Seniors Housing

88-UNIT SENIOR-LIVING APARTMENT COMMUNITY SELLS FOR $8.65 MILLION

by admin May 12, 2009

PITTSBURG, CALIF. — David Silver, Nathan Blair and Casey Davis of Arroyo & Coates represented both undisclosed parties in the disposition and acquisition of Creekside Village Senior Apartments, an 88-unit senior-living apartment complex located near the intersection of Buchanan Road and Kirker Pass Road in Pittsburg. Built in 2004, the property features one- and two-bedroom units offering gas fireplaces, washer/dryers and walk-in closets. Additionally, the age-restricted community features a community center, a heated swimming pool and a spa.

May 12, 2009

$33 MILLION SENIOR-LIVING COMMUNITY UNDERWAY

by admin May 5, 2009

INGLEWOOD, CALIF. — The Los Angeles office of Heery International has been awarded the construction management for Locust Street Senior Center and Housing Complex, which is located one block east of Inglewood’s historic downtown. The 90,000-square-foot senior center will be the first city-owned housing development in Inglewood’s history. The project will feature 58 senior apartments, a three-floor rooftop terrace, a 6,000-square-foot commercial kitchen, and Wi-Fi Internet access for residents and visitors. Kennard Design Group and WWCOT Architects are providing architectural services for the project, which is slated for completion in spring 2011.

May 5, 2009

Seniors Housing Western

SECOND PHASE OF MCKNIGHT VILLAGE UNDERWAY

by admin April 22, 2009

LAS VEGAS — Contractor George Gekakis has begun construction of the 77-unit McKnight Senior Village II, the second phase of the 110-unit senior-living development. The property is located at 651 McKnight St. in Las Vegas. The new units will be housed in a four-story building on 2.14 acres of land. Amenities will include a 7,000-square-foot clubhouse, fitness center, craft room, health club and a full kitchen. McKnight Senior Village is being constructed to EnergyStar specifications. Delivery is slated for 2010.

April 22, 2009

Seniors Housing Texas

GRANDBRIDGE ARRANGES $7.1 MILLION FOR SENIOR HOUSING PROJECT

by admin April 15, 2009

HOUSTON — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $7.1 million in construction and mezzanine financing for Corinthian Village Senior Living, a 124-unit affordable senior housing project located in Houston. The project will be the latest phase of the Corinthian Pointe master-planned development. Of the project’s 124 units, 40 of those will be reserved for low-income residents. Amenities will include an activity room, a fitness center and a clubhouse. Completion is scheduled for 2010. The financing package was arranged by Grandbridge’s Jim Kirkpatrick on behalf of the borrowers, George E. Johnson Development and Corinthian Pointe Senior Living Corp. The financing includes a $6.4 million construction loan provided by Trustmark National Bank and a $700,000 mezzanine loan provided by The United Methodist Foundation of the Texas Annual Conference. In addition, the city of Houston provided $3.37 million in HOME funds for the project.

April 15, 2009

Seniors Housing Western

LOVE FUNDING SECURES $6.23 MILLION LOAN FOR TWO ASSISTED-LIVING FACILITIES

by admin April 15, 2009

LOS ANGELES AND GARDEN GROVE, CALIF. — Boston-based Love Funding has secured a $6.23 million loan for the refinancing of two assisted-living facilities in California. The properties are Summerville at Valley View, an 81-unit facility in Garden Grove; and Summerville at Tarzana, an 87-unit facility in Los Angeles. Leonard Lucas of Love Funding’s Boston office originated the transaction. Lucas represented the owner of the facilities, which are under a long-term lease to an unrelated operator.

April 15, 2009

Seniors Housing Texas

SPERRY VAN NESS COMPLETES SALE OF TWO NURSING HOMES

by admin April 14, 2009

FORT WORTH AND WOOD COUNTY, TEXAS — The Fort Worth office of Sperry Van Ness/Summit Realty has completed the sale of two skilled nursing facilities located in Texas. The first property is an approximately 100-bed facility located in Fort Worth, and the second property is an approximately 80-bed facility located near Tyler in Wood County. Both properties have received extensive upgrades in the past few years. Robyn Jackson of Sperry Van Ness represented both undisclosed parties in the transaction. The seller is based out of Denton, Texas, and the buyer is headquartered out-of-state. The acquisition price was not released.

April 14, 2009

Northeast Seniors Housing

CONSTRUCTION CONTINUES ON CRANE’S MILL RETIREMENT COMMUNITY

by admin April 13, 2009

WEST CALDWELL, N.J. — Del-Sano Contracting Corp. is currently constructing phases II and III of Crane’s Mill Continuing Care Retirement Community, a continuing care retirement facility in West Caldwell. Situated on 43 acres, a former lumber mill, Crane’s Mill offers independent living, assisted living and skilled nursing care. Upon completion of phases II and III in early 2010, the community will consist of 282 independent living units, 48 assisted living units, 18 dementia units, as well as 66 units for skilled nursing and rehabilitation services. Phase II construction, which is approximately 40 percent complete, is taking place alongside Passaic Avenue and includes the addition of 66 independent living apartments with 47 underground parking spaces, as well as 10 cottages, each featuring an attached garage. The independent living units will be located in a two-story building that will be connected to the existing central facility building to provide direct access to the community’s central amenities. Phase III comprises the assisted living component of Crane’s Mill, which consists of 20,000 square feet of new and renovated space. Specifically, Del-Sano is building a new wing that will house a memory support area, a dementia courtyard and renovated assisted living common areas. The project …

April 13, 2009

Midwest Seniors Housing

HEALTH CARE REIT RECEIVES $133 MILLION SENIOR HOUSING LOAN

by admin April 9, 2009

TOLEDO, OHIO — Toledo-based Health Care REIT has closed on $133 million in first-mortgage financing secured by 12 senior housing properties. The locations of the properties were not released, and they contain multiple levels of healthcare service. The loan carries a 10-year term and a 6.1 percent fixed interest rate. KayBank Capital Markets originated the loan and intends to sell it to Freddie Mac.

April 9, 2009

Seniors Housing Southeast

SENIOR HOUSING COMPLEX SOLD FOR $10.2 MILLION

by admin April 8, 2009

PENSACOLA, FLA. — A privately-owned partnership has sold the 114-unit Veranda senior housing complex to the Rauls family of Georgia, a senior housing owner and operator, for $10.2 million. The property is located at 6982 Pine Forest Rd. in Pensacola. The 143,640-square-foot complex was built in 2004 and is currently 61 percent occupied. CLW Health Care Services Group of Tampa, Fla., represented the seller.

April 8, 2009

Midwest Seniors Housing

MCSHANE BEGINS CASA MARAVILLA SENIOR HOUSING PROJECT

by admin April 1, 2009

CHICAGO — Rosemont, Ill.-based McShane Construction Co. has commenced construction for Casa Maravilla, a five-story, affordable senior housing project located at 2021 S. Morgan St. in Chicago’s Pilsen neighborhood. The project will comprise 73 rental units in a mix of studio, one- and two-bedroom units. Community amenities will include a dining area, a community room, a therapy room, a library and a recreation room. The project is registered under Chicago’s Green Homes program; sustainable features will include a green room, a geothermal HVAC system, an eco-friendly elevator structure, Energy Star appliances and permeable pavement surfaces. Weese Langley Weese is serving as project architect, and completion is scheduled for June 2010. McShane is building the project for The Resurrection Project, a non-profit affordable housing developer. McShane is building a second Chicago project for The Resurrection Project, a seven-story, 45-unit affordable housing project named Casa Morelos that is scheduled for completion this summer.

April 1, 2009

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