CLEVELAND — NRP Group’s Cornerstone Senior Apartment Homes has received LEED Gold certification from the U.S. Green Building Council. The 50-unit, age-restricted property is located at 18221 Euclid Ave. in Cleveland. The community offers two-bedroom units with open living space; and kitchens with ranges, microwaves, dishwashers, refrigerators and garbage disposals.
SUGAR LAND, TEXAS — Tradition Senior Living, LP, has plans to develop a full-service retirement community in Sugar Land called The Tradition-Sugar Land. The resort-style project, which will be the first Continuum Care Retirement Community (CCRC) in southwest Houston and eastern Fort Bend County, will feature accommodations for both independent and assisted-living residents. Located off Highway 6 between U.S. Highway 59 and Texas Highway 90A, the gated community will be situated within Lake Pointe Town Center, a mixed-use development in First Colony. Planned Community Developers, Ltd., is the developer of First Colony, which is a 9,700-acre master-planned community in Sugar Land. Amenities at The Tradition-Sugar Land include a fitness facility with an indoor pool, limited-access garage parking, and a wireless emergency response system. Opening is planned for mid-2011.
PERU, ILL. — Cambridge Realty Capital Cos. has provided $19.8 million in first-mortgage financing for Manor Court of Peru, a 171-bed skilled nursing facility located in Peru. The FHA-insured loan carries a 35-year term and was arranged utilizing the HUD Section 232 pursuant to Section 223(f) program. It was underwritten by Cambridge Realty Capital Ltd. of Illinois, one of the company’s subsidiaries. The borrower was not disclosed.
CARROLLTON, TEXAS — Marcus & Millichap has brokered the sale of Corinthians Assisted Living & Memory care, a 56-unit senior housing property located in Carrollton, for $3.25 million. The property is situated at 1029 W. Seminole Trail, approximately 2 blocks from its sister property, Corinthians Retirement Community. The property is sold on behalf of Sunwest Management by the Securities and Exchange Commission, which placed the company under receivership while it investigates fraud allegations. Benjamin Firestone and Jacob Gehl of Marcus & Millichap’s Chicago Downtown office represented the seller as well as the buyer, Oklahoma City-based Esperanza City Living. The SEC receiver retained Marcus & Millichap to sell a number of additional Sunwest assets.
CROSSVILLE, TENN. — Friendswood, Texas-based TrinityCare Senior Living, along with the Crossville-based developer Ray Mays, will build the 82-unit Trinity Heights senior housing complex in Crossville. Deutsche Bank Berkshire Mortgage recently provided funding for the project, which will cost $10 million. Trinity Heights is TrinityCare’s second facility in eastern Tennessee. Completion is slated for next year.
ST. ELIZABETH, MO. — Love Funding has arranged a $2.19 million loan for the refinancing of St. Elizabeth Care Center, a skilled nursing facility located in St. Elizabeth. The property contains 63 beds and 35 units. Terms of the loan include a 5.65 percent fixed interest rate and a 30-year term and amortization schedule. Robyn Cunningham of Love’s St. Louis office arranged the financing utilizing the HUD 232/223(f) program. The borrower is BKY Inc.
MOUNT DORA, FLA. — Mount Dora-based Hoffmeister Development is looking to an October groundbreaking for the 140,000-square-foot Osprey Lodge assisted living complex. The five-story property, which will cost $16 million, will be located on U.S. 441 in Mount Dora. Sarasota, Fla.-based CORE Construction Florida is serving as general contractor for the development, which is expected to open in 2011.
WENTZVILLE, MO. — Construction has begun for an independent senior living development in Wentzville called Villas at Peruque Hills. Designed by Rosemann & Associates, the $3.8 million project is part of a larger development called Peruque Hills Estates that features single-family homes. Developed by GHL Development, an affiliate of Gundaker Commercial Group, the project includes 23 townhomes and 11 garden-style units, and it will be mixed affordable and market-rate senior housing with funding provided by the Missouri Housing Development Commission and Bank of America. The project is scheduled for completion this winter.
MISSISSIPPI — Laura Saull-Smith of Love Funding’s Washington, D.C., office has secured five loans totaling $23.51 million for Mississippi nursing homes owned by Briar Hill Management. Saull-Smith arranged $6.85 million for the 88-bed Willow Creek in Byram; $5.26 million for the 60-bed River Place in Amory; $5.1 million for the 60-bed Nichols Center in Madison; $4.63 million for the 60-bed Carrington in Starkville; and $1.92 million for the 60-bed Vineyard Court in Columbus. The HUD loans carry 5.65 percent interest rates and 35-year amortization schedules.
CHICAGO — Construction is complete for The Victory Centre of South Chicago Supportive Living Facility. The $14.5 million project consists of a five-story affordable senior housing building situated at 3251 E. 92nd St. in Chicago. It contains 112 studio units; amenities include a ground-floor lobby and living room; a dining room with a commercial kitchen; a resident activity room and project room that features a group kitchen, a hair salon, a physical therapy room and a media room; a wellness room; a landscaped courtyard; and a rooftop deck. The brownfield redevelopment project is pursuing LEED certification and will be a part of the LEED South Chicago Initiative Neighborhood Development Pilot Program. Sustainable features include energy-efficient insulation and windows, native landscaping, a rain garden, the use of recycled and regional construction materials, and close proximity to mass transit. The building is also equipped for a future solar-thermal system. The project was developed by Pathway Senior Living. The project architect was Harley Ellis Devereaux and the general contactor was Pepper Construction. The second phase of the project, known as Victory Center of South Chicago Senior Apartments, will break ground later this year adjacent to the supportive living facility. The $14 million Phase …