DESOTO, TEXAS — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $4.6 million in joint venture equity financing for the construction of Wintergreen Manor Seniors Housing Complex in DeSoto. The project will include moderate-density, single-story structures with garages and carport. It will also feature an 8,000-square-foot amenity center that will include a 50-seat movie theater, an exercise room, an indoor spa, a beauty salon and massage room, a health center, a business center, a general store, a dining area with a kitchen, a game room, an arts and crafts room, and a great room with a fireplace and seating. The outside area will contain a pool, a picnic area with gas barbecue grills, waterscapes and irrigated landscaping. Todd McNeill of MCA arranged the financing on behalf of a single-asset entity controlled by Dallas-based Colonial Properties. Colonial and its equity partner have agreed to develop 30 senior housing projects throughout the Southwest.
SOUTHLAKE, TEXAS — Dallas-based Faulkner Design Group has completed the interior design for Watermere at Southlake, a senior housing community located in the Dallas suburb of Southlake. The project will feature 152 luxury condominiums and 85 villas. Condos will be available with one, two or three bedrooms, and will range from 1,000 to 2,000 square feet in size. Villas will contain two bedrooms, and will range in size from 2,000 to 3,000 square feet. Some villas will also include bonus rooms, studies, lofts and attached two-car garages. The community will also provide assisted living and memory care for residents. Amenities at Watermere at Southlake will include a 36,000-square-foot community center. It will contain restaurants, a bank, a movie theater, an indoor swimming pool, a health spa, a hair salon, a concierge, a convenience store, a library with wireless Internet access and card rooms. The project is being developed by Dallas-based South Bay Partners, with Bedford, Texas-based Galier.Tolson.French Design Associates serving as project architect. Integrated Real Estate Group is providing general contracting services.
LOS ANGELES — New York-based The Related Companies has acquired a 308-unit senior-living building, which is located at 740 S. Olive St. in Los Angeles, for $56.5 million. Related plans to continue to operate the property as affordable housing for low-income seniors and to invest $9 million in a renovation/upgrade program for the building. Originally built in 1922 and rebuilt in 1979, the property offers 33 studios and 276 one-bedroom/one-bath units with monthly rents ranging from $980 to $1,083. Property amenities include security-card access, a spacious lobby with a furnished waiting area, lounge/dining area, a meeting room, a leasing office, a landscaped rooftop deck with shuffle board court, an open-air courtyard, laundry facilities and gated subterranean parking. Kitty Wallace of Sperry Van Ness represented both parties in the transaction. The seller was not disclosed.
THE WOODLANDS, TEXAS — Houston-based Bridgewood Property Co. has acquired a 2.66-acre land parcel, located at the corner of Grogan’s Mill Road and Lake Robbins Drive in The Woodlands, for the development of a senior residential community. The Village of The Woodlands will total approximately 250,000 square feet, and contain 188 independent and assisted living units. Building amenities include a dining room that overlooks The Woodlands Waterway, a living room, a library, a bridge room, a theater, a fitness center with an indoor swimming pool, a billiards room, a computer room and landscaped courtyards. Residences will come in a mix of studio, one-bedroom, one-bedroom plus study and two-bedroom units. All units will contain full kitchens, individual climate controls, and washers and dryers. Construction is slated to begin next spring, with completion expected by fall 2010.
GREENDALE, WIS. — An affiliate of Chicago-based Senior Lifestyle Corp., in a joint venture with an affiliate of Chicago-based Walton Street Capital, has acquired a senior housing community in Greendale. Situated on a 14-acre site, Harbour Village is located less than 10 miles from downtown Milwaukee. The three-building community houses 142 independent living apartments, 38 assisted living apartments and 52 memory care apartments. Amenities at the property include a fine-dining restaurant, fitness center, housekeeping, transportation, and on-site banking, salon, florist and dry-cleaning services. The acquisition price was not disclosed.
SWANSEA, ILL. — Swansea-based Holland Construction Services is building the Cambridge House of Swansea, a 103-unit supportive living facility for seniors in Swansea. The three-story property includes 87,461 square feet of space in three wings that surround a core area. Amenities at the property include an exercise room, television and library area, convenience shop, and kitchen. The $8.1 million project is currently underway.
KATY, TEXAS — Houston-based Live Oak Capital has structured acquisition and development financing for The Providence at Grand Parkway Apartments, a 250-unit, independent living, senior community located at 22801 Franz Rd. in Katy. The age-restricted community will feature 36 bungalow-style units averaging 886 square feet, in addition to the other apartment units. Property amenities include a 10,000-square-foot amenities center that features a central dining room, a game room, a coffee bar, a fitness center, a theater, a business center, a library, a salon, a spiritual center and a sundries store. Other amenities include a swimming pool, a 2-acre lake and walking paths. Jim Kirkpatrick and Tip Strickland of Live Oak Capital secured a $16.2 million senior loan through Charlotte, N.C.-based Bank of America and $4.5 million in equity through Washington, D.C.-based Perseus Realty Partners. The financing includes 95 percent loan-to-value ratio. The borrower is Providence Grand Parkway, Ltd., an entity led by the project’s developer, Houston-based Blazer Building. The project is being designed by Houston-based Mucasey & Associates. Construction is slated to begin this month.
HOUSTON — Dallas-based Faulkner Design Group has completed the interior design and planning for The Village at Gleannloch, a continuing care retirement community located at the intersection of Spring Cypress Road and Interstate 249 in Houston. The project will include more than 130 independent living apartments and cottages, as well as 80 units for assisted living, skilled care and memory support specialization. Amenities for the project include a fitness center, an arts studio, a salon and spa, a 100-seat chapel, outdoor patio areas, a swimming pool, a library and business center, and a café. The senior housing facility is one component of the Gleannloch Farms master-planned community. Other components include a variety of residential housing options, a lakeside aquatic and athletic complex, an equestrian center, a championship golf course, hiking and biking trails, and schools.
LINDEN, N.J. — Construction has been completed for John T. Gregorio Towers, a seven-story, 78-unit senior housing project located in Linden. Amenities for the facility include a multi-purpose room, an outdoor area, tenant lounges on each floor, and activity rooms that include laundry facilities, visiting areas, physicians services, a beauty salon and a computer room. The project was designed by Gran Kriegal Associates for the developer, City of Linden Housing Corp. Funding was provided by the Housing and Urban Development Authority and Linden Housing Corp.
MCLEANSBORO, ILL. — Swansea, Ill.-based Holland Construction Services is building the 30,430-square-foot Fox Meadows supportive living facility, which will be located on South Marshall Avenue in McLeansboro. The $4 million facility will include 41 studio and one-bedroom apartments for adults aged 65 and older. With a central full-service kitchen and dining room at the property, each individual unit features a kitchenette. The building, which is slated for completion in November, was designed by Sugar Grove, Ill.-based Gleason Architects. Upon completion, Blair Minton and Associates Inc. will manage Fox Meadows.