TOLEDO, OHIO — Toledo-based Health Care REIT has closed on $133 million in first-mortgage financing secured by 12 senior housing properties. The locations of the properties were not released, and they contain multiple levels of healthcare service. The loan carries a 10-year term and a 6.1 percent fixed interest rate. KayBank Capital Markets originated the loan and intends to sell it to Freddie Mac.
PENSACOLA, FLA. — A privately-owned partnership has sold the 114-unit Veranda senior housing complex to the Rauls family of Georgia, a senior housing owner and operator, for $10.2 million. The property is located at 6982 Pine Forest Rd. in Pensacola. The 143,640-square-foot complex was built in 2004 and is currently 61 percent occupied. CLW Health Care Services Group of Tampa, Fla., represented the seller.
GASTONIA, N.C. — Kevin Jenkins of NorthMarq Capital’s Charlotte, N.C., office has arranged $2 million in bridge financing for Great Circle Properties’ 126-unit Highland Hills Apartments. The complex is located at 1081 Sims Circle in Gastonia. CIBC provided financing for the loan, which is based on a 2-year, interest-only term.
INDIANAPOLIS — Indianapolis-based Tikijian Associates has negotiated the $3.2 million sale of The Argyle on Mass Ave, a 36-unit multifamily building located on Massachusetts Avenue within the Arts & Theater District of Indianapolis. The three-story property features ground-floor and basement retail space, as well as 33 one-bedroom and three two-bedroom apartments on the second and third floors. Retail tenants include Aesop’s Tables Mediterranean Restaurant, Buon Gusto Unique Events and Michael’s on Mass. Tikijian Associates represented the seller, Tony Wishart. The buyer, Shelbyville, Ind.-based Evergreen Investment Corp., plans to complete between $200,000 and $300,000 worth of capital improvements to the property. Approximately 6,000 square feet of ground-floor retail space is currently vacant.
COLUMBUS, OHIO — Marcus & Millichap has completed the sale of Countryside Apartments, a 229-unit multifamily property located in Columbus, for $5.12 million. The property, which is located at 5051 Open Meadows Dr., includes one-, two- and three-bedroom apartments, as well as two-bedroom townhome units. Amenities include a fitness center, garages, laundry facilities, a hot tub and an outdoor swimming pool. Occupancy was 85 percent at the time of closing. J. Rosenbusch and Matthew Gockstetter of Marcus & Millichap represented the seller, an undisclosed partnership, as well as the buyer, a limited liability corporation.
INDEPENDENCE, MO. — NorthMarq Capital has secured $16.35 million in first-mortgage, acquisition financing for Pepperwood Apartments, a 300-unit multifamily property located in Independence. Sue Blumberg and Paul DeKruiff of NorthMarq’s Chicago office and David Farrell of the firm’s Kansas City, Mo., office originated the loan, which contains a 7-year term, a 30-year amortization schedule and a capped adjustable rate. The borrower was JVM Pepperwood Apartments LLC and the lender was Freddie Mac.
DALLAS — Willow Pond Apartment Homes, a 387-unit multifamily community located in Dallas, has been sold. The rental property is situated on 13 acres at the corner of Northwest Highway and Abrams Road. It was acquired by an investment group sponsored by Clark Willingham of Dallas. The new owner plans to launch a capital improvements program and continue to operate the community as affordable housing. Tim Kay of Kay Commercial represented the buyer. The undisclosed seller was represented by William Coolidge of Coolidge & Associates. The acquisition price was not disclosed.
STAFFORD, TEXAS — The Houston office of NorthMarq Capital has arranged first-mortgage financing for Shadowbrooke Apartments, a 240-unit multifamily community located in Stafford. The Class A property is currently 95 percent occupied. NorthMarq’s Roger Trapnell and Warren Hitchcock originated the loan, which carries a 7-year term with a 30-year amortization schedule. The lender was Freddie Mac. The principal and interest rate of the loan were not released.
OAKLAND, CALIF. — Marcus & Millichap has completed the disposition of a 24-unit multifamily building in Oakland. Located at 1502 Alice St., the 13,200-square-foot property sold for $1.79 million. The property, which was built in 1910, features 21 studio units and three one-bedroom/one-bath units. Ben Weil of Marcus & Millichap’s San Francisco office represented the buyer; David Wolfe of Marcus & Millichap’s Oakland office represented the seller. Additional information about the buyer and seller was not disclosed.
BURLINGAME, CALIF. — Pacific Investments and Holding Co. LLC have acquired Royal Grove Apartments, a 18-unit apartment community located at 1477 Grove Ave. in Burlingame. Clarita and Elvira Realca sold the property for $4.48 million or $249,000 per unit. The property features one-bedroom units averaging 830 square feet. Drew O’Donnell with NAI BT Commercial’s Multifamily Group represented the buyer in the transaction.