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.
INDIANAPOLIS —Marcus & Millichap Real Estate Investment Services has closed the sale of a three-property senior housing portfolio for $52 million. The properties include the 122-unit Forest Creek Commons in Indianapolis, the 114-unit North Woods Commons in Kokomo, Ind. and the 154-unit Covington Commons in Fort Wayne, Ind. Mark Myers of Marcus & Millichap's Chicago office and Chris Hyldahl of the firm's Los Angeles office represented the seller, BAI of Indiana. They also represented the buyer, Newton, Mass.-based Five Star Quality Inc.
PASADENA AND AMARILLO — LTC Properties has recently acquired a 196-bed skilled-nursing facility, located in Pasadena, for $15.5 million in a sale-lease back transaction. LTC has also purchased a vacant parcel of land in Amarillo for $844,000 for the construction of a 120-bed skilled-nursing facility. The new skilled-nursing facility is slated for completion in mid to late 2012.
CARY, N.C. — Walton Street Capital has sold the 176-room Woodland Terrace, a senior housing community located at 300 Kildaire Woods Dr. in Cary. CLW Health Care Services Group represented the seller in the transaction. The buyer was a Prudential-related entity. Kisco Senior Living, which was a minority partner for both the buyer and seller, will continue to manage the property.
JOHNSTON, IOWA — Hubbell Construction has completed three units and the clubhouse for the $5.9 million, 31-unit The Cottages at Johnston Commons, a senior living community located at 5814 Northglenn Dr. in Johnston. An additional eight units are slated for completion by the end of October. Amenities include a community gardening area, clubhouse, business center and 24-hour fitness center.
MILFORD, MASS. — Love Funding has provided $7.86 million financing for the 87-bed Whitcomb House, an assisted-living community located at 245 W. St. in Milford. Leonard Lucas of Love's Boston office arranged the 35-year, self-amortizing loan through HUD.
CONNEAUT, OHIO — Love Funding has secured a $6.51 million refinance loan for the 100-bed Villa at the Lake, an assisted living center located at 48 Parrish Rd. in Conneaut. Robert Smallwood of Love Funding's Cleveland office arranged the financing through HUD's 232/223(f) loan program.
MURPHY — Love Funding has closed a $9.22 million construction loan for the 75,510-square-foot Orchard Park of Murphy, an assisted living center under development in Murphy. Joshua Hausfeld of Love Funding secured the loan with a a 40-year term through the U.S. Department of Housing and Urban Development (HUD) on behalf of the owners, McFarlin Group and Caddis Partners. The 84-bed community is slated to open in mid-2012.