EAST ORANGE, N.J. — Gebroe-Hammer Associates had completed the sale of New Grove Manor, a 205-bed skilled nursing facility and rehabilitation center located at 101 N. Grove St. in East Orange, for $3.1 million. The property was formerly a luxury hotel, until it was sold to the current seller and converted into a long-term and sub-acute care facility. David Oropeza of Gebroe-Hammer represented the seller, a family-owned investment group, and procured the buyer, 55 Holding LLC.
OVERLAND PARK, KAN. — The Kansas City office of NorthMarq Capital has arranged $3.17 million in first mortgage financing for the 126-unit Overland Towers senior housing facility located in Overland Park. Financing for the HUD-insured transaction was based on a 35-year term with a 35-year amortization schedule. The loan was arranged for the undisclosed borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance.
OVERLAND PARK, KAN. — The Kansas City office of NorthMarq Capital has arranged $3.17 million in first mortgage financing for the 126-unit Overland Towers senior housing facility located in Overland Park. Financing for the HUD-insured transaction was based on a 35-year term with a 35-year amortization schedule. The loan was arranged for the undisclosed borrower through NorthMarq’s affiliation with AmeriSphere Multifamily Finance.
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.
