PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of Fairview Care Center of Bethlehem Pike, a 176-bed skilled nursing facility in the Chestnut Hill area of Philadelphia. The deal is a follow-up transaction to the recently announced “Lightning Portfolio,” where eight skilled nursing facilities in the Philadelphia metro traded hands. The seller sought to divest of the non-core assets, which featured a concentration of high-barrier-to-entry locations in the Philadelphia area. The buyer was a regional owner-operator looking for a growth opportunity. The price was not disclosed. Blueprint’s Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion handled the transaction.
MIAMI LAKES, FLA. — Walker & Dunlop has secured a $120 million loan for the refinancing of the Graham Portfolio, a 29-property portfolio in Miami Lakes, a master-planned community located less than 20 miles northwest of Miami. The 1.2 million-square-foot portfolio includes retail, office, industrial, flex, multifamily and ground lease assets. Al Rex, Marty McGrogan and Ariel Zucker of Walker & Dunlop arranged the 15-year, non-recourse loan on behalf of the borrower, the Graham Cos., which developed the properties within the portfolio. An unnamed life insurance company provided the loan. All of the properties included in the Graham Portfolio are located within a mile of downtown Miami Lakes and many are anchored by tenants such as CVS/pharmacy, Burger King and Publix.
JACKSONVILLE, FLA. — Berkadia has provided a $36.2 million Fannie Mae loan for the acquisition of Portiva, a 260-unit apartment community located at 6898 Skinner Parkway in Jacksonville. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia arranged the 12-year, fixed-rate loan on behalf of the borrower, Myers Apartment Group, which acquired the property for $50.7 million. Portiva was constructed in 2018 and includes a mix of one- to three-bedroom apartment units. Community amenities include a saltwater pool, pet park and spa, bocce ball court, yoga/cross-training center, outdoor fire pits, bike storage and repair station and a car wash station.
EDMONDS, WASH. — Koelsch Communities has completed Cedar Creek Memory Care Community, a 60-unit memory care community in the Seattle suburb of Edmonds. Project costs were just over $17 million. Wells Fargo provided $13 million in financing, and the remainder came from private investors. Cedar Creek was designed with what Koelsch calls “historical surprises.” The community features several rooms designed to look like the 1950s, including a Julia Child-style kitchen, a garage featuring a classic car and a great room designed to look like the interior of a traditional log cabin. More than 50 percent of the rooms were reserved prior to the opening of Cedar Creek. Koelsch Communities operates 29 seniors housing properties in eight states, with nine new communities in development.
TUCSON, ARIZ., AND PAHRUMP, NEV. — CBRE has arranged the refinancing of The Echelon of Tucson in Tucson and Inspirations Senior Living in Pahrump. The portfolio totals 140 independent living units, 60 assisted living units and 12 memory care units. The borrower was CPF Living Communities. Aron Will of CBRE National Senior Housing arranged the three-year, floating-rate loan with 36 months of interest-only payments. Grace Management, CPF Living’s management subsidiary, will continue to operate the properties. The amount of the loan was not disclosed. CPF Living acquired the communities in 2016, and projects that both properties will reach stabilization in 2019.
SCOTTSDALE, ARIZ. — The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road. Larry Kush of Orion Investment Real Estate represented the seller, Robert Hing, in the transaction.
Several Carolinas markets continue to top national lists for job and population growth, particularly Charlotte and the Triangle. The quality of living and strong fundamentals draw both millennial renters and empty nesters, with no slowdown in demand in sight. In turn, capital continues to pour into the region’s multifamily sector as investors chase higher yields and lower supply pressure while cap rates linger near historical lows. Multifamily Momentum With the record-setting pace of single-family pricing in these markets, renting remains a more attractive option. Developers are responding accordingly and now build product squarely aimed at specific renter demographics. Specifically, developers have raised the level of quality and amenities in the suburban product similar to that of the urban infill movement earlier in the cycle. Strong demographics in these locations produce a renter accustomed to a high level of quality in the unit interiors while also placing value on the convenience and quality of onsite amenities. That’s because empty-nesters are challenging a singular focus on millennials. To many developers’ surprise, the active-adult demographic has shown up to rent much of the luxury product in both the urban core and suburban locations. Steady Inventory Most data providers that track new supply do …
JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.
UNION CITY AND BAYONNE, N.J. — Capital Realty has brokered the $130 million sale of a 66-building multifamily portfolio in Bayonne and Union City. A private investor purchased the 919-unit portfolio. Benjamin Greenstein of Capital Realty represented the undisclosed seller in the transaction. All 66 properties are within commuting distance of Manhattan. The city of Bayonne is expected to launch a Manhattan-bound commuter ferry in 2019.
NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.