WENATCHEE, WASH. — JCH Senior Housing Investment Brokerage has arranged the sale of Riverwest Senior Living, a 65-unit independent living and assisted living community in the Central Washington city of Wenatchee. A group of seniors housing industry veterans sold the property to a 1031 exchange buyer for $7.4 million. The deal also included the placement of a new operator, simplifying the asset transfer. Jim Hazzard and Nick Stahler were JCH’s lead agents on the transaction.
PLANT CITY, FLA. — Cushman & Wakefield has brokered the $35.7 million sale of Plantation at Walden Lake, a 352-unit apartment community located at 1400 Plantation Blvd. in Plant City, roughly 25 miles east of Tampa. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield arranged the transaction on behalf of the seller, Mercury Investment. Bridge Investment Group acquired the 23-building property, which was 95 percent leased at the time of sale. Plantation at Walden Lake was constructed in phases from 1990 to 1994 and includes a mix of one-, two- and three-bedroom apartments. Community amenities include a swimming pool, fitness center, dog park, playground and a picnic and barbecue area.
NEW ORLEANS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $22.2 million loan to refinance Oakmont Apartments, a 336-unit multifamily community in New Orleans. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the borrower, Bruno Inc. Oakmont Apartments features a swimming pool with sundeck, tennis court, laundry facility and on-site maintenance. MMCC is a subsidiary of Irvine, Calif.-based Marcus & Millichap.
NORFOLK, VA. — Greysteel has arranged the $7.6 million sale of the Norfolk Ocean View Portfolio, a nine-property multifamily portfolio located in Norfolk’s Ocean View neighborhood. Rawles Wilcox and Jared Emery of Greysteel arranged the transaction on behalf of both the seller, Boardwalk Realty & Development, and the buyer, Brick Lane Real Estate. The portfolio is located on the Willoughby Spit peninsula and comprises 104 units spread throughout nine individual properties: Neptune’s Waters, The Blue Marlin, Fish Tails, Fish Heads, Tradewinds, The Beach House, Fisherman’s Cove, The Castaways and Havana Beach. The units feature new appliances, refinished cabinets, resurfaced countertops, lighting packages, faux hardwood floors and new carpet.
NEW YORK CITY – Madison Realty Capital (MRC) has provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 W. 56th St. in Manhattan’s Hell’s Kitchen neighborhood. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management. The 35-story, 163,329-square-foot development will feature 83 residences, ranging from one-bedroom units to expansion penthouses; outdoor space, including a roof garden and sun deck; private terraces for residents; a fitness center; a children’s playroom and an entertaining space for hosting private events. Álvaro Siza, a renowned Portuguese architect, is designing the building. This is Siza’s first foray into the U.S. market. Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Condo sales are slated to begin in spring 2019, with Leonard Steinberg, Debra LaChance and Justin D’Adamo of Compass leading the marketing efforts.
NEW YORK CITY – Marcus & Millichap has arranged the sale of three mixed-use buildings located at 119-123 Kent Ave. in Brooklyn’s Williamsburg neighborhood. The Shariati family acquired the contiguous properties for $22.3 million, or $1,441 per square foot. The sellers were Cheskie Weisz of CW Realty, Joyland Group and Meral Property Group. The buildings offer a total of 17 apartments, three ground-floor retail units and one office space. Nat Rockett and Steven Dweck of Marcus & Millichap represented the buyer in the 1031 exchange transaction.
HOBOKEN, N.J. – Redwood Realty Advisors has negotiated the sale of a two-building multifamily property located at 844 Park Ave. in Hoboken. A private investor sold the property to an undisclosed buyer for $3.3 million. The property features a total of 10 residential apartments with a unit mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/two-bath units. Additionally, the property features on-site parking. Steve Matovski of Redwood Realty Advisors represented the seller and buyer in the deal.
GILBERT, ARIZ. — Walker & Dunlop Inc. has provided $17 million in Freddie Mac financing for American Orchards, an assisted living and memory care community in the Phoenix suburb of Gilbert. Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The 10-year, non-recourse, fixed-rate financing features two years of interest-only payments. The transaction will allow the borrower — American Care Concepts — to pay off existing bank debt while cashing out equity for future projects. Walker & Dunlop’s team included Kevin Giusti, Jeff Ringwald and Bill Jackson.
AURORA, CO. — Hillcrest Development and Pathfinder Partners have completed a $1.6 million renovation and rebranding program at V-Esprit, a 100-unit seniors housing independent living community in the Denver suburb of Aurora. Previously known as the Shalom Park Senior Living Campus, the two companies acquired the property in 2017. Situated on 14 acres, the community features 40 patio homes and 60 apartments ranging from 725 to 1,373 square feet. Residents are restricted to those aged 55 and older. Renovations to the community include converting four one-bedroom apartment units into a clubhouse and card room, as well as refurbishing and modernizing the theater room, library, communal dining area and leasing office. Apartment interiors were also upgraded along with hallways and corridors. Hillcrest Development Group LLC is a Denver-based development company. Pathfinder Partners LLC is a San Diego-based firm specializing in opportunistic and value-add real estate investments.
TOLEDO, OHIO — Toledo-based healthcare REIT Welltower Inc. (NYSE: WELL) has entered into an 80/20 joint venture with ProMedica Health System to acquire Quality Care Properties (NYSE: QCP) for nearly $2 billion in cash. The joint venture will acquire the real estate of QCP’s principal tenant, HCR ManorCare, the nation’s second-largest nursing home chain. Toledo-based HCR ManorCare filed for Chapter 11 bankruptcy in March after struggling to pay rent to QCP, which owns nearly all of the facilities in which HCR ManorCare operates. QCP won a court approval earlier this month to acquire HCR ManorCare out of bankruptcy. QCP itself is a spin-off of healthcare REIT HCP (NYSE: HCP), which created the company in 2016 specifically to remove HCR ManorCare’s 320 properties from its portfolio. As part of the transaction, ProMedica has agreed to buy the operations of HCR ManorCare, making the nonprofit healthcare organization a national U.S. healthcare provider. “This acquisition will enable ProMedica to expand their service offering beyond acute care hospitals to include home health, post-acute care and residential memory care,” says Tom DeRosa, CEO of Welltower. The HCR ManorCare chain has more than 50,000 employees providing services in 450 assisted living facilities, skilled nursing and rehabilitation …
