SHILOH, ILL. — Metro Asset Group and Shiloh-based J2K Development have broken ground for the development of Cedarhurst of Shiloh Assisted Living Community, which will be located at 429 S. Main St. in Shiloh. The three-story facility will offer 87 studio and one-bedroom apartments and an attached 20,000-square-foot, single-story memory care wing. Additionally, the center will feature a nurse call station, multiple gathering and living rooms, craft and activity spaces, a library, a wellness center, a fitness room, a full service beauty and barber shop, resident laundry rooms and private and common dining areas. IMPACT Strategies is serving as general contractor for the project, which is slated for completion in September 2010.
CUTLER BAY, FLA. — East Ridge Retirement Village Inc. is redeveloping 125,000 square feet of the 78-acre East Ridge Retirement Village. The property is located at 19301 SW 87th Ave. in Cutler Bay. The old space will be demolished and replaced by 334,000 square feet of high-tech independent and assisted-living facilities. The project is being designed to LEED standards.
CANTON, ILL. — Cambridge Realty Capital has provided a $12.9 million FHA-insured first mortgage loan to Renaissance Care Center in Canton. The 136-bed skilled pediatric and skilled nursing facility currently offers 69 skilled pediatric units and 76 skilled nursing units. The fully amortized, 40-year term loan was arranged for the owner, an Illinois limited liability company.
TEWKSBURY, MASS. — Burlington, Mass.-based The Northbridge Companies has acquired The Isle at Emerald Court, a 94-unit assisted living community located in Tewksbury. The property is situated at 2000 Emerald Court within the Emerald Court active adult community. The Isle at Emerald Court, which has subsequently been renamed Bayberry at Emerald Court, contains studio, one- and two-bedroom apartments. Community amenities include lounge areas, main and private dining rooms, a music room, a fitness center, a library, beauty and barber shops, and a game room. The seller was Dallas-based South Bay Partners, which also developed the property in 2006. Apartment Realty Advisors' National Senior Housing Group in Dallas represented the seller in the sale. Acquisition financing was provided by Fundamental Advisors.
CORSICANA, TEXAS — Walker & Dunlop has arranged a $3.66 million loan for the refinancing of Health Care & Rehabilitation of Corsicana, a 94-bed skilled nursing facility located in Corsicana. Built in 1973, the single-story structure totals 21,572 square feet. The loan, which was provided through the HUD 232/223(f) program, carries a 27-year term and amortization schedule, and an 85 percent loan-to-value ratio. The funds will be used by the borrower to make necessary capital improvements, fund the property's replacement reserve account and pay off the existing bridge loan. Steve Ervin of Walker & Dunlop originated the loan.
TEXARKANA, TEXAS — Johnson Capital has secured $4.86 million in construction-to-permanent financing for a new senior housing facility in Texarkana. The project, which will be known as The Magnolia, will be a 40-bed facility specializing in Alzheimer's care. The loan features a 40-year, self-amortizing term following a 16-month construction period. Paul Mogote of Johnson Capital's Dallas office arranged the loan, which was placed with a HUD-insured loan group and was provided under Section 232 of the Fair Housing Act. The borrower is a first-time developer.
COUNTRYSIDE AND HANOVER PARK, ILL. — Skender Construction’s Mixed-Use|Residential Group, serving as general contractor, recently broke ground on two projects in the Chicago region. The first project is Countryside Senior Apartments, a 58,000-square-foot senior independent living facility located on Joliet Road in Countryside. The four-story 70-unit property features parking for 100 vehicles and an exterior of brick veneer walls and composite metal. Completion is slated for fall 2010. Mercy Housing is developing the project, which was designed by Worn Jerabek Architects. The second project is Church Street Station, a three-story skilled nursing home located on Lake Street in Hanover Park. The 77,000-square-foot facility features 150 beds. Completion is also slated for fall 2010. SAS Architects and Planners is providing architectural services for the project, which is being developed by Church Street Station Properties.
DALLAS — Completion is nearing for Churchill Estates at Lake Highlands, a 175-unit senior housing community located at 8501 Lullwater Dr. in Dallas. Amenities for the community include a wellness center and library, a movie studio, a billiards rooms, a fitness center and an art studio. Dining options include two dining rooms, a bistro and a wine room. The community is currently open to residents, along with some of the amenities; the entire project should be finished by late 2009. Churchill Residential is the developer of Churchill Estates. Galier, Tolson, French Architects designed the project, with KWA Construction serving as general contractor. Faulkner Design Group is the interior designer.
THE WOODLANDS, TEXAS — Groundbreaking has occurred for The Village at The Woodlands Waterway, a senior housing project located in The Woodlands. The project is situated at the corner of Grogan's Mill Road and Lake Robbins Drive on The Woodlands Waterway. It features 207 rental units in a mix of studio, one-bedroom and two-bedroom residences, as well as approximately 250,000 square feet of space. The community features extensive common areas, including a dining room that overlooks the Waterway. Other amenities include a living room, a library, bridge and billiard rooms, a theater, a computer room, and a fitness center with a pool. Cultural guild programs will be offered and the exterior of the project will feature landscaped courtyards. Houston-based Bridgewood Property Co. is developing the project, with Construction Supervisors serving as general contractor. The architect of record is Ambrose & House Architects and the design architect is Munoz + Albin Architects.
SAN DIEGO — Senior Community Centers, in partnership with HomeAid San Diego, are converting a 60-year-old building at 1525 Fourth Ave. in downtown San Diego into Gary and Mary West Senior Wellness Center. The two-story, 17,000-square-foot facility will feature a main lobby, a living room area, an activity room, an enrichment center, a Cyber Café, a kitchen and dining room area and the Center for Healthy Aging. Smith Consulting Architects designed the project, which is being constructed by Ledcor Construction. Completion for the LEED-Gold project is slated for early 2010.