IRVINE, CALIF. — Sabra Health Care REIT Inc. shareholders have voted to approve the company’s planned merger with Care Capital Properties, despite objections of several major shareholders. The proposed merger was announced in May. If completed, the transaction will create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is scheduled to close Thursday, subject to customary closing conditions. Several shareholders vehemently opposed the merger, most notably Hudson Bay Capital, which owns 3.9 percent of Sabra shares. The company cited a report by advisory firm Institutional Shareholder Services that suggested Sabra was overpaying for CCP, and that headwinds in the skilled nursing sector would cause the CCP portfolio (which is nearly all skilled nursing) to struggle. The new REIT will be headquartered in Irvine and include a healthcare portfolio comprised of 564 investments across 43 states and Canada. Sabra’s current executive team will manage the company, which will continue to trade under the SBRA ticker symbol. The vote occurred at Sabra’s special meeting of stockholders. The company reports that holders of more than two thirds of the shares voted at the meeting in …
NORTH CHARLESTON, S.C. — Cushman & Wakefield has brokered the $22.6 million sale of Plantation Flats, a 226-unit multifamily community in North Charleston. Watson Bryant, Tai Cohen and Paul Marley of Cushman & Wakefield represented the seller, URS Capital Partners, in the transaction. Miami-based Monument Real Estate Services acquired the property. Constructed in 1984, Plantation Flats features a swimming pool, business center, tennis court, picnic area and a fitness center. The property was 92 percent occupied at the time of sale.
KISSIMMEE AND OAKLAND PARK, FLA. — Walker & Dunlop has arranged a combined $63.6 million in financing for two apartment communities in Florida. The financing included a $38.1 million loan for Caribbean Isle in Kissimmee and a $25.5 million loan for Forest Park in Oakland Park. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop secured the three-year, floating-rate mortgage with interest-only payments on behalf of the apartment owners, Pilgrim V and GRA Equities.
SUMMERVILLE, S.C. — Frampton Construction Co. LLC has finished development of The Blake at Carnes Crossroads, a 100-unit seniors housing community in Summerville, roughly 25 miles northwest of Charleston. The 84,000-square-foot building will include assisted living and memory care suites. The Blake is situated on 3.7 acres within the master-planned Carnes Crossroads community, developed by Daniel Island Co. The development features medical offices, retail, restaurants, a school, parks and a church. Frampton Construction partnered with Cardinal Ventures, along with its management company Blake Management Group, to develop The Blake.
ABILENE AND AMARILLO, TEXAS — Walker & Dunlop has arranged $22.4 million in bridge financing for a trio of multifamily properties totaling 572 units in Texas on behalf of a partnership between Pilgrim V and GRA Equities. The company arranged $6.4 million for the 152-unit Warwick Apartments in Abilene; $4 million for the 144-unit Coulter Landing apartments in Amarillo; and $12 million for the 276-unit Wind Tree Apartment Homes in Amarillo.
FORT WORTH, TEXAS — Atlanta-based investment and management firm Carroll Organization has acquired Century Colonial Park and Gallery 1701, two multifamily properties totaling 405 units in the riverfront area of Fort Worth. The properties, both of which were built in 2009, will be rebranded as The Trinity Residences and managed by Carroll Management Group.
CHICAGO — Quadrant Real Estate Advisors has provided a $150 million loan for the refinancing of MILA, a 402-unit luxury apartment tower located along Chicago’s Michigan Avenue. Designed by bKL Architecture, the property also consists of 21,129 square feet of retail space, which is leased to Starbucks, Roti Mediterranean Grill and Liberty Travel. Completed in May 2016, the tower features amenities such as a rooftop pool, garden, game room, fitness center and pet salon. Danny Kaufman and Jimmy Conley of HFF arranged the loan for the borrower, a joint venture between The John Buck Co. and Becker Ventures LLC. Loan proceeds will refinance the original construction financing.
GLENVIEW, ILL. — Lowe Enterprises Investors, in a joint venture with an institutional investor, has acquired The Reserve Glenview in suburban Chicago. The purchase price was not disclosed. The 239-unit apartment property is located on 7.6 acres at 195 Waukegan Road. The property features three-story buildings that wrap around a central parking structure. Floor plans range from studio to three-bedroom units. Amenities include a pool, outdoor kitchen and picnic area, courtyard, resident lounge and coffee bar, fitness center and business center. Greystar will manage the property.
NEWARK, DEL. — Greystone has provided a $26.6 million Fannie Mae DUS loan in combination with $5.3 million in preferred equity from New York Mortgage Trust for the acquisition of Autumn Park, a multifamily property in Newark. The Fannie Mae DUS loan includes a 7/6 adjustable rate at three years of interest-only and a 30-year amortization schedule. The community features 358 apartments in a mix of one-, two- and three-bedroom layouts. Keith Hires of Greystone originated the transaction, while Ryan Ade and Neil Campbell of HFF assisted in the deal.
BOSTON — Colliers International has arranged the sale of a residential redevelopment property located at 27-29 Isabella St. in Boston’s Bay Village neighborhood. Marist Fathers sold the property New Boston Ventures for $11.4 million. The buyer plans to redevelop the property into nine high-end residential condominiums. Chris Sower, Scott Dragos and Tom Hynes of Colliers represented the seller, while Harry Collings of New Boston Ventures provided in-house representation for the buyer in the deal. Stephen Horan and Patrick Boyle, also of Colliers, procured acquisition and construction financing from Hingham Institution for Savings for the buyer.