JOHNSON CITY, TEXAS— Senior Living Investment Brokerage (SLIB) has negotiated the sale of LBJ Medical Center, a 60-bed skilled nursing facility in Johnson City, approximately 45 miles west of Austin. The property was built on 2.6 acres in 1989 and totals 16,045 square feet. A local owner-operator exiting the seniors housing industry sold the asset to a regional owner-operator based in Texas that will implement a capital improvements program. Matthew Alley of SLIB arranged the transaction.
RIVERSIDE, CALIF. — PSRS has secured $19 million in refinancing for Riverside Meadows, a 358-unit manufactured home community in Riverside. Michael Tanner and Jonny Soleimani of PSRS’ Los Angeles office arranged the non-recourse loan that features a 10-year term and 30-year amortization schedule. Situated among the 15, 60 and 215 freeways, Riverside Meadows features mostly double-wide lots and an array of amenities.
MANHEIM AND LITITZ, PA. — Ziegler has arranged a $53 million construction loan for two seniors housing expansion projects in Pennsylvania. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing continuing care retirement community in the South Central Pennsylvania borough of Manheim. This community was originally built in 1954 and features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The second project, the Lofts at Lititz, will consist of 32 independent living units on the site of the historic Wilbur Chocolate Factory in downtown Lititz, a neighboring town. The borrower was Pleasant View Communities.
13,556-square-foot residential development site at 3602 Holland Ave. in the Williamsburg neighborhood of Brooklyn. The property is zoned for the development of a 20-unit multifamily building. Menachem Babayov of Westbridge Realty represented the buyer, SHG 3602 LLC, and Steven Westreich represented the seller, Chukwuemeka Dike.
KOKOMO, IND. — The Annex Group has opened Union at Washington, a 51-unit affordable housing community in Kokomo, about 50 miles north of Indianapolis. Located at 918 N. Washington St., the property features a fitness center, playground, computer center and outdoor grilling space. RiverHills Bank provided construction and permanent finance of more than $6.5 million. Cinnaire invested more than $7 million in tax credit equity for the project. T&H Investment Properties LLC is co-developer and co-owner. Other project partners include The Kokomo Community Development Corp. and the Indiana Housing and Community Development Authority.
CLEARWATER, FLA. — McShane Construction Co. has delivered 1100 Apex, a 134-unit multifamily community in downtown Clearwater. The property offers studio through three-bedroom floor plans. Unit interiors feature stainless steel appliances, quartz and granite countertops, wood plank flooring and private balconies. Communal amenities include a clubhouse, fitness center, putting green, pool, outdoor lounge with grills, a fire pit and private cabanas. The asset also includes a parking deck with 202 parking spaces and 4,300 square feet of ground-level retail space. GSP Development developed the 15-story building and Kimmich Smith Architecture designed the community. Located on 2.1 acres at 1100 Cleveland St., the asset is situated equidistant from Tampa Bay and downtown Tampa.
VIERA, FLA. — ConcordRents has started construction of Venue at Viera Senior Living Apartments, a $32 million, 145-unit affordable seniors housing community in Viera, a master planned community located on Florida’s Space Coast near Melbourne. Units are reserved for seniors making between 40 percent and 80 percent of the area median income (AMI). Funding for Venue at Viera Senior Living comes from $16.8 million in tax-exempt bonds issued by the Brevard County Housing Finance Authority and $11 million in equity from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. The developer, Atlantic Housing Partners, also provided some funding sources.
HURST, TEXAS — Senior Living Investment Brokerage (SLIB) has brokered the sale of Bishop Davies Nursing Care Center, a 161-bed skilled nursing facility in Hurst, located between Dallas and Fort Worth. An owner-operator looking to exit the industry sold the property to a regional seniors housing owner-operator from Louisiana for $8 million. The 70,000-square-foot facility sits on a 5.2-acre lot and was 74 percent occupied at the time it was listed.
BEAVERTON, ORE. — Miami-based Pensam has provided $52 million in capital to refinance Rise Central, a multifamily property located at 12875 SW Crescent St. in Beaverton. The floating-rate loan has a three-year term with extension options. The name of the borrower was not released. Built in 2019, Rise Central features 230 apartments and more than 5,000 square feet of retail space. With rents ranging from $1,000 to $3,200 per month, the community offers units with high-end finishes and open floor plans, along with a resort-style amenity package. Additionally, the property is located adjacent to the train station in the Westgate Redevelopment Master Plan, which comprises a 45,000-square-foot arts and cultural center and a hotel.
NEW YORK CITY — Global One Real Estate Fund II, an affiliate of locally based investment firm Nelson Management Group, has acquired The John Adams, 115-unit apartment building in the Forest Hills neighborhood of Queens. The sales price was $26.5 million. The six-story building offers proximity to several public transit lines and amenities such as bike storage space, package lockers and onsite laundry facilities. The seller was not disclosed.