YOUNGSTOWN, OHIO — Greystone has provided $15 million in bridge financing for two skilled nursing facilities in Youngstown. The properties include Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing. The properties have undergone significant renovations and offer sub-acute care, skilled nursing, pulmonary care, wound care, orthopedic rehabilitation, a veterans program, concierge services and outpatient therapy. The Beeghly Oaks Center has a dialysis unit, and the Oasis Center offers diabetic management and a Parkinson’s program for residents and non-residents. Fred Levine of Greystone originated the loan.
RIVERSIDE, CALIF. — CBRE has provided a $24.9 million Fannie Mae refinancing for Welbrook Arlington, a 207-unit independent living, assisted living and memory care community in Riverside. MBK Senior Living operates the property, located about 55 miles east of Los Angeles, under a third-party management agreement. The borrower is a joint venture between Capitol Seniors Housing and Welbrook Senior Living. CBRE’s Aron Will arranged the refinancing. CBRE Multifamily Capital originated the 10-year, floating-rate loan with 48 months of interest-only payments through its Fannie Mae DUS Multifamily loan origination program. This is CBRE’s third financing of the property over a five-year period, and its second through Fannie Mae. Capitol and Welbrook acquired the property in 2013 as an independent living community. Shortly after the acquisition, the new owners executed a capital improvement program to modernize the property and convert one of the buildings into an assisted living and memory care facility. Since that time the property has experienced strong leasing and is currently over 93 percent occupied.
PHOENIX — SVN Desert Commercial Advisors has arranged the sale of a multifamily community, located at 717 E. Roeser Road in Phoenix. Luis Melendez sold the property to Shashikant Jogani with Pro Residential Services for $1.3 million, or $67,500 per unit. The 16,000-square-foot property features 20 two-bedroom apartments with individual meters for electricity. The buyer plans to implement a light renovation program to the property. Danny Lee of SVN Desert Commercial represented the seller and procured the buyer in the all-cash transaction.
DUNWOODY, GA. — Magnolia Capital has purchased Flats at Perimeter Place, an apartment community located at 60 Perimeter Place in Dunwoody. Northwestern Mutual sold the property for an undisclosed price. Robert Stickel, Mike Kemether and Alex Brown of Cushman & Wakefield represented the seller in the deal. Situated in Atlanta’s Central Perimeter submarket, the 323-unit community features a rooftop lounge with a tennis court, grilling station and bocce ball court; resort-style swimming pool; fitness center with a yoga studio, cardio theater and fitness classes; and four electric car charging stations.
SAN JOSE, CALIF. — Republic Urban Properties has sold Meridian at Midtown in San Jose for $104 million. The luxury apartment community includes 218 units and 14,000 square feet of ground-floor retail space. The property is situated at 1432 W. San Carlos St., less than one mile west of downtown and just north of I-280. The location is surrounded by restaurants and retail, as well as just a few blocks from a light rail station. Built in 2015, the mid-rise property offers amenities such as fitness centers, conference rooms, a resort-style pool, community lounge, dog park and playground. Retail amenities include The Breakfast Club and Starbucks. Floor plans average 875 square feet each. Scott Bales, Peter Yorck and Eric Bet of HFF arranged the sale on behalf of the seller, Republic Urban Properties LLC, a division of the Republic Family of Cos. The buyer was not disclosed. — Kristin Hiller
RIDGEWOOD AND MONTCLAIR, N.J. — Evans Senior Investments (ESI) has arranged the sale of a two-property skilled nursing portfolio in New Jersey for $31.5 million. Totaling 161 beds, the two Van Dyk Health Care facilities are located in Ridgewood and Montclair, approximately 15 miles apart from each other and just west of Manhattan. ESI represented the seller, an independent owner-operator, in the transaction. The buyer was a New York-based private equity group, and a New Jersey-based operator will manage both communities.
ARLINGTON, VA. — HFF has arranged the sale of 672 Flats, a newly completed multifamily community located in Arlington’s Ballston submarket. The Chevy Chase Land Co. acquired the property from a joint venture between The Penrose Group and Clark Enterprises for $90 million. Walter Coker and Brian Crivella of HFF represented the seller in the deal. The buyer purchased the property free and clear of existing debt. Jamie Leachman, Chris Hew and Nicole Brickhouse of HFF’s debt placement team arranged a 12-year, fixed-rate acquisition loan through USAA Real Estate for the buyer. The six-story community features 173 apartment units, ranging from studio to two-bedroom loft- and flat-style floorplans, with open layouts, stainless steel appliances, custom cabinetry and pantries with built-in microwaves, fixed and movable kitchen islands, hardwood-style flooring and full-sized washers/dryers. Community amenities include a resident lounge with bar, game room with billiards, poker table shuffleboard, air hockey and gaming center; fitness room with cardio, free weights and boxing/kickboxing; cyber lounge/mail room with computer stations and coffee service; bike storage; and controlled-access garage parking.
CHARLOTTE, N.C. — Hunt Real Estate Capital has provided a $18.3 million Fannie Mae multifamily loan for the purchase of Fields at Archdale Station, a multifamily property located at 6614 Wisteria Drive in Charlotte. The borrower, Roseland, N.J.-based Gellar Associates, acquired the property from Elite Street Capital Grand Oaks Equity LP. The new loan has a 12-year term. Built from 1968 to 1975, Fields at Archdale Station features 243 apartments spread across 26 three-story apartment buildings. Situated on 14.6 acres, the garden-style community also features 489 parking spaces, a dog park, playground, outdoor kitchen, pavilion, picnic areas and a soccer field. Additional on-site amenities include a centralized laundry facility, on-site management and 24-hour emergency maintenance.
REDWOOD CITY, CALIF. — Levin Johnston of Marcus and Millichap has negotiated the sales of two multifamily assets located in Redwood City. The combined sales price was $32.1 million. Adam Levin and Robert Johnston of Levin Johnston handled the transactions. In the first deal, a private equity investment firm sold 180 Flats, a 48-unit apartment community in Redwood City, for $21.7 million. Built in 1964, the property features studio, one- and two-bedroom apartments with open floor plans, walk-in closets, private balconies and state-of-the-art appliances. Community amenities include two open community courtyards with barbecue areas and a new dog park. Levin Johnston represented the seller in the deal. In the second transaction, Levin Johnston arranged the $10.4 million acquisition of a 23-unit apartment community located at 3520-3540 Farm Hill Blvd. in Redwood City. Built in 1959, the property is in close proximity to local schools, dining, shopping and entertainment.
ATLANTA — Cortland has acquired Home at The Battery Atlanta, a 531-unit multifamily community, from a joint venture between Braves Development Co. (BDC) and Pollack Shores for $156 million. Walker & Dunlop brokered the transaction. The three-building property — to be renamed Cortland at the Battery Atlanta — offers 328 one-bedroom units, 195 two-bedroom units and eight three-bedroom units. The apartments were 92 percent occupied at the time of sale. Each building offers a range of shared amenities including swimming pools; a rooftop lounge and bar; an entertainment center with billiards, shuffleboard and an open kitchen; a poolside fitness center with cardio, CrossFit and yoga components; and a cyber café. The community opened in 2017 as part of The Battery Atlanta, a 1.5 million-square-foot mixed-use development surrounding SunTrust Park, home ballpark of the Atlanta Braves. The master-planned development features residential, retail, office and entertainment space. “We are pleased to add Cortland to The Battery Atlanta with their strong market leadership,” says Mike Plant, president and CEO of BDC. “This is an exciting next step in our master-planned development process by selling our residential component.” Cortland, an Atlanta-based multifamily real estate investment firm, owns and manages 140 communities in the United …