Seniors Housing

KATY, TEXAS — The grand opening has been held for Solana at Cinco Ranch, a $37 million senior housing community located at 24001 Cinco Ranch Center Blvd. in Katy. The luxury rental community contains 126 independent living units and 32 assisted living units, with monthly rents starting at $2,795. Community amenities include a heated saltwater pool, a restaurant, a wine bar, a library, a theater, a game room, outdoor courtyards and a wellness center. The project was more than 30 percent leased at the time of the opening. Solana at Cinco Ranch was developed by Alpharetta, Ga.-based Formation Development Group and will be managed by Atlanta-based The Arbor Company. The project architect was Dallas-based Three Architects and the interior designer was StudioSix5.

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SARATOGA SPRINGS, N.Y. — Albany, N.Y.-based Omni Housing Development has completed the first phase of the $18 million renovation of Embury Apartments, a 192-unit senior housing community located in Saratoga Springs. Phase I saw the completion of renovations to the East Tower, one of the community's two 14-story residential towers. Construction included asbestos removal, replacement of all windows and insulation, the conversion of several units for handicapped residents and the addition of ADA-compliant bathrooms. Energy Star appliances were also installed, as was a Wi-Fi hub. The tower will be available for resident occupancy in February. The completion date for the entire project is next summer. CK Dennis Architects is serving as the project architect and MLB Construction is the general contractor. Omni is co-developing the project with Embury Apartments Inc., the property's non-profit owner.

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MANITOWOC, WIS. — Berghammer Construction Corp. has completed the construction of the first phase of St. Mary’s Felician Village campus renovation and repositioning. Located in Manitowoc, the campus offers assisted and independent living options, skilled nursing and rehabilitation as well as activities and other amenities for senior citizens. The first phase of the project included the demolition of several existing structures on the 22-acre campus, and the construction of a new community-based residential facility, a 20-bed rehabilitation household and the Village Square building. Construction is currently under way for the second phase, which includes the development of a 64-bed skilled nursing facility and a 16-unit residential care apartment complex. Completion of the second phase is slated for August 2010. Eppstein Uhen Architects is providing architectural services for the three-phase project.

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HUDSON, WIS., AND SIOUX FALLS, S.D. — Accessible Space Inc. has selected Welsh Construction to construct two HUD projects in Hudson and Sioux Falls. The company will build the single-story, 31,965-square-foot Hudson Elder Housing Development in Hudson. Located at 100 Heirloom Ave., the property will feature 32 units for independent, low-income elderly adults. Additionally, Welsh will build Sioux Falls Supportive Housing, which will be located at 4601 E. Brennan Dr. in Sioux Falls. The ground-up project includes site improvements, grading, drainage and utilities. The finished facility will offer 15 apartments for independent, low-income adults with disabilities. Both projects are expected to break ground in Spring 2010.

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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.

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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.

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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.

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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.

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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.

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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.

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