DUNDALK, MD. — Enterprise Homes has opened The Greens at Logan Field, a 102-room affordable seniors housing facility in Dundalk, a suburb in Baltimore County. The $15.2 million development has apartments available to low- and moderate-income seniors earning up to 60 percent of the area median income. The four-story property totals approximately 97,000 square feet and features several patios, a sunroom, fitness room, activity/computer room, laundry facility, TV lounge, community room and hospitality suite. Bank of America provided construction financing for the project. Other financing was comprised of developer equity and debt from Baltimore County, Maryland Department of Housing and Community Development, Rental Housing Works, Elderly Rental Housing Program, EmPOWER Maryland, as well as a Federal Home Loan Bank Atlanta grant.
Seniors Housing
SAN ANTONIO — The LaSalle Group will soon begin construction on Autumn Leaves of Westover Hills, a 36,000-square-foot assisted living community dedicated to memory care. The company currently owns and operates 36 similar communities across the country. Autumn Leaves of Westover Hills will feature three courtyards and an open café. The memory care center is expected to bring 45 jobs to the area and provide care to 54 residents living with Alzheimer’s, dementia and other forms of memory impairment. This is The LaSalle Group’s second community in metro San Antonio following the recent opening of Autumn Leaves of Stone Oak in north San Antonio.
CLEVELAND — Love Funding has secured a $5.3 million FHA loan for Governor’s Village, a Cleveland-area assisted living facility. The funding from the loan will be used to expand the facility. Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s (HUD) 232/241(a) loan insurance program. The program backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured healthcare facilities. Randall Residence, the majority owner and operator of the property, built the facility in Mayfield Village in 2001. The property currently has 24 traditional, assisted living units and 24 memory care units. Upon completion, 38 assisted living units will be added, while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The Douglas Co. will build the project based on plans created by architecture firm C.C. Hodgson.
STOCKBRIDGE, GA. — The LaSalle Group plans to open Autumn Leaves at Stockbridge, the first freestanding memory care facility in Stockbridge, this fall. The property is roughly 20 miles southeast of Atlanta near the intersection of Chadwick Commons and Monarch Village Way. The 26,000-square-foot property will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia and memory impairment.
HOUSTON — The Buckingham, a senior living community in Houston, will undergo a $56 million expansion that will add 186 new residences. The project includes the addition of 103 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living units will be offered in one-, two- and three-bedroom floor plans. The Senior Quality Lifestyles Corp.-owned community opened in 2005 with 204 apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. Irving-based Greystone Development Co. LLC will develop and manage the expansion. Dallas-based D2 Architecture will design the project.
SOUTH BEND, IND. — Wellbrooke of South Bend The Center for Health and Wellness has opened. The new facility located at 52565 State Road 933 provides post-acute care (short-stay rehabilitation and therapy) and assisted living services. The new center is the latest joint venture between Mainstreet and Live Care Services. The 100-bed, 66,560-square-foot Wellbrooke of South Bend features a movie theater, game room and walking trails, as well as restaurants, an on-site chef, a reflection room and more. The project represents a total investment of $14.2 million in the community. Carmel, Ind.-based Mainstreet developed the center. Life Care Services of Greenwood, Ind. will manage the property.
ALEXANDRIA, VA. — Oxford Finance LLC has provided a $12.4 million senior secured term loan and a $1.5 million revolving line of credit for Pritok Capital. Proceeds of the loan were used to purchase two skilled nursing facilities in Kansas and Missouri, and the revolving line of credit will provide working capital. The acquisition of Pritok’s two new properties will add to its existing portfolio of seniors housing facilities. Headquartered in Alexandria, Va.,Oxford Finance is a specialty finance firm that provides senior debt to life sciences and healthcare services companies. Pritok Capital is a private equity group specializing in investments in senior care real estate. Formed in 2012, Pritok Capital owns skilled nursing facilities in Kansas, Michigan, Minnesota, Missouri and Ohio.
TUCSON, ARIZ. – The 188-unit Mountain View Retirement Village in Tucson has received a $20-million refinance. The retirement community is located at 7900 N. La Canada Drive. Amenities at the community include restaurant-style dining, housekeeping and maintenance services, scheduled transportation, customized assistance, and recreational and wellness activities. The 10-year loan features a fixed rate and a 30-year amortization schedule. It was originated by Brandon Harrington and Matt Steffen of Walker & Dunlop. The loan was provided by a life insurance company.
ST. PAUL, MINN. —Marcus & Millichap has brokered the $1.5 million sale of 40,511 square feet of land located in St. Paul. Snelling Avenue Land is located at 678 Snelling Avenue South. The Water Senior Housing Group plans to redevelop the land into seniors housing. An 80-unit, four-story assisted living complex is expected to break ground next spring. Michael Ahles of Marcus & Millichap’s Minneapolis office represented the seller, Bradshaw Funeral Home Inc. The buyer, a developer, was secured by an outside brokerage. Bradshaw Funeral Home Inc. will be relocating across the street from the site.
HOUSTON — JLL Capital Markets has brokered the sale-leaseback of a 20,600-square-foot acute care rehabilitation center in Houston. Capital Square Acquisitions LLC bought the building for an undisclosed amount from Mentis Houston RE LLC, which will lease the property through April 2029. Rudy Hubbard, Kevin McConn and Rick Goings of JLL led the sales team. The acute rehabilitation center was built in 2008 and underwent an expansion in 2011 and 2012. The property is located near the Texas Medical Center