CHARLOTTE, N.C. — Sunrise Senior Living has sold the 86-unit Sunrise of Eastover senior housing community to an undisclosed buyer for $8.85 million. Located on 3.54 acres at 3610 Randolph Road in Charlotte, the property features a reading lounge, an ice cream parlor, a library and a wellness center. Michael Pardoll and Mark Myers of Marcus & Millichap represented the seller.
THE WOODLANDS, TEXAS — HealthMark Group has acquired a 6-acre site located on Windsor Lakes Boulevard in The Woodlands for the development of a new senior housing project. Park Manor of The Woodlands will be a 124-bed skilled nursing and rehabilitation facility that will provide short- and long-term care. Groundbreaking is expected in the first quarter, with the grand opening scheduled for January 2011. It will be HealthMark's ninth project in the Houston area, and HMG Services will operate it. Richard Stromatt of GDC Realty represented HealthMark in the land purchase. Cody Christopher of Colliers Texas represented the seller, The Woodlands Development Company.
PEORIA, ILL. — Cambridge Realty Capital Cos. has closed a $10.9 million FHA-insured HUD Lean mortgage loan to fund the purchase of Manor Court of Peoria, a 118-bed skilled nursing and assisted living property in Peoria. The fully amortized, 35-year loan was arranged for the property's owner, an Illinois not-for-profit corporation, using HUD's Section 232 to Section 223(f) – Lean funding program. The loan was underwritten by a subsidiary of Cambridge, Cambridge Realty Capital Ltd. of Illinois.
SANDY SPRINGS, GA. — Mickey Rist of Love Funding's Detroit office and Bruce Gerhart of the firm's Cleveland office have secured a $7.95 million loan for the Dogwood Forest of Dunwoody. The 86-bed assisted living facility is located at 7400 Peachtree Dunwoody Road in Sandy Springs. Amenities include walking paths, an exercise room, activity rooms and a barber shop. The refinancing was secured through the HUD 232/223(f) program. The loan carries a 5.35 percent interest rate and a 35-year amortization schedule.
HUMBLE, TEXAS — Dominium Development & Acquisition has purchased Humble Memorial Gardens, a 75-unit affordable senior housing property located in Humble. The property was first built in 2005. Dominium's subsidiary Dominium Management Services will manage the facility. The seller's name and the acquisition price were not disclosed.
O’FALLON, MO. — St. Louis-based Paric Corp. is currently renovating an existing skilled-nursing facility at the Village of St. Mary’s Villa Theresa Continuum of Care Retirement Community in O’Fallon. The $4.6 million 51,000-square-foot renovation is expected to have a 10-month timeline. Additionally, Paric is working on the $9.5 million two-phase renovation of 21,000 square feet of space, which is being converted into 15 affordable apartment units. Paric is serving as construction manager for the two projects. The Lawrence Group is providing architectural services for the project, which is a joint venture between The Sisters of the Most Precious Blood and McEagle Properties.
DALLAS — Dallas developer C.C. Young has broken ground for The Overlook, a new $40 million senior housing project located near White Rock Lake in Dallas. The 208,000-square-foot project will include 108 apartment units with underground parking. The grand opening is scheduled for 2011.
EAST ST. LOUIS, ILL. — St. Paul Baptist Church and St. Andrew’s Resources for Seniors have partnered to develop Rush Senior Gardens, a senior-living community located at 1530 Bond Ave. in East St. Louis. The three-story facility offers 54 one-bedroom apartment units with fully equipped kitchens, living rooms and bathrooms, Additionally, the property offers commons areas and on-site management. The property is funded by a $5.96 million grant from the U.S. Department of Housing and Urban Development. R.G. Ross Construction Co. served as general contractor for the project, which was designed by Grice Group Architects.
ROMEOVILLE, ILL. — Tulsa, Okla.-based Senior Star Living has developed Senior Star at Weber Place, a 346-unit senior-living facility located at 600 and 605 S. Edward Drive in Romeoville. The property includes a two-story, 47,000-square-foot Memory Care building, which offers 77 memory-care apartments, and a 360,000-square-foot residential building offering 269 independent-living and assisted-living apartments. The community also offers interior and exterior gathering areas, three life-long learning centers, a library, a wellness area, an Internet café, a hair salon, two dining areas, an indoor pool and 110 underground parking spaces. McShane Construction Co. served as general contractor for the project, which was designed by Eppstein Uhen Architects.
PORTLAND, MAINE — The Boston office of Love Funding has arranged a $5.28 million acquisition loan for Fallbrook Woods, a 56-unit assisted living facility located in Portland. Originated by Leonard Lucas of Love Funding, the loan carries an 85 percent loan-to-value ratio, a 35-year term and a 4.67 percent interest rate. The loan includes funds to cover needed improvements to the property. Itwas secured through the HUD 232/223(f) program. The lender was undisclosed.