GRESHAM, ORE. — Radiant Senior Living has broken ground on a new memory care building at Farmington Square Gresham, an assisted living and memory care community in the Portland suburb of Gresham. The community currently features four buildings. The new memory care building will include 15 units that can house up to 26 residents. Construction is scheduled for completion in June 2017. Radiant Senior Living operates 18 communities in Oregon, Washington, Montana and Colorado.
DELAWARE, OHIO — Marcus & Millichap has arranged the sale of Troy Farms in Delaware, a suburb of Columbus, for $27 million. The apartment property was built in two phases between 2003 and 2006 and offers a mix of one- and two-bedroom garden and townhome units. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshall of Marcus & Millichap marketed the property on behalf of the seller, The Champion Cos. The team also procured the buyer, Connecticut-based Hamilton Point Investments.
TAMPA, FLA. — Bayshore Retirement Living has sold Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa. The company sold the property to Allegro Senior Living and an undisclosed joint venture partner for $74 million. HFF represented Bayshore in the transaction and arranged a $48.6 million acquisition loan on behalf of the borrowers. Horizon Bay at Hyde Park features one- and two-bedroom independent and assisted living units averaging 714 square feet. Completed in 2011, the property is situated on 1.9 acres at 800 W. Azeele St. near Tampa’s Westshore Business District and downtown Tampa. The property was 98 percent leased at the time of sale and features a full-service bar and lounge overlooking Hillsborough Bay, restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, wellness center, heated swimming pool, library, media room and concierge services. Ryan Maconachy, Chad Lavender and Dave Fasano led HFF’s Dallas-based seniors housing team in brokering the transaction, with Zach Nolan of HFF’s Tampa office providing local market assistance. Sarah Anderson led the HFF team’s debt placement efforts for the borrowers.
DALLAS — Presidium Group has acquired two apartment properties in Dallas for an undisclosed price. Located in north-central Dallas, the properties are Linda Vista Apartments and Carlton Court Apartments. Constructed in 1980, Linda Vista Apartments features 370 units in a variety of studio, one- and two-bedroom layouts averaging 667 square feet. Carlton Court features 270 units in one-, two- and three-bedroom layouts averaging 828 square feet. Additionally, the property offers a swimming pool, fitness center and clubhouse. The buyer plans to rename Linda Vista to Linear and rebrand Carlton Court as Cottonwood at Park Central. The name of the seller and acquisition price were not released.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a commercial building located at 92-94 Ludlow St. in Manhattan’s Lower East Side. The property sold in an all-cash transaction for $9 million, or $442 per buildable square foot. The site offers up to 20,342 buildable square feet and currently includes a 3,390-square-foot single-story commercial building. Zoned C6-1, the site allows for the development of commercial, residential or community facility spaces. The existing building is currently leased to Hotel Chantelle, a restaurant and club. Michael DeCheser, Darragh Clarke and Mei Ling Wong of Cushman & Wakefield brokered the transaction. The names of the seller and buyer were not released.
NEW YORK — National Cooperative Bank has originated $34.3 million in new loans during November for 10 properties in New York City, Belle Harbour and Riverdale, N.Y. Edward Howe III of National Cooperative Bank originated $15.6 million in loans, including: – A $9.3 million first mortgage and a $700,000 line of credit for Gentry Apartments Inc., a 247-unit co-op located at 310 Lenox Road and 330 Lenox Road in Brooklyn – A $2.9 million first mortgage and $250,000 line of credit for Beach 124 Apt. Inc., a 67-unit co-op located at 125 Beach 124th St. in Belle Harbour. – A $2.2 million first mortgage and $300,000 line of credit for a 33-unit co-op at One Clark Street in Brooklyn. Harley Seligman of National Cooperative reported $14.7 million in loans, including: – A $10.5 million first mortgage and $1 million line of credit for Arlington Owners, Inc., a 281-unit co-op at 139-15 83rd Ave. in Briarwood. – A $1.4 million term loan for Strivers Gardens Condominium, a 169-unit condominium association at 300 W. 135th St. in Manhattan. – A $1 million third mortgage and $750,000 line of credit for The Knolls Cooperative Section No. 1 Inc., a 238-unit co-op at 60 …
GLEN COVE, N.Y. — RXR Realty has broken ground on Garvies Point, a $1 billion waterfront redevelopment in the Long Island city of Glen Cove. The project will restore 56 acres of Glen Cove’s waterfront, creating more than 1,100 LEED-certified residences and 75,000 square feet of shops and restaurants. The project will also feature approximately 28 acres of public open spaces with parks, playgrounds, esplanades, marinas, an amphitheater and dog park. The residential units will include 569 condominiums and 541 apartments for lease. Garvies Point will also feature thee separate marinas with a total of 120 boat slips. Garvies Point is a partnership between RXR Realty and the City of Glen Cove. The project represents the culmination of a 20-year, $120 million effort to transform Glen Cove into a sustainable community. The first phase of Garvies Point, which includes 28 acres of public open space and amenities, is scheduled for completion in 2018. The entire project will take between five and seven years to build, according to RXR. RXR Realty is a private real estate company that specializes in investment management, property management, development, design, construction, leasing and financing. RXR’s growth strategy is focused on New York City and the …
LIHUE, HAWAII — Holliday Fenoglio Fowler (HFF) has arranged $96 million in financing for the development of Timbers Kauai – Ocean Club & Residences on the Hawaiian island of Kauai. The private oceanfront residence club will be situated within the planned Hokuala Resort in Lihue. Timbers Kauai will be the first real estate component of the planned 450-acre Hokuala Resort development that encompasses the existing Jack Nicklaus Signature Golf Course. Future developments within the resort will include a boutique hotel, luxury residential neighborhood, retail shopping village, resort spa, multiple dining options and multiple wedding venues. Timbers Kauai amenities will include an infinity-edge, oceanfront swimming pool with expansive terrace; family pool with beach entry, waterslide and waterfalls; poolside dining; fitness center and motion studio with outdoor lanai; spa and wellness center; Keiki Club for children; business center; club lounge; retail and sundries shop; and the private Ocean Club restaurant. The project is scheduled for completion in summer 2017. HFF’s Paul Brindley, Bryan Clark and Brad Greenway secured the construction financing from Mosaic Real Estate Credit.
BRIGHTON, COLO. — Inland Real Estate Acquisitions has acquired the 252-unit Solaire Apartments in Brighton for $57.5 million. The community is located at 1287 S. 8th Ave., about 20 miles northeast of Denver’s CBD. Solaire Apartments was 94 percent leased as of the closing date. Community amenities include a heated swimming pool, hot tub, 24-hour fitness center, outdoor grilling stations, business center and playground. The community is also situated on one of the nation’s largest geothermal systems, allowing Solaire Apartments to provide its residents with renewable energy. Inland Real Estate Acquisitions was represented in-house by Matthew Tice.
VANCOUVER, WASH. — Senior Living Investment Brokerage has arranged the sale of a 48-unit assisted living community in Vancouver, just across the Columbia River from Portland, Ore., for $7.5 million. A regional company received the community out of bankruptcy and sold it to a regional owner-operator. The new owner plans to invest in improvements, including converting some employee apartments into units for more residents. The community was built in 2013. The name was not disclosed. Matthew Alley, Jason Punzel and Jeff Binder of Senior Living Investment Brokerage arranged the deal on behalf of the seller.
