PLANO, TEXAS — Dougherty Mortgage has closed a $34.3 million Fannie Mae loan for the acquisition of The Domaine Apartment Homes, a 270-unit multifamily community located at 6400 Windcrest Drive in Plano. Dougherty arranged the 10-year loan, which features five years of interest-only payments and a 30-year amortization schedule, on behalf of the borrower, Domaine Apartments LLC.
BEAUMONT, TEXAS — Transwestern has brokered the sale of Pindo Pointe, a 164-unit multifamily asset located at 7390 Pindo Circle in the East Texas city of Beaumont. Ed Cummins and Ryan Mendez of Transwestern represented the landlord, Parkdale Pinto LLC, in the transaction. Ohio-based Winslow Asset Management purchased the property for an undisclosed price.
NEW YORK CITY — Cignature Realty Associates has arranged the sale of a six-story multifamily building located at 336 Fort Washington Ave. in Manhattan’s Washington Heights. Michael Aryeh of Heritage Realty acquired the property from Fort Washington 336 for $30.8 million, or $402.32 per square foot. Built in 1924, the 76,536-square-foot property features 79 apartment units. Peter Vanderpool of Cignature Realty represented the buyer and seller in the deal.
NEW YORK CITY — Greystone has provided $21 million in Freddie Mac loans to refinance an eight-property multifamily portfolio in Brooklyn. Anthony Cristi of Greystone originated the loans for the borrower, Steve Lubin. The refinanced properties are 1060 Hancock St., 1315 Sutter Ave., 135 Dupont St., 187 Rochester Ave., 1904 Nostrand Ave., 4515 Snyder Ave. and 802 and 809 Park Place. The properties feature between six and 35 units. The properties received five-year, fixed-rate Freddie Mac Small Business Loans, which include an additional 15 years of floating rate and one year of interest-only payments at an 80 percent loan-to-value ratio.
CHATTANOOGA, TENN. AND MOBILE, ALA. — KeyBank Real Estate Capital has secured $32.5 million for the refinancing of two multifamily properties in the Southeast. The undisclosed borrower received an $18.4 million loan to refinance Courts at Waterford in Chattanooga and a $14.1 million loan to refinance Maison De Ville in Mobile. Erik Storz of KeyBank arranged the 10-year Freddie Mac loans with five years of interest-only payments and 30-year amortization schedules. Constructed in 1988, Courts at Waterford features 318 units with 28 reserved for tenants earning 60 percent of the area median income (AMI). Maison De Ville was constructed in two phases — Phase I in 1963 and Phase II in 1973. The 347-unit community reserves 33 units for tenants earning 60 percent of the AMI.
BOCA RATON, FLA. — Hunt Mortgage Group has arranged $15.2 million in financing for the acquisition of a five-property multifamily portfolio in Boca Raton. The New York-based company structured the Freddie Mac loan with a 30-year amortization schedule on behalf of the borrowers, Kimberly Sorrentino and Lawrence Rolnick. The properties include: Whispering Palms Apartments, located at 4850 N.E. 5th Ave.; Sabal Palm Apartments, located at 665 Glouchester St.; Caribbean Apartments, located at 690 Kingsbridge St.; Del Rio Apartments, located at 480 W. Camino Real; and Villa Rica Apartments, located at 4670 N.E. 5th Ave.
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 Estate for $590.6 million, the largest transaction to date in 2017 in the sector. Also setting a strong tone was attendance of this year’s conference; more than 850 industry professionals, according to NMHC. The conference kicked off its educational sessions Monday afternoon with a panel featuring five industry leaders — Randy Churchey, CEO of EdR; Bill Bayless, CEO of ACC; Donna Preiss, CEO of The Preiss Company; Brian Dinerstein, CEO of The Dinerstein Company; and Wes Rogers, CEO of Landmark Properties. The panel, moderated by Peter Katz, executive managing director of Institutional Property Advisors, was very bullish on the sector as a whole. They emphasized that the increased sophistication of the sector is gaining the attention of the investment community. What’s more, the growth of the sector is …
IRVINE, CALIF. — Sabra Health Care REIT (NASDAQ: SBRA) has acquired 21 skilled nursing facilities in a sale-leaseback transaction with an undisclosed West Coast operator for $378 million. The Irvine-based, publicly traded REIT plans to buy the operator’s three remaining facilities before the end of the year for $52 million, for an expected total purchase price of $430 million. The acquisitions are one of several mega-deals for Sabra this year. In August, the company completed its acquisition of skilled nursing owner and former Ventas spinoff Care Capital Properties. Just last week, Sabra also announced it had agreed to buy minority interest in a 183-property portfolio of Enlivant-operated seniors housing communities for $371 million. Sabra plans to eventually acquire 100 percent interest in the portfolio. Sabra was the 21st largest owner of seniors housing in the U.S. with 74 communities and 7,624 units as of June 1, according to the American Seniors Housing Association’s 2017 tally. However, that ranking was before any of these three major acquisitions. Concurrent with the new sale-leaseback transaction, Sabra also announced that it has begun the process of marketing for sale the remaining 43 facilities that the company leases to Genesis Healthcare Inc. Sabra predicts the sales …
BELLEVUE, WASH. — Bellwether Enterprise Real Estate Capital LLC has closed the $51 million refinancing of the 260-unit Alley 111 in Bellevue. The apartment community is located at 11011 N.E. 9th St. Alley 111 was built in 2015. The community features a rooftop deck and lounge, fitness center, storage lockers for skis and snowboards, and dry-cleaning services. The property’s ground-floor retail includes Minamoto Japanese Cuisine and Honor Coffee. Laurie Morfin originated the 10-year, fixed-rate loan. The lender was Nationwide.
ALISO VIEJO, CALIF. — CBRE has arranged an undisclosed amount of construction financing for Belmont Village Aliso Viejo, a 157-unit assisted living and memory care community in Aliso Viejo, a master-planned community in the San Joaquin Hills between Los Angeles and San Diego. A joint venture between Houston-based operator Belmont Village Senior Living and Boston-based private equity firm Blue Moon Capital Partners is developing the Class A project. Belmont will operate the community once construction is completed. A development timeline was not released. Aron Will of CBRE National Senior Housing arranged the non-recourse, four-year, floating-rate loan through a regional bank.
