SARASOTA, BRANDON AND WESTCHASE, FLA. — Autumn Senior Living LLC has broken ground on three new assisted living and memory care communities, located in the Tampa suburbs of Sarasota, Brandon and Westchase. Development costs are estimated at $100 million for the nearly 400 units. Autumn expects to complete the three communities in early 2018, creating more than 200 permanent jobs in the process. Autumn Senior Living is a seniors housing developer and operator that has managed 45 properties totaling 3,600 units over the company’s history.
NEW YORK CITY — Brooklyn Standard Properties has purchased a four-building mixed-use portfolio for $16.5 million. Fordham Apartments LLC sold the 56,836-square-foot portfolio that offers a total of 74 apartments, three retail spaces, office space and a 12-car parking lot. The portfolio includes a five-story, 22-unit building at 615 E. 189th St.; two four-story buildings at 2476 and 2483-2489 Cambreleng Ave. totaling 38 units; and a five-story, 14-unit mixed-use building at 2470 Belmont Ave. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the deal.
PHILADELPHIA — J.G. Petrucci Co. has received a $25 million loan for The Station at Manayunk, a multifamily property located at 1 Parker Road in Philadelphia’s Manayunk neighborhood. Jon Mikula of HFF arranged the 15-year loan with Principal Real Estate Investors. Loan proceeds were used to refinance the construction loan on the property. Completed in 2014, the property features 149 units with open-concept floor plans, nine-foot ceilings, walk-in closets, private patios or balconies, washers and dryers, faux wood flooring and gourmet kitchens. Community amenities include a fitness center, bike share program and outdoor spaces with grilling stations.
BENBROOK, TEXAS — OM Housing LLC is developing Villas at Boston Heights, an eco-friendly, affordable housing multifamily complex located at 3510 Boston Ave. in Benbrook, approximately eight miles from downtown Fort Worth. KWA Construction has started construction on the $28 million, 165,000-square-foot garden-style property, which is expected to open in December. Designed by BGO Architects, the property will feature 130 affordable units, 14 market-rate units, a community center, fitness center, computer learning center, community kitchen, swimming pool, barbecue and picnic area and a playground for children.
SAN MARCOS, CALIF. — United American Properties and World Premier Investments have received a $92 million loan to refinance debt on Grand Plaza, a retail power center in San Macros. Anchored by Sprouts Farmers Market, the 356,796-square-foot property is 94 percent leased to a variety of tenants such as Orchard Supply Hardware, Bed Bath and Beyond, Ross Dress for Less, Marshalls, Boudin Bakery, Lane Bryant, Party City, Broken Yolk Café, Starbucks Coffee, Ulta Beauty and Nordstrom Rack. John Chun, Sebastian Trujillo and AJ Manas of HFF arranged the 25-year, fixed-rate loan with J.P. Morgan Asset Management.
INDIANAPOLIS — Dougherty Mortgage LLC has arranged a $26.6 million Fannie Mae loan for the acquisition of Coppertree Apartments, a 772-unit multifamily property located in Indianapolis. The property was built in 1969 and renovated in 2012. The seven-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. office for the borrower, Tanglewood Apartments LLC.
MILWAUKEE — Walker & Dunlop Inc. has negotiated an $11.7 million loan for the refinancing of the Supreme Apartment Portfolio, a six-property portfolio located in Wisconsin. Constructed between 1988 and 1993, the properties consist of 340 garden-style units. The properties include: Greenfield Park in Greenfield, Parkway South in Milwaukee, River Park in Oconomowoc and Orchard Park, Central Park and Parkway Central in West Allis. Matt Ewig, Jeff Robbins and Luke Erlandson of Walker & Dunlop originated the loan with a life insurance company for the borrower, Supreme Builders.
CORPUS CHRISTI, TEXAS — Titan Senior Living has started construction on Elan: A Senior Lifestyle, a 109-unit seniors housing community that will be situated at the intersection of Saratoga Boulevard and Staples Street in Corpus Christi. Slated to open in the summer of 2018, the property will feature assisted living and memory support services, chef-prepared meals, a bistro, salon, wellness center and 24/7 concierge services. Civitas Senior Living will operate the property.
STAMFORD, CONN. — Paredim Partners has acquired Parallel 41 Apartments, a multifamily property located in Stamford, for $33.3 million. The property was nearly 100 percent occupied at the time of acquisition. The property features 124 apartments, a fitness center, lounge and roof deck. The buyer plans to implement a renovation and rebranding program for the property, which was built in 2012. The name of the seller was not released.
CINCINNATI — Pillar has originated an $11.3 million Fannie Mae loan for the refinancing of The Gramercy on Garfield. Built in 1992, the Class A multifamily property is located in downtown Cincinnati. The property consists of 148 studio, one- and two-bedroom units, as well as amenities such as a swimming pool, outdoor kitchen, clubroom and a parking garage. The Gramercy on Garfield also includes 16,000 square feet of street-level retail space. The 10-year, fixed-rate loan features a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a developer and manager of multifamily properties in Southwest Ohio. Chip Kupferberg of BlueMark Capital was the mortgage banker.