CAHOKIA, ILL. — Cambridge has provided a $3.9 million HUD first mortgage loan for the refinancing of Cahokia Nursing and Rehabilitation Center in Cahokia. The skilled-care nursing facility offers 150 beds. The fully amortized, 35-year term loan was arranged for the undisclosed property owners using HUD's Section 232 pursuant to Section 223(a)(7) funding program. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois.
RIVERDALE, ILL. — Turnstone Development Corp. has completed reconstruction and renovation of Riverdale Senior Apartments, which is located at 335 West 138th Street in Riversdale. The five-story, 52-unit building offers 43 one-bedroom apartments and nine two-bedroom units, in a combination of public and affordable housing. Additionally, the building features three ADA accessible units and eight ADA adaptable units. Reconstruction of the 45-year-old building included the addition of a community room, an on-site laundry facility, two new elevators and a general social services offices. McShane Construction, which served as general contractor for the project, completed tuckpointing, balcony refurbishing, replacement of all windows and roofing materials and provided new entryway canopies. McShane also installed a new fire sprinkler system, electrical and plumping updates and a modernized HVAC system. The project received funding from the American Reinvestment and Recovery Act through the U.S. Department of Housing and Urban Development, the Housing Authority of the County of Cook, Ill., and the County of Cook's Department of Planning and Development. Piekarz Associates PC provided architectural services for the project.
MESA, ARIZ. — Marcus & Millichap has brokered the almost $12.86 million sale of the 126-unit Cypress Court assisted-living and memory care property, located at 310 South 63rd St. in Mesa. The three-story, 81,995-square-foot property includes a main dining room, a dietary department, administrative offices, three elevators and a central courtyard. Marcus & Millichap’s Mark Myers, David Guido and Joshua Jandris represented an Indiana-based nonprofit in its disposition of the 145-bed property to Emeritus Senior Living.
NEW YORK CITY — Massey Knakal Realty Services has completed the sale of an assisted living facility in Manhattan's Greenwich Village neighborhood for $33.25 million. The seven-story property is located at 607-09 Hudson St. and was converted from a hotel into a nursing home in 1958. the seller was VillageCare, which relocated to a new building at 510 W. Houston St. The buyer, FLAnk, plans to redevelop the building into for-sale condominiums. Massey Knakal's James Nelson and Paul Massey arranged the deal on behalf of the seller.
EVANSTON, ILL. — Cambridge Realty Capital Cos. has closed on a $7.4 million FHA-insured HUD LEAN loan for Ebenezer Primm Towers in Evanston. The senior-living community offers 107 independent-living apartment units. The fully amortized, 40-year term loan was arranged for the property's owner, an Illinois corporation.
SCOTTSDALE, ARIZ. — Plaza Companies and Vi Living have completed the development of Vi at Silverstone — A Vi Living and Plaza Companies Community, which is located at 23005 N. 74th St. in Scottsdale. The $270 million, 735,650-square-foot four-story development includes 203 independent-living units, 67 single-family villas and 60 units licensed as assisted-living, memory-support and skilled-nursing beds. Additionally, the community features an 18-hole championship golf course.
TEMECULA, CALIF. — CB Richard Ellis (CBRE) has brokered the sale of a Temecula senior housing community for $27.15 million. The Sterling at Vintage Hills contains 152 units and was 95 percent occupied at the time of closing. It is located on 10 acres at 41780 Butterfield Stage Road and includes a 9-acre parcel for future expansion. David Rothschild, Matthew Whitlock and Mary Christian of CBRE”s National Senior Housing Group represented the seller, an affiliate of Irvine, Calif.-based MBK Senior Living. The team also procured the buyer, Washington, D.C.-based CSH.
LAKE FOREST, ILL. — Lake Forest-based Green Courte Partners has acquired a portfolio of six age-restricted land-lease communities in central Florida. The nearly 100 percent portfolio contains more than 1,850 home sites. Green Courte has retained American Land Lease, a wholly owned subsidiary of its second fund Green Courte Real Estate Partners II, to manage the six communities. Terms of the transaction were not released.
BRYAN, BUCYRUS AND UPPER SANDUSKY, OHIO — Red Capital Advisors has provided $19.2 million in bridge financing to Premier Senior Living for the acquisition of three senior-living communities in Ohio. The communities are the 93-unit The Inn at Fountain Park in Bryan, the 40-unit The Inn at Orchard Park in Bucyrus and the 50-unit The Inn at Westbrook in Upper Sandusky. James Sherman of Red originated the transactions.
ABILENE — The Ensign Group has acquired Wisteria Place, a continuing care retirement community, and its sister facility, Wisteria Independent Living, both in Abilene. The facilities will be operated by a subsidiary of Keystone Care, Ensign's Texas-based portfolio subsidiary. Wisteria Place is a full-service care campus located at 3202 S. Willis St. in Abilene that operates 123 skilled nursing beds, 77 assisted living units and 20 independent living cottages. Wisteria Independent Living is located at 3917 Wisteria Way in Abilene and operates 72 independent living units.