CHICAGO — SVN Chicago Commercial has brokered the sale of Baric Commons in Chicago’s West Pullman neighborhood for $10.6 million. The 141-unit multifamily community is located at 232 E. 121st Place. Jeff Baasch and Finley Askin of SVN brokered the transaction. An out-of-state private investment group purchased the asset from an undisclosed seller.
NORTH PROVIDENCE, R.I. — Tryko Partners has acquired Hopkins Manor, a 200-bed skilled nursing facility in North Providence, for $14.5 million. Located on four acres at 610 Smithfield Road, the property provides short-term rehabilitation, long-term, Alzheimer’s and dementia care services, as well as hospice and respite services. Tryko will invest $5 million to renovate the facility, which will be renamed Lincolnwood Rehabilitation & Healthcare Center.
BAYONNE, N.J. — KRE Group has opened Bay 151, a 200-unit multifamily community in Bayonne. Located at 151 Centre St., Bay 151 offers studio, one-, two- and three-bedroom floor plans and 10,000 square feet of retail space. The three-building community features 15,000 square feet of indoor and outdoor amenities, including a fitness center, an outdoor deck with dining areas, grilling stations and a swimming pool. Residents also have access to a library and coworking space, a business center and a billiards room with club seating. The property offers convenient access to the Hudson-Bergen transit station. Hudson Projects designed the property.
WEEHAWKEN, N.J. — Gebroe-Hammer Associates has brokered the $25.3 million sale of Hamilton House, a 99-unit multifamily property in Weehawken, just west of Manhattan. Located at 700 John F. Kennedy Blvd. East, the 12-story building was constructed in 1964 and offers a mix of 21 studio, 59 one- and 19 two-bedroom layouts. Ken Uranowitz and Niko Nicolaou of Gebroe-Hammer represented the seller, Hamilton House LLC, in the transaction. The team also procured the buyer, Tuli Realty LLC.
BUFFALO, N.Y. — Gantry has arranged a total of $22.4 million in refinancing loans for two properties in Upstate New York. In the first transaction, a regional bank and a correspondent life insurance company provided a 10-year loan at a fixed interest rate of 3.1 percent to an undisclosed borrower. That loan provided permanent financing for a multi-tenant, mixed-use property located in an affluent suburb of Buffalo. The same lender provided a nonrecourse loan at a 10-year, fixed interest rate with a 30-year amortization. That loan provided permanent financing for a multifamily property located in the Hudson Valley region. Tom Grzebinski and Jack Stelianou of Gantry arranged the loans.
HOUSTON — Banyan Residential and financial partner Marble Capital have purchased Lofts at the Ballpark, a 375-unit apartment community located one block from Minute Maid Park and BBVA Stadium in downtown Houston. Built in 2001 by Houston-based Hanover Co., the four-story building is located at 610 Saint Emanuel St. and features one- and two-bedroom floor plans. Community amenities include a 24-hour business center, grills, spin room, game room, internet café with a coffee bar, movie theater and two swimming pools and sundecks. Lofts at the Ballpark is the first acquisition in the Houston market for Los Angeles-based Banyan Residential. The seller and sales price were not disclosed.
SUNNY ISLES BEACH, FLA. — Berkadia has arranged a $97 million construction loan for Las Marinas Apartments, a planned two-building, 256-unit complex in Sunny Isles Beach. New York Life Real Estate Investors provided the 15-year, fixed-rate loan with five years of interest-only payments. The lender has also committed to fund up to an additional $15 million subject to the satisfaction of certain undisclosed conditions. Each building will stand 17 stories and offer 128 units. The borrower and developer, The Brunetti Organization, will also use some of the loan proceeds to construct an eight-story, 860-parking space garage and a new seawall, as well as upgrade the adjacent Marina del Mar apartment complex. Marina del Mar was originally constructed in 1962. Las Marinas Apartments is located at 100 Kings Point Drive, 18 miles north of downtown Miami. Brunetti expects to break ground on the new multifamily buildings in July, with delivery expected 24 months thereafter.
LAKEWOOD RANCH, FLA. — LandSouth Construction has broken ground on Summerhouse Apartments, a planned 257-unit, five-building community in Lakewood Ranch. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a clubhouse, pool and dog fountains. The five-acre plot is situated at 11716 18th Place, 48 miles south of downtown Tampa. LIV Development is developing the asset, which is expected to deliver in winter 2022.
WEST LINN, ORE. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our growing portfolio,” says Rob Leinbach, Cadence principal. “Tanner Spring has a terrific reputation and we love the West Linn neighborhood. It is a unique property with sweeping views of the Willamette River valley that we believe is well positioned for the long term.” Cadence Living is currently developing, owns and/or operates communities throughout the South and West.
GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.
