TAMPA BAY, FLA. — New Jersey-based Lightstone Group recently sold the 104-unit senior housing complex Oceanside Apartments to a local real estate investor for $4.5 million. NAI Tampa Bay’s John Burpee represented both parties in the transaction for the complex, which was100 percent occupied at closing.
OMAHA, NEB. — Omaha-based Darland Construction Co. has begun building the new corporate headquarters for Home Instead Senior Care within the West Business Park located at 132nd and Dodge streets in Omaha. The 4-story, 60,000-square-foot office facility will include enclosed parking, exterior verandas and upper-story decks with views of the city. Holland Basham Architects is serving as the project’s architect. The estimated cost of construction was not disclosed.
EL MONTE AND LOMITA, CALIF. — Grubb & Ellis Healthcare REIT Inc. has closed its Senior Care Portfolio 1 with the acquisition of two skilled nursing facilities in California. Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Rd. in Lomita, each property is a single-story skilled nursing facility. The two facilities total approximately 71,000 square feet of gross leaseable space and 219 patient beds. Additionally, the properties are 100 percent leased to North American Healthcare. HCP Inc. sold the properties for an undisclosed price. Grubb & Ellis Healthcare REIT financed the acquisition through an unsecured note from an affiliate and cash on hand. The portfolio comprises six properties: the two recent California acquisitions and four properties in Texas, which were acquired in March.
WASCO, CALIF. — Wasco Affordable Housing Inc. has developed Central Avenue Senior Apartments, a 42-unit senior-housing apartment community located at 300 Central Ave. in Wasco. The community consists of 14 one-story buildings featuring one- and two-bedroom apartments. The community is restricted to retired and working agricultural workers age 62 years or older, who earn 60 percent or less of the medium area income. Each apartment offers a stove, a microwave, a refrigerator, a dishwasher and an individual washer and dryer. Financing for the $8.2 million project was provided in part by a $3 million tax credit equity investment from Enterprise Community Investment Inc., a $2.25 million loan from the USDA Rural Development program, which includes a mortgage and rent subsidies, and a $900,000 loan from the State of California’s Joe Serna Jr. Farmworker Housing Grant Program.
TAMPA, FLA. — CLW Health Care Services represented Coastal Community Retirement Corporation in the $55.6 million sale of Marsh’s Edge in St. Simon’s Island, Ga. The 75-acre retirement community is comprised of 30 cottage homes, a 52-unit health care center and more than 100 individual apartments.
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.