RICHARDSON, TEXAS — Heavenrich & Co. has arranged the sale of The Plaza at Richardson, a 124-bed skilled nursing and memory care facility in Richardson, a northeastern suburb of Dallas. O&M Investments acquired the property for $6 million, or about $58,000 per operational bed. The previous owners recently converted a wing of the facility, which was built in 2006 and upgraded in 2010, to skilled memory care. The Plaza at Richardson was 83 percent occupied at the time of the sale. Heavenrich represented the seller, StoneGate Senior Living, in the transaction.
BELLEVUE, WASH. — Alliance Residential Co. is entering into the Bellevue market with a new construction senior living community to open in 2021. The property, Holden of Bellevue, will be a 136-unit assisted living and memory care facility located at 112th Ave. NE in Bellevue’s Highlands community. Architecture firm Ankrom Moisan designed the mid-rise building, and Alliance Pacific Northwest Builders was the general contractor.
APACHE JUNCTION, ARIZ. — The NAI Horizon Manufactured Housing Investments team of Russ Warner, Andrew Warner and Victoria Filice has negotiated the $5.4 million sale of Palms Mobile Home Park, located at 1050 E. Broadway Ave. in Apache Junction. NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Ariz. Built in 1970, Palms Mobile Home Park is an age-restricted community with 89 spaces. Amenities include a clubhouse with meeting space and a kitchen, shuffleboard courts and lighted streets. The price equates to a 2.6 percent capitalization rate using 2018 actual income and expenses. The buyer was First Exchange Co., operating as a qualified intermediary for White Sands MHC LLC c/o MHC Management Services LLC of Tampa, Fla.
CHICAGO — Greystone has provided $70.4 million in permanent financing through Fannie Mae for Morningside North Apartments in Chicago. Under a 20-year Section 8 Housing Assistance Payments (HAP) contract, all of the units at the 256-unit community are reserved for very-low income families making up to 60 percent of the area median income. The Fannie Mae refinancing has a 17-year term. Financed under the Fannie Mae MBS (Mortgage-Backed Securities) as Tax-Exempt Bond program, the borrower received tax-exempt financing from the Illinois Housing Development Authority in the form of long-term bonds. Additionally, Aegon is providing $30.5 million in tax credit equity that will be utilized for planned renovations. The transaction qualifies for the Fannie Mae Green Rewards Program, as the borrower plans to reduce water usage by 30 percent and energy use by greater than 15 percent. Built in 1981, Morningside North Apartments is an 18-story community made of primarily one-bedroom units. Amenities include a library, clubroom, community room, laundry room and storage space.
SUNDERLAND, MASS. — A partnership between Dallas-based Fountain Residential Partners and HC2 Capital has broken ground on a 150-unit student housing community near the University of Massachusetts Amherst. The property, which will include 38 units of affordable housing for other Sunderland residents, will offer one-, two- and three-bedroom floor plans. Amenities will include an 8,000-square-foot clubhouse with a gym, as well as outdoor gathering spaces. Stuart Roosth Architects designed the project, which is expected to be complete by summer 2020. Western Builders is serving as the general contractor.
NEW YORK CITY — Avison Young has negotiated the sale of a seven-story multifamily building in Manhattan for $16.5 million. Located at 29 Fifth Ave., the property includes 12 multifamily units and two ground-floor commercial spaces. The property location offers proximity to Greenwich Village neighborhood, near Washington Square Park, New York University and Union Square, as well as several subway lines and popular retail destinations. Avison Young represented the seller in the deal and Hildreth Real Estate Advisors represented the buyer, both of which requested anonymity.
GEORGETOWN, TEXAS — A partnership between Dallas-based MedCore Partners, developer The National Realty Group (TNGR) and operator Watermark Retirement Facilities will develop a 225-unit seniors housing community in Georgetown, a northern suburb of Austin. The property will be situated on 13.2 acres and will feature 125 independent living units, 80 assisted living residences and 20 memory care units. Construction is scheduled to begin in January 2020 and wrap up in summer 2021. A second phase is planned to add 90 independent living residences to the project, bringing the total unit count to 315.
CIBOLO, TEXAS — California-based Highridge Costa Development Co. has opened El Sereno Senior Living, a $21 million affordable seniors housing community in Cibolo, a northeastern suburb of San Antonio. The property features 136 units, 119 of which are reserved for seniors earning between 30 to 60 percent of the area median income. The remaining 17 units are rented at market rates. El Sereno Senior Living is currently 90 percent occupied.
STILLWATER, MINN. — The Lodge, a 139-unit senior living community, has opened in Stillwater, about 30 miles east of Minneapolis. The Lodge is the first phase of three planned phases at The Lakes at Stillwater, a $70 million senior campus near Long Lake managed by The Goodman Group. The Lodge offers independent living, assisted living, memory care and care suites for rent. The Goodman Family Operating Foundation and Intergenerational Living & Health Care Inc. are co-owners of ILHC of Stillwater LLC, the parent company of The Lodge at The Lakes at Stillwater. Phase II, Birchwood Landing, is underway and will offer 30 two-bedroom lake homes for rent. Phase III, Sandhill Shores, will offer 70 one- and two-bedroom luxury apartment residences for ages 55 and up. The Goodman Group expects to employ more than 70 individuals and serve more than 139 residents. JBG Design & Development is the development partner.
FISHERSVILLE, VA. — Berkadia has provided a $22.6 million construction loan for the development of Goose Creek Apartments, a multifamily community planned along Goose Point Lane in Fishersville. The project is Phase II of the apartment community being developed by Virginia-based Denstock. Amy Gay of Berkadia’s Richmond office originated the 40-year loan through HUD’s 221(d)(4) program on behalf of Denstock. The loan was underwritten with a fixed 4.49 percent interest rate and an 85 percent loan-to-cost ratio.