WARRINGTON, PA. — LCS Real Estate has acquired The Solana Doylestown, a 98-unit seniors housing community in Warrington, located approximately 20 miles north of Philadelphia. LCS Real Estate brokered the transaction, and Life Care Services will provide management services; both are LCS companies. The community opened in 2016 and has a total of 70 personal care apartments and 28 memory care residences. Financial details and the name of the seller were not disclosed.
SAN JOSE, CALIF. — Urban Catalyst has unveiled plans for Delmas Senior Living @ Downtown West, a seniors housing community in downtown San Jose. The community will be the first new seniors housing community in the city’s downtown area in decades, according to the developer. The property will feature 52 assisted living units and 23 memory care units in a mix of studios, one-bedroom, and two-bedroom layouts. Construction is slated to start in first-quarter 2021 for completion in fourth-quarter 2022.
HOWE, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae financing for the acquisition of Westwood Manor Apartments, a 100-unit multifamily community in Howe, located north of Dallas near the Oklahoma border. The loan, which carried a 10-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for the borrower, Westwood Manor Apartments LLC.
DALLAS — Marcus & Millichap has brokered the sale of Vernazza, a 100-unit apartment community in Dallas. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based private investor, in the transaction. The Dallas-based buyer plans to upgrade the property’s unit interiors and exteriors.
NEW YORK CITY — Greystone has arranged a $50 million bridge loan for the refinancing of House No. 94, a recently constructed 75-unit multifamily building in the Williamsburg neighborhood of Brooklyn. An affiliate of Ares Management LLC provided the five-year, variable-rate loan to the borrower, an affiliate of Hudson Cos. Inc. Completed in 2018, the property offers mixed-income housing, ground-floor retail space and amenities including a 12,000-square-foot courtyard, tenant lounge and fitness center.
YUMA, ARIZ. — Lancaster Pollard Mortgage Co.’s affiliate OREC Structured Finance Co. has arranged a $12.7 million bridge loan for River Valley Estates, a seniors housing community in Yuma. The borrower is Mission Senior Living. The community features 56 assisted living units and 32 memory care beds. The transaction refinances the existing debt on the facility and provides equity at initial closing with an earn-out to allow the client to extract additional cash upon achievement of performance metrics. The lender was not disclosed. Rob McAdams led the transaction for Lancaster Pollard.
WILMINGTON, DEL. — Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit multifamily property in Wilmington, located approximately 25 miles southwest of Philadelphia. River Commons, which was redeveloped in 2004, offers two- and three-bedroom apartments with a community clubhouse. Andrew Townsend of Marcus & Millichap represented Evergreen in the transaction, the seller in which was not disclosed. Key Bank Real Estate Capital provided a Fannie Mae acquisition loan, and AMA Financial was the mortgage broker.
FITCHBURG, WIS. — JLL has brokered the $47.5 million sale of The Vue at Pinnacle Park in Fitchburg, a suburb of Madison. The 285-unit, Class A apartment property is located at 1300 Post Road. Built in 2014, the 9.8-acre property comprises five three-story buildings. Units average 976 square feet. Amenities include a pool, grilling area, fitness center, clubroom and pet washing stations. The property was 97 percent leased at the time of sale. Wick Kirby, Marty O’Connell, Kevin Girard and Amanda Friant of JLL represented the seller, Milwaukee-based Fiduciary Real Estate Development Inc. JLL also procured the buyer, Weidner Apartment Homes.
CHICAGO — OC Ventures has acquired Automatic Lofts, a 482-bed student housing community located adjacent to the University of Illinois at Chicago campus. The property — originally built as a telephone factory in 1901 — offers one-, three- and four-bedroom, loft-style units. Shared amenities include a fitness center, study lounges on each floor, a café, recreation room and laundry services. The new ownership plans to implement capital improvements such as building out a larger fitness center, renovating lobby and study areas and updating apartment furniture. Varsity Campus will manage the community. The seller and terms of the transaction were undisclosed.
WYOMING, MICH. — Magnus Capital Partners is transforming the former Studio 28 movie theater on 28th Street in Wyoming near Grand Rapids into a $35 million, 226-unit affordable housing project known as HOM Flats at 28 West. Magnus purchased the seven-acre, vacant property in October and has since started site development work. Preleasing is expected to begin in winter 2020 with occupancy commencing in summer 2020. Six buildings will be constructed along with 320 surface parking spots. Amenities will include a community room, coffee shop, bike storage, dog washing stations, playground and walking paths. The project team includes Rohde Construction, Hooker DeJong Architects, Exxel Engineering and American Preferred Management. Magnus is a private development firm with experience in workforce housing. Its founder Vishal Arora is from Zeeland, a suburb of Grand Rapids. Joining Magnus as an investor in the project is InSite Capital, a division of Chemical Bank. In addition, the Michigan State Housing Development Authority has awarded the project with low-income housing tax credits.
