Healthcare Realty Brokerage Represents Sale of Missouri CON for $17 Million Senior Care Development
Healthcare Realty Brokerage, a commercial real estate brokerage and advisory services firm specializing in senior housing, long-term care, and medical office properties, recently represented senior care developer Medical Holdings, Inc., based in Arkansas, in the sale of its affiliate entity, which held as its only asset a 240-bed certificate of need (CON), for $600,000.
The CON was originally acquired in two phasing in 2007 and 2010, and authorizes the construction of a new skilled nursing facility located in St. Charles County, Mo. The purchaser, Dardenne Creek Partners II, plans to use the CON to build and operate a state-of-the-art retirement community on 11 acres of land it already owns on Wing Haven Country Club in O’Fallon, Mo. The community is expected to include skilled nursing, short-term rehab, assisted living, and/or dementia care.
The project is expected to cost about $17.1 million, which includes the cost of the CON, the completion of construction in two phases, and the market value of the existing piece of land.
Selling the SNF development project required approval from the Missouri Health Facilities Review Committee of a third extension of the CON, and a site relocation three miles from the original site designated by the seller in the approved CON application, to Dardenne’s site in O’Fallon. Healthcare Realty Brokerage both arranged the sale and helped coordinate an extensive due diligence investigation enabling both parties to present their proposals to the CON committee for approval.
Pathway Senior Living Looking to Develop Milwaukee Site for Assisted Living
Sunrise Senior Living (NYSE:SRZ) recently sold a site to Wangard Partners Inc. for $1.5 million, with the intention of selling the site to Chicago-area company Pathway Senior Living, who is planning a senior housing development.
Pathway wants to develop assisted living apartments on the 3.2 acre site, located on the south side of E. Capital Drive in Milwaukee, Wisc. The number of units is expected to range between 80 and 100, in two four-story buildings.
Sunrise originally bought the site for $2.35 million in 2008 with plans to demolish existing vacant apartment buildings and build an 83-united assisted living facility. Because of the economic recession and resulting difficulty to obtain construction financing, the senior living provider dropped the project and eventually sold the land to Wangard Partners, who plans to sell to Pathway.
Pathway is presenting its development plans to the Community Development Authority.
Ma. South Cove Manor Nursing and Rehabilitation Center to Build $30 Million Asian Nursing Home
South Cove Manor Nursing and Rehabilitation Center Inc. has received permission from the Quincy Planning Board to build a 56,000- to 57,000-square-foot nursing home catering to elderly Asians in the Boston area, reports Boston.com.
The company hopes to start construction on the approximately 141-bed, $30 million project by the end of 2012. The facility won’t be affiliated with Quincy’s South Cove Community Health facilities, which currently has a location in Boston’s Chinatown.
Although the facility will welcome anyone, it will cater to an Asian population with mostly-Chinese meals and activities geared toward Asian culture, according to the Boston.com article.
Miller-Valentine Group to Build $11.5 Million Senior Housing Project in Ohio
The Ohio-based Miller-Valentine Group plans to build affordable senior housing on the site of an old Delaware, Ohio hotel, reports The Columbus Dispatch. The $11.5 million project will feature a multi-story, 63-unit building along with seven single-story duplexes. The development will serve low- to middle-income seniors in the area.
The project is getting about $1.1 million in tax credits through the federal Housing Tax Credit Program, without which developer Denise Blake, with MV Residential Development, says the project couldn’t have gone forward.
Goodwill to Convert Scranton High School into $22.6 Million Senior Housing Project
Thanks to the promise of $1.49 million in tax credits awarded by the Pennsylvania Housing Finance Agency, Goodwill Industries of Northeast Pennsylvania will be able to convert a former high school into senior housing in a $22.6 million project, reports The Times-Tribune.
The award will help fund the redevelopment of the North Scranton Junior High School into 58 apartments and a redone auditorium that will be able to host community events. Goodwill will use the tax credits along with other funding that includes $4 million in state Redevelopment Assistance Capital Program money.
Bloomfield Senior Living Adding Memory Care Addition to S.C. Community
Bloomfield Senior Living is adding a 25-unit Alzheimer’s and dementia care addition to memory care community Belfair Gardens, located in Bluffton, South Carolina. The community reached capacity just three months after opening in December 2010; the new addition will be licensed for another 45 residents, making Belfair Gardens South Carolina’s largest Alzheimer’s and dementia care program.
“We have more individuals on our wait list than residents,” said Bradley Dubin, a principal of Bloomfield Senior Living. The project has already broken ground, with expectations that construction will be complete by Thanksgiving this year. Both private and shared suites will be available.
Belfair Gardens’ memory care program features a low staff-to-resident ratio, sensory-based programming, personalized attention, and resident-centered healthcare that was innovatively developed by memory care specialists. It can accommodate residents in the early, middle, and late stages of the disease.
Life Care Building $17 Million Nursing Home in Tennessee
Life Care Centers of America, based in Cleveland, Tenn., is building an 89-bed nursing home with an attached 30-unit assisted living center in Dayton, Tenn., reports TimesFreePress.com.
The project, which will cost an estimated $16.8 million, will replace an existing nearby nursing facility. The development is located on 16.45 acres of land, and construction is expected to be completed later this year. Amenities will include a large rehabilitation gym with state-of-the-art equipment.
Dillard Construction Co. is the builder for the project.
$32 Million Affordable Senior Housing Community Opens in Riverside, Ca.
Affordable housing project investor WNC, in partnership with USA Properties Fund, recently celebrated the grand opening of Vintage at Snowberry Apartment Homes, a 224-unit affordable senior housing community in Riverside County, Ca.
WNC provided $9 million in Low Income Housing Tax Credits financing for the project, which was developed by USA Properties Fund.
“There remains a dearth of affordable housing options for Riverside County’s large community of senior citizens,” said Will Cooper, Jr., chief executive officer of WNC. “This project was developed and leased up in an unprecedented 16 months and represents an important milestone in filling this substantial void.”
The $32 million development is located on 10 acres of land close to shopping, dining and public transportation options, and features one- and two-bedroom apartment homes that come in five floor plans. The community, located at 8402 Colorado Avenue in Riverside, also features fully-furnished kitchens with energy efficient appliances, and onsite amenities including a clubhouse, fitness area, pool and spa area, business center, laundry facilities, and covered parking.
Vintage at Snowberry’s design is described as “Spanish colonial-style” and offers residents a “mix of luxury, affordability, and independence,” according to USA Properties Fund’s president, Geoffrey Brown.
Financing partners for the project included WNC, The City of Riverside, Riverside County Department of Mental Health, Wells Fargo Bank, and Citi Community Capital.