KERNERSVILLE, N.C. — Hawthorne Residential Partners has purchased the 200-unit The Meadows apartment community, located in Kernersville, from Greenville, S.C.-based Meridia for $18.6 million. The Class A complex is 95 percent leased and features a resort-style swimming pool with a cabana and grilling area, fitness center, clubhouse with a billiards room and business center. Jordan McCarley with Southeast Apartment Partners' Charlotte, N.C., office represented the seller in the transaction.
CHATTANOOGA, TENN. — Beech Street Capital has closed a $23.5 million HUD 223(f) loan to refinance the 316-unit Carriage Parc Apartments, located in Chattanooga. Chad Thomas Hagwood with Beech Street’s Birmingham, Ala., office arranged the 35-year loan with a 35-year amortization schedule.
CALHOUN AND RINGGOLD, GA. — Capital Advisors has arranged $7.5 million in refinancing for Ringgold Square in Calhoun and Red Bud Shopping Center in Ringgold, two 43,000-square-foot, Food Lion-anchored shopping centers. Matt Good of Capital Advisors arranged the 10-year loan with a 30-year amortization schedule on behalf of the borrowers, Red Bud Properties and Ringgold Partners, through CIBC.
LOMBARD, ILL. — CNL Healthcare Trust has entered an agreement with Sunrise Senior Living for a joint venture that will own seven seniors housing communities valued at $226 million. CNL will contribute approximately $57 million and will own 55 percent of the joint venture, with Sunrise owning the remainder. The seven communities include Sunrise at Fountain Square in Lombard. Sunrise is currently the sole owner of the seven communities and will continue to operate them under a long-term management agreement. The transaction is expected to close within 60 days.
PARIS — The Ensign Group has purchased the 150-bed Paris Nursing & Rehabilitation Center, a skilled nursing facility located at 2900 Stillhouse Road in Paris. The facility is currently 59 percent occupied. The facility is Ensign's 105th healthcare property.
AURORA, COLO. — Fitz on 14th, also known as Fitzsimons Landing, has received $5,433,000 in refinancing. The 176-unit Aurora apartment community was built in 1973 and recently underwent an extensive renovation. Financing was arranged by John M. Stewart and Ilan Reissner of NorthMarq’s Denver office.
LOS ANGELES – A nine-unit apartment building located at 3321 Mentone Ave. in Los Angeles has sold to a private investor for $2,894,000. The complex was built in 2005 and was fully occupied at the time of sale. The buyer was represented by Centennial Real Estate. The seller, JM Residential I, L.P., was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
CLEARWATER, FLA. — Island Way Towers LLC has purchased the 88-unit Dearborn Towers apartment complex, located at 223 Island Way in Clearwater, from the city of Dearborn, Mich., for $6.25 million. The eight-story building features a private fishing dock, marina, swimming pool and a community center. Kevin Kelleher, Darron Kattan and Bob Goldfinger of Franklin Street represented both parties in the transaction.
NEW YORK CITY — Preservation Development Partners has completed a $2.5 million renovation of Trinity Apartments, a 75-unit apartment complex at 2105 Daly Ave. in the Bronx. The project included the installation of new boilers, flooring, electrical wiring and upgrades to the kitchen, bathroom and stairwell. The project was financed by Mayor Michael Bloomberg's New Housing Marketplace Plan, an initiative to fund affordable housing in New York. Preservation Development — a joint venture between developers Donald Capoccia, Joseph Ferrara, Brandon Baron, Francine Kellman and Brian Raddock — purchased the building last year.
FAIRVIEW — Birmingham, Ala.-based Colonial Properties Trust (CPT) has acquired the 256-unit Colonial Grand at Fairview, a Class A apartment community located at 344 Murray Farm Road in Fairview, a Dallas suburb, for $29.8 million. The new property features a resort-style swimming pool with a sundeck, a fitness center, outdoor grilling stations and designer kitchens with granite countertops. The purchase was funded with proceeds from asset dispositions and borrowings on CPT's unsecured credit facility.