BEAUMONT, TEXAS — Hendricks & Partners (H&P) has arranged the sale of Seville, a 90-unit apartment community located at 4325 Crow Rd. in Beaumont. The Section 8 property caters to elderly and disabled residents. Kevin McCarthy and Jeff Eisenhardt of H&P’s Houston office represented the seller, Keswick, Va.-based Seville Apartments, Ltd. The buyer, Plymouth, Minn.-based Dominium Acquisition, plans to complete substantial improvements to the property over the next 12 months. The acquisition was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing.
CHICAGO — Essex Realty Group has brokered the sale of a senior housing community located at 6550 N. Damen within Chicago’s Rogers Park neighborhood. The 21-unit property consists of 15 one-bedroom and six two-bedroom units. The building operates as a Senior Section 8 HUD Property under Housing Assistance Payment (HAP) contract. Matt Welke of Essex represented the seller in the transaction. An undisclosed buyer purchased the property for a sales price of approximately $2.2 million.
DANVILLE, ILL. — Cambridge Realty Capital Cos. has provided a $12.6 million FHA-insured first mortgage loan to fund the purchase of a 140-bed skilled nursing/board and care facility located in Danville. The Hawthorne Inn of Danville includes 64 skilled nursing units and 76 board and care units. The fully-amortized, 35-year term mortgage was arranged for an Illinois limited liability company by Cambridge Realty Capital Ltd. of Illinois. The interest rate for the loan was not disclosed.
CARMEL, IND. — St. Louis-based Paric Corp., as construction manager, has completed a $42 million senior housing community located at 2460 Glebe St. within the Village of West Clay in Carmel. The 337,000-square-foot Stratford at West Clay was designed as an active senior living community situated within a multi-generational setting. The facility, which was developed and is being operated by the Stratford Cos., includes 172 apartments, with a total of 400 rooms. Additionally, 40 detached bungalow units are available for independent living. Amenities at the property include an indoor pool, library, salon, spa, and full dining and kitchen facility. The Lawrence Group served as the architect/designer for the project.
WANAQUE, N.J. — Bloomfield Hills, Mich.-based Pulte Homes is advancing construction for Wanaque Reserve by Del Webb, a 436-acre active adult community located in Wanaque. Seven of the community’s 10 planned buildings are currently complete. Upon full build-out the project will comprise 755 two-bedroom carriage houses. The single-story units will contain up to 2,119 square feet of space, and will be priced from the mid $300,000s. Community amenities for Wanaque Reserve will include indoor and outdoor swimming pools with sundecks and patios; tennis and bocce courts; walking and hiking paths; and a 20,000-square-foot clubhouse that will contain a fitness center, card and billiards rooms, a computer center, arts and crafts rooms, a theater, and an entertainment hall. The community is situated at the base of Ramapo Mountain State Park, and is bordered by Wanaque River. Building 4, which contains 77 units, recently sold out; sales are under way for Building 3, which contains 58 homes. The construction timetable was not released.
WACO, LONGVIEW AND WICHITA FALLS, TEXAS — Cleveland-based KeyBank Real Estate Capital has secured $19.6 million in Freddie Mac financing for three Texas assisted living facilities. Meadowlands Terrace, located in Waco, received a $7.9 million loan; Eastman Estates, located in Longview, received a $6.4 million loan; and Wichita Falls, located in a city of the same name, received a $5.3 million loan. The fixed-rate credit facility has a weighted average interest rate of 6.65 percent and a term of 10 years. The borrower was not disclosed.
TOLEDO, OHIO — Toledo-based Health Care REIT has terminated its previously announced agreement with an affiliate of Arcapita Inc. to acquire 90 percent interest in a 29-property senior housing portfolio managed by Sunrise Senior Living Inc. The properties are located mainly in the New York, Los Angeles and Chicago metropolitan areas. Given the uncertainty in the capital markets, Health Care REIT has decided not to move forward in negotiations.
ORLANDO, FLA. —St. Petersburg, Fla.-based Bessolo Design Group has begun designing a renovation to the seven-story Baldwin Park Retirement Center that will create 120 studio and one-bedroom units. The expansion includes 6,000 square feet of staff support areas, a new elevator system and 18 Alzheimer units. A 30,000-square-foot office is also included in the design.
NORCROSS, GA. — Scott Kavel of Grandbridge Real Estate Capital’s Norcross office has helped an undisclosed real estate investment trust secure $318.5 million to fund a seniors housing credit facility. The 16-loan facility, which includes six properties in Florida and one property in Tennessee, can be expanded to $350 million. Kavel broke the loan into two lease pools and sold it to Fannie Mae. Lease Pool One carries an 8-year term with a mid-6 percent interest rate, and the second lease pool has a 5-year term and a low-6 percent interest rate. Both lease pools carry 30-year amortizations.
TEMPLE, SAN ANTONIO AND ABILENE, TEXAS — Mission Viejo, Calif.-based The Ensign Group, the parent company of the Ensign brand of senior care facilities, has acquired four Ensign skilled nursing facilities for $10.4 million. Three of the properties are located in Texas; they include the 140-bed Wellington Place Living & Rehabilitation Center in Temple, the 120-bed Salado Creek Living & Rehabilitation Center in San Antonio and the 96-bed Northern Oaks Living & Rehabilitation Center in Abilene. The fourth property is a 70-bed, skilled nursing facility located in Willits, Calif. The properties were acquired from the seller, a long-time Ensign landlord, by four separate Ensign holding subsidiaries. Ensign operating subsidiaries previously have been operating the facilities, and will continue to operate them under new long-term leases with the acquisition entities. Proceeds from Ensign’s recent initial public offering were used to complete the purchase.