STRONGVILLE, OHIO — PNC ARCS has arranged $6 million in financing for Southwest Commons Assisted Living community, which is located at 18090 Pearl Rd. in Strongville. Financing was based on a 10-year term, with a 30-year amortization schedule, at a rate of 6.77 percent. The 68-unit property contains 25,912 square feet of residential living space. The loan was originated by PNC ARCS’ Bend office, through Fannie Mae’s Senior Housing loan product.
WEST CALDWELL, N.J. — Union, N.J.-based Del-Sano Contracting Corp, has been selected to provide general contracting services for the construction of Phases II and III of Crane’s Mill, a 35-acre senior housing facility located in West Caldwell that is being developed by Lutheran Social Ministries of New Jersey. The project is expected to cost $27 million, and construction will begin this month. Phase II will include the construction of 70 independent units with 47 underground parking spaces, as well as 10 cottages with attached garages. The independent living units will be located in a two-story building attached to the existing central facility. Phase III of Crane’s Mill will encompass 20,000 square feet of new and existing space. A new wing will be added that will house the memory support area, a dementia courtyard and renovated common areas for the assisted living areas. Construction will also include the conversion of 18 of the facility’s 60 assisted living units into dementia units. Upon completion, Crane’s Mill will contain 286 independent living units, 48 assisted living units and 18 dementia units, with 66 of the units set aside for skilled nursing and rehabilitation services. The first phase of the community was completed in …
NASHUA, N.H. — Bedford, N.H.-based Eckman Construction has completed AHEPA 35 Manor, a $4.3 million senior housing project located in Nashua, on behalf of the American Hellenic Educational Progressive Association. Construction consisted of a 38-unit apartment building for low-income elderly and handicapped residents. The building features several units that are handicap accessible. The project was designed by Colchester, Conn.-based Peter W. Argiros Architecture. It was funded through the Section 202 program of the U.S. Department of Housing & Urban Development.
INDIANAPOLIS — Tikijian Associates has brokered the sale of Atrium Village Apartments, a 116-unit senior housing community located near 25th Street and Mitthoeffer in Indianapolis. Lakewood, New Jersey-based TLK Properties has acquired the facility from Indianapolis-based Barrett & Stokely Inc. The property, which consists of two-bedroom, ground-floor units, was listed for $5.9 million. TLK Properties will continue to run Atrium Village as a senior housing facility.
SAN DIEGO — VK Smith Realty LP has acquired Santa Fe Villas, a senior-housing apartment complex in San Diego, from El Presidio Corporation Inc. for $6.5 million. Located at 3912 Albatross St., the 37-unit property offers a mix of 34 one-bedroom/one-bath units and three two-bedroom/two-bath units. Built in 1989, the property features 11 garages, secured underground parking, a community room with kitchen and a player piano. Eric Comer and Jim Neil of CB Richard Ellis represented the seller; Stephen Scola of The Scola Company represented the buyer in the transaction.
WINCHESTER AND SALEM, MASS. — Boston-based Fantini & Gorga has secured $12.9 million in non-recourse, permanent financing for two HUD-insured senior housing facilities. The first is Aberjona Nursing Center, a 123-bed skilled nursing facility located in Winchester. The second is Grosvenor Park Nursing Center, a 123-bed skilled nursing center located in Salem. Fantini & Gorga procured the financing through its correspondent relationship with Boston-based Eastern Mortgage Capital. The borrower was undisclosed.
TAMPA BAY, FLA. — New Jersey-based Lightstone Group recently sold the 104-unit senior housing complex Oceanside Apartments to a local real estate investor for $4.5 million. NAI Tampa Bay’s John Burpee represented both parties in the transaction for the complex, which was100 percent occupied at closing.
OMAHA, NEB. — Omaha-based Darland Construction Co. has begun building the new corporate headquarters for Home Instead Senior Care within the West Business Park located at 132nd and Dodge streets in Omaha. The 4-story, 60,000-square-foot office facility will include enclosed parking, exterior verandas and upper-story decks with views of the city. Holland Basham Architects is serving as the project’s architect. The estimated cost of construction was not disclosed.
EL MONTE AND LOMITA, CALIF. — Grubb & Ellis Healthcare REIT Inc. has closed its Senior Care Portfolio 1 with the acquisition of two skilled nursing facilities in California. Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Rd. in Lomita, each property is a single-story skilled nursing facility. The two facilities total approximately 71,000 square feet of gross leaseable space and 219 patient beds. Additionally, the properties are 100 percent leased to North American Healthcare. HCP Inc. sold the properties for an undisclosed price. Grubb & Ellis Healthcare REIT financed the acquisition through an unsecured note from an affiliate and cash on hand. The portfolio comprises six properties: the two recent California acquisitions and four properties in Texas, which were acquired in March.
WASCO, CALIF. — Wasco Affordable Housing Inc. has developed Central Avenue Senior Apartments, a 42-unit senior-housing apartment community located at 300 Central Ave. in Wasco. The community consists of 14 one-story buildings featuring one- and two-bedroom apartments. The community is restricted to retired and working agricultural workers age 62 years or older, who earn 60 percent or less of the medium area income. Each apartment offers a stove, a microwave, a refrigerator, a dishwasher and an individual washer and dryer. Financing for the $8.2 million project was provided in part by a $3 million tax credit equity investment from Enterprise Community Investment Inc., a $2.25 million loan from the USDA Rural Development program, which includes a mortgage and rent subsidies, and a $900,000 loan from the State of California’s Joe Serna Jr. Farmworker Housing Grant Program.