SEMINOLE, FLA. — Greystone has arranged a $48.5 million refinancing for Lake Seminole Square, a seniors housing community in the Tampa suburb of Seminole. Brookdale operates the entrance-fee continuing care retirement community. Further details were not disclosed. Greystone’s seniors housing lending team of Scott Kavel, Neal Raburn and Cary Tremper completed the Fannie Mae financing.
LITTLE ROCK, ARK. — KeyBank Real Estate Capital has arranged a $47.7 million acquisition loan for two Class B apartment communities in Little Rock totaling 712 units. The properties, Chenal Lakes Apartment Homes and Brightwaters Apartment Homes, were built in the mid-1980s and underwent several renovations between 2011 and 2016. Erik Storz of KeyBank arranged the 10-year loan through Fannie Mae’s Green Rewards Loan Program. The financing features five years of interest-only payments and a 30-year amortization schedule.
CHATTANOOGA, TENN. — The RADCO Cos. has acquired its first apartment community in Tennessee — Mountain Creek in Chattanooga. RADCO purchased the 296-unit, Class C property for $20 million and has renamed it Radius Mountain Creek, the third community under RADCO’s Radius brand. Marcus Lyons and David Oakley of Berkadia represented the seller, Detroit-based Broder & Sachse Real Estate Services, in the transaction. Berkadia also recently brokered the $8.5 million sale of another asset in Chattanooga, Ledford Apartments, on behalf of Broder & Sachse. RADCO will spend about $6.5 million on capital improvements of Radius Mountain Creek. The Atlanta-based multifamily investor is financing the acquisition and renovations using a $19.8 million loan from Bank of North Georgia and more than $8 million in private capital. RADCO Residential will manage the asset. Built in 1972, Radius Mountain Creek is situated on 50 acres north of the Tennessee River and features views of nearby Signal Mountain. Units average 931 square feet and community amenities include a fitness center, playground, business center and a swimming pool.
LACONIA, N.H. — Connecticut-based investment bank HJ Sims has arranged $17.5 million in bond financing for Taylor Community, a nonprofit continuing care retirement community (CCRC) in Laconia, a resort and retirement destination in New Hampshire’s Lakes Region. The new bonds will replace and restructure existing debt on the property, as well as terminate third-party interest rate swaps. The community’s improved financial performance and higher occupancy opened up opportunity for the refinancing. The new bonds feature a fixed 3.75 percent interest rate for a 10-year period.
FORT WORTH AND WACO, TEXAS — CBRE has secured $38 million in permanent financing for the recapitalization of two student housing properties totaling 558 beds in Fort Worth and Waco. The properties include Village East near Texas Christian University in Fort Worth and 11th Street Flats near Baylor University in Waco. Both properties offer fully furnished units with off-street parking. The borrower and lender were undisclosed.
HOUSTON — Thor Equities has announced the topping out of the residential tower at Kirby Collection, a 1 million-square-foot mixed-use development in Houston’s Upper Kirby District. The 25-story, 385,000-square-foot building will feature 199 apartments in 21 different floor plans, including townhomes, garden lofts and penthouses. Slated for completion in September, the property will also include a clubhouse deck with a pool and cabanas, a fitness center, business center and lounge. Additional amenities include a parking garage, valet parking and a private entrance with 24-hour security. The project team includes E.E. Reed Construction, Richard Keating Architecture, Dianna Wong Architectures + Design, Kirksey, Walter P Moore and WYLIE.
HONDO, TEXAS — Senior Living Investment Brokerage Inc. (SLIB) has arranged the $1.8 million sale of a 75-bed skilled nursing facility in the San Antonio suburb of Hondo. The facility was built in 1966, and an office annex was added in 1997. The name of the facility was not disclosed. An independent owner-operator from the Dallas area purchased the property. The seller was an operator from a different region looking to remove a non-core asset. Matthew Alley of SLIB arranged the transaction.
SEATTLE — A joint venture between real estate investment company Kennedy Wilson (NYSE: KW) and an undisclosed partner has acquired Radius, a 282-unit multifamily community in Seattle’s South Lake Union submarket, for $141 million. Radius is a class-A apartment community built in 2015. Amenities include two rooftop decks, gaming room, fitness center and a private resident media room. The seller was not disclosed. Radius is located directly across the street from the world headquarters and main campus of Amazon and walking distance to over 10 million square feet of additional Amazon office space. The property is also within walking distance of employers such as Facebook, the Fred Hutchinson Cancer Research Center and a future 607,000-square-foot Google campus. The 50/50 joint venture invested $72 million of equity for the purchase, drawing from its recent $58 million sale of The Grove, a 331-unit community in San Jose, Calif. The partnership also secured a 10-year acquisition loan of $70 million. The financing features a fixed interest rate of 4.06 percent and interest-only payments for the first five years. “Radius is an exciting addition to our Seattle apartment portfolio,” says Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Seattle’s South Lake Union neighborhood features some of …
HOUSTON — The Hanover Co. has received fixed-rate financing for Hanover Post Oak, a high-rise apartment building located near Houston Galleria in Houston. Cortney Cole, Scott Galloway and Dustin Selzer of HFF arranged the 10-year, fixed-rate loan through an agency lender for the borrower. Completed in 2014, the 30-story tower features 355 apartment units in a mix of one-, two- and three-bedroom layouts with 10-foot ceilings, hardwood flooring, floor-to-ceiling windows, walk-in closets, open-concept gourmet kitchens and views of Houston’s Uptown and central business district skylines. Community amenities include a pool with private cabanas, 24-hour Technogym fitness center, private screening room, catering kitchen, pet washing station, business center, 24-hour concierge, valet dry cleaning and valet parking services.
AUSTIN, TEXAS — Peak Real Estate Management has purchased Promesa, an apartment community located in west Austin, for an undisclosed price. At the time of sale, the 289-unit multifamily property was 93 percent occupied. On-site amenities include a resort-style pool with cabana lounge seating and outdoor cooking stations, demonstration kitchen, media and gaming rooms, business center with a private conference room and fitness center. Pat Jones of ARA Newmark represented the undisclosed seller and procured the buyer in the deal.