SAN MARCOS, CALIF. — Capital Funding Group, a lender based in Baltimore, has provided a $6.8 million bridge-to-HUD loan for Village Square Skilled Nursing Facility in San Marcos. Village Square is a 118-bed skilled nursing about 35 miles north of San Diego. The bridge-to-HUD loan will finance the acquisition of the facility, but the buyer and seller were not disclosed. Gary Sever arranged the financing.
FORT COLLINS, COLO. — Chicago-based development and management firm Core Spaces has acquired a 665-bed student housing community located one block away from the Colorado State University campus in Fort Collins. The purchase was the first for Core Spaces since the firm established its acquisitions platform in September 2015. The company will renovate and rebrand the three-year-old asset. During renovations, the fitness center will be relocated and increased in size by 2,500 square feet while adding equipment, free weights, stand-up tanning facilities, a yoga room and sauna. Improvements to the outdoor courtyards will take place, as well as the addition of a hot tub, sand volleyball court, fire pits, barbecue grills, and gaming and gathering areas. The community’s computer lab will also be expanded during renovations with the addition of new computers, printers, four group study areas and individual study nooks. Other improvements to the facility will include improvements to the lobby, reception area and offices and the addition of a 313-space parking garage. The community is currently fully occupied and already 85 percent pre-leased for the 2016-17 school year. Renovations are scheduled for completion by the start of the fall semester.
DENVER — Northstar Commercial Partners, a Denver-based developer, has broken ground on a 74-unit assisted living and memory care community in Denver. Being built on a recently acquired 1.6-acre vacant parcel, the community will be part of Denver’s Stapleton neighborhood on the former site of Stapleton International Airport. The Stapleton neighborhood already has 19,000 residents, 50 parks and 38 miles of trails. When completed, the 63,283-square-foot seniors housing community will offer 58 assisted living units and 16 memory care units. Northstar expects to finish construction in spring 2017. Balfour Senior Living will operate the community.
RICHARDSON, TEXAS — MBP Capital Inc. has purchased Frances Way Villas in Richardson. The Class B multifamily property includes 200 units with an average size of 968 square feet. The majority of units include two or three bedrooms. The property will be rebranded as “The Beverly” and will undergo a $2.5 to $2.7 million renovation, averaging about $12,000 per unit. Renovations will include new signage, a fully remodeled office, security gates, fitness center, sand volleyball pit, splash pad, dog park, patio and balcony cedar fencing. The interiors will also be renovated with the addition of washer and dryer connections, new paint, black appliances, wood-style flooring, new cabinetry and brushed nickel fixtures. The MBP team includes Mike Phillips, Ryan Heddleston, Cathy Finn and Mark Christ. A new DART rail line is located less than two miles away from Frances Way Villas. The property is also near the new CityLine mixed-use development, which when complete will house 12,800 employees.
PRINCETON, IND. — Capital One has provided a $5.9 million fixed-rate loan to refinance a skilled nursing facility in Princeton, approximately 150 miles southwest of Indianapolis. Joshua Rosen of Capital One originated the 35-year HUD 232/223(f) financing. The Waters of Princeton consists of 45 semi-private and five private rooms. The facility was built in 1968 with an addition completed in 1974. The borrower in the transaction was undisclosed.
ORLANDO, FLA. — SunTrust Bank has provided a $39 million loan to Orlando Senior Health Network, which the owner-operator will use to expand Orlando Lutheran Towers in Orlando. The project will add 33 skilled nursing beds to the continuing care retirement community, along with 45 new full-time employees to serve the new residents. The $39 million loan includes both funds for capital improvements and refinancing of existing debt. Renovations are scheduled to begin this summer with the project scheduled for completion in 2018.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of an apartment building located at 15 E. 36th St. in Manhattan’s Midtown South neighborhood. The eight-story property sold for $33 million, or just under $590,000 per unit. The building features 16 one-bedroom apartments, 39 studios and a basement apartment. The property features 34 free-market apartments and 21 rent-stabilized units. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.
AUSTIN, TEXAS — Austin-based Threshold Agency, along with Asset Campus Housing, Collegiate Development Group and Kayne Anderson, has won the 2016 Best Marketing and Lease-Up Program award from Student Housing Business, a publication covering the student housing industry. The award highlights the company’s work with TODD Student Living, which helped the community become one of the fastest lease-ups in the Columbia, Mo., market. In 2014, Houston-based Asset Campus Housing, along with Collegiate Development Group and Kayne Anderson Real Estate Advisors, hired Threshold to create a brand for their new development. The Threshold team proposed the TODD name after coming across the term “transit-oriented development,” or TOD, in their initial research. The term refers to mixed-use communities within walking distance of a transit station or key points of interest. As a result of the team’s efforts, TODD Student Living leased up in just two months, with a waiting list before many other properties in the market had even reached 50 percent.
CHARLOTTE, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Crossing at Whitehall, a 271-unit apartment community in Charlotte’s Whitehall submarket. The community will be located adjacent to the 700-acre Whitehall Corporate Center and a planned Topgolf. Construction is anticipated to take approximately 18 months with lease-up commencing in the spring of 2017. Patterson arranged a roughly $25 million construction loan with Texas Capital Bank NA for the development, according to sources familiar with the transaction.
KISSIMMEE, FLA. — KeyBank Real Estate Capital has provided a $24.4 million Freddie Mac loan for Arrow Ridge Apartments, a 320-unit multifamily community located at 4100 Arrow Ridge Place in Kissimmee. Built in 1999, the property features a fitness center, swimming pool and a playground. The loan was used to refinance an existing KeyBank bridge loan, which allowed the sponsor to purchase the property in February 2016. Charlie Williams of KeyBank’s commercial mortgage group arranged the financing.