LOS ANGELES — Paragon Mortgage has funded a $16.3 million loan to refinance All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service.
ROCHESTER, N.Y. — Developer WinnCos. has completed Liberty Lofts at Sibley Square, a $23.6 million workforce housing project in Rochester. The property, which is a redevelopment of a historic 1.1 million-square-foot building, adds 104 units to the local supply. Fifty-three units are available at rents of up to 60 percent of the area median income (AMI); three units are available at rents up to 100 percent of AMI; and 48 units are available at rents of up to 110 percent of AMI. The Architectural Team of Chelsea, Mass. designed the project, and DiMarco Constructors served as the general contractor.
ALBANY, N.Y. — Berkadia has arranged a $5.2 million bridge loan for Albany Apartments. The undisclosed borrower will use the proceeds to acquire and convert the building, which was originally constructed as a townhouse-style hotel, into a 112-unit multifamily community with studio, one- and two-bedroom floor plans. John Sigeti of Berkadia arranged the nonrecourse, interest-only loan, which was structured with a 24-month term and a 75 percent loan-to-value ratio.
WAUKESHA, WIS. — New Perspective has opened New Perspective Waukesha, a 128-unit independent living, assisted living and memory care community in the Milwaukee suburb of Waukesha. Amenities include a pool, dance hall, fitness center, café, movie theater and enclosed courtyard. This is the second community that the owner-operator has opened in the past two months. New Perspective’s portfolio consists of 24 communities in Minnesota, North Dakota, Wisconsin and Illinois.
MIAMI — Marcus & Millichap has arranged the sale of Hamilton on the Bay, a 28-story, 275-unit apartment complex in Miami. The property, which backs up to Biscayne Bay, is situated at 555 34th St., four miles north of downtown Miami. Built in 1985, the property offers studio to four-bedroom floor plans. Communal amenities include a dog park, fitness center, bike storage, outdoor kitchen, pool and a tennis court. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.
MCDONOUGH, GA. — Cushman & Wakefield has negotiated the $80 million sale of Colton Creek, a 500-unit multifamily community in McDonough. Built in 2009, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, playground, tennis court and a clubhouse. Colton Creek is located at 2014 Avalon Parkway, 30 miles southeast of downtown Atlanta. Mike Kemether, Alex Brown, Travis Presnell and Robert Stickel of Cushman & Wakefield represented the seller, Fairfield McDonough LLC, in the transaction. Newport News, Va.-based Chandler Residential acquired the property for $160,000 per unit.
CHASKA, MINN. — Lancaster Pollard Mortgage Co. has provided a $25 million loan for the refinancing of Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included tax-increment financing from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the community. Quintin Harris, who recently expanded his leadership role at Lancaster Pollard by taking helm of the Midwest team, led the transaction. The fixed-rate financing, which carries a 35-year term, also funds renovations.
MEMPHIS, TENN. — The Annex Group will develop Annex of Memphis, a 208-bed student housing community near the University of Memphis. The Indianapolis-based developer expects development costs to total $19.1 million. The property will offer studio, two-, three- and four-bedroom floor plans. Rents will range from $1,050 per month per student for studios down to $705 per month for four-bedroom units. Communal amenities will include a fitness center and covered parking. The Annex of Memphis will be situated at 3601 Midland Ave., two blocks from campus and seven miles east of downtown Memphis. The Annex Group expects to break ground in the coming weeks and will welcome its first students in summer 2021. Axis Architecture + Interiors designed the community, which Granite Student Living will manage upon completion. First Merchants Bank is providing construction financing.
NEW YORK CITY — A syndicate of investors led by Blackstone Real Estate Income Trust (BREIT) has acquired a $300 million stake in Tricon Residential, Toronto-based investment and development firm with a portfolio of approximately 30,000 single- and multifamily units in the United States and Canada. BREIT acquired the stake at an exchange price of $8.50 per share, which represents a 16 percent premium over Tricon’s 30-day weighted average trading price as of Aug. 26. Tricon will use the proceeds to pay off its corporate debt.
SCRANTON, PA. — Marcus & Millichap has brokered the sale of The Oppenheim Building, a 193,000-square-foot historic office property in downtown Scranton. The property was built in 1888 and was 27 percent occupied at the time of sale. Craig Dunkle and Jackson Day of Marcus & Millichap handled the sale on behalf of the undisclosed seller through Ten-X auction platform. The buyer, a Pennsylvania-based developer, will convert the building into a Class A multifamily property.