OAK RIDGE, TENN. — Medical Development Group has selected Choate Construction Co. as general contractor to construct Canterfield at Oak Ridge. Located in Oak Ridge, the three-story, 91,000-square-foot senior living community features 91 units, a library, a salon, a parlor, an exercise room, an arts and crafts room and multipurpose space. Individual units will feature granite countertops, crown molding, tray ceilings and ample closet space. The Corcoran Ota Group is providing architectural services for the project.
ODESSA — Parks Methodist Retirement Village, located on Faudree Road in Odessa, is expanding by developing a single-story assisted living building with 70 apartment units as well as a four-story, 80-unit independent living apartment building. Amenities will include a new industrial kitchen, a new dining hall, Wi-Fi, a salon/spa, an exercise center, a library and a computer room. Sears Methodist Retirement System and Prevarian Senior Living are completing the expansions.
BRADENTON, FLA. — Clearwater, Fla.-based TJM Properties has purchased Summerfield Retirement Residence, a 74,7786-square-foot assisted-living and memory-care community in Bradenton. The 120-unit property sold for $9.5 million or $79,167 per unit. Built in 1998, the property was 78 percent occupied at the time of closing. Health Care Services Group represented the seller, Summerfield Retirement Residence LTD, in the transaction.
INDIANAPOLIS — Indy-East Asset Development and Riley Area Development are developing St. Clair Senior Apartments in Indianapolis. Located at East 10th Street and North Keystone Avenue, the $7.6 million project will feature 33 apartment units and 3,600 square feet of retail and office space. Keystone Construction is serving as general contractor for the project, which is scheduled for completion in 2011.
TUPELO, MISS.; AND GULF BREEZE, FLA. — CLW Health Care Services Group has negotiated the sale of two assisted living communities in Tupelo and Gulf Breeze. Herbert J. Sims and a joint venture partner sold the two properties for a total of $13.9 million or $110,317 per unit. LTC Properties acquired the assets. AvonLea in Tupelo features 65 assisted-living units and 20 independent-living cottage and Gulf Breeze Courtyard in Gulf Breeze features 61 assisted-living/memory-care units.
WICHITA, KAN. — Laham Development is developing Cypress Springs, a 35,000-square-foot Alzheimer's and memory support residence located within Wilson Estates Medical Park in Wichita. The 66-bed assisted-living facility will offer therapeutic activities, a specially-trained staff and multi-sensory experiences and activities for residents. Constructed is expected to begin in November. Dallas-based Curtis Group Architects LTD is providing architectural services for the project.
TAMPA, FLA. — Love Funding has secured a $3.6 million loan for the refinancing of Central Tampa Assisted Living Facility in Tampa. The 96-bed and 50-unit facility specializes in the care of seniors with Alzheimer's and related memory disorders. Robyn Cunningham of Love's St. Louis office originated the loan by utilizing the FHA 232/223(f) LEAN program, which locked in a 4.5 percent interest rate with a 26-year amortization schedule for the borrower.
NEW JERSEY — KeyBank Real Estate Capital has secured a total of $106.7 million in Freddie Mac funds for seven senior housing properties in New Jersey. In the first deal, KeyBank originated a $100 million loan for a portfolio of six properties on behalf of a joint venture between an affiliate of The Carlyle Group and Fanwood, N.J.-based Chelsea Senior Living. The properties are located in East Brunswick, Fanwood, Manalapan, Montville, Tinton Falls and Warren. In addition, KeyBank provided a $6.75 million loan for Metuchen Senior Apartments in Metuchen. The borrower was Gary Kline. Terms of the loans were not disclosed.
SHOREWOOD, ILL. — Cambridge Realty Capital Cos. has closed a $13.6 million FHA-insured HUD Lean loan for the construction of Alden Estates of Shorewood. The 100-bed, skilled-care nursing home facility is located in Shorewood. The HUD Section 232 funding package included both new construction and a fully-amortized 40-year permanent mortgage loan. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. The borrower was an undisclosed Illinois limited liability company. The interest rate was not released.
DAVENPORT, IOWA — Ryan Cos. is constructing a 21,000-square-foot addition for the Good Samaritan Society senior-living community and care facility in Davenport. Located at 700 Waverly Road, the $4.36 million, two-story expansion is scheduled for completion in July 2011. The addition will include physical and occupational therapy rooms, lounges, staff offices and mechanical rooms on the first floor; and 16 resident rooms, an activity area, lounges and an expanded dining area on the second floor. Scholtz Gowey Gere Marolf Architects & Interior Designers is providing architectural services for the project.