IRVING, TEXAS — JPI, an Irving-based multifamily developer with more than 5,000 units under construction, has named former chief development officer Brad Taylor as its new CEO, effective as of July 1. In addition, the company has appointed Chris Clayton, formerly of Forest City Realty Trust, as its new CFO. JPI will also establish a board of directors consisting of Bobby Page, Ron Ingram, Mark Bryant and Kirk Motsenbocker, who previously served as the company’s executive committee. JPI’s adjustments to its leadership structure reflect the company’s effort to focus on optimizing current and future market opportunities.
BETHEL PARK, PITTSBURGH and NORTH VERSAILLES, PA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired three senior living communities in the Pittsburgh metro area. The properties include The Residence at Bethel Park in Bethel Park, The Residence at Whitehall in Pittsburgh and Point Pleasant in North Versailles. Grace Management will take over operations of all three communities. The Residence at Bethel Park is also a rebrand to reflect the new ownership of the community, which was formerly known as The Residence at Logan. Terms of the deal, including the seller and price, were not disclosed. CPF plans to make capital investments in the campuses.
KAPOLEI, HAWAII — Highridge Costa will hold a groundbreaking ceremony on Aug. 28 for the second phase of the $130 million Kulana Hale mixed-use affordable seniors housing and multifamily apartment project located at 1020 Wakea St. in Kapolei. Kulana Hale Phase II will feature a 13-story tower with 2,300 square feet of ground-floor retail space and 143 affordable apartments for low-income families. The second-phase tower will be built over a two-level concrete podium structure that will connect to the 154-unit first phase seniors housing tower to form a larger parking structure and podium deck. The third phase will include single-story retail space. Los Angeles-based Highridge Costa and Honolulu-based Coastal Rim Properties, owned by Franco Mola, are developing Kulana Hale jointly with support from nonprofit Hawaiian Community Development Board. SVA Architects designed the project, which Hawaiian Dredging Construction Co. is building. The development’s second phase will be financed with a combination of tax-exempt bonds, tax credit equity and a $17.9 million Rental Housing Revolving Fund Loan from the Hawaii Housing Finance and Development Corp. Citibank will be the construction lender and Royal Bank of Canada will be the tax credit investor.
CHICAGO — KeyBank Real Estate Capital has provided a $43 million Fannie Mae loan for the refinancing of a portfolio of nine multifamily buildings in Chicago known as Maynard at Elaine. The portfolio includes two adjacent parking lots comprising 101 spaces. The borrower, CLK Properties, purchased the portfolio in 2015 and completed a $9 million capital improvement plan. CLK’s management company manages the buildings. Erik Storz of KeyBank originated the loan. CLK is participating in the Fannie Green Rewards program, which provides financial incentives for owners that make water or energy conservation improvements to their properties within 12 months of the loan closing.
TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Santé of Tucson, a 103-bed short-term rehabilitation and transitional care facility in Tucson. The property was built in 2017, but struggled with occupancy and was placed into SEC receivership under the supervision of Thomas Seaman and Associates. Blueprint was brought on to market the property as a turnaround opportunity with a HUD assumption. A Chicago-based owner-operator that recently had success with another turnaround opportunity in Tucson bought the asset for an undisclosed price. The new owners rebranded the community as Sapphire Estates Rehab Centre. HUD approval for the loan assumption took approximately two months to complete, despite the government shutdown for part of the year. The Blueprint transaction team consisted of Amy Sitzman, Jacob Gehl and Humair Sabir.
BUCKEYE, ARIZ. — Mesa, Ariz.-based LJ Mainstreet Holdings has purchased Main Street Lofts at Verrado, a multifamily property located at 21068 W. Main St. in Buckeye, a suburb of Phoenix. Omaha, Neb.-based Waitt Verrado LLC sold the asset for $5.2 million. Situated within the Verrado master-planned community, Main Street Lofts features 45 units averaging 994 square feet, as well as a CVS/pharmacy and Basha’s grocery on the ground floor. Matt Kolano and Charlie Steele of Jones Lang LaSalle of Phoenix represented the seller, while Chris Roach and Matt Roach of Colliers International in Arizona represented the buyer in the deal.
CHARLESTON, S.C. — Madison Capital Group has broken ground on 577 Meeting Street, a 118-unit apartment complex within an Opportunity Zone in downtown Charleston. Madison Capital expects the project to deliver in early 2021. 577 Meeting Street will offer studio and one-bedroom floor plans. Patterson Real Estate Advisory Group arranged construction financing through CIBC Bank USA on behalf of Madison Capital, which is also raising equity for the project through a single-asset Opportunity Zone Fund. This is Madison Capital’s eighth multifamily development in Charleston.
OXNARD, CALIF. — NorthMarq has arranged $7.6 million in financing for Seawind Seniors Apartments, an age-restricted community in Oxnard, approximately 65 miles west of Los Angeles. The property features 101 units restricted to residents over age 55. The apartments are marketed as affordable. Marty Meagher and Gardiner Champlin of NorthMarq’s San Diego office arranged the fixed-rate, Fannie Mae loan with a 10-year, interest-only term. The financing pays off existing bonds.
CHARLESTON, S.C. — FCP and High Real Estate Group have sold Plantation Oaks, a 264-unit multifamily community in Charleston, for $36.1 million. New York-based White Eagle Property Group acquired the property. In July 2015, FCP recapitalized the property and became partners with High Real Estate for Plantation Oaks, as well as a property in Charlotte that also sold to White Eagle. Plantation Oaks offers one- and two-bedroom floor plans and communal amenities including a bark park, pet spa, 24-hour health club, residential clubhouse, car care center, boat parking, fitness center and a saltwater swimming pool. Alex Okulski and Anthony Rotunda of Newmark Knight Frank represented the sellers in the transaction.
DULUTH, MINN. — Dougherty Mortgage LLC has provided a $1.8 million HUD-insured loan for the refinancing of Lakeland Shores Apartments in Duluth, which is located along Lake Superior. The 46-unit community is restricted to disabled persons and residents age 62 and above. The property was originally constructed in 1987 and expanded in 2004. Units will be renovated as part of the refinancing, which features a 35-year term. St. Francis of Assisi Inc. was the borrower. Ecumen manages the property.