KANSAS CITY, MO. — Northmarq has brokered the sale of Province at Briarcliff in Kansas City for $23.8 million. The 120-unit multifamily property, built in 2002, is located at 1282 Northwest Vivion Road within the Briarcliff West neighborhood. Amenities include a business center, clubhouse, fitness center, pool and sundeck. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Forum Real Estate Group, and the buyer, Peak Capital Partners.
NORMAL, ILL. — Draper and Kramer’s Commercial Finance Group has arranged a $14.9 million refinance and construction loan for The Park at Constitution Trail Centre, a three-phase student housing development in Normal. The financing retired the existing debt on the first two phases of the project and provided funding on the remaining phase of construction. The off-campus community serves students at Illinois State University. The initial two phases, which were delivered between 2019 and 2022, include 204 fully leased beds. Phase III will offer an additional 76 beds upon completion, which is slated for August 2023. When complete, the development will contain a total of 280 beds across 13 buildings. The project is connected to The Constitution Trail, a paved 40-mile trail. Matthew Wurtzebach of Draper and Kramer arranged the loan on behalf of the borrower, 100 McKnight LLC.
FORT DODGE, IOWA — Colliers Mortgage has provided a $12.9 million HUD-insured loan for the refinancing of District 29 Apartments and Townhomes in Fort Dodge, about 90 miles north of Des Moines. The 118-unit property features studio, one- and two-bedroom apartment units as well as two- and three-bedroom townhome units. Amenities include a fitness center, community room, mail room and dog park. The loan features a 35-year term and a 35-year amortization schedule. Fritz Waldvogel of Colliers originated the loan on behalf of the borrower, District 29 Apartments LLC.
FRESNO, CALIF. — Dwight Capital has provided a $45 million HUD 223(f) loan for Villa Lucia Apartments, a multifamily community in Fresno. The financing features a 35-year term and fixed interest rate. Dwight previously provided a HUD 223(f) loan for Villa Lucia Apartments in 2016 and the subsequent cash-out refinance closed in December 2022. Ari Mandelbaum of Dwight Capital originated both transactions for the borrower, Latco Enterprises. The refinancing benefited from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies for National Green Building Standard Bronze Certification. Situated on 20 acres, the 272-unit community consists of 42 one- and two-story residential buildings, 19 garage buildings and a clubhouse. Community amenities include a courtyard, fitness center, playground, pool and spa.
SAN DIEGO — Pierce Education Properties has started construction of TOPAZ, a 169-bed student housing development located adjacent to the San Diego State University campus. Pierce Education Properties is developing the property in a joint venture with an undisclosed entity. The community will offer 53 units in one- to four-bedroom configurations with bed-to-bath parity. Select units will offer upgrades, including two ‘penthouse’ units on the upper level, which will feature balconies and 70-inch smart televisions. Four units will include a billiards table in the common area along with a large sectional sofa. Shared amenities are set to include landscaped courtyards; private study and conference rooms; a spa; lounge and game rooms; a fitness center; and vertical tanning booth. The development will also include 10,000 square feet of ground-floor retail space, with tenants set to include McDonald’s, Handel’s Homemade Ice Cream, Jimmy John’s and Dunkin’ Donuts. Units are currently being pre-leased at the property, which is scheduled for completion in August 2023.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing facility in Los Angeles. The Rehabilitation Centre of Beverly Hills is a premier, state-of-the-art, all-Medicare nursing facility located near Cedars-Sinai Medical Center, one of the most prestigious hospitals in the United States. A private, high-net-worth owner-operator based in Los Angeles was the buyer. The seller and price were not disclosed.
COLLEGE PARK, MD. — Axiom Capital Corp. has arranged the $34.5 million refinancing of a student housing property located near the University of Maryland in College Park. The fixed-rate, non-recourse loan was secured on behalf of an undisclosed borrower and features a three-year term. The unnamed student housing property offers 232 units alongside amenities including a swimming pool, fitness center, movie theater and shuttle service to both the University of Maryland and Howard University. Built in 2010, the community also offers a 629-stall parking garage and 30 surface-level parking spaces.
WOODBRIDGE, VA. — CBRE National Senior Housing’s investment properties team has arranged the sale of HarborChase of Prince William Commons, a Class A seniors housing community in Woodbridge, a suburb of Washington D.C. Built in 2018, HarborChase of Prince William Commons is a three-story building with 127 units of assisted living, transitional memory care and memory care units. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE represented the sellers, Silverstone Senior Living and Lionstone Investments. Although the price was not disclosed, CBRE National Senior Housing’s debt and structured finance team consisting of Aron Will, Tim Root, and Michael Cregan arranged acquisition financing on behalf of the buyer, Artemis Real Estate Partners. CBRE secured a five-year, $31.3 million, fixed-rate loan from a regional bank with 24 months of interest-only payments. The Arbor Co. will operate the community following the acquisition.
ALBUQUERQUE — JLL Capital Markets has arranged $51.8 million in construction financing for the development of Ativo of Albuquerque, a three-story, 144-unit senior living community in Albuquerque. JLL represented the borrower, Link Senior Development LLC, in securing the financing through an undisclosed lender. Once completed, Ativo of Albuquerque will offer a mix of independent living, assisted living and memory care units ranging from studio to two-bedroom units. Situated on 6.5 acres, the community will be adjacent to a new ambulatory urgent care center and a medical office building. The community will benefit from the nearby Rio Grande River and Recreation Area, which offers an expansive network of walking trails and various parks along with the Petroglyph National Monument and an 18-hole golf course. Alanna Ellis led the JLL Capital Markets debt advisory team.
TUCSON, ARIZ. — CBRE has secured $38.6 million in financing for the construction of Aerie Northwest, an apartment property located at the southeast corner of North La Cholla Boulevard and North Fountains Avenue in northwest Tucson. Bruce Francis, Bob Ybarra, Shaun Moothart and Doug Birrell of CBRE Capital Markets’ debt and structured finance team in Phoenix secured the financing for the undisclosed developer. The loan features full-term interest-only payments and an 80 percent loan-to-cost ratio. Situated on 12.2 acres, Aerie Northwest will feature 17 two-story buildings offering a total of 144 one-, two- and three-bedroom apartments. Community amenities will include a pool house, pool, spa and dog park.
