MELVILLE, N.Y. — Cambridge Realty Capital Cos. has secured a $30.2 million FHA-insured HUD Lean loan for the refinancing of Huntington Hills Center for Health & Rehabilitation, a 230-bed skilled nursing center located in Melville. The loan, which was financed under HUD's Section 232 program, carries a 30-year term and is fully amortizing. Hymie Barber of Cambridge helped secure the loan on behalf of the borrower, a New York-based limited liability company.
PORT ORANGE, FLA. — Krone Weidler of Marcus & Millichap has brokered the $1.2 million sale of a senior housing property between two private parties. The 28,000-square-foot Golden Abbey Assisted Living Facility is located at 1321 Herbert St. in Port Orange. The property includes a 16-unit memory care building; a 41-unit building is under construction and is slated to deliver by the end of the year.
INDIANAPOLIS — Kandu Capital, along with its operating company Bloomfield Senior Living, has purchased two senior-living communities in Indianapolis. The assets include the 56-unit Autumn Glen Assisted Living Community and the 55-unit Autumn Park Assisted Living Community. At the time of acquisition, the 34,000-square-foot Autumn Glen was 99 percent occupied and the 35,000-square-foot Autumn Park was 90 percent occupied. Sunwest Management previously owned the properties. Kandu acquired the properties through a complex bankruptcy 363-sale. Terms of the transaction were not released.
COLLEYVILLE, TEXAS — The Colleyville City Council has approved a zoning request from Senior Living Resource Group for Rosewood Park, a 60,000-square-foot memory care facility. The $6 million property will be constructed at the intersection of Precinct Line Road and Lavaca Trail in Colleyville. DFW Construction will build the 65-unit development.
WHEATFIELD, N.Y. — The groundbreaking has occurred for a new senior housing community in Wheatfield. Eagle Crest Senior Village will be developed by Calamar on 23 acres of land on Weiss Avenue in Wheatfield. The two-story building will contain 90 one- and two-bedroom units specifically for residents age 55 and older. Amenities will include a community room, a fitness center and a lounge/library. Calamar plans to donate 16 of the property's acres to create a park. Completion is slated for summer 2011.
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.