CYPRESS BEGINS TOWN VILLAGE NORTH IN DallAS Houston-based Cypress Senior Living Inc. has begun construction of Town Village North, a $30 million senior apartment community in north Dallas. The community, expected to be completed in spring 2000, will be owned in partnership by principals of Cypress and will be managed by Dallas-based 12 Oaks Management Services Inc.
The 285-unit property will contain 18 efficiency units, 173 one-bedroom units, 50 one-bedroom/study units and 444 two-bedroom apartment homes. Amenities include a media room, computer labs, landscaped courtyards, an emergency call system and 24-hour on-site management. Designed by Dallas-based House Reh Burwell Architects, Town Village North will feature neo-classical architecture with stucco and natural rock exteriors.
BROOKDALE REPLACES CREDIT ENHANCEMENT Chicago-based Brookdale Living Communities Inc. closed the replacement credit enhancement on $65 million of its tax-exempt bond financing. Freddie Mac of McLean, Va., has provided the new credit enhancement.
Brookdale received $14 million that was previously on deposit as collateral for the prior credit enhancement providers. Brookdale will use the funding, after payments for transaction fees and expenses, for working capital and corporate purposes.
GMAC PROVIDES FINANCING FOR THE BREAKERS AT OLYMPIA FIELDS Horsham, Pa.-based GMAC Com-mercial Mortgage has provided $23 million in financing to Chicago-based Senior Lifestyle Corp. (SLC) for the Breakers at Olympia Fields retirement community.
The five-year construction and mini-permanent loan is part of a $75 million credit facility that SLC will use to develop congregate-care and assisted-living facilities in the eastern United States. The Olympia Fields community, which features 177 congregate-care residences and 32 duplex villas, is the third Breakers brand community for SLC. The facility opened in June. (For more information about SLC, please see "Senior Lifestyle Corp. finds key ingredients to assisted living" on page 6.)
SUNRISE SELLS TWO ASSISTED LIVING COMMUNITIES Fairfax, Va.-based Sunrise Assisted Living has agreed to sell two assisted-living communities for $27.9 million to Aureus Group LLC of Dallas. Under operating agreements with Aureus, Sunrise will continue to operate the communities, which are located in Columbia, Md., and Norwood, Mass.
Both properties - Sunrise of Columbia and Sunrise of Norwood - were developed by Sunrise and opened in 1996 and 1997, respectively. With the sale of the two properties, Sunrise realizes a gain of $11.3 million over a 12-quarter period.
The sale is part of Sunrise's strategy of selling select real estate assets while retaining long-term management of the properties through operating agreements. Sunrise officials will redeploy capital from the asset sales into new development projects or acquisitions.
PRUDENTIAL FUNDS HAWAII KAI PROJECT Atlanta-based Prudential Mortgage Capital Co. has originated a $53 million mortgage loan to Hawaii Kai Retirement Ltd., an affiliate of Salem, Ore.-based Holiday Retirement Corp. The loan will be used to build two independent and assisted-living facilities.
Hawaii Kai will use a $29 million permanent loan for a 193-unit residence, Phase I, which is already built and 95% occupied. Hawaii Kai will use another $24 million to build a 175-unit facility on-site, which is expected to be completed in 2000. A $2.5 million credit facility also was established, which gives Hawaii Kai flexible means to draw additional funds for two years.
WMF CLOSES ON LOW-INCOME SENIORS APARTMENTS Vienna, Va.-based WMF Washing-ton Mortgage Corp. has closed on a $6 million loan for Carlin Apartments in Arlington, Va., a low-income seniors housing property. The 30-year, fully amortizing permanent loan carries an interest rate of 7.4%.
The Carlin is a 10-story, 162-unit property completed in 1996. The apartments have income and age restrictions and benefit from low-income housing tax credits. The property is located within walking distance of a Metro station, restaurants and a seniors center.
