SWANSEA, ILL. — On behalf of Halloran Development, Holland Construction Services has completed the Cambridge House of Swansea senior living facility. Located in Swansea, the 87,500-square-foot community houses 103 apartments, all of which include emergency call systems. Amenities at the $7.3 million property include an exercise room, a television and library area, a convenience shop, and a common kitchen and dining room.
KANSAS CITY, MO. — Construction has been completed for the D.A. Holmes II Senior Apartments located at 3020 Benton Blvd., which is situated within Jackson County’s Santa Fe Place Historic District in Kansas City. On behalf of owner D.A. Holmes Senior Housing II LP, Rosemann & Associates completed architectural and interior design services for the facility. The 42-unit affordable senior housing community is 100 percent occupied. Amenities at the property include common areas, office space, a craft room, a fitness center, laundry facilities, a media library, a hair salon and a home theater. The $4.9 million project was funded by 9 percent Low Income Housing Tax Credits that were provided by the Missouri Housing Development Commission.
CHICAGO — This spring, McShane Construction will break ground on Casa Maravilla, a 70,000-square-foot affordable senior housing community located at 2021 S. Morgan St. in the Pilsen neighborhood of Chicago. The project, which will be completed in 2010, is being constructed on behalf of the not-for-profit developer, The Resurrection Project. The five-story multifamily building will house 73 studios, one- and two-bedroom units. Amenities at the property will include dining space, a community room, a therapy room, a library and a recreation room. The environmentally friendly building will include a green roof, a geothermal HVAC system, an eco-friendly elevator structure, ENERGY STAR appliances and permeable pavement. Weese Langley Weese is providing architectural services for the project. On behalf of The Resurrection Project, McShane Construction is also currently building Casa Morelos. The senior multifamily community, which is located at 2015 S. Morgan Street in Chicago, is slated for completion this summer.
PUNTA GORDA, FLA. — Punta Gorda Acquisitions Associates, a subsidiary of Pasadena, Calif.-based Evergreen Realty Group, has landed a $2.8 million loan for the purchase of the 56-unit Punta Gorda Elderly Care Center. The 15-year-old property, which spans 22,271 square feet, is located at 2295 Shreve St. in Punta Gorda. Kristopher Wood and Charlie Peterson of Philadelphia-based NAI Bluestone Real Estate Capital secured the 3-year, fixed-rate loan. Financing for the loan, which comes with a 7.75 percent rate and a 25-year amortization, was provided by the National Bank of Southwest Florida.
RYE BROOK, N.Y. — Cleveland-based Forest City Enterprises has disposed of Sterling Glen of Rye Brook, a supported-living senior housing facility located in Rye Brook. The 168-unit community traded at a price of $70 million. It was acquired by Atria Senior Living Group as part of a larger transaction, agreed upon in 2007, in which Atria has agreed to acquire a majority of Forest City’s supported living portfolio.
FORT WORTH AND DENTON, TEXAS — Irving, Texas-based The LaSalle Group is developing two new locations for its Autumn Leaves senior care brand in Texas. The new facilities will be located at 7100 Dutch Branch Rd. in Fort Worth and on Brinker Road in Denton. They will total approximately 26,000 square feet each and will feature 36 to 38 units, as well as 10,000 square feet of outside space. Amenities will include gardening areas and greenhouses, games rooms, and living rooms. Autumn Leaves specializes in memory care and assisted living services for seniors suffering from Alzheimer’s disease and dementia. The LaSalle Group is developing both projects; a partnership between LaSalle and Silverado Interest is the owner. The project architect for both facilities is Curtis Group Architects and the general contractor is Lake Superior Contracting, which is a wholly owned subsidiary of The LaSalle Group. The Fort Worth facility is under construction and is slated for a June completion. The Denton facility will break ground in March, with completion slated for November.
LOS ANGELES — The CB Richard Ellis Senior Housing Services Group has completed the sale of a 45-property senior-living portfolio. The 3,554-unit portfolio sold for approximately $364 million. The properties are located in Alabama, Arizona, California, Colorado, North Carolina, Oregon, South Carolina, Tennessee, Texas, Washington and Wyoming, and offer independent living, assisted-living services and dementia care. Additionally, the communities were approximately 85 percent occupied at the time of sale. “The deal took over six months to complete,” says Matthew Whitlock of CBRE Senior Housing Services Group. “The buyer, seller and existing lender worked diligently to find terms agreeable to all interests. Due to the lack of liquidity in the current environment, this transaction was heavily dependent upon the purchaser and existing lender working out mutually agreeable assumption terms of the existing in-place debt.” Whitlock, David Rothschild and Mary Christian of CBRE represented the seller, affiliates of Sunwest Management, and procured the buyer, a private equity firm. LaVida Communities, a member of the Solana Beach, Calif.-based Senior Resource Group family of companies, will manage the communities.
HENDERSON, NEV. — Las Vegas-based Crisci Builders, serving as general contractor, has broken ground for the construction of Henderson Supportive Housing, which will be located at 600 N. Major Ave. in Henderson. Accessible Space Inc. contracted Crisci to build the two-story, 25-unit apartment complex. Designed by Creative Design Architecture Inc., the $3.6 million, 21,350-square-foot project is slated for completion in late November.
DALLAS — Tampa, Fla.-based CLW Health Care Services Group has completed the sale of Caruth Haven Court, a 91-unit assisted living facility located in the Park Cities neighborhood of northern Dallas, for $20.5 million. The three-story building was constructed in 1999; it is situated on 2.2 acres and totals 74,647 square feet. CLW represented the seller, SHP II Caruth LP, which consists of a partnership between Prudential Real Estate and 12 Oaks Senior Living. Caruth Haven Court was acquired by Cornerstone Growth & Income REIT through its affiliation with Servant Healthcare Investments. Operation of the facility will be handled by 12 Oaks Senior Living, the current operator the property.
BOISE, IDAHO — Love Funding has closed an $11.46 million refinance loan for nine assisted-living facilities located throughout the Boise area. The assets each features 15 beds and are located in six sites around Boise. Chad Ricks of Love Funding’s Dallas office secured the financing for the borrower, The Cottages II LLC, by utilizing the HUD 232/223(f) loan. Terms of the loan include a 6.47 percent fixed-interest rate at a 35-year amortization.