FREMONT, CALIF. — Gadsden Growth Properties has acquired Mission Hills Square, a mixed-used development in Fremont, for $240 million. Slated for completion in October 2019, Mission Hills Square will feature 158 residential apartments above 53,900 square feet of commercial space, including restaurants, retail and casual eateries. In November 2018, Gadsden Growth Properties signed an agreement to merge with FC Global Realty Inc.
ALISO VIEJO, CALIF. — Belmont Village Senior Living has opened Belmont Village Aliso Viejo, a 149-unit assisted living and memory care community in the Orange County city of Aliso Viejo. A grand opening celebration was held Feb. 9 for the community, which is Belmont’s 29th overall and 13th in California. Van Tilburg, Banvard & Soderbergh Architects designed the project, which W.E. O’Neil constructed. The three-story, Mediterranean-style building offers views of Saddleback Valley and is near Aliso Viejo Town Center and other neighborhood amenities.
PORTLAND, ORE. — Cushman & Wakefield National Senior Housing Capital Markets, exclusively advising seller Focus Healthcare Partners LLC, has arranged the sale of a portfolio of two seniors housing assets in Portland. The portfolio included Vancouver Pointe Senior Village, a 127-unit independent living community, and Hawthorne Gardens, a 58-unit assisted living and memory care community in the Sunnyside/Hawthorne neighborhood. A private equity investor acquired the properties for an undisclosed price. Artegan, the current operator, will continue to manage the communities. Vancouver Pointe Senior Village was originally built in 2006 and recently underwent renovations to the common areas totaling nearly $1 million. Hawthorne Gardens was built in 2007 featuring 36 assisted living units and a 22-unit memory care wing. The community also underwent a recent capital improvement program to complete a memory care conversion and a general upgrade of the community.
WASHINGTON, D.C. — Led by surges in financing for healthcare, multifamily and industrial transactions, commercial real estate loan originations increased by 14 percent year-over-year in the fourth quarter of 2018, according to the Mortgage Bankers Association (MBA). The Washington, D.C.-based firm released the preliminary findings in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, which was showcased at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes tomorrow. The fourth quarter saw a 61 percent year-over-year increase in the dollar volume of loans for healthcare properties, 32 percent jump for multifamily properties, 28 percent hike for industrial properties and a slight increase (1 percent) for retail properties. Originations decreased for hotel property loans by 4 percent and office property loans by 3 percent. With the fourth-quarter estimates, the MBA predicts that origination volumes in 2018 were 3 percent higher than 2017. By property type, originations rose 22 percent for multifamily properties, 12 percent for industrial assets and 5 percent for hotels. Office property originations were down 7 percent, retail properties declined 13 percent and healthcare properties decreased by 16 percent. In late March, MBA will release its …
CHEVERLY, MD. — New York-based Arbor Management Acquisition Co. (AMAC) has acquired Cheverly Station, a 555-unit multifamily community in Cheverly, for $66 million. Cheverly Station features one-, two- and three-bedroom floor plans, a playground, fitness center, dog park and a swimming pool. The asset is situated about eight miles east of downtown Washington, D.C. AMAC purchased the apartment community through its AMAC Fund III investment fund using a 10-year Freddie Mac loan. The acquisition brings AMAC’s portfolio in Prince George’s County, Maryland to approximately 2,500 units.
MIAMI — Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 N.E. 7th Ave. in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot facility that will be owned and operated by Post No. 29 to be used by its military veteran members. The facility will include a gym, areas for physical therapy, wellness center and a swimming pool. Services will include group therapy, acupuncture and post-traumatic stress disorder treatment. MiMo Bay Apartments is a joint venture between ACRE and an unnamed pension fund based in Canada. The developers secured a $51 million construction loan through TD Bank. Miami-based Coastal Construction Group is the general contractor, and Stantec’s Miami office designed the property.
ALLEN, TEXAS — New York-based development firm Sovereign Properties has broken ground on Sovereign at Twin Creeks, a $73 million project that will bring 366 multifamily units to the northeastern Dallas metro of Allen. Amenities will include a resort-style pool, fitness center, business lounge and a resident clubhouse. The development will also feature a 15,000-square-foot medical office building adjacent to the community. Davis Bros. Construction is the general contractor for the project, which is expected to be complete by late summer 2020.
LINCOLN, NEB. — NorthMarq Capital has arranged a $7.1 million Fannie Mae loan for the refinancing of Trenridge Apartments in Lincoln. The 126-unit apartment property is located at 6101 Vine St. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
DALLAS — Greysteel has arranged the sale of Prospect Avenue Apartments, a 20-unit multifamily property in Dallas. The property was built in 1945 and renovated in 2018. Doug Banerjee, Boyan Radic, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel arranged the transaction on behalf of the seller. Other terms of sale were not disclosed.
SPARKS, NEV. — San Diego-based MG Properties Group has purchased Caviata at Kiley Ranch Apartments, a multifamily property located at 950 Henry Orr Parkway in Sparks, for an undisclosed price. The community features 184 units in a mix of two- and three-bedroom townhouse floor plans, averaging 1,600 square feet. Each unit features direct-access garages, open-concept floor plans with fully equipped kitchens, full-size washers and dryers, fireplaces and patios or balconies. Community amenities include a pool, spa, barbecue lounge area with fire pits, picnic area with gas barbecues, and a fitness center. The Blomsterberg Group of Marcus & Millichap and the Jones-Saglimbeni Group of Institutional Property Advisors represented the undisclosed seller. Brian Eisendrath and Cameron Chalfant of CBRE arranged acquisition financing for the transaction.