Summit Builders set to finish assisted living & medical facilities Phoenix-based Summit Builders Construction Co., a general contractor providing building services to seniors housing and health care companies, is finishing construction on two facilities at a cost of $9.2 million. Bethesda Gardens Assisted Living Center in Phoenix is a three-story, 123-unit project that was started in August last year and is scheduled for completion this fall. The cost is estimated at $5.6 million for the 86,000 sq. ft. community. Summit Builders is also nearing completion on Shea Medical Center, a Class-A, $3.6 million medical facility located in Scottsdale, which has 45,000 sq. ft. of rental space. Construction started last December, and completion is scheduled for July.
EdenCare, Leggat McCall join to build three EdenGardens EdenCare Senior Living Services, an assisted living provider based in Alpharetta, Ga., will develop three facilities with Boston-based Leggat McCall for $24 million. The joint venture will start work in July, with Leggat McCall constructing three assisted living communities in Quincy and Norton, Mass., and Troy, N.Y.
Leggat McCall will serve as builder and, once the facilities are completed, EdenCare will market and operate them under the name EdenGardens. Both the Norton and Troy properties will provide assisted living and dementia units for 84 residents. The Quincy community will feature suites for 96 assisted living residents and 120 independent living residents. Completion is set for May 1999.
Berkshire Mortgage provides financing for $22 million merger Boston-based Berkshire Mortgage Finance has arranged a loan for $22 million to merge Towson, Md.-based Mid-Atlantic Healthcare Partners Inc. and Pittsburgh-based Covenant Care Corp., an owner/operator of eight long-term care facilities in the Pittsburgh market. The loan carries a five-year term at 7.68% with 25-year amortization and an average loan-to-value of 72.2%. In total, the eight seniors housing communities have 850 beds.
Boston Financial plans facility in active Salt Lake City market Boston Financial, a privately held real estate investment firm based in Boston, and Salt Lake City-based Prowswood Cos., a real estate services firm, have created a joint venture to develop a $7.2 million seniors housing facility in Salt Lake City. The property, which has yet to be named, will consist of 120 units, including 71 independent living residences and 49 assisted living units. Construction commenced in April, and completion is slated for February 1999. Utah passed its first building code regulations for assisted living facilities in 1996.
Cypress Realty, Golden Living plan joint venture in Dallas In an effort to bring more independent living product to the Dallas market, Houston-based Cypress Realty Inc., a full-service commercial real estate company, and Dallas-based Golden Living Communities, a developer of seniors apartment communities in the Dallas and Fort Worth markets, have teamed up to develop Village Park North at a cost of nearly $25 million. Village Park will contain 40 studios, 230 one-bedrooms and 40 two-bedrooms in the 310-unit, three-story facility. Construction will start this month, and completion is targeted for July 1999.
DuPage County gets new seniors active adult community Rosewood Estate Holdings Inc., a developer of seniors housing based in St. Paul, Minn., started on a new community called Churchill Estate of Clarendon Hills in April. At a cost of approximately $12 million, Churchill Estate is located on two acres in DuPage County, one of Chicago's most rapidly growing areas, and encompasses a 66,938 sq. ft., three-story facility with 82 residential units. The units are segmented into six internal neighborhoods within the community, which includes 28 special-care units. Completion is projected for April 1999.
GMACCM finances seven properties for $19.56 million During the month of March, GMAC Commercial Mortgage (GMACCM), a national commercial mortgage banking provider based in Horsham, Pa., financed seven deals totaling $19.56 million for seniors facilities in California, Nebraska, Kansas and Iowa. The largest of the loans was nearly $4.6 million for the Miracle Hills Assisted Living property in Omaha, Neb. The permanent loan had a loan-to-value of 90% and an interest rate of 8% for the 66-unit, 61,203 sq. ft. facility. GMACCM has financed more than $300 million in seniors housing during the first quarter this year.