SUPERIOR, WIS. — New Perspective Senior Living has broken ground for the development of The Lighthouse of Superior, a senior housing community in Superior. The state-of-the-art facility will offer assisted-living and memory-care residences. Ryan Companies US is serving as general contractor on the project, which is scheduled for completion this fall.
TAMPA AND PLANT CITY, FLA. — Thomas D. Wood has arranged two loans totaling $1.6 million for two Florida apartment complexes. The Standard Life Insurance Company financed a 25-year, $1.45 million loan for the 72-unit Pepperwood Apartments. The property is located at 13725 Susan Kay Drive in Tampa. The loan carries a 6.9 percent interest rate and a 25-year amortization. Standard Life also financed a $1.15 million loan for the 55-unit Strawberry Place Apartments, located at 1400 Strawberry Place in Plant City, for the same terms. Doug Rozzell of Thomas D. Wood secured the loans.
LEXINGTON, KY. — The Fayette Circuit Court has named McKinley as receiver of the Cross Creek Apartments property in Lexington. The 143-unit complex, located at 3498 Lansdowne Drive, is composed of one- and two-bedroom apartments and two-bedroom townhomes. Amenities include a pool and a business center.
GARY, INDIANA — The Gary Housing Authority (GHA) has selected The Habitat Company to manage construction services for three housing developments operated in Gary. GHA is investing more than $5.8 million in HUD funds to rehabilitate units within the Dorie Marie, East Point and Ivanhoe Garden developments. The project involves renovating 92 units in the Dorie Marie and East Point properties, and demolishing 316 units in the 104-building Ivanhoe Garden property. The HUD funding was received as part of the federal stimulus program.
SAN DIEGO — BRE Properties has purchased 194 units in the Monarch at Scripps Ranch luxury apartment community, located at 10776 Scripps Ranch Blvd. in San Diego, from Interwest Capital Corp. for $46.2 million. The unit mix comprises 80 one-bedroom/one-bath units, 108 two-bedroom/two-bath units and six three-bedroom/two-bath units. BRE Properties acquired 74 percent of the total 262 units in the development as the remaining units had previously been converted to condominiums and are all individually owned. Cushman & Wakefield’s Ed Rosen, John Chu and Alejandro Lombrozo represented both the buyer and the seller in the transaction.
MEMPHIS, TENN. — Bill Jones of Love Funding's New York office has arranged a $4.72 million loan for the 208-unit Greenbriar Apartments. The property is located at 3131 Madewell St. in Memphis. Funding was obtained using the HUD 207/223(f) program. The 25-year loan carries a 4.75 percent interest rate.
HASTINGS, NEB. — NorthMarq Capital has arranged a $6.5 million first mortgage loan on behalf of College View Assisted Living LLC for College View in Hastings. The assisted-living facility offers 58 residential units. Financing was based on a 35-year term with a 35-year amortization schedule. Gary Rifkin of NorthMarq arranged the loan through the company’s relationship with Johnson Capital FHA.
CHICAGO — McShane Construction Co. is nearing the completion of Casa Maravilla, a five-story, 70,000-square-foot senior-living project in the Pilsen neighborhood of Chicago. Located at 2021 S. Morgan St., the 73-unit complex will offer studio, one- and two-bedroom affordable rental units, a dining area, a community room, a therapy room, a library and a recreation room. Weese Langley Weese provided architectural services for the project, which is slated for completion in June. The Resurrection Project is developing the property.
ORLANDO, FLA. — NorthMarq Capital has arranged a $5.92 million loan for the 356-unit Riverfront Apartments in Orlando. The 10-year Freddie Mac loan carries a 2-year interest-free period and a 30-year amortization schedule. NorthMarq's Frank Relihan and Jason Smith arranged the loan.
INDIANAPOLIS — An affiliate of Chicago-based LT Group has purchased CityView of Meridian, formerly known as Summit House Apartments, in Indianapolis. The 20-story, high-rise property offers 166 residential units. Located at the corner of 38th and Meridian streets, the complex features a rooftop swimming pool and skyline views. The buyer plans to upgrade many of the apartments, renovate the lobby, tenant amenity center and coffee bar, and replace the windows and redesign the canopy. The Indianapolis-Cincinnati Multi-Housing group of CB Richard Ellis negotiated the transaction. The property fell into receivership last year and was listed at $6.95 million. Additional terms of the sale were not disclosed.