Seniors Housing News

Senior Lifestyle Corp. acquires portfolio, adds seven properties Chicago-based Senior Lifestyle Corp. (SLC) has acquired Horizon Bay Retirement Corp., a Rhode Island-based company that includes 858 independent, assisted living and nursing units in operation or in development in Rhode Island. The $55 million transaction closed in late April and adds to SLC's existing portfolio of 65 properties.

The portfolio includes North Bay, a 112-unit continuing care retirement community (CCRC) in Smithfield; South Bay, a 97-unit congregate care and healthcare community in South Kingstown; East Bay, a 1,091-unit congregate and assisted living community in East Providence; West Bay, a 144-unit congregate and assisted living community in Warwick; and Greenwich Bay, a 106-unit congregate and assisted living community in East Greenwich. Communities in development include Sakonnet Bay, a 166-unit CCRC in Tiverton; and Emerald Bay, a 132-unit CCRC in Cumberland.

St. Andrews to develop seaside village community in Midwest St. Louis-based St. Andrews Management Services has broken ground on Cape Albeon, an $18 million, 16-acre senior living complex in southwest St. Louis County. The 232,000 sq. ft. project, built to resemble a New England seaside village, is expected to be completed in the first quarter of 2000.

Cape Albeon will border two man-made lakes and feature a 49-ft. high lighthouse as the community's signature architectural centerpiece. Cape Albeon will provide two independent living options and one assisted living option: 110 one- or two-bedroom independent living apartments in a three-story building; 34 ranch-style homes clustered in eight buildings; and 70 assisted living studio or one-bedroom units in a single-level building.

St. Louis-based Paric Corp. is the general contractor for the project, while St. Louis-based Pfaff Partnership is the project's architect.

Freddie Mac completes first seniors housing securitization McClean, Va.-based Freddie Mac has securitized $55 million in multifamily seniors housing and assisted living mortgages originated by New York-based GMAC Commercial Mortgage Corp. The transaction marks Freddie Mac's first seniors housing mortgage securitization.

The transactions consist of nine mortgages with an average balance of $6.1 million. The borrower is ALS Financing II, a subsidiary of Brookfield, Wis.-based Alterra. The nine properties are located in New York, New Jersey, Michigan, and North Carolina.

EdenCare starts congregate living campus Atlanta-based EdenCare Senior Living Services has begun work on its first congregate living campus in Lewisville, Texas, just northwest of Dallas. The 100,000 sq. ft. project is scheduled for completion in December.

The independent senior living portion of the campus, EdenTerrace, will be a three-story, 111-unit building featuring a home theater, fitness center, beauty shop, computer room, library and trellised patio. Services include life enrichment programs, housekeeping, scheduled transportation, a personal emergency response system and access to home health services. EdenTerrace also features 22 two-bedroom apartments, 72 one-bedroom apartments and 17 studio apartments.

The assisted living portion of the Lewisville project, EdenGardens, will feature 50 assisted living units, including a special care neighborhood called "Keepsake," an area for residents with memory impairments such as Alzheimer's.

EdenCare currently has plans for congregate living campuses in Kingwood, and Arlington, Texas; Louisville, Ky.; and Naperville, Ill.

Boston Financial turns dirt on Cordia Senior Residence Boston-based Boston Financial, in a joint venture with Fresno, Calif.-based Senior Housing Development Corp.(SDHC), has broken ground on the 106,000 sq. ft. Cordia Senior Residence in Roseville, Calif. The $14 million, 126-unit facility, due for completion by spring 2000, is the second of several planned Cordia residences. The Roseville project is one of several Cordia residence projects Boston Financial will undertake with SDHC in northern California.

Beverly Roberts, director of acquisitions & development for Boston Financial says she expects six Cordia residences to be completed by the end of this year and the company is planning another six to 10 in 2000. The company has focused on California, Illinois, Florida, and Michigan as sites for new Cordia residences.

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