TULSA, OKLA. — The LaSalle Group of Dallas will break ground this week on its first specialized Alzheimer's and Memory Care Assisted Living Community in Oklahoma, Autumn Leaves of Tulsa. Located at 7807 S. Mingo in Tulsa, the project marks the 16th venture of its kind for The LaSalle Group in the past 10 years. Nine Autumn Leaves communities are operating in the Dallas-Fort Worth market, three in the greater Chicago area and one in Houston. Autumn Leaves of Tulsa is scheduled to be completed by fall 2011. The property will feature 38 units and accommodate approximately 46 residents.
CRYSTAL LAKE, ILL. — Cambridge Realty Capital has closed a $6.03 million HUD Lean loan to refinance Crystal Pines, a 114-bed skilled nursing home in Crystal Lake. The fully-amortizated, 30-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans. The lender used the HUD Section 232 pursuant to HUD Section 232(a)(7) funding product, which is used to refinance properties with existing HUD loans. The borrower was the property's owner, a Missouri limited liability company.
SHERMAN, ILL. — Cambridge Realty Capital Corp. has closed on a $1.62 million FHA-insured HUD first mortgage loan for Villa Vianney Apartments. Located in Sherman, the age-restricted senior housing property offers 54 units. According to Cambridge, the fully-amortized, 30-year loan refinanced 18 buildings at the property. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites insured loans, used HUD's Section 207 pursuant to HUD Section 223(f) program. The borrower was the property owner, an Illinois-based not-for-profit corporation.
LEESBURG, VA. — Leesburg-based Morningside House Senior Living has partnered with Harrison Street Real Estate Capital of Chicago to form a $200 million joint venture agreement. The partnership will result in the immediate recapitalization of six well-positioned and stabilized assisted-living and memory-care facilities in the Mid-Atlantic region. The initial transaction was the recapitalization of a 480-unit senior housing portfolio. The properties include Morningside House of Eilicott City in Ellicot City, Md.; Morningside House of Friendship in Hanover, Md.; Morningside House of Laurel in Laurel, Md.; Morningside House of Satyr Hill in Parkville, Md.; Morningside House of St. Charles in Waldorf, Md.; and Morningside House of Leesburg in Leesburg, Va. The partnership will focus on acquiring, repositioning, redeveloping and operating assisted-living and memory-care properties in the Mid-Atlantic region.
ALTAMONTE SPRINGS, FLA. — Krone Weidler of Marcus & Millichap's Tampa, Fla., office has brokered the sale of Emeritus at Altamonte Springs, an assisted-living and Alzheimer's community located at 433 Orange Ave. in Altamonte Springs. The 62,981-square-foot facility sold for $3.2 million. Weidler represented both the seller, an undisclosed Seattle-based company, and the buyer, an undisclosed Maryland-based company, in the transaction.
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.