STONEHAM, MASS. — Rockport Mortgage Corp. has arranged a $32.8 million HUD loan for the refinancing of Mountain View Terrace Apartments, a 194-unit community located in the northern Boston suburb of Stoneham. Built in 1981 and renovated in 2011, the property sits on 8.2 acres and offers one- and two-bedroom apartments as well as three- and four-bedroom townhomes. A portion of the proceeds will be used to fund capital improvements. The owner of the property is 7th AP Co. LP.
WEST ORANGE, N.J. — Prism Capital Partners has begun leasing the final phase of The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, about 20 miles west of New York City. The property is part of the 21-acre Edison Village, which is a redevelopment of Thomas Edison’s historic Invention Factory and Commerce Center. Residential amenities include a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop lounge, a café and concierge services.
MINNEAPOLIS — JLL Capital Markets has brokered the sale of Stadium Village Apartments near the University of Minnesota for $25 million. Originally constructed in 1960, the 121-unit multifamily property is located at 1015 Essex St. within the Stadium Village neighborhood. Floor plans range from studios to two-bedroom units. Stewart Hayes, Josh Talberg, Dan Linnell, Mox Gunderson, Scott Clifton, Teddy Leatherman and Riley McChesney of JLL represented the seller. Buyer and seller information was not disclosed.
OAK CREEK, WIS. — Greystone has provided a $9.3 million Fannie Mae loan for the refinancing of Country Oaks Apartments in Oak Creek, just south of Milwaukee. The 300-unit multifamily community features a swimming pool and a stackable washer and dryer in each unit. Clint Darby of Greystone originated the fixed-rate, 10-year loan, which features a 30-year amortization. The borrower was undisclosed.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief investment officer title. Details of seniors housing sales The sales price of the Western portfolio totaled $702 million, or $466,000 per unit. The unnamed properties are situated in California, Washington and Nevada and have an average age of 12 years. Welltower’s previous ownership stake in the portfolio was 80 percent. The buyer was not disclosed. The sales price of the Massachusetts portfolio totaled $200 million, or $395,000 per unit. The unnamed properties have an average age of 19 years. Welltower is reducing its ownership stake from 95 percent to 20 percent. The remaining 80 percent of the portfolio will be owned by a fund co-managed by Taurus Investment Holdings and …
LONE TREE, COLO. — Colorado Springs-based Griffis/Blessing has completed the disposition of Lofts at Lincoln Station, a four-story apartment building located at 9375 Station St. in Lone Tree. Boston-based Eaton Vance acquired the property for $30.5 million. Built in 2015, Lofts at Lincoln Station features 102 apartments in a mix of one- and two-bedroom layouts, with an average unit size of 787 square feet. Community amenities include a clubhouse, fitness center, dog wash station, outdoor kitchen and outdoor wading pool with two spas. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.
TUCSON, ARIZ., AND OKLAHOMA CITY, OKLA. — Gantry has secured $86.5 million in refinancing for a seven-property multifamily property in Arizona and Oklahoma. Patrick Barkley, Chad Metzger and Kevin Valenzuela of Gantry represented the borrower, BWL Properties, in the transaction. Wells Fargo arranged the 10-year Fannie Mae loans with five years of interest-only payments. Totaling 1,601 units, the seven apartment communities were built between 1972 and 1985.
TORRANCE, CALIF. — Oakmont Senior Living has opened Oakmont of Torrance, an assisted living and memory care community in the South Bay region of Los Angeles County. Oakmont of Torrance is the first of several Oakmont communities to open during the 2020 pandemic. Guests at the grand opening event were required to RSVP, wear masks, social distance and follow safety precautions. The 106,613-square-foot community sits on nearly two acres and features 55 assisted living units and 32 memory care units.
QUINCY, MASS. — MassHousing has provided a $28.9 million loan for the refinancing of Town Brook House, a 151-unit multifamily community in Quincy, a southern suburb of Boston. The owner and borrower, Wollaston Lutheran Housing Corp., rents the property to senior citizens that qualify for affordable housing status. A portion of the funds will be used for capital improvements. The building was constructed in 1980 and consists of 136 one-bedroom units and 15 two-bedroom units. Amenities include a lounge, common activities area and a communal kitchen. Law firm Nixon Peabody advised the borrower in the transaction.
HIALEAH, FLA. — Principal Real Estate Investors has provided a $53.5 million construction loan for the residential portion of Pura Vida Hialeah. The borrower, Coral Rock Development Group, is developing the property, which also features 40,000 square feet of adjacent retail space. The apartment community, dubbed The Residences at Pura Vida, will feature 260 units spanning three eight-story buildings. One of the buildings will offer 11,000 square feet of ground-floor retail. The property will offer studio through three-bedroom floor plans, ranging from 538 to 1,099 square feet. Communal amenities will include a pool, gym, barbecue area, dog park, a biking center and 24-hour security staff. The developer expects to break ground in November and deliver the asset in early 2022. KAST Construction is the general contractor. The asset will be situated at 3051 W. 16th Ave., 13 miles northwest of downtown Miami. Pura Vida Hialeah began opening earlier this summer when Dollar Tree opened. InnovaCare Health will soon open in a 20,000-square-foot space. Construction of the retail portion began in April 2019.