NEW JERSEY — KeyBank Real Estate Capital has secured a total of $106.7 million in Freddie Mac funds for seven senior housing properties in New Jersey. In the first deal, KeyBank originated a $100 million loan for a portfolio of six properties on behalf of a joint venture between an affiliate of The Carlyle Group and Fanwood, N.J.-based Chelsea Senior Living. The properties are located in East Brunswick, Fanwood, Manalapan, Montville, Tinton Falls and Warren. In addition, KeyBank provided a $6.75 million loan for Metuchen Senior Apartments in Metuchen. The borrower was Gary Kline. Terms of the loans were not disclosed.
SHOREWOOD, ILL. — Cambridge Realty Capital Cos. has closed a $13.6 million FHA-insured HUD Lean loan for the construction of Alden Estates of Shorewood. The 100-bed, skilled-care nursing home facility is located in Shorewood. The HUD Section 232 funding package included both new construction and a fully-amortized 40-year permanent mortgage loan. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois. The borrower was an undisclosed Illinois limited liability company. The interest rate was not released.
DAVENPORT, IOWA — Ryan Cos. is constructing a 21,000-square-foot addition for the Good Samaritan Society senior-living community and care facility in Davenport. Located at 700 Waverly Road, the $4.36 million, two-story expansion is scheduled for completion in July 2011. The addition will include physical and occupational therapy rooms, lounges, staff offices and mechanical rooms on the first floor; and 16 resident rooms, an activity area, lounges and an expanded dining area on the second floor. Scholtz Gowey Gere Marolf Architects & Interior Designers is providing architectural services for the project.
WEST BEND, WIS. — Lighthouse Acquisitions Group has purchased a 7.68-acre land parcel near the northwest corner of Continental Drive and Corporate Center Drive within the West Bend Corporate Center in West Bend. Beverly West Bend Acquisition LLC sold the property for an undisclosed price. Lighthouse is planning to construct a 150-unit senior-living facility on the site. The $20 million development, which will include a memory care unit as well as independent and assisted living facilities, will be operated by Edina, Minn.-based New Perspective Senior Living. David Buckley of Cassidy Turley Barry brokered the transaction. Terms of the deal were not released.
LONG BEACH, CALIF. — Marcus & Millichap has negotiated the $8 million sale of the 186-unit Magnolia Senior Living, a 109,548-square foot senior-housing property located at 3360 Magnolia Ave. in Long Beach. The brokerage firm’s Pasha Darvishian, Alex Mobin, Christopher Hyldahl and Mark Myers represented the seller in the all-cash transaction involving a first-time senior-housing buyer.
CHICAGO — McShane Construction Co., serving as general contractor, has completed the construction of Casa Maravilla, a 73-unit senior-living complex in Chicago’s Pilsen neighborhood. Located at 2021 S. Morgan St., the five-story property features 70,000 square feet of affordable senior rental housing in studios, one- and two-bedroom floorplans. Additionally, the complex offers a community rooms, laundry facilities, a dining area, a fitness rooms, a library and recreation rooms. The Resurrection Project, a community-based nonprofit organization supporting neighborhood development, developed the property. Chicago-based Weese Langley Weese provided architectural services for the project.
FOX LAKE, ILL. — Ryan Companies US, along with its joint venture development partner Jim Bergman, has completed the construction of Thomas Place Fox Lake in Fox Lake. The 100-unit affordable and age-restricted apartment community is located at 229 Thomas Lane. The $24 million four-story community offers 33 one-bedroom/one-bath units and 67 two-bedroom/two-bath units. Each unit features a balcony, a full kitchen equipped with modern appliances, a washer and dryer, and 9-foot ceilings. Residents are expected to take occupancy in September. Design Build Architectural Services, a wholly owned Ryan subsidiary, provided architectural design and engineering services for the project. The project is being financed under the Section 42 affordable housing program, which is administered by the Illinois Housing Development Authority.
NEWTON, MASS. — Walker & Dunlop has secured a $10.5 million permanent loan for an assisted care facility in Newton. The loan carries a fixed 7-year term with 2 years of interest-only payments, a 30-year amortization schedule, a 52 percent loan-to-value ratio and a 2.26x debt-service coverage ratio. The property, known as Evans Park at Newton Corner, is a 121-bed, Class A facility. It was originally built as the Newton Public Library in 1904 and converted to a senior living facility in 1994. It provides assisted living and Alzheimer's care, and was 93 percent leased at the time of closing. The loan was added to an existing Fannie Mae master credit facility.
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.