WINTER HAVEN, FLA. — Philadelphia-based Mills Development Co. is building a $10 million, 181-unit independent living retirement community in Winter Haven, located at the intersection of Cypress Gardens Boulevard and Ninth Street S.E. Cuhaci & Peterson is the project architect. Construction is slated to begin later this year.
FORT PIERCE, FLA. — Dale and Roni Zaletel of Birmingham, Ala.-based Senior Management Solutions have acquired Broadmoor Assisted Living, a 32-unit, 55-bed assisted living and Alzheimer’s community in Fort Pierce, from Christopher Lundstrom of Perfect Healthcare, for $3 million. Krone Weidler of Marcus & Millichap’s Tampa, Fla., office represented both parties in the transaction.
DETROIT — Vanguard Community Development Corp. has broken ground for the development of Cameron Court Senior Village Apartments, a 48-unit affordable senior housing community located at the intersection of Cameron and Hague streets in Detroit’s North End neighborhood. The independent living community will contain a mix of one- and two-bedroom units. Vanguard received a $1 million construction loan and $7.9 million in low-income housing credit equity from the Detroit Local Initiatives Support Corp. Completion is scheduled for March 2009.
GLADEWATER, TEXAS — Boston Capital Finance (BCF) has closed an approximately $1.4 million, permanent-only loan for the Gardens of Gladewater, a senior living complex in Gladewater. The 36-unit property, which is situated on 5.86 acres at 108 W. Sheppard Dr., comprises 15 duplex buildings. The senior living facility includes a small outpatient facility among its amenities.
FORT WORTH, TEXAS — Pacific Retirement Services Inc. (PRS) will develop a new high-rise residential building within Trinity Terrace, a senior living facility located at 1600 Texas Street in Fort Worth. The building, called River Tower, will offer penthouses, apartment homes and brownstone-style patio homes offering underground parking. The property’s amenities will include a penthouse view dining room and a health care center, which will provide nursing and rehabilitation care in all private suites. Portland, Ore.-based Ankrom Moisan Associated Architects will provide architectural services for the project.
ST. LOUIS — St. Louis-based Paric Corp. has been selected to provide general contracting services for a $7.8 million senior housing development located on South Grand Boulevard in St. Louis. The three-story, 76,000-square-foot project will comprise 87 apartments, as well as ground-floor retail space. Community amenities will include a computer center, a multi-purpose room, a dining hall, an exercise room and a courtyard. The project is being developed by The Pyramid Companies.
LAMESA, CALIF. — Vickie Winters of Dwinn-Shaffer & Co. represented the company in arranging $7.5 million in first mortgage financing and a $1 million accounts receivable line of credit for Community Convalescent Hospital of LaMesa, an assisted-living facility in LaMesa. The 119-bed skilled-care facility is located at 8665 LaMesa Blvd. The permanent loan represents 75 percent of value, and was financed for 5 years at a fixed rate based on a 25-year amortization.
LONGWOOD, FLA. — Mr. and Mrs. Bagsiyao of Kissimmee, Fla., have purchased Bethesda at Longwood Assisted Living Care Center, a 90-bed facility in Longwood, from Mr. Neil Buck, for $5 million. The property is located at 480 East Church St. Ken Carriero and Damien Carriero of Marcus & Millichap’s Tampa, Fla., office represented the seller.
PALMYRA, PA. — A joint venture comprised of AMC Delancey Group and Heritage Senior Living has completed construction of Traditions of Hershey, a 120-unit independent senior living community in Palmyra. Located at 100 N. Larkspur Dr., the facility features studios and one- and two-bedroom residences. Rental rates range from $1,800 to $2,700 per month. Amenities include an onsite move theater, a fitness center, a billiard room, a library and a beauty salon.
SKOKIE, ILL. — Cambridge Realty Capital has provided a $13.6 million FHA-insured HUD loan to refinance Skokie Meadows Nursing Center in Skokie. The property is a 224-bed intermediate care facility. The fully amortized, 35-year term first mortgage was arranged for the owner, an Illinois limited liability company.