CENTRAILIA, ILL. — Cambridge Realty Capital Companies has secured a $8.6 million HUD Lean Loan to refinance the 120-unit Centralia Manor, a skilled care nursing home located at Centrailia. The 35-year, fully amortized loan was arranged for the owner, an Illinois-based limited liability company, through HUD's Section 223(a)(7) funding program.
Multifamily
BENNINGTON, VT. — Wilton, Conn.-based Westport Capital Partners has closed on the sale of The Inn at Fillmore Pond in Bennington — the last facility to be sold that was part of the four-facility senior housing portfolio known as the New England Healthcare Portfolio. Westport Capital purchased the portfolio in partnership with Capital Health Group and Kaplan Development Group in April 2007 for $83 million, which equates to approximately $210,000 per unit. The ownership added 14 cottages oriented for independent living and completed a 28-unit dementia wing addition to the Bennington facility. The other facilities in the portfolio include: The Inn at Forge Hill in Franklin, Mass., which sold in 2010. The Inn at Robbins Brook in Acton, Mass., which sold in 2010. The Inn at Spruce Wood in Durham, N.H., which sold to an owner/operator of senior housing properties.
MARINA DEL REY, FLA. — Archstone has acquired the 224-unit Villa Venetia in Marina del Rey for $44.8 million. The buyer plans to complete a $25 million renovation, which will include the addition of European-style kitchen cabinets, stainless steel appliances and slab granite or Caesar stone countertops. Upon completion, the complex will be renamed Archstone Breakwater at Marina del Rey.
JACKSONVILLE, FLA. — NorthMarq Capital has arranged $3.25 million in first mortgage financing for the 200-unit Sable Palms, located on Emerson Street in Jacksonville. Financing was based on a 10-year term with a 30-year amortization schedule and was secured through AmeriSphere Multifamily Finance.
TUCSON, ARIZ. — BH Properties has purchased the 410-unit Casa Bella apartment complex in Tucson for $9.1 million. This is the firm’s sixth multifamily acquisition in less than a year. BH Properties was represented in-house. Hendricks & Partners’ Art Wadlund represented the seller.
ABERDEEN, N.C. — Park at Clearwater LLC, a joint venture between First LandMark-Guardian Management and New York City-based Dome Equities, has purchased the 280-unit Park at Clearwater Apartments in Aberdeen for $25 million. Steve Heffner of CB Richard Ellis' Charlotte, N.C., office arranged $20 million in acquisition financing with a 7-year term through Freddie Mac for the joint venture. Dean Smith of ARA's Charlotte office represented the undisclosed seller in the transaction and Timothy Hose of First LandMark-Guardian Management represented the buyer.
MIDLOTHIAN, VA. — Deutsche Bank Berkshire Mortgage has provided a $26.5 million loan under the Federal Housing Administration 223 (a)(7) program for the refinancing of the 320-unit The Park at Salisbury in Midlothian. The financing has a 40-year term.
NEW YORK CITY — Colorado-based UDR, Inc. has entered into an definitive agreement to acquire Dwell95, a 507-home apartment community located at 95 Wall Street in New York City, for $325 million. The 22-story building was the former headquarters for J.P. Morgan before it was converted to residential apartments in 2008 by The Moinian Group. The average size of a unit is 668 square feet and it is currently 93 percent occupied. Excluding the 7,526 square feet of retail space and 97-space parking garage, the sales price equates to $550,000 per apartment home. The transaction is funded through $275 million in cash and $50 million in the issuance of operating partnership units. The building will receive a tax abatement until 2023 and an exemption from real estate taxes until 2021, both of which include a 4-year phase out period. Dwell95 is located one block east of 10 Hanover Square, a 493-home community also owned by UDR. Doug Harmon of Eastdil Secured was the sole broker in the transaction, advising both UDR and seller.
DAVIS, CALIF. – The 120-unit Alder Ridge apartment community in Davis has sold to 4005 Cowell Boulevard Property, LLC for $14,900,000. Located at 4005 Cowell Blvd., Alder Ridge was previously owned by The Second Alder Ridge Group. The sale was negotiated by Steven A. Nelson and Al R. Inouye of Hendricks & Partners’ Sacramento office.
PORTLAND, ORE. – Johnson Capital has arranged a $2.4-million loan for Hawthorne 44, a new 27-unit live-work apartment community in Portland. The three-year, non-recourse loan was provided to the owner, an affiliate of Pathfinder Partners, LLC, by First Fidelity Bank. The loan was arranged by Richard Caterina, vice president of Johnson Capital’s San Diego office.