TEXAS — Healthcare REIT has borrowed an $81.9 million loan from Deutsche Bank Berkshire Mortgage for the financing of eight skilled nursing facilities in Texas. The HUD loan is part of the LEAN program and carries a 35-year term. The properties are located in Austin, Baytown, Houston, Pasadena, San Antonio and Webster, Texas.
Seniors Housing
WINCHESTER AND WOBURN, MASS. — Fantini & Gorga has arranged $18.44 million in FHA financing for two Massachusetts skilled nursing facilities. The first property is the 121-bed Winchester Nursing & Rehabilitation Center in Winchester, and the second is the 140-bed Woburn Rehabilitation & Nursing Center in Woburn. The loan was placed with Eastern Mortgage Capital, one of Fantini & Gorga's correspondent lenders.
BOONVILLE, IND. — Cambridge Realty Capital Cos. has closed on a $4.68 million FHA-insured, HUD LEAN loan for Transcendent Healthcare of Boonville. Located in Boonville, the skilled nursing facility offers 72 beds. The fully amortized, 27-year term loan was arranged for the property owner, an Indiana limited liability company. Cambridge Realty Capital Ltd. of Illinois closed the transaction using HUD’s Section 232 LEAN program.
MAINE AND MASSACHUSETTS — Love Funding has secured a total of $32.64 million in HUD 232/223(a)(7) financing for a 10-property nursing home portfolio. Leonard Lucas of the firm's Boston office originated the loans, which each carry a 4.62 percent interest rate and a 35-year term. Rosewood Manor Rest Home is a 27-unit facility located in Harwich, Mass., and the only Masschusetts facility in the portfolio. The other nine properties, all located in Maine, consist of: Sonogee Rehab & Living Center in Bar Harbor, Southridge Rehab & Living Center in Biddeford, Somerset Rehab & Living Center in Bingham, Courtland Rehab & Living Center in Ellsworth, Edgewood and Orchard Park Rehab & Living Centers in Farmington, Maplecrest Rehab & Living Center in Madison, Borderview Rehab & Living Center in Van Buren and Heritage Living & Rehab Center in Winthrop.
LAS VEGAS — George Gekakis Inc. (GGI) and its non-profit sponsor Silver State Housing have opened McKnight Senior Village II, a 77-unit affordable, senior-housing apartment community near downtown Las Vegas. The new 4-story building with 7,742-square-foot clubhouse is open to seniors 55 and older with incomes at 30 to 50 percent of the area median. GGI’s senior-housing project was financed with nearly $14.4 million in tax credits awarded by the Nevada Housing Division, as well as HOME Funds from the City of Las Vegas and Clark County, Nev.
ORLANDO, FLA. — Avalon Park Group is planning to develop an 80,000-square-foot assisted-living and memory care facility on Tanja King Parkway and Avalon West Boulevard near downtown Avalon Park in Orlando. The company has received approval for its pre-application for the $15 million project. Designed by Orlando-based Baker Barrios Architects, the 90-unit, 128-bed facility will feature six neighborhoods, each with 15 studios or one-bedroom units. Additionally, the property will feature outreach rooms, a wellness area, occupational and physical therapy services, a salon and a spa.
SHERMAN, ILL. — Cambridge Realty Capital Cos. has closed on a $10.02 million FHA-insured HUD LEAN mortgage for Villa Health Care, a 212-bed skilled nursing and assisted-living facility in Sherman. The property has 99 skilled-nursing beds and 113 assisted-living beds. The loan was financed using HUD's 232(a)7-LEAN program. Cambridge Realty Capital Ltd. of Illinois arranged the fully-amortized, 30-year loan loan for the borrower, an Illinois not-for–profit corporation.
MCKINNEY, TEXAS — The Cirrus Group and its joint development partner McFarlin Group have broken ground on Orchard Park of McKinney, a senior assisted living facility, which specializes in tenants living with Alzheimer's disease and dementia. The development will be located at 3392 Medical Center Drive in McKinney and is scheduled to open in early 2011. Upon completion, Orchard Park of McKinney will contain 67 apartment-style assisted living residences and 30 memory care residences. Good Neighbor Care Centers will be assisting with daily operations.
PORT JEFFERSON, N.Y. — NorthMarq Capital has secured a $4 million first mortgage for 18.5 acres of land located in Port Jefferson. The undisclosed borrower plans to develop 43 age-restricted townhomes on the site. The loan carries a 1-year term with a 1-year renewal option. Charles Cotsalas of NorthMarq's Long Island office arranged the deal through a regional financial institution.
BEDMINSTER, N.J. — Gebroe-Hammer Associates has completed the sale of an affordable senior housing property in Bedminster for $4.35 million. Pluckemin Park is a 50-unit, garden-style community contained within 15 buildings on 3 acres. It consists of 37 one-bedroom units and 13 two-bedroom units. Gebroe-Hammer's Stephen Tragash represented the seller, Pluckemin Park LLC. Scott Callahan, also of Gebroe-Hammer, represented the undisclosed buyer.