LYNN, MASS. — Cornerstone Realty Capital has arranged a $3.4 million loan to refinance a 27-unit multifamily building in Lynn. The four-story property was recently renovated and consists of a mix of studios, one- and two-bedroom units. Andrew Saccone of Cornerstone secured the fixed-rate, nonrecourse financing with a 30-year amortization schedule on behalf of the undisclosed borrower. The lender was Greystone.
ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the sale of an apartment building located at 5351-5361 Everett St. in Arvada. An undisclosed buyer acquired the property for $3 million, or $152,500 per unit. Built in 1961, the property features 20 apartment units. Josh Newell of Pinnacle Real Estate Advisors brokered the transaction.
PLANO, TEXAS — Chicago-based NXT Capital has provided a $29 million first mortgage loan for the acquisition of a 250-unit apartment community in Plano. The property is located within half a mile of U.S. Highway 75 and offers a pool, fitness center, outdoor grilling area, business center, tennis court, media room and an indoor basketball court. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.
PHOENIX — FSC Realty has purchased Alta Midtown, a multifamily community located in midtown Phoenix. Wood Partners sold the asset for $52 million, or $231,111 per unit. Developed in 2017, Alta Midtown features 225 apartments with contemporary interiors and nine-foot or taller ceilings. Community amenities include a resort-inspired pool and spa, rooftop lounge and on-site beer garden. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
RENO, NEV. — Carson City, Nev.-based Mission Senior Living has broken ground on Mountain Lakes Estates Retirement Community in Reno. The 121,000-square-foot, four-story building will feature 130 active adult apartments for residents of at least 55 years of age. The project is scheduled for completion in spring 2020. The new property will be one of six Mission Senior Living communities, with additional locations in Nevada, Arizona and Oregon.
EL MONTE, CALIF. — Marcus & Millichap has arranged the sale of Villas Raintree Apartments, a seniors housing property located at 11905 Ferris Road in El Monte. A private investor sold the asset for $16 million. Built in 1978, the property features 70 one-bedroom/one-bath units totaling 553 square feet each with air conditioning, balconies and storage units. On-site amenities include gated security, laundry facilities, a community room, shuffle board and social areas. Alexander Garcia Jr. of Marcus & Millichap represented both the seller and buyer, also a private investor, in the deal.
NEWARK, N.J. — Marcus & Millichap has negotiated the $4.3 million sale of a 36-unit apartment building in Newark. Located at 140 Chancellor Ave., the property consists of 34 one-bedroom and two, two-bedroom units. Richard Gatto, Fahri Ozturk and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
LOS ANGELES — Seniors housing has generally been considered a niche asset class with niche residents. After all, there are age restrictions, finite timelines for most residents, third-party advocates (namely, the senior’s family), elevated rental rates, highly trained operators, a limited selection of amenities and oftentimes residents with special needs. None of the above has changed in recent years. What has changed, however, is the onslaught of Baby Boomers inching toward that stage in life where seniors housing services can accommodate their growing needs. What has also changed is the larger investment community’s perception of this product type and its potential, noted Investment Market Update panelists at InterFace Conference Group’s Seniors Housing West event, held March 7 at the Omni Los Angeles. The amount of capital chasing deals was a theme throughout the day-long conference, with numerous speakers noting there just isn’t enough supply to keep up with demand. “Seniors housing and skilled nursing has all this capital chasing it because it’s suddenly not an alternative asset class,” said Talya Nevo-Hacohen, CIO of Sabra Healthcare REIT. “The perception is that this is suddenly mainstream.” Panelists expressed concerns that this sudden interest may entice the wrong type of investors — and …
PHILADELPHIA — Arbor Realty Trust has arranged a $6.4 million loan to refinance a 39-unit multifamily property in Philadelphia. Located at 1555 S. 15th St., the property was built in 2018 and includes a shared backyard as well as gourmet-style kitchens. Jared Stein of Arbor’s New York City office secured the seven-year, fixed-rate DUS loan on behalf of the undisclosed borrower. The lender was Fannie Mae. Terms of financing include two years of interest-only payments.
CoastalStates Bank Provides $6.5M Acquisition Financing for Assisted Living Community in Connecticut
DANBURY, CONN. — CoastalStates Bank has provided a $6.5 million senior loan for a 48-unit assisted living community in Danbury, approximately 60 miles northeast of Manhattan. The borrower is Woodbine Senior Living. The loan will be used for the acquisition and stabilization of the 42,198-square-foot facility. Woodbine Senior Living partnered with Locust Point Capital Inc. and affiliates, which provided a $3.8 million preferred equity investment.