O’FALLON, MO. — St. Louis-based Paric Corp. is currently renovating an existing skilled-nursing facility at the Village of St. Mary’s Villa Theresa Continuum of Care Retirement Community in O’Fallon. The $4.6 million 51,000-square-foot renovation is expected to have a 10-month timeline. Additionally, Paric is working on the $9.5 million two-phase renovation of 21,000 square feet of space, which is being converted into 15 affordable apartment units. Paric is serving as construction manager for the two projects. The Lawrence Group is providing architectural services for the project, which is a joint venture between The Sisters of the Most Precious Blood and McEagle Properties.
DALLAS — Dallas developer C.C. Young has broken ground for The Overlook, a new $40 million senior housing project located near White Rock Lake in Dallas. The 208,000-square-foot project will include 108 apartment units with underground parking. The grand opening is scheduled for 2011.
EAST ST. LOUIS, ILL. — St. Paul Baptist Church and St. Andrew’s Resources for Seniors have partnered to develop Rush Senior Gardens, a senior-living community located at 1530 Bond Ave. in East St. Louis. The three-story facility offers 54 one-bedroom apartment units with fully equipped kitchens, living rooms and bathrooms, Additionally, the property offers commons areas and on-site management. The property is funded by a $5.96 million grant from the U.S. Department of Housing and Urban Development. R.G. Ross Construction Co. served as general contractor for the project, which was designed by Grice Group Architects.
ROMEOVILLE, ILL. — Tulsa, Okla.-based Senior Star Living has developed Senior Star at Weber Place, a 346-unit senior-living facility located at 600 and 605 S. Edward Drive in Romeoville. The property includes a two-story, 47,000-square-foot Memory Care building, which offers 77 memory-care apartments, and a 360,000-square-foot residential building offering 269 independent-living and assisted-living apartments. The community also offers interior and exterior gathering areas, three life-long learning centers, a library, a wellness area, an Internet café, a hair salon, two dining areas, an indoor pool and 110 underground parking spaces. McShane Construction Co. served as general contractor for the project, which was designed by Eppstein Uhen Architects.
PORTLAND, MAINE — The Boston office of Love Funding has arranged a $5.28 million acquisition loan for Fallbrook Woods, a 56-unit assisted living facility located in Portland. Originated by Leonard Lucas of Love Funding, the loan carries an 85 percent loan-to-value ratio, a 35-year term and a 4.67 percent interest rate. The loan includes funds to cover needed improvements to the property. Itwas secured through the HUD 232/223(f) program. The lender was undisclosed.
LAKEWOOD, OHIO — Kandu Capital, along with Bloomfield Senior Living, as purchased Northwesterly Assisted Living Community in Lakewood. Built in 1988, the property consists of 55,000 square feet and offers 91 assisted-living residential units. Kandu acquired the property, which was formerly owned by Sunwest Management, out of bankruptcy. Additional details were not disclosed.
LINCOLNSHIRE, ILL. — Cambridge Realty Capital Cos. has provided a $12.5 million FHA-insured first mortgage loan for the refinancing of The Ponds, a 116-bed assisted-living facility in Lincolnshire. Rick Lynn of RML Financial originated the loan for the borrower, an Illinois limited liability company. The fully amortized, 33-year term loan was underwritten by Cambridge Realty Capital of Illinois using HUDs, Section 232 pursuant to Section 223(f) funding program.
CHICAGO — Tryko Partners and ManagCare have partnered to purchase Lake Shore Healthcare & Rehabilitation Centre in Chicago. Located at 7200 N. Sheridan Road, the 313-bed, skilled-nursing facility sold for $22.25 million. The sellers were Chicago-based Lancaster Health Group. Ryan Saul and Michael Brundage of Glen Ellyn, Ill.-based Senior Living Investment Brokerage negotiated the transaction.
ORLANDO, FLA. — Winter Park, Fla.-based Lexington Development Partners has tapped Orlando-based Cuhaci & Peterson Architects to design Windsor Grand, a senior living facility in Orlando. The 110,000-square-foot facility will be located on Lake Underhill Road. When complete, the property will house 120 units, a dining facility and social areas. The development schedule has been announced.
FORT MYERS, FLA. — Vanderbilt Bay Construction will start work this fall on Park Regency at The Forum, a 120,000-square-foot senior facility, for Senior Care of Southwest Florida Development. The property will be located near the interchange of Colonial Boulevard and Interstate 75 in Fort Myers. Gora/McGahey Architects designed the project, which features a two-story assisted living area, a one-story Alzheimer's wing and a three-story independent living building.