OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f) program.
SAN DIEGO — Chelsea Investment Corp. and Sudberry Properties have opened Siena affordable apartments for seniors and Stylus affordable apartments for families in Civita urban village, located in the Mission Valley area of San Diego. The adjacent properties are located on Russell Park Way between Civita Boulevard and Friars Road. The $155 million project is one of the largest new affordable housing projects in San Diego County and brings the total of affordable apartments in Civita to 456. Civita is the redevelopment of a 79-year-old sand and gravel quarry into a sustainable, transit-oriented village. Siena features 103 apartments for seniors in earning 30 percent to 60 percent of area median income (AMI). The one- and two-bedroom units range from 540 square feet to 783 square feet, with rents starting at $468 per month. Stylus offers 203 two- and three-bedroom apartments for families earning 50 percent to 60 percent of AMI. The units range from 770 square feet to 1,040 square feet, with rents starting at $1,037 per month. Additionally, Stylus features 37,000 square feet of ground-floor retail space, which LA Fitness will occupy. Each apartment community has its own clubroom with kitchen, on-site management, computer lab, laundry facilities on each …
RANCHO CUCAMONGA, CALIF. — NorthMarq has arranged $31 million in refinancing for Merrill Gardens Rancho Cucamonga, a seniors housing property located at 9942 Highland Ave. in Rancho Cucamonga. Built in 2018 on 4.2 acres, the property features 112 independent living, assisted living and memory care units. Stuart Oswald and Gordan Mickelson of NorthMarq secured the permanent, fixed-rate loan for the borrower through its relationship with a correspondent life insurance company. The loan, structured prior to stabilization, was structured with a five-year term on a 30-year amortization schedule. The property is a joint venture between Merrill Gardens and AEW Capital Management LP.
PRESCOTT VALLEY, ARIZ. — Link Senior Development and Insight Senior Living have started construction of Ativo Senior Living of Prescott Valley. Located near Bob Edwards Park, the 5.3-acre campus consists of 130 residences across more than 117,000 square feet. The community will include a mix of independent living, assisted living and memory care units ranging from studio apartments to two-bedroom cottages. The community is scheduled to open in summer 2022. Link Senior Development leads the project as the developer. Ankrom Moisan is serving as the architect on the project, Seabold Construction as the general contractor and Insight Senior Living as the management company.
GEORGETOWN, TEXAS — Walker Real Estate and Chalk Hill Ventures have completed construction of an active adult community in Georgetown, a northern suburb of Austin. Located on a 12-acre site near Rabbit Hill, NorthStar Georgetown includes 298,800 square feet of active adult living comprising 210 apartments. Roscoe Property Management is the operator. Other project partners include Pi Architects, Square One Consultants, Pat Berry Design and Skybeck Construction.
MOORESTOWN, N.J. — Acts Retirement-Life Communities has begun a $10 million renovation and expansion project at The Evergreens, a senior living community in Moorestown, a suburb of Philadelphia. The renovations feature new construction and upgrades to existing common areas throughout the property, which is home to approximately 216 residents. The project is scheduled to take approximately two years to complete. The Evergreens’ 32-acre campus includes 200 independent living apartment homes, an onsite healthcare center with 66 assisted living suites and a 34-bed skilled nursing center.
SANTA ROSA, CALIF. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both a local bus stop and a Sonoma-Marin Rail Transit (SMART) station, which was recently completed in 2017, to allow connectivity to both Santa Rosa and San Francisco. Bercut Smith led the JLL Capital Markets team in the financing.
PLAINVIEW, N.Y. — Capitol Seniors Housing has opened The Residences at Plainview, a 114-unit independent living community in the Long Island hamlet of Plainview. Chelsea Senior Living operates the 150,000-square-foot community, the site of which formerly housed a Residence Inn by Marriott hotel prior to its conversion to seniors housing. Meyer Senior Living Studio was the designer for the project, while E.W. Howell Construction Group was the general contractor.
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Multifamily Investors Await Clarity on Nashville’s Economic Recovery
Owners and buyers remain apart on pricing. Unlike some densely populated urban areas where the extent of the damage to local commercial real estate operations is unknown, the gap in Nashville persists due to uncertainty regarding the upside potential rather than downside risks. Owners are hesitant to list properties because the metro remains a safe portion of their portfolios. If this disconnect persists, pricing will return to pre-recession levels before many other areas of the country. In the early months of the COVID-19 pandemic, multifamily transactions slowed to almost a standstill. However, transaction velocity picked back up and made a strong rebound between the third and fourth quarters of 2020. Although total sales volume dropped from $1.9 billion in 2019 to $1.6 billion in 2020, it was still the third-highest sales output since 2010 and cap rates averaged 5 percent, down 28 basis points year-over-year. California-based investors represent the lion’s share of investment activity, purchasing over $650 million of assets in Nashville in 2020. We are seeing more cities buying into Nashville such as Virginia-based Snell Properties, which purchased Retreat at Iron Horse in the Nashville suburb of Franklin for $306,000 per-unit in September. San Antonio-based Embrey developed the Class …
SAN ANTONIO — Cadence McShane, the metro Dallas-based general contractor that is a division of The McShane Cos., has completed Brookwood Senior Apartments, a 197-unit affordable housing project in San Antonio catering to senior citizens. Designed by B&A Architects, the six-acre property features one- and two-bedroom units. Amenities include a clubroom, fitness center, dining area, lounge, arts and crafts studio, game room, salon and self-storage rooms. Outdoor amenities include a pool, herb garden and two courtyards. The four-story, wood-frame property also houses carports and 224 parking spaces. San Antonio-based Mission GD developed the property, which is located at 9015 Ingram Road on the city’s west side, in partnership with the Texas Department of Housing & Community Affairs (TDHCA). Information on renter restrictions was also undisclosed.