FORT WORTH, TEXAS — MedEquities Realty Trust Inc. (NYSE: MRT) has signed a 15-year lease with Creative Solutions in Healthcare, a Fort Worth-based operator of skilled nursing and assisted living facilities. Beginning in 2019, Creative Solutions will assume operations of all 10 MedEquities facilities currently leased to an affiliate of OnPointe. Creative Solutions currently operates 55 skilled nursing and assisted living facilities in Texas.
MALDEN, MASS. — Cornerstone Realty Capital has arranged the $3.4 million refinancing for a two-property portfolio in Malden. The two properties include a nine-unit apartment building and a two-story industrial building on Maplewood Street. The industrial facility was renovated in 2004 and includes seven commercial units. Andrew Saccone of Cornerstone secured the fixed-rate financing on behalf of an undisclosed borrower. Terms of the financing included an interest-only payment period followed by a 25-year amortization schedule. The lender was undisclosed.
NOVI AND WEST BLOOMFIELD TOWNSHIP, MICH. — Greystone has provided a total of $46.5 million for the refinancing of two multifamily properties in suburban Detroit. Fred Levine of Greystone originated both Fannie Mae loans on behalf of the borrower, Singh Development Co. A $27 million, 10-year loan will be used to refinance Main Street Village Phase II in Novi. Built in 2003, the community features 148 garden-style units as well as a pool, spa, fitness center, playground, clubhouse and business center. A $19.5 million loan will be used to refinance Brandywine Apartments in West Bloomfield Township. Built in 2002, the 121-unit community features the same amenities as Main Street Village. For both transactions, Greystone leveraged Fannie Mae’s Green Rewards program, which provides borrowers committed to making energy or water usage improvements with favorable financing terms.
EDWARDSVILLE, ILL. — Holland Construction Services has broken ground on a $34 million apartment community known as Whispering Heights in Edwardsville, located near St. Louis. Fireside Financial is the developer. The community will feature two six-story buildings with a total of 153 luxury units. The development will also include 18,000 square feet of retail and restaurant space. Additional features include a fitness center, business center and rooftop amenity deck with grilling stations, fire pits and a bar area. Completion is slated for fall 2019. Gray Design Group is the project architect. David Garfinkel of NorthMarq Capital arranged a $21.8 million construction loan for the project through Illinois National Bank.
TORONTO — Starlight Investments, a Toronto-based investment and asset management firm, has received $800.4 million in refinancing for 23 of its multifamily properties in the United States. The portfolio of Class A assets totals 7,289 units across eight states. Specific markets in which the properties are located include Atlanta, Charlotte, Dallas, Denver, Houston, Las Vegas, Nashville, Orlando, Phoenix, Raleigh, San Antonio and Tampa. The average year of construction for the portfolio is 2012 and the average overall occupancy rate is 93 percent. The names of the properties were not disclosed. The financing package was originated as a Freddie Mac structured pool transaction, with five-, six- and seven-year loan terms and a mix of fixed and floating interest rates. Approximately half the units were financed under Freddie Mac’s Green Advantage program, which is available to borrowers that implement energy- and water-saving features to their multifamily properties. Matt Kafka, Campbell Roche and Matthew Williamson, Tolu Akindele and Wilson Bauer of HFF placed and serviced the financing on behalf of Starlight Investments and its closed-end fund, Starlight U.S. Multi-Family (No. 5) Core Fund. “Given the high-performing nature of the assets and diversity of the income stream, Freddie Mac’s Structured Solutions Group was able …
CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided a $105.8 million HUD loan for 16 skilled nursing facilities located throughout Texas. The financing was used to fund the acquisition of 12 properties and to refinance four other properties. The portfolio totals 1,924 beds. Grant Saunders and Peter Trazzera of KeyBank originated the loan on behalf of the borrower, a joint venture between Capital Senior Ventures and BlueMountain Capital Management.
NORCROSS, GA. — Admiral Capital Group and Elite Street Capital have completed the disposition of The Fields Peachtree Corner, a multifamily property located on One Ashley Lakes Drive in Norcross, about 20 miles northeast of Atlanta in Gwinnett County. An undisclosed buyer acquired the 490-unit asset for $51.2 million. Through a joint venture, Admiral and Elite acquired the community in May 2016 for $36.3 million and implemented a repositioning and capital improvements program. Renovations included deferred maintenance, enhancing exteriors and upgrading interior units. Select improvements included fitness center, pool area and other amenity upgrades, replacement of wooden decks and landscaping improvements. Interior renovations included replacing countertops, modernizing kitchen cabinets, appliances and flooring and renovating bathrooms. Dan Phelan of Newmark Knight Frank handled the transaction.
FAIRVIEW, N.J. — J.P. Management has acquired the Fairview, a 12-story apartment property in Fairview for $43 million. Located at 371 Bergen Boulevard, the property consists of 146 units and was fully renovated in 2017. Amenities at the property include a swimming pool, fitness center, covered parking and views of the New York City skyline. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, Jordan Avanzato and Ryan Robertson of HFF represented the seller, Roizman Development Inc., in the transaction.
WASHINGTON, D.C. — Divco West Real Estate Services (DivcoWest), a real estate investment firm based in San Francisco, has opened an office in Washington, D.C. Located at 1620 L St. N.W., the new location joins the firm’s roster of offices in Boston, Los Angeles and New York. Additionally, DivcoWest has acquired Avalon Woodland Park, a 392-unit apartment community in Herndon, Va., for an undisclosed price. The company purchased the asset in partnership with Arlington, Va.-based Blackfin Real Estate Investors and renamed the property as Adara Herndon. The gated community features a fitness center, resort-style pool, picnic tables and park benches, sand volleyball court, children’s playground and private garages.
NEW YORK CITY — Greystone has provided an $8.2 million Fannie Mae loan to refinance a three-property multifamily portfolio in Queens. The portfolio consists of three, rent-stabilized properties totaling 52 units. The properties are located at 177-50 South Conduit Ave., 176-20 and 177-16 South Conduit Ave. Amenities at the properties include on-site laundry, covered parking and community rooms as well as video security. Terms of the financing included a 10-year term and a 30-year amortization schedule. The borrower was undisclosed.