SPRING, TEXAS — NXT Capital, a Chicago-based lender, has provided $46 million for the refinancing of a 354-unit apartment community in Spring, a northern suburb of Houston. The property is located off Interstate 45 and features amenities such as a pool, two-level fitness center, resident lounge, outdoor grilling stations, a dog park and a car wash. Elliott Throne of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower. The name of the property was also withheld.
LAS VEGAS — Spring Hills Senior Communities has announced plans for Poet’s Walk Summerlin memory care community in the northwest submarket of Las Vegas. The community will feature 72 beds. The project is part of Spring Hills’ continued expansion plans within the memory care sector.
HENDERSON, NEV. — Meridian Capital Group has arranged an undisclosed amount of construction financing for The Vineyard, a memory care community in Henderson, a suburb of Las Vegas. The borrower is Valeo Partners, which is developing the project. The property features 66 beds across 62 units. The seniors housing division of Valeo Partners is seeking to expand its portfolio. A balance-sheet lender provided the 36-month loan. Peter Martz, based in Meridian’s Boca Raton, Fla. office, negotiated the financing.
ST. CHARLES, MD. — An affiliate of San Diego-based Strata Equity Group has purchased an 11-property multifamily portfolio in Suburban Maryland for $302 million. This is the first purchase in the Mid-Atlantic region for the privately held firm. Totaling 1,731 units, the properties are situated within St. Charles, a master-planned community roughly 30 miles south of Washington, D.C. The portfolio comprises Class A and B communities with an average unit size of 998 square feet. The buildings are 21 years old on average. Renovations have been ongoing since 2014, and Strata plans to complete all remaining interior rehabs while making other capital improvements. Each property is part of a neighborhood association that provides residents access to a community center and recreational facilities such as swimming pools, tennis courts and playgrounds. The seller, Federal Capital Partners (FCP), originally purchased the portfolio in 2009 for $43.6 million plus debt as part of its acquisition and privatization of American Community Properties Trust, which formerly traded on the New York Stock Exchange under the symbol APO. That acquisition included 11,000 residential units and 5 million square feet of commercial development, mostly in St. Charles and Puerto Rico. FCP has been repositioning and selling portions …
NEW YORK CITY — Meridian Investment Sales has brokered the sale of an 18,860-square-foot, 29-unit apartment building in East Harlem for $14.2 million. The buyer was BEB Capital. Located at 238 East 106th St., the eight-story building was constructed in 2016 and features 29 one- and two-bedroom units. Amenities include a modern lobby, onsite laundry and balconies on all units. David Benharouch and Abie Kassin of Meridian represented the undisclosed seller and procured the buyer in the transaction. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.
ALPHARETTA, GA. — Cushman & Wakefield has brokered the sale of Juncture, a 560-unit apartment community in Alpharetta, a northern suburb of Atlanta. CoStar reports Dallas-based JLB Partners, which developed the property in 2016, sold the asset for $141.7 million. The sales price sets a record for the highest suburban apartment sale in metro Atlanta, according to Cushman & Wakefield. Chris Spain, Robert Stickel, Travis Presnell and Alex Brown of Cushman and Wakefield arranged the transaction on behalf of JLB Partners. Nashville-based Carter-Haston Real Estate Services Inc. acquired the asset. Residences at Juncture features granite and quartz countertops, stainless steel appliances, hardwood flooring and crown molding. Community amenities include a fitness center, pool and an entertainment lounge.
GAINESVILLE, FLA. — Ziegler, a specialty investment bank, has provided a $94.3 million HUD loan for the refinancing of The Village at Gainesville, a 639-unit independent living, assisted living and memory care community in Gainesville. The Florida-based borrower is SantaFe Senior Living, the not-for-profit operator of the community. The Village at Gainesville features 511 independent living units and 128 assisted living/memory care units. The property is located on 104 acres. The independent living units offer board and care services, allowing residents to maintain their “independent” status longer. The FHA-insured mortgage offers a 35-year fixed interest rate below 3.5 percent. The refinancing, which was arranged through FHA’s 232/223 (f) program, lowered the borrower’s debt service and recapitalized the facility. According to Ziegler, the loan is the largest refinance of a single-asset seniors housing community in HUD’s portfolio.
MACON, GA. — Waypoint Residential has acquired The Lofts at College Hill, a 194-bed student housing community located one mile from Mercer University in Macon. Other terms of the transaction were not disclosed. The community was built in 2015 and is currently the only off-campus, purpose-built student housing property that serves the university. The Lofts at College Hill features a billiards room, grilling patio, rooftop terrace, fitness center, yoga studio and a coffee bar. In addition, the community features 12,000 square feet of ground-floor retail. The transaction marks Waypoint’s 13th student hosing acquisition since entering the sector in 2016.
STERLING HEIGHTS, MICH. — Franklin Property Corp., in partnership with Cranbrook Investment Partners LLC, has acquired Plumbrook Greens Townhouses in Sterling Heights for an undisclosed price. The property features 43 townhouse rental units with private garages and basements. Franklin plans to make minor improvements to the property over the next several months. Citi Real Estate Funding provided mortgage financing for the transaction. Franklin acquired the asset directly from the original developer’s family.
LONG BEACH, CALIF. — Greystar Real Estate Partners, on behalf of its real estate funds, has purchased Pacific Court Apartments, located at 250 Pacific Ave. in Long Beach, for an undisclosed price. The property features 211 apartment units, 35,000 square feet of retail space and a 400-space subterranean parking garage. On-site amenities include a fitness center, dog wash, business center, poker room and clubhouse. The name of the seller was not released.
