WEST BEND, WIS. — Lighthouse Acquisitions Group has purchased a 7.68-acre land parcel near the northwest corner of Continental Drive and Corporate Center Drive within the West Bend Corporate Center in West Bend. Beverly West Bend Acquisition LLC sold the property for an undisclosed price. Lighthouse is planning to construct a 150-unit senior-living facility on the site. The $20 million development, which will include a memory care unit as well as independent and assisted living facilities, will be operated by Edina, Minn.-based New Perspective Senior Living. David Buckley of Cassidy Turley Barry brokered the transaction. Terms of the deal were not released.
LONG BEACH, CALIF. — Marcus & Millichap has negotiated the $8 million sale of the 186-unit Magnolia Senior Living, a 109,548-square foot senior-housing property located at 3360 Magnolia Ave. in Long Beach. The brokerage firm’s Pasha Darvishian, Alex Mobin, Christopher Hyldahl and Mark Myers represented the seller in the all-cash transaction involving a first-time senior-housing buyer.
CHICAGO — McShane Construction Co., serving as general contractor, has completed the construction of Casa Maravilla, a 73-unit senior-living complex in Chicago’s Pilsen neighborhood. Located at 2021 S. Morgan St., the five-story property features 70,000 square feet of affordable senior rental housing in studios, one- and two-bedroom floorplans. Additionally, the complex offers a community rooms, laundry facilities, a dining area, a fitness rooms, a library and recreation rooms. The Resurrection Project, a community-based nonprofit organization supporting neighborhood development, developed the property. Chicago-based Weese Langley Weese provided architectural services for the project.
FOX LAKE, ILL. — Ryan Companies US, along with its joint venture development partner Jim Bergman, has completed the construction of Thomas Place Fox Lake in Fox Lake. The 100-unit affordable and age-restricted apartment community is located at 229 Thomas Lane. The $24 million four-story community offers 33 one-bedroom/one-bath units and 67 two-bedroom/two-bath units. Each unit features a balcony, a full kitchen equipped with modern appliances, a washer and dryer, and 9-foot ceilings. Residents are expected to take occupancy in September. Design Build Architectural Services, a wholly owned Ryan subsidiary, provided architectural design and engineering services for the project. The project is being financed under the Section 42 affordable housing program, which is administered by the Illinois Housing Development Authority.
NEWTON, MASS. — Walker & Dunlop has secured a $10.5 million permanent loan for an assisted care facility in Newton. The loan carries a fixed 7-year term with 2 years of interest-only payments, a 30-year amortization schedule, a 52 percent loan-to-value ratio and a 2.26x debt-service coverage ratio. The property, known as Evans Park at Newton Corner, is a 121-bed, Class A facility. It was originally built as the Newton Public Library in 1904 and converted to a senior living facility in 1994. It provides assisted living and Alzheimer's care, and was 93 percent leased at the time of closing. The loan was added to an existing Fannie Mae master credit facility.
MELVILLE, N.Y. — Cambridge Realty Capital Cos. has secured a $30.2 million FHA-insured HUD Lean loan for the refinancing of Huntington Hills Center for Health & Rehabilitation, a 230-bed skilled nursing center located in Melville. The loan, which was financed under HUD's Section 232 program, carries a 30-year term and is fully amortizing. Hymie Barber of Cambridge helped secure the loan on behalf of the borrower, a New York-based limited liability company.
PORT ORANGE, FLA. — Krone Weidler of Marcus & Millichap has brokered the $1.2 million sale of a senior housing property between two private parties. The 28,000-square-foot Golden Abbey Assisted Living Facility is located at 1321 Herbert St. in Port Orange. The property includes a 16-unit memory care building; a 41-unit building is under construction and is slated to deliver by the end of the year.
INDIANAPOLIS — Kandu Capital, along with its operating company Bloomfield Senior Living, has purchased two senior-living communities in Indianapolis. The assets include the 56-unit Autumn Glen Assisted Living Community and the 55-unit Autumn Park Assisted Living Community. At the time of acquisition, the 34,000-square-foot Autumn Glen was 99 percent occupied and the 35,000-square-foot Autumn Park was 90 percent occupied. Sunwest Management previously owned the properties. Kandu acquired the properties through a complex bankruptcy 363-sale. Terms of the transaction were not released.
COLLEYVILLE, TEXAS — The Colleyville City Council has approved a zoning request from Senior Living Resource Group for Rosewood Park, a 60,000-square-foot memory care facility. The $6 million property will be constructed at the intersection of Precinct Line Road and Lavaca Trail in Colleyville. DFW Construction will build the 65-unit development.
WHEATFIELD, N.Y. — The groundbreaking has occurred for a new senior housing community in Wheatfield. Eagle Crest Senior Village will be developed by Calamar on 23 acres of land on Weiss Avenue in Wheatfield. The two-story building will contain 90 one- and two-bedroom units specifically for residents age 55 and older. Amenities will include a community room, a fitness center and a lounge/library. Calamar plans to donate 16 of the property's acres to create a park. Completion is slated for summer 2011.