TAMPA, FLA. — The National Multifamily Housing Council (NMHC) Student Housing Conference wrapped up Sept. 27 at the Marriott Waterside hotel, highlighting the industry’s productivity and progress in the second and third quarters, and providing a forecast for a strong fourth quarter. The tone of the conference was bolstered by Monday’s news that American Campus Communities (ACC), the industry’s largest owner, had purchased a 3,776-bed portfolio from Core Spaces and DRW Real..
BOCA RATON, FLA. — Penn-Florida Cos. has received $398 million in project financing for the second phase of Via Mizner, a five-star resort in downtown Boca Raton. Lotus Capital Partners arranged the majority of the financing, which Mack Real Estate Credit Strategies provided. The U.S. Immigration Fund provided the balance of the financing, which was approximately $80 million. Via Mizner's second phase of construction includes the Mandarin Oriental Boca Raton, additional retail suites at..
BETHESDA, MD. — Seniors housing executives have a generally optimistic view for mergers and acquisitions activity heading into the fourth quarter of 2017, according to a survey by Capital One. Approximately 89 percent of respondents believe M&A activity will maintain its current pace over the next year, with about half of those believing the pace will increase. Bethesda-based lender Capital One conducted the survey in early September 2017. It asked professionals to provide their..
IRVINE and SAN CLEMENTE, Calif. — Two major healthcare REITs — Irvine-based HCP Inc. (NYSE: HCP) and San Clemente-based CareTrust REIT Inc. (NASDAQ:CTRE) — have separately announced that none of their properties in Texas received any significant damage due to Hurricane Harvey. However, HCP did note that three of its seniors housing communities were evacuated. CareTrust evacuated one property as well. Harvey swept through the country this week, causing major flooding,..
HOLLIDAYSBURG, PA. — Presbyterian Senior Living recently held a dedication for Inglenook at Presbyterian Village, a 41-unit expansion at Presbyterian Village at Hollidaysburg, approximately 90 miles east of Pittsburgh. The new building will add to the property’s existing 31 independent living, 43 assisted living and 67 skilled nursing units. Albarano Construction began work on the property in January 2016.
MILWAUKEE — Irgens, a Milwaukee-based developer and operator, will develop the BMO Harris Financial Center, a 25-story, 379,400-square-foot office tower in Milwaukee. The project is valued at roughly $175 million and includes the development of 12,000 square feet of ground-floor retail space. The company recently acquired a seven-story parking deck located on Wells Street between North Water Street and North Broadway that will be demolished to provide space for the new office property. Both..
CHICAGO — Ryan Cos., in partnership with Lincoln Property Co., has completed Aurélien, a $100 million apartment tower located at the southeast corner of Clark and Chestnut streets in Chicago’s Gold Coast neighborhood. The 31-story, 41,000-square-foot property was designed by Ryan and includes a mix of studio, one- and two-bedroom units, ranging in size from 564 to 1,245 square feet, with monthly rents ranging from $1,895 to $4,110. The tower also features six penthouse units, ranging from..
CHICAGO — Essex Realty Group Inc. has brokered the $11 million sale of two multifamily properties located at 1521 and 1608 W. Sherwin Ave. in Chicago. The properties, which are situated within the Rogers Park area near the Jarvis Avenue “El” station, were built in the vintage corridor-style layout with one main hallway per floor with units on either side. Matt Welke of Essex represented the buyer and Doug Imber, Kate Varde and Clay Maxfield, also of Essex, represented the seller. Both..
WHITE BEAR LAKE, MINN. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Memory Care Cottages in White Bear Lake, a 30-unit, high-acuity memory care community in the Minneapolis suburb of White Bear Lake. The purchase price was approximately $7.8 million, inclusive of transaction costs. The deal is structured as a sale-leaseback with the operator, Prelude Homes & Services, which originally developed the property. CareTrust and Prelude have an existing relationship, and the property was..
CHICAGO — CBRE has arranged a 4,175-square-foot lease expansion for HealthScape Advisors LLC at 55 W. Monroe St. in Chicago, bringing the firm’s total occupancy to 21,139 square feet in the office building. HealthScape Advisors provides consulting services and business intelligence solutions to the healthcare industry. With the new lease, effective Dec. 1, the company will expand to occupy the entire 21st floor of the tower. Previously, the firm leased 16,964 square feet in the building...