SPRING, TEXAS — Dallas-based The LaSalle Group has acquired 2.83 acres of land in Spring for the construction of its third Autumn Leaves property in the Houston area. The site is located at 6327 Cypresswood Drive. The groundbreaking has already been held for the 38-unit project, which is scheduled for completion in late spring 2011. Ron Dagley of The BETZ Companies represented the undisclosed seller in the land transaction, and Jim Shaw of Indermuehle & Co. represented LaSalle. Autumn Leaves is LaSalle's brand of assisted living communities focusing on Alzheimer's and memory care.
SPRING, TEXAS — The LaSalle Group will break ground Tuesday on Autumn Leaves of Cypresswood, a 38-unit assisted living facility. The property will be located at 6327 Cypresswood Drive in Spring. Delivery is slated for the spring of 2011.
ELDON, MO. — Summit Housing Development has partnered with Boston Capital for the rehabilitation of Willow Creek Apartments, an affordable senior-housing community in Eldon. The project will include the rehabbing of 16 one-story buildings, which feature a total of 64 one-bedroom units. Additional upgrades include on-site management, an expanded community room with kitchen, central laundry and an outdoor lounge and social area. Unit renovation will include upgrades to the kitchens, appliances, bath fixtures and the installation of energy-efficient windows, a central air conditioning system, patios, ceiling fans and porches. The renovation project is expected to cost $51,000 per unit. Boston Capital provided the tax credit equity for the development of the project.
SKOKIE, ILL. — Cambridge Realty Capital Cos. has arranged a 12-month construction and 40-year FHA-insured permanent mortgage loan for a skilled nursing home facility in Skokie. The $8.46 million loan will finance extensive rehabilitation efforts at the 56-bed Alden Estates of Skokie. The fully amortized loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. Terms of the loan were not disclosed.
OREGON, OHIO — Cambridge Realty Capital Cos. has closed on an $11.6 million, FHA-insured loan for the refinancing of Orchard Villa I, a 164-bed skilled-care nursing facility in Oregon. Cambridge Realty Capital Ltd. of Illinois arranged the fully amortized, 34-year term loan for the undisclosed property owners. The loan was funded using the HUD Section 232 pursuant to Section 223(a)(7) Lean program, which is used to refinance existing HUD loans.
TEXAS — Healthcare REIT has borrowed an $81.9 million loan from Deutsche Bank Berkshire Mortgage for the financing of eight skilled nursing facilities in Texas. The HUD loan is part of the LEAN program and carries a 35-year term. The properties are located in Austin, Baytown, Houston, Pasadena, San Antonio and Webster, Texas.
WINCHESTER AND WOBURN, MASS. — Fantini & Gorga has arranged $18.44 million in FHA financing for two Massachusetts skilled nursing facilities. The first property is the 121-bed Winchester Nursing & Rehabilitation Center in Winchester, and the second is the 140-bed Woburn Rehabilitation & Nursing Center in Woburn. The loan was placed with Eastern Mortgage Capital, one of Fantini & Gorga's correspondent lenders.
BOONVILLE, IND. — Cambridge Realty Capital Cos. has closed on a $4.68 million FHA-insured, HUD LEAN loan for Transcendent Healthcare of Boonville. Located in Boonville, the skilled nursing facility offers 72 beds. The fully amortized, 27-year term loan was arranged for the property owner, an Indiana limited liability company. Cambridge Realty Capital Ltd. of Illinois closed the transaction using HUD’s Section 232 LEAN program.
MAINE AND MASSACHUSETTS — Love Funding has secured a total of $32.64 million in HUD 232/223(a)(7) financing for a 10-property nursing home portfolio. Leonard Lucas of the firm's Boston office originated the loans, which each carry a 4.62 percent interest rate and a 35-year term. Rosewood Manor Rest Home is a 27-unit facility located in Harwich, Mass., and the only Masschusetts facility in the portfolio. The other nine properties, all located in Maine, consist of: Sonogee Rehab & Living Center in Bar Harbor, Southridge Rehab & Living Center in Biddeford, Somerset Rehab & Living Center in Bingham, Courtland Rehab & Living Center in Ellsworth, Edgewood and Orchard Park Rehab & Living Centers in Farmington, Maplecrest Rehab & Living Center in Madison, Borderview Rehab & Living Center in Van Buren and Heritage Living & Rehab Center in Winthrop.
LAS VEGAS — George Gekakis Inc. (GGI) and its non-profit sponsor Silver State Housing have opened McKnight Senior Village II, a 77-unit affordable, senior-housing apartment community near downtown Las Vegas. The new 4-story building with 7,742-square-foot clubhouse is open to seniors 55 and older with incomes at 30 to 50 percent of the area median. GGI’s senior-housing project was financed with nearly $14.4 million in tax credits awarded by the Nevada Housing Division, as well as HOME Funds from the City of Las Vegas and Clark County, Nev.