FLORIDA — Love Funding has secured $24.7 million in loans for two senior housing facilities in Tallahassee and Tarpon Springs, Fla. A $17 million loan was arranged for the 120-unit Heritage Oaks complex in Tallahassee at a 4.63 percent interest rate. The 92-unit Allegro at East Lake received a $7.7 million loan with a 5.19 percent interest rate. Both 7-year loans come with a 30-year amortization and were funded by Freddie Mac. Robyn Cunningham of Love’s St. Louis office secured the loans.
CHINO, CALIF. — The Los Angeles office of Holliday Fenoglio Fowler (HFF), on behalf of Komar Investments, has arranged an $11.2 million loan for the refinancing of Hillsborough Village in Chino. Located at 11902 Central Ave., the senior-housing community comprises three residential buildings with 100 one-bedroom units, 95 two-bedroom units and one three-bedroom unit. The property also features a clubhouse, pool and spa. The 6-year loan features a 5.82 percent fixed rate. The financing was provided by Wachovia Multifamily Capital, Inc. — FNMA.
PLANO, TEXAS — Dallas-based Andres Construction Services has completed construction for The Legacy at Willow Bend, a retirement community owned by The Legacy Senior Communities. The property features 103 independent-living apartment homes, 12 independent-living villas, 40 assisted-living apartment homes, 18 memory-support suites and 60 private-skilled healthcare suites. Amenities include a fitness center, an art studio, a salon and spa. The property is situated on 28 acres at Spring Creek Parkway between Preston Road and Ohio Drive.
BALTIMORE, MD. — KeyBank Real Estate Capital has provided a total of $53.7 million in financing for a portfolio of four Northeast senior housing properties. The borrower is Baltimore-based Capital Health Group. In the first part of the transaction, KeyBank provided $24.8 million through Fannie Mae’s DMBS program for Forge Hill Senior Living in Franklin and The Inn at Robbins Brook in Acton. The remainder of the proceeds, which were funded through KeyBank’s balance sheet, went toward the financing of The Inn at Spruce Wood in Durham and Village at Fillmore Pond in Bennington. Terms of the loans were not disclosed.
PHOENIX — Boston-based Boston Capital has invested in Amber Pointe Apartments, a to-be-built, affordable senior-living project in Phoenix. Located south of downtown Phoenix, the property will feature 32 one-bedroom/one-bath units and 24 two-bedroom/two-bath garden-style units in a three-story building. The units are restricted to residents aged 62 or older with incomes at or below 40 and 50 percent of the area median income. The community will feature a community center, a computer room, laundry facilities and an intercom entry system. Boston Capital provided the tax credit equity for the development; Boston Capital Finance provided a $7 million construction loan and $1.1 million permanent loan. The general partner is Ohio-based NRP Group LLC.
CHICAGO — Harley Ellis Devereaux is providing planning and architectural services for two affordable senior living facilities currently underway in Chicago. The G&A Senior Residence of Eastgate Village, which is located at 300 E. 26th St., has topped out construction at nine stories. Situated adjacent to Mercy Hospital, The G&A Senior Residence of Eastgate Village will consist of 117 one-bedroom units. Amenities at the property include a fitness center, a multi-purpose room with a common use kitchen, and a ninth-floor residence lounge and terrace with lakefront views. G&A Construction and Development is developing the building; Fred Teitelbaum Co. is the general contractor for the project. The project is slated for completion in May. Located at 3251 E. 92nd St., The Victory Centre of South Chicago has topped out construction at five stories. The $17.9 million affordable supportive living community will house 112 studio units, each with a private bathroom and kitchenette. The project, which was designed to achieve LEED Certification, has been approved for certification by the Illinois Department of Healthcare and Family Services Medicare Waiver Program. Pathway Senior Living is developing the property; Pepper Construction is providing general contracting services. The project is scheduled for completion in the spring.
NEW ROCHELLE, N.Y. — The NDR Group has completed Garito Manor at Union Square, a 102-unit affordable senior housing facility located at 180 Union Ave. in New Rochelle. The community consists of studio, one- and two-bedroom apartments. Community amenities include a fitness room, a beauty parlor and barber shop, a library, a lounge, an outdoor garden and sitting area, a kitchen, a multi-purpose room, a computer room and 24-hour security and concierge service. The income limits are approximately $35,500 to $42,500 for single seniors and approximately $40,750 to $48,750 for couples.
MANTECA, CALIF. — Vancouver, Wash.-based Prestige Care Inc. has completed the development of Prestige Senior Living at Manteca, an $11.5 million senior-living facility. Located at 1130 Empire Ave. in Manteca, the 114-unit property is one of the city’s first assisted-living facilities. The 85,000-square-foot, one- and two-story building features 90 assisted-living units, each with its own balcony, and a 24-unit memory care wing for residents with Alzheimer’s and related illnesses. Community amenities include large kitchen and dining facilities, a hair salon, a computer area, a spa, a fitness room and a convenience store. Additionally, the property offers two outdoor areas with planter-box gardens for use by the residents. Sundt Construction Inc. served as general contractor, while LPA Sacramento Inc. provided architectural services for the project.
NAPLES, FLA. — Starwood Capital Group has secured a $35 million loan for the 350-unit Carlisle Naples, an assisted-living facility in Naples, from NorthMarq Capital. Freddie Mac financed the 5-year loan, which comes with a 30-year amortization. Compie Newman and Ernest DesRochers of NorthMarq’s Charlotte, N.C., and New York City offices, respectively, arranged the loan.
LAGRANGE, ILL. — Inland Real Estate Development has completed LaGrange Pointe, a mixed-use development for active and independent seniors located at 51 East Cossitt Ave. in LaGrange. Inland served as developer and development advisor to the community’s owner IRED LaGrange LLC. The $14 million community consists of 30 one- and two-bedroom units. Additional plans for the site call for street-level shops and a public restaurant. Amenities at the property include meal service, grocery delivery, housekeeping services, a theater, a library and common rooms for social events. Inland is developing three additional Illinois Pointe projects, including Elmhurst Pointe, which is scheduled to open in early 2009, as well as The Pointe at Clarendon Hills and The Pointe at Lombard, which are both scheduled to begin construction next year.