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.
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.
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.
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.
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.
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.
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.