BUTTE, MONT. — Evans Senior Investments (ESI) has arranged the sale of Copper Ridge Health & Rehab Center, a 98-bed skilled nursing facility in Butte, for $5.7 million. Built in 1975, the facility underwent a significant renovation in 2008. The facility operates with 98 functional beds but is licensed for 186 beds. ESI represented the seller, an independent owner-operator. The buyer was a publicly traded healthcare REIT. Eduro Healthcare, a regional operator in the Wisconsin, Colorado and Utah area, will operate the property. Copper Ridge Health & Rehab Center will be Eduro’s first Montana community.
NEW YORK CITY — Madison Realty Capital has provided $45.5 million in financing to a New York-based developer to complete the construction of 22 Bond Street, a mixed-use condominium development in the Noho neighborhood of Manhattan. The 11-story, 34,035-square-foot development features a 4,245-square-foot commercial condominium on the cellar and grade levels and six residential condominiums on the upper floors. The residential condominiums are three-bedroom, 3.5-bath duplex units with private elevator access and terraces. On-site amenities include an outdoor garden, storage and a resident lounge. Completion is slated for spring 2018.
NEW YORK CITY — The Vorea Group has purchased a development site, located at 45-57 Davis St. in the Long Island City neighborhood of Queens, for $21.6 million. Stephen Preuss of Cushman & Wakefield represented the seller, 45-57 Realty Corp., in the transaction. The site comprises three contiguous tax lots and offers 108,000 buildable square feet within multiple zoning districts, allowing for mixed-use, residential and commercial development.
NEW YORK CITY — KeyBank Community Development Lending & Investment has provided $5.2 million acquisition financing for Grand Crossing, an affordable housing property located in Central Harlem. Built in 1910, the five-story property features five studio units, 35 two-bedroom units and 15 three-bedroom units. The undisclosed borrower plans to invest in unit upgrades, including green renovations. Tom Peloquin and John Gilmore of KeyBank arranged the financing through Freddie Mac. Paul McCormick and Matt Dzbanek of Ariel Property Advisors represented the borrower in the financing.
OKLAHOMA — Lawrence, N.Y.-based Harborview Capital Partners has arranged the $16 million refinancing of a multifamily property in Oklahoma that comprises more than 300 units. The non-recourse loan was financed through HUD’s MAP 223(f) program and features an 80 percent loan-to-value (LTV) ratio and a 35-year fixed-rate term. Jeffrey Fuchs of Harborview secured the loan on behalf of a California-based borrower, which purchased the property two years ago and implemented a $4 million capital improvement plan.
CLEVELAND — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Statler Arms in downtown Cleveland for $40 million. The 295-unit apartment building is located on the corner of East 12th Street and Euclid Avenue in the Theater District. The property was originally built in 1912 as the 700-room Statler Hotel. The building was then expanded in the 1930s, became an office building in the 1980s and was converted into apartments in 2000. Michael Barron, Joshua Wintermute and Daniel Burkons of IPA represented the buyer. According to The Plain Dealer, Millennia Cos. purchased the building from an affiliate of the California State Teachers’ Retirement System.
SAN DIEGO — CBRE has arranged $56.9 million in acquisition financing for three apartment communities located in South Carolina, North Carolina and Kentucky. Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the floating-rate loans through Freddie Mac on behalf of the buyer, San Diego-based Strata Equity Group. The properties included in the transaction are the 183-unit Veridian Spartanburg in Spartanburg, S.C.; the 180-unit Icon on the Greenway in Gastonia, N.C.; and The Racquet Club, a 474-unit community in Lexington, Ky. All three properties were renovated in the last two years and feature granite countertops, stainless steel appliances, fireplaces, plank or hardwood-style flooring, walk-in closets and vaulted ceilings. Community amenities include resort-style swimming pools, fitness centers, pet parks and playgrounds. The Racquet Club features a massage therapist on-site, restaurant, cyber café and a private lake and gazebo.
Suburban Philadelphia Update The suburban Philadelphia apartment market had a very successful 2017, with no slow down anticipated for 2018. Fundamentals remain strong with low interest rates and increased demand from outside buyers, which is compressing cap rates even further than historical lows. Some highlighted sales include Willowyck Apartments in Montgomery County, which sold at a sub-5 percent cap rate on trailing 12-month numbers, and Declan House in Ardmore, which recently sold at a pro forma cap rate of 5 percent. These are two of numerous transactions that have sold at historically low cap rates over the last 12 months in suburban Philadelphia. We are also seeing more newly constructed Class A, highly amenitized properties in suburban Philadelphia that are targeting rents at north of $2.75 per square foot. Some successes have included the Maybrook, a 250-unit newly constructed property in Narberth/Wynnewood, Pennsylvania. The complex opened for leasing in late 2017 and they have been achieving rents in the $2.75- to $3-per-square-foot range. Another new construction success story is the influx of more than 800 apartments located in close proximity to Towne Center in King of Prussia. The properties include Indigo 301 and Hanover Valley Forge, among others. Both properties …
AURORA, COLO. — A local private investor has acquired the 126-unit Fitzsimons Junction apartment complex in Aurora for $13.2 million. The community is located at 14155 Montview Blvd. It was built in 1974. Fitzsimons Junction is made up of one-, two- and three-bedroom units, all with decks or patios. Amenities include numerous laundry rooms, covered parking and an outdoor swimming pool. Greg Price and Jason Hornik of Marcus & Millichap represented both the buyer and seller, another private investor, in this transaction.
BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.