ORLANDO — Orlando-based CNL Properties Trust Inc. has agreed to acquire five senior living communities from affiliates of Primrose Retirement Communities for $84 million. The properties include Grand Island Senior Living in Grand Island, Neb.; Marion Senior Living in Marion, Ohio; Mansfield Senior Living in Mansfield, Ohio; Casper Senior Living in Casper, Wyo.; and Sweetwater Senior Center in Billings, Mont. The transition is expected to close the first quarter of 2012. The communities will continue to be operated by Primrose under a long-term lease agreement with CNL. As of Dec. 1, the properties were 96 percent occupied.
DECATUR, GA. — Savannah, Ga.-based NorSouth Constructs has broken ground on the 80-unit Oliver House, a seniors housing property located at 1450 Commerce Dr. in Decatur. The development is the second phase of a $30 million redevelopment of Allen Wilson Terrace Public Housing by the Decatur Housing Authority. Upon completion, Allen Wilson Terrace will contain 190 units for low-income families and seniors. HADP Architecture designed the property, which is expected to receive two EarthCraft green building certifications. Oliver House is slated for completion in August 2012.
BURLESON — LIG Assets' non-wholly owned subsidiary, World SeniorCare Services, has entered into a contract to purchase a 13-acre parcel for the development of a $20 million, 10-building senior housing property in Burleson. The project is slated to be constructed over a 2-year span.
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.