Seniors Housing

PARIC CORP. COMPLETES 76,000-SQUARE-FOOT SENIOR HOUSING PROJECT

by admin January 13, 2009

ST. LOUIS — St. Louis-based Paric Corp. has completed a $7.8 million senior housing project located on South Grand Boulevard in the city of St. Louis. The 76,000-square-foot development features 87 senior apartments situated above ground-level retail. Paric Corp. served as general contractor for the project, which was completed on behalf of Minneapolis-based Dominium Development and Acquisition. Amenitites at the three-story building include a computer center, a multi-purpose room, a dining hall, an exercise room, recreational activities and a courtyard.

January 13, 2009

ALABAMA ASSISTED LIVING CENTER SOLD FOR $4.4 MILLION

by admin January 12, 2009

BIRMINGHAM, ALA. — CLW Health Care Services Group has represented a national REIT in the sale of the 84-unit Ridge View at Meadow Brook to an undisclosed party for $4.4 million. The assisted living center is located at 700 Corporate Ridge in Birmingham. The 48,058-square-foot property, which was built in 1999, is spread across 6.5 acres.

January 12, 2009

Seniors Housing Southeast

710,000-SQUARE-FOOT SENIOR HOUSING CENTER ENTERS DESIGN PHASE

by admin January 9, 2009

POMPANO BEACH, FLA. — Washington, D.C.-based WDG Architecture has entered the design phase for Pompano Creek Associates’ 710,000-square-foot Pompano Creek, a senior housing facility located on U.S. 1 in Pompano Beach. The property will feature 65 assisted-living units, a spa with a pool, rooftop gardens and 65,000 square feet of communal space. Residents will be housed in clusters of five- to seven-story buildings spanning 9 acres.

January 9, 2009

Seniors Housing Southeast

309-UNIT SENIOR HOUSING COMPLEX PLANNED FOR AVALON PARK

by admin January 8, 2009

ORLANDO, FLA. — Orlando-based Avalon Park Group has entered the design phase for a 309-unit senior housing complex in Orlando’s Avalon Park neighborhood. The 250,000-square-foot property will feature 225 independent living units and 84 units designated for assisted living. Construction of the four-story building is slated to begin in early 2010. When complete, Avalon Park will encompass nearly 5,000 residences and 500,000 square feet of commercial development.

January 8, 2009

Seniors Housing Western

$22.9 MILLION SENIOR-LIVING DEVELOPMENT UNDERWAY

by admin January 8, 2009

PALO ALTO, CALIF. — BRIDGE Housing Corp. is developing Fabian Way Senior, an affordable senior-living apartment community in Palo Alto. Located at 3895 Fabian Way, the $22.9 million community will feature 56 units, with 20 units restricted for seniors with special needs. Additionally, the community will offer private decks, a landscaped courtyard and a community room for activities, services and classes. The community is part of a larger site acquired by BUILD LLC, a partnership between BRIDGE and CalPERS. Financing for the project is being provided by BUILD LLC, State of California Prop 1C Multifamily Housing Program, Silicon Valley Bank Community Development Finance, Union Bank of California N.A., Santa Clara County, City of Palo Alto, the Opportunity Fund, the Sobrato Family Foundation and the Housing Trust of Santa Clara County. Steinberg Architects provided architectural services; Segue Construction is serving as general contractor for the project. Completion is scheduled for early 2010.

January 8, 2009

Seniors Housing Western

LAND SELLS FOR 80-UNIT SENIOR-LIVING DEVELOPMENT

by admin January 6, 2009

LEMON GROVE, CALIF. — Hitzke Development Corp. has purchased a 0.8-acre land parcel, which is located at 3595 Olive St. in Lemon Grove, for $2 million. The buyer plans to redevelop the property into Citronica Two, an 80-unit senior mixed-use development. Jason Smithson of NAI San Diego represented the buyer; the seller, Coach of San Diego Inc., was represented in-house.

January 6, 2009

Midwest Seniors Housing

VENTAS SELLS FIVE SENIOR HOUSING ASSETS FOR $62.5 MILLION

by admin January 5, 2009

CHICAGO — Chicago-based Ventas Inc. has sold five senior housing assets to affiliates of Emeritus Corp. for an aggregate sale price of $62.5 million. The facilities, which are located in four states, house a total of 432 units. Prior to the sale, Emeritus was the operator of the five assets. The acquisition price represents a 6.7 percent capitalization rate on current annualized cash rent of $4.2 million. Ventas Inc. expects to record a gain of approximately $23 million on the sale. In addition to providing $10 million in seller financing for the transaction, the company was released from approximately $7 million of existing mortgage debt. The loan is guaranteed by Emeritus, and bears an interest at an average rate of 8.25 percent, which is payable monthly, and matures in 3 years. The company can accelerate the loan on the occurrence of various events. Emeritus remains a operator in 11 other senior housing properties owned by Ventas.

January 5, 2009

Midwest Seniors Housing

LOVE FUNDING ARRANGES $6.51 MILLION LOAN USING HUD’S NEW LEAN PROGRAM

by admin December 23, 2008

CONNEAUT, OHIO — Love Funding has processed one of the first applications under the LEAN loan program, HUD’s new healthcare program for acquisition, refinance, new construction and substantial rehabilitation loans. The LEAN program, which was formed to make the HUD 232 program process easier and more efficient, provides non-recourse assumable loans for new and existing assisted living, board and care, and intermediate or skilled nursing care facilities. Robert Smallwood of Love Funding’s Cleveland office used the LEAN processing to secure an approximately $6.51 million acquisition loan for Villa at the Lake, an assisted living facility located in Conneaut. Situated on an approximately 8.6-acre site, the 59,125-square-foot facility includes 90 single units and single-deluxe suites. Financing was based on a 6.4 percent fixed interest rate, with a 35-year amortization schedule. The loan marks the fourth deal that Love Funding has completed for Lawton, Mich.-based Randall Residence.

December 23, 2008

Northeast Seniors Housing

CASA MARIA APARTMENTS HOLDS GRAND REOPENING

by admin December 17, 2008

BOSTON — The grand reopening has been held for Casa Maria Apartments, an 85-unit apartment building located at 130 Endicott St. in the North End neighborhood of Boston, after an extensive rehabilitation. The six-story building was originally constructed by The Community Builders (TCB) in 1979 to provide Section 8 subsidized housing to seniors; the company continues to operate the facility. Construction included renovations to the existing community kitchen and the construction of a second kitchen; the addition of stand-up, walk-in showers in unit bathrooms; new energy-efficient appliances; an expansion to the lobby; new windows, heating systems and elevators; a new community room; and the construction of a handicap-accessible rooftop deck. TCB’s limited partner investors in the renovation were Red Capital Group and Nationwide Insurance Co. Additional assistance was provided by MassHousing and low-income tax credits provided by the Massachusetts Department of Housing & Community Development. The general contractor for the project was CWC Builders; Tise Design Associates served as project architect.

December 17, 2008

Seniors Housing Southeast

$18.3 MILLION ARRANGED FOR SENIOR HOUSING COMPLEXES

by admin December 11, 2008

VIRGINIA BEACH, VA., AND WILMINGTON, N.C. — KeyBank Real Estate Capital has secured $18.3 million in loans for two Oakdale Heights senior housing properties. San Diego-based Pacifica Companies took out a $9.3 million loan for an 86-unit complex in Virginia Beach and a $9 million loan for an 87-unit property in Wilmington. Fannie Mae provided financing.

December 11, 2008

Newer Posts

Older Posts