Cypress to sprout Oklahoma independent living complexes Houston-based Cypress Senior Living plans to develop two Oklahoma independent living facilities: the 194-unit Town Village North in Oklahoma City and the 233-unit Town Village South in Tulsa. Theof both began in late 1999, and each should be ready for occupancy in the fall.
The $12 million Town Village North will contain 36 two-bedroom apartments, 134 one-bedroom apartments, six one-bedroom apartments with a study and 18 studio apartments. The $15 million Town Village South will have 52 two-bedroom apartments, 147 one-bedroom apartments, 23 one-bedroom apartments with a study and 11 studio apartments. Amenities in both communities will include housekeeping services, scheduled transportation and fitness centers.
Oklahoma City-based Steinberg Collaborative designed Town Village North, and Tulsa, Okla.-based Matrix Architects, Engineers, Planners Inc. designed Town Village South. Des Moines, Iowa-based Life Care Services will manage both communities, which Cypress Senior Living will own.
Senior Lifestyle plans multi-faceted community in Florida-based Senior Lifestyle Corp. is building Mangrove Bay, a $60 million seniors housing community in Jupiter, Fla., that will feature independent and assisted living condominiums and apartments. Construction of the community, which will be along the Intracoastal Waterway, will begin in May, with occupancy slated for November 2001.
Mangrove will consist of four complexes: The Villas at Mangrove Bay, a 26-unit villa community that will offer three floor plans; The Condominiums at Mangrove Bay, a 104-unit condominium facility that will feature four floor plans; The Residence at Mangrove Bay, a 118-unit independent living apartment complex that will offer three floor plans; and The Pointe at Mangrove Bay, a 54-unit assisted living apartment complex that will offer four floor plans and individual assistance programs.
Homeplace undertakes Los Angeles seniors home Del Mar, Calif.-based Homeplace Retirement Communities of America Inc. plans to construct Villa Siena, an $80 million seniors housing facility in Los Angeles featuring 505,000 sq. ft. of independent living space and a 55,000 sq. ft. healthcare center. Construction is expected to start by mid-2001, and occupancy is slated to begin in mid-2002. Des Moines, Iowa-based Life Care Services will manage the complex.
The independent living section - comprising one-, two- and three-bedroom floor plans - will contain 336 units ranging from 750 sq. ft. to 1,500 sq. ft. The healthcare center will have 50 assisted-living units and 50 skilled-nursing rooms with a total of 100 beds.
Senior Resource develops Phoenix dementia-care facility San Diego-based Senior Resource Group LLC has begun development of Hawthorn Court at Ahwatukee, a $4.5 million, 44-unit dementia-care community in Phoenix. Construction of the single-story, 37,000 sq. ft. building began last fall, and completion is expected by July. Senior Resource will also manage the property.
Approximately 40% of the development will consist of common-space areas, such as dining and activity rooms. Hawthorn Court will also feature a built-in aviary.
In the green of Oregon, CRSA builds continuing care facility Memphis, Tenn.-based Co-operative Retirement Services of America Inc. (CRSA) has begun development of Mary's Woods at Marylhurst, a continuing care retirement community in Lake Oswego, Ore. Financing for the project was secured through the sale of $90 million in tax-exempt bonds issued by Hospital Facilities Authority of the County of Clackamas, Ore. The Sisters of the Holy Names of Jesus and Mary in Marylhurst, Ore., are organizing the project and own the land on which it is being built.
Construction began last September, and occupancy is scheduled to begin in early 2001. The complex will contain 266 independent living apartments and a healthcare center that will feature 50 assisted-living beds, 23 skilled nursing beds and 22 specialty care beds.
Cambridge closes $125 million in loans during 1999 In 1999, Chicago-based Cambridge Realty Capital Cos. closed approximately $125 million in seniors housing, healthcare and multifamily real estate loans. Approximately $95 million, or 75% of total funds allocated in 1999, were earmarked for seniors housing healthcare communities, and the majority of the loans were for Illinois properties.
Cambridge's largest transaction was a $20.8 million permanent mortgage loan for the 485-unit Westshire Care Center, a nursing home in the Chicago suburb of Cicero. The smallest was a $1.9 million loan for Glendale Assisted Living Facility in Cleveland.