CHICAGO — Cambridge Realty Capital Cos. has arranged a $10.5 million FHA-insured HUD loan to refinance and provide funding for construction and rehabilitation at Alden Wentworth, a 300-bed nursing home in Chicago. The 40-year term loan was underwritten for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois. The interest rate was not disclosed.
ST. LOUIS — Alexian Brothers Community Services, Blanton Construction and design firm Rosemann & Associates have completed an adult day health center located at 8449 Jennings Station Rd. in St. Louis. The 13,000-sqaure-foot Corpus Christi Church was redesigned for the elderly care program PACE to include a 3,000-square-foot building addition, medical clinic, social services offices, and an area designed to serve elderly participants with memory loss and Alzheimer’s. With construction totaling $3 million, the new facility will serve approximately 100 low-income seniors who require assistance to remain living independently.
WHEATFIELD, N.Y. — Calamar has held the grand opening for The Woodlands Senior Apartments, a 110-unit senior housing property located in Wheatfield. The independent living building contains two stories with a brick and vinyl siding veneer. The community is one of four senior housing facilities that are being constructed as part of Woodlands Senior Village, a 26-acre project that will total 350 units and cost approximately $30 million. Calamar has also recently completed Willow Housing, a 48-unit independent living facility that is part of the senior village. The project is serving as the senior housing component of The Woodlands Corporate Center East, an approximately 120-acre mixed-use development.
HUNTSVILLE, ALA. — ACTS Retirement-Life Communities has acquired Carlton Cove from Carlton Cove, Inc. for $27.25 million. The entrance fee continuing care retirement community is situated on 43 acres in Huntsville. The property includes 49 single-family and duplex homes, 113 independent living apartments, and a 91-unit, 105-bed health center.
KATY, TEXAS — Formation Development Group has broken ground for the construction of The Sienna at Cinco Ranch, a 183,000-square-foot upscale senior living community located at 24001 Cinco Village Center Blvd. in Katy. The community will be composed of 126 independent living units and 32 assisted living units in a combination of two- and four-story buildings. Amenities will include concierge service, multiple dining options, a wine bar and a terrace club activities room. Additional features include a fitness center and spa, a wellness and therapy center, a heated pool, a putting green and a bocce court. Completion is scheduled for the third quarter of 2009. Monthly rents for units start at $2,795 for independent living and $3,995 for assisted living. The project is being developed by Formation Development Group, its affiliate Formation Capital and a U.S.-based institutional investment firm. General contracting services are being provided by Spawglass Construction Corp., with architectural services being provided by Dallas-based Three Architecture.
CENTRALIA, ILL. — Holland Construction Services has completed construction of the 54,851-square-foot Hertiage Woods Supportive Living Facility in Centralia. Blair Minton and Associates owns the $6.4 million, two-story building, which is divided into three wings that contain 74 units, making it the largest senior living facility in the area. Individual living quarters include a private bathroom, kitchenette, and individual heating and air conditioning controls. Gleason Architects of Sugar Grove, Ill., has provided the architectural services.
BOCA RATON AND CORAL GABLES, FLA. — Kapital Development is planning to develop two senior living buildings in Boca Raton and Coral Gables. CityClub Residences Coral Gables, located at 1505 Ponce de Leon Blvd., will feature 124 condominiums within a 13-story building. CityClub Residences Boca Raton, located at 855 S. Federal Hwy., will feature 168 residential units within a 10-story building. It is scheduled for completion first quarter 2011. Luxury amenities included in the design are a day spa and salon, overnight guest suites, a fitness/wellness center, an art studio, ocean vistas and private elevators.
HOOVER, ALA. — Birmingham, Ala.-based Dominion Partners, in a joint venture with St. Vincent’s Health Systems, has broken ground on Somerby at St. Vincent’s One Nineteen, a 208-unit, 9-acre retirement community in Hoover, located on the campus of the hospital system’s One Nineteen Health and Wellness Center. The project will be comprised of 136 independent living apartments, 48 assisted living residences and 24 memory care residences. Additional amenities include a restaurant, a casual dining café, a meeting and conference center, a library, a chapel, a movie theater, a game room, a beauty salon and a barbershop.
KATY, TEXAS — Formation Development Group has broken ground on The Sienna at Cinco Ranch, a luxury senior living project in the Cinco Ranch master-planned community in Katy. The development, which will be complete in the third quarter of 2009, will offer 126 independent living and 32 assisted living rental apartments. The Sienna at Cinco Ranch will feature amenities such as concierge services, multiple dining venues, a wine bar and a terrace club activities room. The project is located at 24001 Cinco Village Center Blvd. next to LaCenterra, a new Main Street-style retail center in Cinco Ranch. Spawglass Construction Corp. of Houston is the general contractor for the project, and architectural services are being provided by Three Architecture of Dallas. The Sienna will be managed by The Arbor Company. Guaranty Bank is providing project debt financing.
NAPERVILLE, ILL. — Cambridge Realty Capital has arranged a $7.26 million loan for the refinancing of Community Nursing and Rehabilitation Center, a 153-bed skilled nursing facility located in Naperville. The insured first-mortgage loan was for a 30-year term and is fully amortized. The loan was arranged by Cambridge on behalf of the property’s owner, an Illinois-based limited liability company.