BRAINTREE, MASS. — Colliers International has negotiated the $15.2 million sale of Windjammer Cover Apartments, a 72-unit, waterfront apartment community in Braintree. Located at 79 Shaw St., the property features a mix of studio, one- and two-bedroom units. Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins of Colliers represented the sellers, WJ Partners LLC and Oak Sapling Partners LLC, in the transaction. The buyer was True North Capital Partners LLC.
BOSTON — MassHousing has provided $2.1 million in affordable housing financing from the agency’s Workforce Housing Initiative to support the development of 233 Hancock, a five-story, 36-unit workforce housing community being developed by Arx Urban in Dorchester. The financing will help transform two former automobile repair shops into 36 units of new mixed-income homes, including 21 units of workforce housing. Of the 36 new apartments, 10 will be affordable for working households earning up to 80 percent of the Area Median Income (AMI), and 11 apartments will be affordable for working households earning up to 100 percent of AMI. The remaining 15 units will be rented at market rates. The AMI for Boston is $107,800 for a family of four. Additional financing for the project is being provided by the Property and Casualty Initiative, which is providing $9.4 million in construction and permanent financing. Other sources include $3.2 million of private equity and $500,000 in Community Preservation funding from the City of Boston. Haycon is serving as general contractor on the project. The architect is RODE Architects Inc.
AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital, the multifamily mortgage banking arm of Enterprise Community Investment Inc., has arranged $49.3 million in acquisition financing for a pair of multifamily assets in Austin. The company arranged a $34.3 million loan for Northwest Hills, a 314-unit community; and a $15 million loan for The Place at Terracina, a 170-unit property. Kevin Bowen of Bellwether placed the loans for the properties, both of which have 51 percent of their units reserved for residents making 80 percent or less of the area median income, through Fannie Mae’s Special Public Purpose program.
OKLAHOMA CITY — Arlington-based investment firm 180 Multifamily Capital has acquired Pheasant Run, a 271-unit apartment community in Oklahoma City. Situated on 12 acres on the city’s northwest side, the property features one- and two-bedroom units and amenities such as a pool, clubhouse and onsite laundry facilities. 180 Multifamily will renovate and rebrand the community, which was acquired from the undisclosed developer.
ALLEN, TEXAS — Florida-based finance firm Churchill Stateside Group LLC (CSG) has provided a $12.9 million HUD construction loan for Springwood at Allen, a 92-unit community in the northeastern Dallas suburb of Allen that will serve seniors aged 62 and above. CSG closed the loan through HUD’s 221(d)(4) program on behalf of an undisclosed borrower. Construction of the community began in December 2018.
VERNON HILLS, ILL. — FPA Multifamily LLC has acquired The Commons at Town Center in the North Shore community of Vernon Hills for an undisclosed price. The property consists of 85 apartment units and more than 10,000 square feet of ground-floor retail space leased to Sam Martirano Salon & Spa, Hawthorn Dental Associates, Design Studio Jewelry, Eight Piece and Giuseppe’s Pizza. Completed in 2010, the six-story property is located just northwest of Highway 45 and North Milwaukee Avenue. Community amenities include a heated parking garage, fitness center, hospitality room and resident lounge. Both the residential and retail components are fully leased. Wick Kirby, Sean Fogarty, Marty O’Connell and Kevin Girard of HFF marketed the property on behalf of the seller, Inland Residential Properties Trust Inc. The team also procured the buyer.
EVERGREEN PARK, ILL. — Interra Realty has brokered the sale of Riviera Apartments for $6.6 million. The 84-unit apartment property is located at 9739 S. Kedzie Ave. in Evergreen Park, approximately 15 miles south of Chicago. Built in 1968, the property includes three buildings. James Clough of Interra represented both the buyer and the seller. The buyer plans to make interior renovations, including new kitchens and baths, in order to boost rents to the market rate.
BANDON, ORE. — 1031 Crowdfunding LLC, through its affiliate 1031 CF Properties LLC, has acquired an 84-unit assisted living and memory care facility in Bandon, a coastal city in the southwest portion of Oregon. The purchase price was $19.1 million. The existing operator, Seasons Management, will continue to manage the property following the sale. Although the name of the property was not released, Pacific View Senior Living Community is Seasons’ only community in Bandon. The 72,430-square-foot community has featured an average occupancy of 92 percent under Seasons, which has operated the property since 2013. “Seniors housing has already outperformed other noted real estate sectors in the past and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and chief executive officer of 1031 Crowdfunding. “The acquisition of this facility is a great way to start off the new year.”
PHILADELPHIA — Hunt Real Estate Capital has secured a $5.85 million loan to refinance Terrace Lofts, a four-story, 32-unit multifamily building in the Manayunk neighborhood of Philadelphia. The property includes both one- and two-bedroom floor plans. Hunt Real Estate Capital secured a 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a local real estate investor. The lender was not disclosed.
SCRANTON, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a three-property skilled nursing portfolio in the Wyoming Valley region of Northeast Pennsylvania. Blueprint represented the sellers, a private investor and regional operator. A REIT, along with an operational partner with an existing presence in the state, acquired the properties for an undisclosed price. Located along a 25-mile stretch in the Scranton/Wilkes-Barre market, the portfolio consists of 416 licensed beds. Ownership recently completed substantial renovations. The facilities were 85 percent occupied and generating over $34 million in total revenue with improving operating margins. Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint handled the transaction.
