DETROIT — Bernard Financial Group has arranged an $11.5 million loan for the refinancing of an 82-unit seniors housing property in Detroit. Walker & Dunlop provided the Freddie Mac loan, terms of which were undisclosed. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, OP Senior Limited Dividend Housing Association LLC.
AMARILLO, TEXAS — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Medical Lodge of Amarillo, an 82-bed skilled nursing facility in Amarillo. The property was 45 percent occupied at the time of acquisition. This property brings Ensign’s portfolio to 227 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.
DOVER, DEL. — Greysteel has brokered the sale of Willows at Dover, a 132-unit apartment community in the state capital city. The townhouse-style property was built in 1976 and renovated in 2009. Amenities include a playground, clubhouse and onsite laundry facilities. Henry Mathies and Fletcher Hultman of Greysteel represented the seller, New Jersey-based investment firm The Ingerman Group, in the transaction. The duo also procured the buyer, an affiliate of Los Angeles-based BLDG Partners, which acquired the asset for approximately $19.5 million.
MIDDLETOWN AND SMYRNA, DEL. — Lument has provided an $8 million Freddie Mac loan to the Delaware State Housing Authority (DSHA) for the conversion of three public housing developments into Section 8 affordable housing for seniors. The permanent financing will pay off construction and renovation debt for a portfolio of three properties totaling 106 units. The portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. Holly Square and Peach Circle will be reserved for seniors age 62 and older, with McLane Gardens having general occupancy.
COLORADO SPRINGS, COLO. — Newmark has arranged the sale of Blue Dot Place, an apartment community located at 412 S. Nevada Ave. in Colorado Springs. Darsey Nicklasson and Kathy Loo sold the asset to Ray, Tim and Brian Rhodes for $13 million, or $393,393 per unit. Developed in 2016, Blue Dot Place features 33 apartments and three commercial spaces. The community was the first for-rent multifamily product built in downtown Colorado Springs since the 1960s, according to the broker. Saul Levy and Kevin McKenna of Newmark represented the seller in the transaction.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Pueblo Springs Apartments located at 3003 N. Alvernon Way in Tucson. Pueblo Springs by Bakerson LLC sold the asset to Pueblo Springs Holdings LLC for $4.2 million. The 41,850-square-foot multifamily property features 75 apartments. Allan Mendelsberg and Conrad Martinez of Cushman & Wakefield | PICOR represented the seller, while Anna Sepic of Levrose Commercial Real Estate represented the buyer in the transaction.
CHARLOTTE AND MOORESVILLE, N.C. — Greystar has purchased two apartment communities in the Charlotte market totaling 660 units. Boca Raton, Fla.-based Waypoint Real Estate Investments sold the properties, Barrington Place in Charlotte’s University City district and Waterlynn Ridge in Mooresville, to Charleston-based Greystar. The sales price was not disclosed, but the Charlotte Business Journal reports that the Class A communities traded for a combined $121 million. Andrea Howard, John Currin, Allan Lynch, Caylor Mark and Jeff Glenn of JLL represented Waypoint in the transaction. Andy Scott and Cory Fowler of JLL arranged acquisition financing on behalf of Greystar.
PENSACOLA, FLA. — Spectra Student Living has begun construction on Rhelm, a 180-bed student housing community located a half-mile south of the University of West Florida campus in Pensacola. The property is scheduled for completion in August 2021. The community will feature eight three-story buildings offering 66 units alongside shared amenities including a media production room, computer center, swimming pool and sundeck, private study areas, a gaming area and indoor bike storage. Spectra Student Living is a student housing developer and investor based in Indianapolis. The company’s management division, Spectra Management LLC, operates Rhelm. The property’s leasing office is now open and all units are priced per bed and include most utilities.
HOUSTON — JLL has brokered the sale of Willow Ridge Apartments, a 262-unit multifamily community located near Texas Medical Center in southwest Houston. Built in 1977, the property features one-, two- and three-bedroom units and amenities such as a pool, business center and a clubhouse. Joey Rippel, Chris Young and Kyle Whitney of JLL represented the seller, Houston-based Sentinel Capital LLC, in the transaction. Laura Sellingsloh of JLL originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, Alfa TX Investment Group. Willow Ridge has had an average occupancy rate of 93 percent over the past five years.
STILLWATER, OKLA. — Marcus & Millichap has arranged a bridge loan of an undisclosed amount for the recapitalization and acquisition of a 475-bed student housing property located one block from Oklahoma State University in Stillwater. Todd McNeill and Jacob Rich of Marcus & Millichap arranged the 36-month, nonrecourse loan on behalf of the undisclosed borrower. The name of the property and direct lender were also not disclosed.