ORLANDO, FLA. —St. Petersburg, Fla.-based Bessolo Design Group has begun designing a renovation to the seven-story Baldwin Park Retirement Center that will create 120 studio and one-bedroom units. The expansion includes 6,000 square feet of staff support areas, a new elevator system and 18 Alzheimer units. A 30,000-square-foot office is also included in the design.
NORCROSS, GA. — Scott Kavel of Grandbridge Real Estate Capital’s Norcross office has helped an undisclosed real estate investment trust secure $318.5 million to fund a seniors housing credit facility. The 16-loan facility, which includes six properties in Florida and one property in Tennessee, can be expanded to $350 million. Kavel broke the loan into two lease pools and sold it to Fannie Mae. Lease Pool One carries an 8-year term with a mid-6 percent interest rate, and the second lease pool has a 5-year term and a low-6 percent interest rate. Both lease pools carry 30-year amortizations.
JACKSON, MISS. — Grandbridge Real Estate Capital has secured a $4.25 million first mortgage for the 120-unit Forest Ridge Apartments in Jackson. The 10-year loan, which was funded by Grandbridge and sold to Fannie Mae, comes with a low-6 percent interest rate and a 30-year amortization. For the first 5 years of the loan, payments are interest only. Forest Ridge was built in 1973 and is managed by Jackson-based Heritage Properties. Grandbridge’s Paul Harbor originated the loan.
SANTA ROSA, CALIF. — Jamie Clifford and David Silver of Arroyo & Coates represented the undisclosed seller in the disposition of Vineyard Gardens Apartments in Santa Rosa. Constructed in 1988, the 180-unit multifamily property features one- and two-bedroom townhomes ranging in size from 559 to 926 square feet. The acquisition price was not disclosed. Tim Scherer, also of Arroyo & Coates, represented the buyer, a Marin County, Calif.-based private investor, in the transaction.
NEW YORK CITY — Residences are ready for occupancy at Twenty9th Park Madison, a 34-story residential condo building located at 39 E. 29th St. in the Park Avenue South neighborhood of Manhattan, New York City. The building contains 142 residences in a mix of studio, one-bedroom, two-bedroom and two-bedroom penthouse units. Residences range in size from 536 to 2,070 square feet and are priced from $635,000 to $4.4 million. Penthouse units are located on the top four floors of the building. Amenities at Twenty9th Park Madison include a rooftop deck with outdoor barbecue grills and a sunbathing deck; a fitness center with a yoga room; refrigerated storage; on-site parking; optional tenant storage units; and concierge service. The project is being developed by Barcelona, Spain-based Espais Promocions Immobiliàries. H. Thomas O’Hara Architects served as project architect, with Gustavo Martinez serving as interior designer and M. Paul Friedberg & Partners serving as landscape architect for the rooftop deck. Coldwell Banker Hunt Kennedy’s New Development Division is serving as exclusive marketing and sales agent, and is also providing residents with its own signature concierge service. The project is presently 70 percent sold.
VISTA, CALIF. — RREEF has completed the disposition of Bella Terra, a 460-unit apartment community located at 365 Pomelo Dr. in Vista. Hillcrest Montecito LP, VLC Bonnie Brae LP and Vista Bella Terra LP, three R&V Management sponsored partnerships, acquired the property for $69.5 million. The community features one-, two- and three-bedroom units ranging in size from 700 to 1,160 square feet. Community amenities include two swimming pools and spas, an onsite clubhouse, a fitness facility, a business facility and a playground. Ed Rosen, John Chu and Alejandro Lombrozo of Cushman & Wakefield represented all parties in the transaction.
TEMPLE, SAN ANTONIO AND ABILENE, TEXAS — Mission Viejo, Calif.-based The Ensign Group, the parent company of the Ensign brand of senior care facilities, has acquired four Ensign skilled nursing facilities for $10.4 million. Three of the properties are located in Texas; they include the 140-bed Wellington Place Living & Rehabilitation Center in Temple, the 120-bed Salado Creek Living & Rehabilitation Center in San Antonio and the 96-bed Northern Oaks Living & Rehabilitation Center in Abilene. The fourth property is a 70-bed, skilled nursing facility located in Willits, Calif. The properties were acquired from the seller, a long-time Ensign landlord, by four separate Ensign holding subsidiaries. Ensign operating subsidiaries previously have been operating the facilities, and will continue to operate them under new long-term leases with the acquisition entities. Proceeds from Ensign’s recent initial public offering were used to complete the purchase.
JACKSONVILLE, FLA. — Marcus & Millichap has brokered an Aventura, Fla.-based company’s sale of the 151-unit Arlington Village apartment complex to a Jacksonville-based developer for $4 million. The buyer took out a Fannie Mae loan to finance the purchase. Arlington Village, located at 840 & 1000 Bert Rd. in Jacksonville, consists of 17 two-story buildings and is 60 percent occupied. Tal Frydman and Daniel Draizin of Marcus & Millichap’s Fort Lauderdale office brokered the sale.
COLUMBUS AND MARYSVILLE, OHIO — KeyBank Real Estate Capital has closed $21.5 million in Fannie Mae and Freddie Mac-funded loans for four apartment communities located in Columbus and Marysville. Sawmill Ridge Acquisitions LLC has secured $9.1 million in Fannie Mae acquisition loan funding for the purchase of Sawmill Ridge apartments, a 192-unit apartment community located at 6564 Millridge Circle. Hidden Acres Acquisition LLC has secured $3 million in Fannie Mae acquisition loan funding to purchase Hidden Acres East. The 84-unit community is located at 1359 Parkland Rd. Additionally, on behalf of the borrower, JMW Parkleigh Co. LLC, KeyBank Real Estate Capital has provided $6 million in Freddie Mac funding. The loan was secured for Parkleigh North Apartments, a 216-unit complex located at 4187 Beechwold Dr. The firm has also provided Watkins Glen Holdings Ltd. with $3.65 million in Coterminous DUS Supplemental financing for Watkins Glen Apartments, a 256-unit multifamily community located in the Cleveland suburb of Marysville.
CINCINNATI — Dayton, Ohio-based The Connor Group has sold Kensington Park apartments located at 11651 Norbourne Dr. in Cincinnati. Newport Beach, Calif.-based Core Realty Holdings has purchased the 316-unit property for $19.5 million. The Connor Group acquired the complex in 2005, and investors made a 52 percent overall return on the Kensington Park sale in 3.5 years.