ST. PAUL, MINN. — Dougherty Mortgage LLC has closed a $12.3 million HUD 221(d)(4) loan for the construction of The Cambric, an affordable seniors housing community in St. Paul. Restricted to residents 55 years of age or older, the property will offer 113 apartments units, with 23 set aside at fair market rates. Dougherty’s Minneapolis office arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VI LLLP.
MEMPHIS, TENN. — Senior Living Investment Brokerage (SLIB) has arranged the $10 million sale of Legacy Assisted Living & Independent Living in Memphis. Built in 1987, the property comprises a 196-unit independent living community and a 51-unit assisted living/memory care memory care facility. The buyer was a private investment group based in Virginia. Georgia-based Beacon Communities has been selected to manage the two communities. Bradley Clousing, Patrick Burke and Ryan Saul of SLIB brokered the transaction.
BELTON, MO. — NorthMarq Capital has arranged $15 million in refinancing for Carnegie Village Senior Living Community in Belton. Located at 103 Bernard Drive, the property features 204 assisted, independent and memory care units. Greg Duvall of NorthMarq arranged the seven-year loan, which features a 30-year amortization schedule, through NorthMarq’s seller-servicer relationship with Freddie Mac.
WESTLAND, MICH. — Love Funding has secured $9.1 million in refinancing for Westhaven Manor, a 144-unit, age-restricted apartment community in Westland, a western suburb of Detroit. Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program. Proceeds from the loan will be used to upgrade the property with improvements and fund a replacement reserve. Built in 1986, the property is restricted to residents 62 years of age or older. Bruce Gerhart of Love Funding arranged the financing for the undisclosed borrower.
FLOWER MOUND, TEXAS — Red Capital Partners has completed its second $13.8 million balance sheet construction loan to an affiliate of Avanti Senior Living for Avanti at Flower Mound, a 90-unit assisted living and memory care facility located in Flower Mound. The community will consist of 50 assisted living units and 40 memory care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States. Avanti at Flower Mound is the third project to break ground. The community will feature many modern technological solutions aimed at improving care, lifestyles and accountability. The buildings will have special lighting designed to mimic sunlight, which helps residents with Alzheimer’s or dementia with their orientation. In addition, Avanti at Flower Mound will have electronic health records, radio frequency identification door locks, point-of-care devices for staff and extra monitoring for memory care residents. To better integrate healthcare with senior living, Avanti at Flower Mound will have a telehealth room, as well as its own medical exam room. The community will also feature an exercise room with a ballet bar, around which Avanti designed a program to …
DALLAS —Allen McMurtry, Megan Fetter and David Kliewer of DTZ have arranged the sale of the leasehold interest in a five-property seniors housing portfolio located in metro Dallas. The portfolio was sold on behalf of Steven Vick, co-founder of Signature Senior Living, which operated and developed the portfolio of 375 units. The portfolio comprises 255 assisted living units and 120 memory care units and is over 90 percent occupied. Legend Senior Living will be the operator.
CROWN POINT, IND. — Symphony of Crown Point, a 66,598-square-foot, 100-bed senior living facility providing post-acute, short-stay rehabilitation care has opened in Crown Point, located about six miles south of Merrillville. Mainstreet and Symphony Post Acute Network developed the facility. Construction on the project began in May 2014. The complex offers a therapy gym, outdoor rehabilitation courtyard, spa, movie theater and an on-site chef. The project, which had a total investment of $16 million, has created 360 construction jobs and 100 permanent jobs at the property.
TAMPA, FLA. — Roger B. Kennedy Inc. has begun construction on Haley Park Apartments, an $8.7 million seniors independent living community in Tampa. The 80-unit project will be located at 13045 N. 15th St. and will feature a swimming pool, outdoor gathering areas with benches, gazebo and a dog park. Roger B. Kennedy plans to wrap up construction in May 2016. The design team includes architect BDG Architects and developer NVC Haley Park Ltd.
ABERDEEN TOWNSHIP, N.J. — RPM Development Group will develop a three-building affordable housing project that will include rental units for seniors and people of all ages, as well as a new senior community center, in Aberdeen Township. The project, which will feature two residential buildings, will be located on 14 acres on Church Street formerly occupied by South River Metals Corp. Hudson Ridge Senior Residence at Aberdeen will offer 67 one-bedroom and eight two-bedroom rental units of age-restricted housing for those 55 years or older. The second residential building, Hudson Ridge Residence at Aberdeen, will provide 70 one-, two- and three-bedroom rental units that will not have age restrictions. Preference on the rentals will be given to households that were impacted by Hurricane Sandy. Combined cost for constructing the two residential buildings will be $44 million. The site plan also calls for a separate 2,500-square-foot senior community center available for use by all residents of Aberdeen. Site work is anticipated to begin in the fall, with buildout expected to take two years. The project, which will strive for LEED certification, will be constructed with government assistance, including Community Development Block Grant (CDBG) Disaster Relief funding, along with 4 percent low-income housing …
CELEBRATION, FLA. — Big Rock Partners has selected Balfour Beatty Construction as the construction manager for a resort-style, $60 million senior living rental community under development in Celebration. The new community will be Celebration’s first to offer independent living, assisted living and memory care services under one roof, with a total of 225 rental residences. Construction is projected to begin in late 2015 for an expected opening in mid-2017. The property will feature tree-lined fountains, gardens, an indoor pool, movie screening room, fitness center and a top-floor solarium for viewing nearby Disney World’s fireworks displays. Balfour Beatty is working closely from the conceptual phase with the project’s architect, Gensler. Life Care Services will operate and market the community upon completion. Sabra Health Care REIT provided Big Rock Partners with a $4.5 million acquisition loan for the land and anticipates providing additional financing for construction, according to Big Rock. Walker & Dunlop is Big Rock’s financial advisor for the project.
