NEW YORK CITY— A partnership between Pebb Capital, a private equity firm with offices in Florida and New York, and TriArch Real Estate has received a $27.5 million permanent loan for the development of a 14-story student housing community in the Morningside Heights neighborhood of Manhattan. Construction began on the property in March 2018, with delivery set for fall 2020. The community will serve students at Columbia University. Valley Bank provided the initial construction loan and is now invested in the project to the tune of $41.7 million.
HENDERSON, NEV. — MAXX Properties has purchased Villas at Green Valley, a multifamily property located in Henderson, for an undisclosed price. The name of the seller was not released. Developed in 1984 and 1986, Villas at Green Valley features 609 apartments spread across 38 buildings. The community offers one-, two- and three-bedroom floor plans with an average unit size of 781 square feet. Community amenities include two swimming pools, a spa, fitness center, playground, sports court, two dog parks, picnic pavilions with barbecue grills, parcel lockers, business center and resident lounge with game room. MAXX plans to complete a modernization program at the property, including improvements to the clubhouse, all common areas and unit interiors. The acquisition was partially capitalized through the sale of Cedar Run Apartments in Denver. Additionally, MAXX entered into a long-term, fixed-rate mortgage loan with Fannie Mae. KeyBank served as the originator and placement agent for the transaction.
MOUNTLAKE TERRACE, WASH. — A partnership between Security Properties and Rockwood Capital has acquired Taluswood, a multifamily property located in Mountlake Terrace. Neither the acquisition price nor the seller’s name were released. Originally built in 1987 and situated on 41 acres, the asset features 512 apartment units. The buyer plans to renovate the unit interiors, update the common areas and paint the exteriors. Security Properties Residential, an affiliate of Security Properties, will manage the community.
PORTLAND, ORE. — San Diego-based Pathfinder Partners has completed the disposition of Sienna Lofts, a multifamily property located in Portland’s Gresham neighborhood. San Diego-based Street Properties LLC and Street Properties Inc. acquired the asset for $14 million. Located at 22744 S.E. Stark St., Sienna Lofts features eight studio units, 63 one-bedroom units and four two-bedroom units, with an average unit size of 747 square feet. The apartments feature stainless steel appliances, modern-style laminate countertops, glass mosaic backsplash, upgraded plumbing and electrical fixtures, in-unit washers/dryers and new flooring. The property was built in 2004 as a for-sale condominium community. However, since Pathfinder’s acquisition in 2016, the property has been operated as a rental community.
CHEYENNE, WY. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building, located at 4700 Mountain Road in Cheyenne. Mountain Elk Ridge sold the property to an undisclosed buyer for $7.5 million. The apartment building features 112 residential units. Jeff Johnson and Andrew Monette of Pinnacle Real Estate Advisors represented the seller in the transaction.
SAN ANTONIO — Los Angeles-based Thorofare Capital has provided a $24 million acquisition loan for a portfolio of multifamily properties totaling 338 units in San Antonio. The five-year, nonrecourse loan features a floating interest rate, 75 percent loan-to-cost structure and flexible prepayment options. A portion of the proceeds will be used to fund expenditures for capital improvements. The borrower was not disclosed.
HOUSTON — Arbor Realty Trust Inc. has provided an $18.3 million Fannie Mae loan for the refinancing of an undisclosed apartment community in Houston. The loan was sourced through Fannie Mae’s ARM 7-6 program, which allows borrowers to secure seven-year loans with floating interest rates with the option to be converted to fixed-rate loans. Matt Norman of Arbor’s Bloomington, Ind., office originated the loan on behalf of an undisclosed borrower.
URBANA, ILL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Champaign County Nursing Home in Urbana for $11 million. The skilled nursing facility includes 243 beds. Joshua Jandris, Mark Myers and Matthew Andriano of IPA represented the seller, Champaign County. The team also procured the buyer, University Rehab Real Estate LLC.
MILWAUKEE — Berkadia has arranged the sale of Franklin Park Apartments in Milwaukee for $9.5 million. The 128-unit multifamily property was 95 percent occupied at the time of sale. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the seller, Milwaukee-based Brickman Real Estate and Peloton Investors. Chicago-based Tricap Residential Group purchased the asset.
VAN NUYS, THOUSAND OAKS AND LASALETTE, CALIF. — Senior Housing Properties Trust has sold three skilled nursing facilities in California as part of a previously announced restructuring plan. The 276-unit portfolio included undisclosed facilities in Van Nuys, LaSalette and Thousand Oaks. The transaction, which also included a 15,647-square-foot medical office building in Thornton, Colorado, totaled $24.1 million. The buyers were not disclosed. The sales were part of SNH’s disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. Based in Newton, Massachusetts, Senior Housing Properties Trust is a REIT that owns medical office buildings, senior living communities and wellness centers throughout the United States. SNH is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company.