WICHITA, KAN. — Walker & Dunlop has provided a $15.42 million permanent finance loan for Reflection Ridge in Wichita. The 119-unit independent living community features a resort-style dining, a fitness center, a whirlpool/spa, a communications center, a library, a 150-seat theater, a lounge, a bank, a pharmacy, a gift shop and garage/storage options. The 10-year term loan carries a 30-year using Freddie Mac's CME product. The borrower was Resort Lifestyles Communities. Midwest Commercial Mortgage originated the loan. Vic Clark and Doug Bath led the Walker & Dunlop team in the transaction.
Seniors Housing
MINNEAPOLIS AND ROSEVILLE, MINN. — United Properties' Applewood Pointe is developing two senior cooperatives in Minnesota. The company received final approval from the Minneapolis City Council for the development of a 106-unit senior cooperative at 1611 E. 46th St. in Minneapolis. Construction is scheduled to begin in summer 2011. Additionally, the company has broken ground for the construction of Applewood Pointe Roseville at Langton Lake, a 48-unit senior-housing property located at 3010 Cleveland Ave. N. in Roseville. The facility is expected to open in August 2011.
OTTAWA, ILL. — Cambridge Realty Capital Cos. has closed on a $15.3 million loan for Ottawa Pavilion in Ottawa. The new construction and permanent financing will benefit the 129-bed skilled-care nursing home. The 40-year loan was arranged for the owner, an Illinois-based limited liability company, by Cambridge Realty Capital Ltd. The fully amortized loan processed using HUD's Section 232 funding program.
HOBART AND LAPORTE, IND.; AND NILES, MICH. — Red Mortgage Capital, the mortgage banking arm of Red Capital Group, has provided three FHA LEAN Section 232/223(f) loans for senior housing properties in Indiana and Michigan. The company provided an $8.8 million loan for Brentwood at Hobart, a 116-unit assisted-living and memory-care facility in Hobart; a $9.76 million loan for Brentwood at LaPorte, a 124-unit independent-living, assisted-living and memory-care facility in LaPorte; and a $3.31 million loan for Brentwood at Niles, a 67-unit assisted-living facility located in Niles. Each of the non-recourse loans carry a fixed-mortgage rate and a 35-year, fully amortized term.
CLIFTON, N.J. — A joint venture between Hudson Realty Capital and Parkwood Development has acquired the $33 million note secured by 109 partially completed senior housing units in Clifton. The units are part of the third phase of the 270-unit Winthrop Court senior housing community, which is located within the Cambridge Crossings master-planned community. The partnership immediately foreclosed on the note and plans to complete and sell the remaining condos.
HAZEL PARK, MICH. — Love Funding has closed a $11.5 million rehabilitation loan for the refinance and rehabilitation of American House – Hazel Park Senior Living apartments. Located in Hazel Park, the property offers 125 one- and two-bedroom apartments and two-bedroom/two-bath freestanding duplex cottages. Community amenities include a community room/dining room, a theater, game and craft rooms and a library. Mickey Rist and Bruce Gerhart of Love Funding's Cleveland office originated the transaction.
HARTSELLE, AL. — Columbia Cottage – Hartselle LLC has acquired Sierra Springs in Hartselle for $1.8 million or $56,000 per unit. LSJ Investments sold the assisted-living property, which was built in 2000. At the time of acquisition, the property was 87 percent occupied. Ryan Maconachy and Scott Corbin of ARA Seniors' Dallas office represented the seller in the transaction. The property will be managed by Huntsville, Ala.-based Cottage Senior Living.
QUINCY, MASS. — LNR has announced that a new senior housing facility will be developed within the SoutField master-planned community. William B. Rice Eventide Home will build a new independent living and skilled nursing facility on 9.4 acres within SouthField Highlands, the community's first residential neighborhood. It will contain 192 independent living units and 46 beds of skilled nursing housing. Rogerson Communities is serving as developer for the project, and locally based Shesky Architects is designing it. Construction for the $45 to $50 million project is expected to begin in 2012. Formerly the South Weymouth Naval Air Station, SouthField will feature, at full build-out, 2 million square feet of commercial space, 2,850 units of housing, a movie studio, a golf course and an indoor/outdoor sports and recreation complex.
FORT MYERS, FLA. — Hope Hospice & Community Services has acquired a 46.3-acre land parcel, located at the northwest corner of Six Mile Cypress Parkway and Metro Parkway in Fort Myers. The buyer plans to development a high-quality care facility on the site, which was acquired for $7.56 million. Michael Doyle of LandQwest Commercial represented Hope Hospice in the transaction. The seller was not released.
TALLAHASSEE, FLA. — Stragetic Capital Partners, through its Stragetic Capital Partners Real Estate Opportunity Fund I, has acquired University Courtyard in Tallahassee. The 96-unit, 384-bed student-housing complex was acquired through a partnership sponsored by Atlanta-based Global Asset Alternatives. The partnership invested approximately $2.1 million of equity and received 10-year Freddie Mac financing originated by Walker & Dunlop. The property was 100 percent occupied at the time of acquisition. Terms of the transaction were not released.