DES PLAINES, ILL. — Capital One has provided a $28.4 million HUD-insured loan to refinance a 383-unit seniors housing community in the Chicago suburb of Des Plaines. The community features 162 assisted living units, 150 supportive living units and 71 skilled nursing beds. Supportive living is an Illinois program that allows assisted living services to be paid by Medicaid. The name of the community was not disclosed. The facility was originally constructed in 1967 as an independent living facility. In 2015, the borrower began upgrading the independent living portion of the building, qualifying it for an assisted living license. The borrower then constructed a skilled nursing wing, which was completed in 2018. Joshua Rosen originated the 35-year, fixed-rate loan. The refinancing was conducted under HUD’s revised 232/223(f) healthcare rules, which now allow a borrower to refinance and recapture equity without having to complete a two-year debt seasoning period. In this case, the maximum loan-to-value ratio was 70 percent.
CLEVELAND — KeyBank Community Development Lending & Investment has provided a $6 million construction loan for the acquisition and rehabilitation of the Stuyvesant Motor building in Cleveland. The borrower, Woda Cooper Communities, plans to transform the historic five-story building into Prospect Yard, a 42-unit affordable housing development. The property will serve persons earning at or below 60 percent of the area median income. Constructed in 1911, the building originally housed a production plant, service center, garage and storage for Stuyvesant Motor Co. Kelly Frank of KeyBank originated the loan. CREA, Woda Group and Ohio Housing Finance Agency provided additional funding for the project. Completion is slated for May 2019.
GLENMOORE, PA. — FPA Multifamily LLC has acquired Stone Rise, a 216-unit apartment community in Glenmoore for $42.5 million. Glenmoore is approximately 41 miles northwest of Philadelphia. Located 900 Selwyn Place, the eight-building property is set on 21 acres and features a unit mix of one- and two-bedroom apartment homes. Mark Thomson, Ed Coco, Carl Fiebig and Fran Coyne of HFF represented the seller, a subsidiary of Preferred Apartment Communities Inc., in the transaction.
JACKSONVILLE, FLA. — A joint venture between PCCP and The Bainbridge Cos. is developing Bainbridge St. Johns Town Center, a Class A multifamily property in southeast Jacksonville’s Southside submarket. The partnership recently acquired a 17.3-acre parcel for the development. Situated on a wooded site with a four-acre lake and adjacent golf course and nature trail, Bainbridge St. Johns Town Center will feature 276 market-rate apartments across 10 three-story buildings. The unit breakdown is 102 one-bedroom, 138 two-bedroom and 36 three-bedroom floorplans. Additionally, the community will feature 442 surface parking spaces and 36 detached garages. This is PCCP’s first transaction with Bainbridge, a full-service estate company that develops, owns and manages multifamily communities across the eastern United States.
ATLANTA — NorthMarq Capital has originated a $7 million Fannie Mae loan for the refinancing of Gallman Development Group’s construction loan for MC Kiser Lofts, a multifamily property in Atlanta. Gallman Development converted the MC Kiser Building, a historic shoe manufacturing warehouse once occupied by Atlanta Public Schools, into a multifamily property featuring 41 apartments and 10,000 square feet of retail space. Built in 1923 and situated in Atlanta’s South Downtown area, the property is near various amenities and attractions, including Underground Atlanta, the Garnett MARTA station, Newport’s South Downtown project and CIM’s Gulch project. NorthMarq arranged construction financing almost two years ago for Gallman, and the new 10-year agency loan has fulfilled the borrower’s business plan. Will James of NorthMarq Capital’s Atlanta office secured the new Fannie Mae loan.
CARSON, CALIF. — Affirmed Housing has opened Bella Vita, a 65-unit affordable seniors housing community in Carson, located approximately 15 miles south of downtown Los Angeles. The $25 million project also features 15,150 square feet of amenities, 62 parking spaces and 3,000 square feet of commercial space on its 1.2-acre plot. Units are reserved for seniors earning between 30 percent and 60 percent of the area median income. Design and development partners include the City of Carson, Withee Malcolm Architects, HA Builder Group, Nexus for Affordable Housing, Fuscoe Engineering and IVY Landscape Architects. Financial partners include Raymond James, US Bank and California Community Reinvestment Corp. Solari Enterprises manages the property and EngAge provides on-site services for the residents. Affirmed Housing is a San Diego-based affordable housing developer.
COSTA MESA, CALIF. — Servitas and Orange Coast College (OCC) are set to break ground on an 814-bed residence hall at the college’s campus in Costa Mesa. The project site is structured around a ground lease on campus land by a public-private partnership with National Campus and Community Development Corp. This structure allows for tax-exempt debt financing with no recourse to the college, district or taxpayers. The apartment-style community is set to open in August 2020. “We are very pleased with this partnership between Servitas and OCC,” says Angel Rivera, vice president of real estate development at Servitas. “It offers students a cost-efficient and convenient housing community that integrates seamlessly with the campus.” The design-build team includes HPI Architecture, MVE Architects and construction firm Moss. George K. Baum & Co. provided the bond underwriting, and The Scion Group will manage the project in close collaboration with the college.
LAKEWOOD, COLO. — The Ridge Senior Living has completed vertical construction of The Ridge at Pinehurst, an 18-acre independent living, assisted living and memory care community in the first-ring Denver suburb of Lakewood. Development costs are estimated at $150 million for the project. When completed, the community will offer 222 independent living units, 96 assisted living units and 42 memory care units. Construction is scheduled for completion in fall 2019. The community will offer residents views of the Rocky Mountains, Marston Lake and downtown Denver, as well as a number of amenities including an on-site health and wellness center. The Ridge partnered with Denver-based companies Shaw Construction and Lantz-Boggio Architects to execute the project. The Ridge Senior Living is a developer with two existing communities in the Salt Lake City area. The new development will be its first expansion outside Utah.
MINNEAPOLIS — The Opus Group has completed 365 Nicollet, a 30-story apartment building in the heart of downtown Minneapolis on Nicollet Mall. The 370-unit property includes 9,000 square feet of ground-level retail space. Floor plans range from 520 to 3,000 square feet and units include floor-to-celling windows with quartz countertops. Amenities include an outdoor pool, yoga studio, outdoor theater, clubroom, penthouse lounge, concierge services and bike storage. The Excelsior Group is responsible for the management and lease-up of the property. Monthly rents start at $1,490.
HOUSTON — Dallas-based multifamily developer SWBC Real Estate LLC has acquired Cypress Lake Apartments, a 216-unit multifamily community in northwest Houston. Built in 1995, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling area and a private lake with an encompassing jogging trail. Cypress Lake Apartments, which SWBC acquired as a value-add investment, was 90 percent occupied at the time of sale.