CANTON, ILL. — Cambridge Realty Capital has provided a $12.9 million FHA-insured first mortgage loan to Renaissance Care Center in Canton. The 136-bed skilled pediatric and skilled nursing facility currently offers 69 skilled pediatric units and 76 skilled nursing units. The fully amortized, 40-year term loan was arranged for the owner, an Illinois limited liability company.
TEWKSBURY, MASS. — Burlington, Mass.-based The Northbridge Companies has acquired The Isle at Emerald Court, a 94-unit assisted living community located in Tewksbury. The property is situated at 2000 Emerald Court within the Emerald Court active adult community. The Isle at Emerald Court, which has subsequently been renamed Bayberry at Emerald Court, contains studio, one- and two-bedroom apartments. Community amenities include lounge areas, main and private dining rooms, a music room, a fitness center, a library, beauty and barber shops, and a game room. The seller was Dallas-based South Bay Partners, which also developed the property in 2006. Apartment Realty Advisors' National Senior Housing Group in Dallas represented the seller in the sale. Acquisition financing was provided by Fundamental Advisors.
CORSICANA, TEXAS — Walker & Dunlop has arranged a $3.66 million loan for the refinancing of Health Care & Rehabilitation of Corsicana, a 94-bed skilled nursing facility located in Corsicana. Built in 1973, the single-story structure totals 21,572 square feet. The loan, which was provided through the HUD 232/223(f) program, carries a 27-year term and amortization schedule, and an 85 percent loan-to-value ratio. The funds will be used by the borrower to make necessary capital improvements, fund the property's replacement reserve account and pay off the existing bridge loan. Steve Ervin of Walker & Dunlop originated the loan.
TEXARKANA, TEXAS — Johnson Capital has secured $4.86 million in construction-to-permanent financing for a new senior housing facility in Texarkana. The project, which will be known as The Magnolia, will be a 40-bed facility specializing in Alzheimer's care. The loan features a 40-year, self-amortizing term following a 16-month construction period. Paul Mogote of Johnson Capital's Dallas office arranged the loan, which was placed with a HUD-insured loan group and was provided under Section 232 of the Fair Housing Act. The borrower is a first-time developer.
COUNTRYSIDE AND HANOVER PARK, ILL. — Skender Construction’s Mixed-Use|Residential Group, serving as general contractor, recently broke ground on two projects in the Chicago region. The first project is Countryside Senior Apartments, a 58,000-square-foot senior independent living facility located on Joliet Road in Countryside. The four-story 70-unit property features parking for 100 vehicles and an exterior of brick veneer walls and composite metal. Completion is slated for fall 2010. Mercy Housing is developing the project, which was designed by Worn Jerabek Architects. The second project is Church Street Station, a three-story skilled nursing home located on Lake Street in Hanover Park. The 77,000-square-foot facility features 150 beds. Completion is also slated for fall 2010. SAS Architects and Planners is providing architectural services for the project, which is being developed by Church Street Station Properties.
DALLAS — Completion is nearing for Churchill Estates at Lake Highlands, a 175-unit senior housing community located at 8501 Lullwater Dr. in Dallas. Amenities for the community include a wellness center and library, a movie studio, a billiards rooms, a fitness center and an art studio. Dining options include two dining rooms, a bistro and a wine room. The community is currently open to residents, along with some of the amenities; the entire project should be finished by late 2009. Churchill Residential is the developer of Churchill Estates. Galier, Tolson, French Architects designed the project, with KWA Construction serving as general contractor. Faulkner Design Group is the interior designer.
THE WOODLANDS, TEXAS — Groundbreaking has occurred for The Village at The Woodlands Waterway, a senior housing project located in The Woodlands. The project is situated at the corner of Grogan's Mill Road and Lake Robbins Drive on The Woodlands Waterway. It features 207 rental units in a mix of studio, one-bedroom and two-bedroom residences, as well as approximately 250,000 square feet of space. The community features extensive common areas, including a dining room that overlooks the Waterway. Other amenities include a living room, a library, bridge and billiard rooms, a theater, a computer room, and a fitness center with a pool. Cultural guild programs will be offered and the exterior of the project will feature landscaped courtyards. Houston-based Bridgewood Property Co. is developing the project, with Construction Supervisors serving as general contractor. The architect of record is Ambrose & House Architects and the design architect is Munoz + Albin Architects.
SAN DIEGO — Senior Community Centers, in partnership with HomeAid San Diego, are converting a 60-year-old building at 1525 Fourth Ave. in downtown San Diego into Gary and Mary West Senior Wellness Center. The two-story, 17,000-square-foot facility will feature a main lobby, a living room area, an activity room, an enrichment center, a Cyber Café, a kitchen and dining room area and the Center for Healthy Aging. Smith Consulting Architects designed the project, which is being constructed by Ledcor Construction. Completion for the LEED-Gold project is slated for early 2010.
CLEVELAND — NRP Group’s Cornerstone Senior Apartment Homes has received LEED Gold certification from the U.S. Green Building Council. The 50-unit, age-restricted property is located at 18221 Euclid Ave. in Cleveland. The community offers two-bedroom units with open living space; and kitchens with ranges, microwaves, dishwashers, refrigerators and garbage disposals.
SUGAR LAND, TEXAS — Tradition Senior Living, LP, has plans to develop a full-service retirement community in Sugar Land called The Tradition-Sugar Land. The resort-style project, which will be the first Continuum Care Retirement Community (CCRC) in southwest Houston and eastern Fort Bend County, will feature accommodations for both independent and assisted-living residents. Located off Highway 6 between U.S. Highway 59 and Texas Highway 90A, the gated community will be situated within Lake Pointe Town Center, a mixed-use development in First Colony. Planned Community Developers, Ltd., is the developer of First Colony, which is a 9,700-acre master-planned community in Sugar Land. Amenities at The Tradition-Sugar Land include a fitness facility with an indoor pool, limited-access garage parking, and a wireless emergency response system. Opening is planned for mid-2011.