BCI COMPLETES CLARE BRIDGE FACILITY FOR ALTERRA Wichita, Kan.-based BCI Con-struction has completed a Clare Bridge Cottage Alzheimer's/dementia care facility in Richland Hills, Texas, and has started another Clare Bridge Cottage and Sterling House facility in Lebanon, Tenn. Alterra Healthcare Corp. of Brookfield, Wis., is the owner/operator for both facilities. The $3 million Clare Bridge Cottage - one of a number of facilities that cater to residents who have declining cognitive abilities - in Richland Hills is a 19,000 sq. ft. facility with 36 beds.
The $6 million Clare Bridge Cottage and Sterling House - apartment-style senior residences designed for care of frail and elderly residents - are under construction in Lebanon. Combined, they will cover 44,000 sq. ft. The properties will house 78 residents (36 in Clare Bridge Cottage, 42 in Sterling House). Construction of the two properties is expected to be completed in the fall.
FINOVA FINANCES ASHTON GARDENS AT PELICAN MARSH Phoenix-based FINOVA Realty Capital has financed $51 million for Ashton Gardens at Pelican Marsh, a 412-unit independent and assisted-living facility in a master-planned community north of Naples, Fla. Sun City Center, Fla.-based Ashton Care Systems Inc. will be the owner/operator for the facility.
The debt was underwritten to an 80% loan-to-cost with 10% of hard and soft development costs being provided in the form of mezzanine debt.
CLARK CONSTRUCTION TO BUILD INGLESIDE AT ROCK CREEK Bethesda, Md.-based Clark Con-struction Group Inc. will build Ingleside at Rock Creek, a $20 million assisted-living community for Washington, D.C.-based Presbyte-rian Home of D.C. Inc.
The community, scheduled to be completed in summer 2000, will include seven levels and 101 units. The community will include a library, bank, gift store, billiards room, pool, spa and exercise room. The project features an extensive design and landscaping package with two courtyards on top of the parking facility and gardens around the property grounds. Arlington, Va.-based Kerns Group Architects also designed unique features such as a "porte cochere" community ent-rance with field stone veneer and slate roof, palladium windows and large picture windows, and octagonal skylights in the lobby.
DIMENSIONS, PARKSIDE TEAM UP FOR WOODWARD ESTATE Largo, Md.-based Dimensions Healthcare System and Skokie, Ill.-based Parkside Senior Services LLC have opened Woodward Estate, a $12 million assisted-living community on a health campus in Bowie, Md. The property will feature 80 apartments ranging in size from 334 sq. ft. to 377 sq. ft. studios and 450 sq. ft. to 577 sq. ft. one-bedroom units, to 784 sq. ft. to 900 sq. ft. two-bedroom units. Each apartment will come with a microwave, mini-refrigerator, emergency response system and safety-equipped bathroom.
Amenities include a private dining room, cafe/pub, library, lounges, arts and crafts room, fitness center, sun terraces, beauty/barber shop, convenience store, and concierge services. Located on the Bowie Health Campus, Woodward Estate has full accessibility to healthcare services such as doctor's offices, a same-day surgery center and emergency care.
CAMBRIDGE NABS PEACOCK AS NEW ENGLAND PARTNER Chicago-based Cambridge Realty Capital has signed a correspondent agreement with Boston-based Peacock Associates LLC, which will now represent HUD seniors housing and healthcare lending programs available nationally through Cambridge. Peacock officials said the agreement will allow the company to expand services to its HUD customers.
Peacock has closed $400 million in seniors housing and healthcare loans since its inception in 1992. The company is currently working on $55 million in HUD loans.
Cambridge also has reported its first-quarter 1999 activity, revealing it closed on loans on five properties totaling $23.3 million. The company is currently processing loans for an additional 50 facilities. Cambridge is the nation's leading HUD 232 lender.
CB RICHARD ELLIS FORMS SENIORS HOUSING REAL ESTATE GROUP Los Angeles-based CB Richard Ellis has formed a division dedicated to the seniors real estate market. The Senior Housing Real Estate Services Group will offer a platform of integrated services including investment brokerage/advisory, capital market services, valuation and financial services.
The group will be headed by senior vice president David Rothschild, who says CB Richard Ellis expects unprecedented growth in the seniors real estate sector.