MIDLAND AND AMARILLO, TEXAS — Keybank Real Estate Capital has arranged approximately $8.5 million in Freddie Mac funds for the refinancing of two Texas senior housing communities owned by Emeritus Senior Living. Approximately $6.4 million will go toward the refinancing of Emeritus at Saddleridge Lodge in Midland, and $2.1 million will go toward the refinancing of Emeritus at Seville Estate in Amarillo. The fixed-to-float funding will be used by Emeritus to refinance balance-sheet debt into long-term, fixed-rate debt. As part of the transaction, Keybank also helped Emeritus refinance a third senior housing property located in Ontario, Ore.
SNELLVILLE, GA. — Eastside Gardens of Snellville LLC has sold the 53-unit assisted living facility Eastside Gardens to Maryland-based Senior Housing Properties Trust for $4.9 million. The Snellville property, which also includes a dedicated dementia care wing, will be operated by Five Star Quality Care of Newton, Mass. Matrix Healthcare Development built the property in 1997. Ed LaFrance and Ryan Maconachy of Apartment Realty Advisors represented the seller.
CHICAGO — Glenn Housman of CB Richard Ellis’ Orlando office arranged a $35.5 million loan for the refinancing of The Buckingham, a 129-unit, 456-bed student-housing property located in the South Loop University District of downtown Chicago. The loan was arranged through Freddie Mac on behalf of The Buckingham LLC. Terms of the 7-year loan include a loan-to-value of 70 percent and a DSC of more than 1.50x.
CORONA, CALIF. — SL Residential Inc. has completed construction of the 203-unit, 275,000-square-foot Valencia Terrace, a full-service, senior-living rental campus located at 2300 S. Main St. in Corona. Carlsbad, Calif.-based Kisco Senior Living is the developer of the property, which consists of both independent and assisted-living units. With an IPA design reminiscent of a Spanish hacienda, Valencia Terrance provides a resort-like environment that includes a pool and spa, two beauty salons, a commercial kitchen, a theater room, an exercise gym, a library, a bistro and a resident lounge.
MILWAUKEE — Milwaukee Institute of Art & Design (MIAD) has selected a 27,400-square-foot building, located at 252 E. Menomonee St., to house its new residence hall. General Capital Management Group, which owns the property, will redevelop and expand the building to accommodate the planned 250-bed resident facility. The company plans to add six stories on top of the existing two-story structure. The Historic Third Ward Association reviewed the architectural plans for the project, which is awaiting final approval.
FRAMINGHAM, MASS. — Ventas has borrowed a $40.5 million loan for a 220-unit senior housing facility in Framingham. Fannie Mae financed the loan, which was secured by KeyBank Real Estate Capital.
KATY, TEXAS — The grand opening has been held for Solana at Cinco Ranch, a $37 million senior housing community located at 24001 Cinco Ranch Center Blvd. in Katy. The luxury rental community contains 126 independent living units and 32 assisted living units, with monthly rents starting at $2,795. Community amenities include a heated saltwater pool, a restaurant, a wine bar, a library, a theater, a game room, outdoor courtyards and a wellness center. The project was more than 30 percent leased at the time of the opening. Solana at Cinco Ranch was developed by Alpharetta, Ga.-based Formation Development Group and will be managed by Atlanta-based The Arbor Company. The project architect was Dallas-based Three Architects and the interior designer was StudioSix5.
SARATOGA SPRINGS, N.Y. — Albany, N.Y.-based Omni Housing Development has completed the first phase of the $18 million renovation of Embury Apartments, a 192-unit senior housing community located in Saratoga Springs. Phase I saw the completion of renovations to the East Tower, one of the community's two 14-story residential towers. Construction included asbestos removal, replacement of all windows and insulation, the conversion of several units for handicapped residents and the addition of ADA-compliant bathrooms. Energy Star appliances were also installed, as was a Wi-Fi hub. The tower will be available for resident occupancy in February. The completion date for the entire project is next summer. CK Dennis Architects is serving as the project architect and MLB Construction is the general contractor. Omni is co-developing the project with Embury Apartments Inc., the property's non-profit owner.
MANITOWOC, WIS. — Berghammer Construction Corp. has completed the construction of the first phase of St. Mary’s Felician Village campus renovation and repositioning. Located in Manitowoc, the campus offers assisted and independent living options, skilled nursing and rehabilitation as well as activities and other amenities for senior citizens. The first phase of the project included the demolition of several existing structures on the 22-acre campus, and the construction of a new community-based residential facility, a 20-bed rehabilitation household and the Village Square building. Construction is currently under way for the second phase, which includes the development of a 64-bed skilled nursing facility and a 16-unit residential care apartment complex. Completion of the second phase is slated for August 2010. Eppstein Uhen Architects is providing architectural services for the three-phase project.
HUDSON, WIS., AND SIOUX FALLS, S.D. — Accessible Space Inc. has selected Welsh Construction to construct two HUD projects in Hudson and Sioux Falls. The company will build the single-story, 31,965-square-foot Hudson Elder Housing Development in Hudson. Located at 100 Heirloom Ave., the property will feature 32 units for independent, low-income elderly adults. Additionally, Welsh will build Sioux Falls Supportive Housing, which will be located at 4601 E. Brennan Dr. in Sioux Falls. The ground-up project includes site improvements, grading, drainage and utilities. The finished facility will offer 15 apartments for independent, low-income adults with disabilities. Both projects are expected to break ground in Spring 2010.