advisors and Columbia Pacific Advisors. The funds were used to refinance existing low-leverage mortgage debt on the three senior properties, which include the 61-unit Cambridge Place in Great Falls, Mont., the 82-unit Spring Village in Grants Pass, Ore., and an 88-unit assisted/independent/memory care facility in Redmond, Ore. This is a seven-year variable-rate loan with pre-payment flexibility. Lisa Lautner and Heidi Brunet of Oak Grove's Senior Housing and Healthcare Group originated the loans.
WEBSTER GROVES, MO. — ARCO Construction Co. has been selected to build the $18 million, 80-unit Provision Living at Webster Groves, a senior housing project located at 45 E. Lockwood in Webster Groves. On-site amenities will include medical, rehabilitation, wellness and retail space. Completion is slated for summer 2012.