MONTANA — Monticello has provided a $2 million working capital loan to the operating companies of two skilled nursing facilities totaling 338 beds in Montana. Monticello’s asset-based lending group, Monticello Commercial Capital LLC, provided the financing. No further details were disclosed.
HUNTERSVILLE, N.C. — HHHunt Corp. has broken ground on Abberly Liberty Crossing, a 320-unit multifamily community in Huntersville. The developer expects development costs to total more than $55 million. The property will offer one- through three-bedroom floor plans ranging from 792 to 1,499 square feet. Unit interiors will include Shaker-style cabinets, granite countertops, stainless steel appliances and wood-style flooring. Communal amenities will include a fitness center, pool, sundeck, dog park, car charging stations and a car care center. The complex will be situated near the intersection of Independence Hill and Keith Hill roads, 12 miles north of downtown Charlotte. HHHunt expects to deliver the community by fall 2021. HHHunt also developed Abberly Woods in Charlotte and Abberly Green in nearby Mooresville.
SEATTLE — Greystone has provided a $13.9 million HUD loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Shana Daby and Lorie Hanson of Greystone originated the transaction on behalf of the borrower, Lake City Project Associates. The non-recourse loan features a fixed interest rate and a 40-year term and amortization. As a green-certified and energy-efficient HUD housing project, The Savoy at Lake City also qualifies for a reduction in mortgage insurance premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake City is a four-story building on Seattle’s north side that consists of 80 one- and two-bedroom units.
NASHVILLE, TENN. — Capstone Apartment Partners has arranged the $15 million sale of The Lofts at Rose Monte, a 229-unit apartment complex in south Nashville. The property offers two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse and laundry facilities. The property was delivered in 2017 and was 96 percent occupied at the time of the sale. The Lofts at Rose Monte is located at 3705 Lausanne Drive, 12 miles south of downtown Nashville near Brentwood and Franklin, Tenn. Austin Heithcock, Adam Klenk, Tyler Mayo and Jonathan Hawks of Capstone procured the buyer, Washington D.C.-based RSE Capital Partners. The seller was not disclosed.
WALTHAM, MASS. — Marcus & Millichap has arranged the $5.1 million sale of two apartment buildings totaling 21 units in the western Boston suburb of Waltham. The first property is located at 30A Amory Road, totals 11 units and sold for $2.3 million. The second building is located at 266-274 River St., features 10 units and fetched a sales price of $2.8 million. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap represented the sellers and procured the buyers in both transactions.
FORT WORTH, TEXAS — Dallas-based apartment developer Lang Partners has completed The Cooper, a $65 million, 390-unit apartment project located at 1001 W. Rosedale St. in Fort Worth’s Near Southside district. The Cooper features a mix of one-, two- and three-bedroom units ranging in size from 540 to 1,810 square feet, with rents starting at $1,200 per month for a one-bedroom unit. Amenities include a pool, outdoor grilling areas, a fitness center with a yoga studio, pet park, coworking office space and a media center. GFF designed the project, and KWA Construction served as the general contractor.
OKLAHOMA CITY — Hines, in partnership with Humphreys Capital, has broken ground on a 326-unit luxury multifamily project within the Classen Curve development in the Nichols Hills submarket of Oklahoma City. The community will offer one, two- and three-bedroom units and amenities such as a pool, fitness center, clubroom, library, dog run and outdoor courtyards. Dwell Design Studio is the project architect. The first units are expected to be available for occupancy in early 2022.
JACKSONVILLE, FLA. — Summit Contracting Group has broken ground on Lofts at Murray Hill, a 117-unit apartment complex in Jacksonville’s Murray Hill neighborhood. Communal amenities will include a fitness center, club room, resident lounge and a dog walk area. The four-story community will also offer 11,000 square feet of ground-level retail space. Designed by Group 4 Design Inc., Lofts at Murray Hill is located at 840 Edgewood Ave. S., five miles southwest of downtown Jacksonville. The developer, The Vestcor Cos., expects to deliver the property in fall 2021. The mixed-income property will offer units at market rate, and for workforce and affordable housing.
DECATUR, GA. — Olive Tree Property Holdings LLC has sold The Life at Peppertree Circle, a 167-unit multifamily community in Decatur, for $13.1 million. The property offers one- and two-bedroom floor plans and a pool. The asset is located at 3321 Peppertree Circle, 11 miles east of downtown Atlanta. Olive Tree acquired the complex in 2017 for $4.8 million. The New York City-based company implemented a value-add program, which included restoring 32 units that were damaged due to fire. The buyer was not disclosed.
LA VERNE, CALIF. — Truist Financial Corp. has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The borrower was not disclosed. The funding will be used to refinance existing debt and support the construction of a new independent living component named Hawthorne Homes. The 24,000 square-foot addition will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, clerestory windows and energy-efficient appliances. Construction is scheduled to begin this week, and completion is set for summer 2021. Upon completion of the new units, the Hillcrest campus will consist of 240 independent living units, 48 assisted living units, 24 memory care beds and 59 licensed skilled nursing beds.