AURORA, ILL. — SunTrust Banks Inc. has provided a $5.6 million Fannie Mae loan for the refinancing of Fox Shore Apartments in Aurora, a suburb of Chicago. Built in 1970, the five-story building includes 94 units, all of which are designated affordable under Section 8 of the U.S. Housing Act. The property was 96 percent occupied at the time of the loan closing. Evan Hom of SunTrust originated the 10-year loan on behalf of the non-profit borrower.
WESTMINSTER, COLO. — Marcus & Millichap has arranged the sale of San Marino Retirement Community, located at 5000 W. 75th Ave. in Westminster, a suburb of Denver. A Chicago-based private equity firm acquired the property from a private investor and owner-operator for $32.4 million. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office facilitated the transaction. Bob Kaplan of Marcus & Millichap’s Denver office is the firm’s broker of record in Colorado. Built in stages between 1987 and 1999, the five-building, 185,871-square-foot property is situated on 9.3 acres and offers independent living, assisted living and memory care residential options for seniors.
AURORA, ILL. — Cunat Inc. has acquired Stone Crossing Apartments in the Chicago suburb of Aurora for an undisclosed price. The 258-unit apartment community is located at 1240 Nantucket Road. The property consists of three two-story townhome buildings with three-bedroom units and two three-story apartment buildings with one- and two-bedroom units. Cunat plans to completely upgrade, renovate and rebrand the community under the new name Arbor West. Cunat will renovate unit interiors, demolish community buildings and build a new leasing office, clubhouse and indoor pool. The community was 97 percent occupied at the time of sale. David Gaines and Sean Fogarty of HFF represented the seller, a partnership between Graycliff Capital Partners LLC, Buligo Capital Partners and The Ferndale Realty Group. Trent Niederberger and Jason Bond of HFF arranged a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC.
BOSTON — Fantini & Gorga has arranged a $15.5 refinancing for a mixed-use portfolio in Boston. The properties are located at 167, 168, 176 and 303-305 Newbury St. in Boston’s Back Bay neighborhood. Together, the properties include 20,190 square feet of retail and office space. Wayne Clough and Despina Hixon of Fantini & Gorga secured financing on behalf of an undisclosed borrower through a life insurance company. Terms of the financing were undisclosed.
SANDY SPRINGS, GA. — Hudson Capital Properties has acquired Northridge Vista, a newly constructed multifamily community located at 550 Northridge Parkway in Sandy Springs. An undisclosed seller sold the property for $49 million. The property features 220 units in a mix of one- and two-bedroom layouts. Community amenities include a fitness center with cardio deck, swimming pool, controlled access, business center, dog park, resident lounge with coffee bar and outdoor kitchen with seating and a fire pit.
CLARKSVILLE, TENN. — NorthMarq Capital has arranged $12.7 million in acquisition financing for University Landing, a 385-bed student housing community located two blocks from Austin Peay State University in downtown Clarksville, about 50 miles north of Nashville. Lee Weaver of NorthMarq secured the permanent, Fannie Mae financing for the undisclosed borrower. The fixed-rate loan was structured with a 12-year term on a 30-year amortization schedule. The community features studio, one-, two-, three- and four-bedroom layouts that come fully furnished and include in-unit washers and dryers. Community amenities include a resort-style swimming pool with a sundeck, outdoor grilling area, renovated clubhouse, 24-hour fitness center with a yoga studio and studio spin bikes, TV lounge, game room, coffee bar, cyber cafe and study spaces in each building.
MIDDLEBURG, FLA. — The Vestcor Cos. has opened Cassie Gardens, a 96-unit affordable seniors housing community in Middleburg, a southwestern suburb of Jacksonville. Cassie Gardens is the only affordable senior living community in Clay County, according to the developer. Vestcor owns 17 affordable housing communities across Florida. The units at Cassie Gardens are age-restricted for those over 55 years old earning less than 60 percent of the area median income.
HOUSTON — HFF has negotiated the sale of WaterWall Place, a 322-unit multifamily community located in Houston’s Uptown area. Completed in 2014, the property features one- and two-bedroom units and amenities such as a pool, fitness center, coffee bar, outdoor grilling area and private resident lounge. Todd Marix, Chris Curry and Estee Ibanez of HFF represented the seller, Hines, in the transaction. The buyer was multifamily investment and management firm HASTA Capital, which acquired the asset free and clear of existing debt. Matt Kafka and Kelly Layne of HFF arranged an undisclosed amount of fixed-rate acquisition financing for the deal through Barings Real Estate.
NEW YORK CITY — HKS Real Estate Advisors has secured a $55 million acquisition loan for the Chelsea Collection, an eight building multifamily portfolio in Manhattan’s Chelsea neighborhood. HKS arranged the financing on behalf of Dalan Management and Elion Partners through lender M&T Bank. The portfolio, which is located at 102-116 8th Ave., is comprised of 102 multifamily units and 10 ground-floor retail units spanning 115,046 square feet. Terms of the financing were not disclosed.
WORCESTER, PA. —Meadowood Senior Living, a nonprofit, independent continuing care retirement community, has broken ground on The Grove, a $30 million independent living expansion. Located in Worcester, approximately 25 miles northwest of Philadelphia, the project will add 52 new units to the 133-acre campus. The Grove will add four buildings to the Meadowood campus, and it will be completed in two phases of two new buildings each. While the first phase will finish in November 2019, Meadowood is planning to complete The Grove in January 2020. The new buildings will contain 13 apartments each, with residences ranging from 1,400 to 1,800 square feet.