SILVER SPRING, MD. — Capital One has provided a $50.5 million loan to repay an existing construction loan on Fenwick Apartments, a Class A, six-story apartment community in Silver Spring, a little over six miles north of Washington, D.C. Capital One provided the three-year, floating-rate loan to the borrower, Insight Property Group. The loan’s initial term is interest-only. Two optional one-year extensions have amortization on a 30-year schedule utilizing a 3 percent interest rate. Built in 2014, Fenwick Apartments consists of 310 units, including 39 affordable units, and is located within walking distance to the Washington Metropolitan Area Transit Authority’s Silver Spring station. Community amenities include a pool deck with cabanas, clubroom, billiards, TV gaming area and an outdoor living room with a fire pit. The community was 94 percent occupied as of July.
WASHINGTON, D.C. — Toll Brothers Inc. has begun construction on Union Place, a 525-unit apartment development located at 200 K St. N.E. in Washington, D.C.’s NoMa district. The property is a joint venture development between Toll Brothers’ subsidiary, Toll Brothers Apartment Living, and AECOM Capital. The 14-story development will include a rooftop pool, penthouse lounge, an outdoor courtyard and a fitness center with a rock climbing wall. Union Place will also feature a business lounge, pet salon and children’s play room. The community is expected to open for residency in the spring of 2018.
SARASOTA, FLA. — Capital One Financial Corp. has provided a $162.5 million senior secured credit facility for Palm Garden Healthcare. The Sarasota-based company owns a total of 1,931 beds across 14 skilled nursing facilities and an assisted living facility. The company also operates home care agencies and provides outpatient therapy. Palm Garden locations can be found in cities throughout Florida, including Aventura, Clearwater, Gainesville, Jacksonville, Largo, Ocala, Sun City Center, Orlando, Pinellas, Port St. Lucie, Tampa, Vero Beach, West Palm Beach and Winter Haven. The credit facility consists of a real estate term loan, a capital expenditure line of credit and an asset-based revolver. Palm Garden will use the proceeds to refinance existing debt and provide capital to expand and improve its facilities. Mclean, Va.-based Capital One is a leading provider of financial services to the healthcare industry, with over $11 billion in total outstanding balances. — Katie Sloan
LONG BRANCH, N.J. — Developer FEM South Beach Urban Renewal has retained B. Harvey Construction (BHC) for pre-construction services at South Beach at Long Branch, an oceanfront residential community located at 350 Ocean Ave. in Long Branch. BHC is collaborating with the development team for on-site work for the 47-unit project, which is situated on 1.6 oceanfront acres between Ocean Avenue and Ocean Boulevard. The firm will oversee pre-construction services, including concrete work, sheets/piling, and utility marking services executed by New Jersey American Water, Jersey Central Power & Light and New Jersey Natural Gas. Additionally, BHC is collaborating with the owner, Cornerstone Construction Services, on the bidding process. Ground broke for the project in August, with completion slated for 2018. FEM South Beach Urban Renewal is developing the project in collaboration with The Pinnacle Companies, Shore Point Architecture and Cornerstone Construction Services.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a five-building multifamily portfolio in the Fordham Manor section of the Bronx. An undisclosed buyer acquired the 214-unit portfolio for $35.8 million. Totaling 194,944 square feet, the buildings are located at 2489 Morris Ave., 1225 Sherman Ave., 2101 and 2499 Grand Ave. and 1900 Grand Course. Aaron Jungreis of Rosewood Realty Group represented the undisclosed seller and buyer in the deal.
FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.
WEST LINN, ORE. — Lancaster Pollard has arranged two refinancings totaling $33.5 million for seniors housing communities in the Portland suburb of West Linn and an undisclosed town in Northern California. In the first transaction, Lancaster Pollard arranged $19 million for Sterling Senior Communities to refinance Tanner Springs, a 115-bed assisted living and memory care community in West Linn. The transaction refinanced an existing HUD loan of $10.5 million and included a reimbursement of $8.2 million for previously incurred capital expenditures. Jason Dopoulos led the transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard arranged $14.5 million for Cornerstone Assisted Living Communities. The loan will refinance an undisclosed, 110-bed assisted living community in Northern California. The transaction refinances $9.6 million of existing debt and reimburses $4 million for previously incurred capital expenditures. The remaining capital paid the transaction costs. Grant Goodman led the transaction for Lancaster Pollard. Both financings are through Lancaster Pollard’s Fannie Mae program. Doug Harper and Casey Moore of Lancaster Pollard assisted on both deals.
EVERETT, WASH. — Sage Apartment Communities has acquired the 200-unit Waterford Apartments in the Seattle submarket of Everett for an undisclosed sum. The community is located at 2020 Lake Heights Drive. It was 96 percent occupied at the time of the sale. Waterford was built in 1989. The seller was Carmel Partners.
LOS ANGELES — Champion Real Estate Co. is set to begin construction on Victory on 30th, a 24-unit student housing community located near the University of Southern California campus in Los Angeles. The property will offer two-bedroom units with bed-to-bath parity. The community will feature roof and podium decks with entertainment facilities including an outdoor kitchen with a barbecue, tanning and lounging areas, and a television. Moss and Co. will manage the property, which is slated for completion in fall 2017.
WHEELING, ILL. — Lynmark Group is scheduled to break ground on Wheeling Town Center, a mixed-use development in Wheeling, this fall. The development will feature a 300-unit luxury apartment building with a modern amenity package and facilities and 100,000 square feet of retail, restaurants and entertainment venues. The apartment building will offer studio, one-, two- and three-bedroom layouts, a parking garage, courtyard, pool, bocce court, a fire pit, barbecue grills, a covered gazebo bar, putting green, pergola covered dining, lounge areas, and fitness and yoga rooms. The retail portion will be anchored a 40,000-square-foot, 10-screen CMX theater, which is a high-end, dine-in movie theater. Callison/RTKL is serving as lead designer and William A. Randolph is serving as general contractor for the project.