CHICAGO — Farpoint Development, Clayco and CRG have launched Decennial Group, a national Opportunity Zones (OZ) real estate and energy investment and development fund based in Chicago. The joint venture is targeting investment of $1 billion in development projects and is designed to leverage the OZ tax incentives created through the 2017 tax reform legislation. A formal fundraising campaign will be announced soon. The OZ marketplace is generating interest around the country for its potential to positively transform economically distressed communities. Decennial Group derived its name from its 10-year approach to investment and development, which positions neighborhoods for transformative, long-term and inclusive growth. The platform focuses on commercial, industrial, multifamily and energy projects located in OZs throughout America’s heartland. A differentiator from other OZ funds is Decennial’s renewable energy strategy, led by David Pavlik of 11 Million Acres, which has structured over $2 billion in renewable energy and infrastructure projects. Decennial includes Scott Goodman of Farpoint, Bob Clark of Clayco and Shawn Clark of CRG, Clayco’s real estate development and investment company. Steve Glickman of Develop LLC will serve as senior advisor to the management team. Decennial’s team also includes Dan Gilman, a private equity veteran who heads investments for …
VISTA, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vista Gardens, a 71-unit memory care community in Vista, located between San Diego and Los Angeles. A private equity firm based in Colorado acquired the community for $22.8 million as part of a growth strategy in seniors housing. The seller was a local, single-asset owner seeking to exit the industry. Vista Gardens totals 44,000 square feet and is located on a 4.5-acre plot. The price equates to $321,000 per unit. Alec Blanc of Monarch Advisors (an affiliate of SLIB) sourced the senior debt for the transaction. It consisted of an $18.1 million loan, including $1.9 million for planned capital expenditures, from a regional commercial bank. The loan is structured with a five-year term, interest-only payments for the first two years and partial recourse from the buyer with a burn-off provision. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
SEATTLE — Hunt Real Estate Capital has funded a $17 million first mortgage bridge loan for the refinancing of Anew Terry Apartments, a multifamily property located in Seattle’s First Hill neighborhood. The borrower is 423 Terry Partners, an affiliate of Anew Apartments. Built in 1911 and redeveloped between 2016 and 2018, Anew Terry Apartments features 112 units. Property amenities include a community space on each floor, digital doorman, work spaces, fitness center with yoga room, dog washing station, outdoor patio with barbecue grills and fire pit, courtyard, ground-floor lounge and bike storage with repair station. Greg Piantanida and Ryan Heiberg of GP Realty Financing arranged the financing.
CANTON, MASS. — HJ Sims has arranged $20 million in bonds to refinance Orchard Cove, a continuing care retirement community in Canton. Hebrew SeniorLife (HSL) operates the community, which opened in 1993. HJ Sims underwrote the original bonds to build the community in 1992, and has provided expansion financing and capital planning over the intervening years. The new transaction will refinance the community’s existing tax-exempt, fixed-rate bonds. Financing objectives included creating a level annual debt service schedule compared with the fluctuating existing schedule, and maximizing annual debt savings over the near term to fund community improvements without increasing the debt load. The maturity on the new bonds was extended and amortized over 30 years, but included a five-year call provision to maintain future flexibility. The maximum annual debt service was reduced by approximately $1.2 million, and aggregate debt-service savings over the next seven years will be $15.4 million, according to HJ Sims.
FENTON, MICH. — CAPREIT has acquired Silver Lake Hills, a 310-unit apartment community near Silver Lake Park in Fenton. The purchase price was not disclosed. Floor plans range from 700 to 1,810 square feet. CAPREIT plans to renovate the community with new flooring, appliances, countertops and fixtures. Upgrades will also be made to the clubhouse, fitness center, pool and dog park. This is CAPREIT’s second community in Michigan, joining Kensington at Beverly Hills in Southfield.
BARTLETT, ILL. — Love Funding has provided a $4.7 million HUD loan for the refinancing of Victory Centre of Bartlett Senior Apartments. Built in 2007, the 104-unit property is dedicated to residents 55 and older. Amenities include a library, dining area, clinic, salon and fitness center. Ken Charbauski of Love Funding secured the loan through HUD’s 223(f) loan insurance program. The nonrecourse loan will be used to pay off the existing loan and fund some minor repairs to the property.
WARNER ROBINS, GA. — Marcus & Millichap has arranged the $42 million sale of Sandpiper Apartments, a 34-building, 530-unit multifamily complex in Warner Robins. Built in 1986 and located on Leisure Lake Drive about seven miles from Robins Air Force Base, the property offers one- and two-bedroom floor plans. Amenities include a mini-movie theater, swimming pool, 24-hour fitness center and a dog park. Sandpiper Apartments was 97 percent occupied at the time of the sale. Dana Newton and Mike Maxwell of Marcus & Millichap’s Philadelphia office represented the buyer in the transaction. The seller was not disclosed.
TAMPA, FLA. — Uptown Ambrus Investments LLC has acquired University Gardens, a 292-unit multifamily complex in Tampa’s University Square submarket, for $23.5 million. A local limited liability company sold the asset. The asset features studio, one-, two- and three-bedroom floor plans. Built in phases between 1969 and 1974, the property offers amenities such as a courtyard, swimming pool, playground, volleyball court, pet play area and a picnic area. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan of Franklin Street represented both the buyer and seller in the transaction. Casey Siggins and Ben Miller of Franklin Street Capital Advisors provided acquisition financing for the buyer.
HARTFORD, CONN. — Chozick Realty has arranged the $7.5 million sale of Wickham Garden, a fractured condominium in Hartford. Located at 1267 Burnside Ave., the 100-unit complex was built in the mid-1960s and declared a condominium in 1988. Only 10 units were sold at that time, leaving the property as a “fractured” condominium complex with 90 apartment units. Rick Chozick of Chozick Realty represented the seller in the transaction, who acquired the property in the mid-1990s. The buyer was North Point Management.
FRAMINGHAM, MASS. — Marcus & Millichap has brokered the $2.8 million sale of a 22-unit apartment building in downtown Framingham. Located at 139-143 Hollis St., the property is comprised of 12 two-bedroom units, nine one-bedroom units and one studio apartment. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.