VICTORIA, TEXAS — The University of Houston-Victoria (UH-Victoria) has broken ground on Don & Mona Smith Hall, a $22.8 million student housing property in Victoria, about 115 miles southeast of San Antonio. The on-campus property will consist of 272 beds and span 82,000 square feet. Some amenities are still being determined, but the property will include a gaming lounge and an outdoor courtyard with seating and sports activities. Morganti Texas Inc. is serving as construction manager on the project, and Brave Architecture is handling its design. Completion is slated for August 2019.
RICHARDSON, TEXAS — KeyBank Real Estate Capital has provided a $21.4 million Fannie Mae first mortgage loan for Madison at Melrose Apartment Homes, a 200-unit multifamily community located in the northern Dallas metro of Richardson. The property was built in 1995 and is situated on 11.2 acres. Caleb Marten of KeyBank structured the 10-year loan, which features five years of interest-only payments and a 30-year amortization schedule. The loan will be used to refinance existing debt.
CHICAGO — There is one surefire way to make sales hum in seniors housing, says Margaret Wylde, an industry consultant who has conducted research in this niche property sector for 34 years. Know who your customer is, the product they want and how much they will pay to get what they want. “If you deliver what they actually want, they actually pay more and feel there is value for the dollar spent,” says Wylde, CEO of Oxford, Miss.-based ProMatura Group. The problem is the industry’s knowledge of customers is “not good,” Wylde is quick to add. “We know them in a generic manner. We know their age, we know how many of them there are, and we know how much money [they have]. But we don’t know who they are. And once they get to that golden age, we think they want seniors housing, and that everybody who wants seniors housing is exactly the same because we are giving them a list of stuff.” What’s worse, she believes, is that the industry is by and large chasing the luxury market, which is less than 10 percent of the potential market. “The middle market is 320 percent larger than the market …
WARMINSTER, PA. — G.S. Wilcox & Co. has secured $25.5 million in permanent financing for the Jacksonville Station Community, a recently constructed 151-unit, eight-building apartment community in Warminster. The financing was secured with a 10-year term and a 30-year amortization through lender Allianz. The undisclosed borrower was a repeat client of G.S. Wilcox. The community features 12 types of units with a clubhouse and in-ground pool and is located across the street from the Septa Rail Station, which provides direct connectivity to Philadelphia.
Contemporary Healthcare Capital Closes $13.3M Refinancing for Skilled Nursing Facility in New Jersey
NEWTON, N.J. — Contemporary Healthcare Capital has closed $13.3 million in senior and mezzanine loans to refinance a 128-bed skilled nursing facility in Newton. The mezzanine loan was $1.9 million and the senior loan was a $10 million secured buy with $1.4 million cash secured. The borrower was an owner-operator that serves New York and New Jersey. Newton is located in the northwest portion of the state, approximately 60 miles west of New York City. Contemporary’s senior lending partner on the transaction was Commercial Bank of Harrogate, Tenn.
ODESSA, FLA. — Lantower Residential has acquired Lantower Asturia, a 322-unit apartment community located at 15175 Integra Junction in the Tampa Bay community of Odessa, for $57.7 million. Constructed in 2017, the property was originally known as Integra Junction and was rebranded upon acquisition. Lantower Asturia is located within Asturia, Hines’ 300-acre, master-planned mixed-use community. The apartment community offers a mix of one- to three-bedroom units and features granite countertops, stainless steel appliances, crown molding, USB outlets, wood-style floors, tile backsplash, and screened balconies or patios. Community amenities include a saltwater pool, outdoor lounge area with fire pits and grills, package lockers, fitness center with a CrossFit box and spin bikes and a virtual PGA golf simulator. Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller, Panther Residential. The acquisition brings Lantower Residential’s portfolio to 19 multifamily properties totaling 6,260 units.
ALEXANDRIA, VA. — Walker & Dunlop has arranged $40.4 million in financing for the recapitalization of The Mark Apartments, a 227-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C. Jamie Butler of Walker & Dunlop arranged fixed-rate senior debt through Freddie Mac and joint venture equity through RSE Capital Partners on behalf of the borrowers, Northpoint Realty Partners and Persimmon Capital Partners. The financing replaced the existing construction debt. Northpoint and Persimmon recently completed a redevelopment program, transforming the property from an outdated hotel to a multifamily community. The Mark Apartments includes a mix of studio to three-bedroom units and features a pool, outdoor grilling and dining terrace, fitness center, resident’s lounge, dedicated work spaces and laundry facilities.
DALLAS — Irving-based multifamily developer JPI has begun work on Phase II of Jefferson West Love, a project that will deliver an additional 354 units to the Dallas apartment property. Amenities at the community, which currently consists of 368 units, include a pool, fitness center and bike storage. The community is part of a $200 million mixed-use development that upon completion will include up to 200,000 square feet of office space, 65,000 square feet of retail and restaurant space and a 244-room hotel.
HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two apartment communities totaling 412 units in southwest Houston. The sold properties include Airport Landing, a 240-unit property that was built in 1983, and Airport Gardens, a 172-unit property that was built in 1982. Jennifer Campbell and Will Balthrope of IPA represented the undisclosed seller and procured the buyer, Florida-based One Real Estate Investment LLC.
NACOGDOCHES, TEXAS — Capital One has provided a $9.3 million Fannie Mae loan for the refinancing of The Arbor Assisted Living & Memory Care, a 59-unit seniors housing property in Nacogdoches, a city roughly midway between Houston and Shreveport, La. The property was built in the late 1990s. The borrower was Prevarian Senior Living, an owner of seven assisted living and memory care communities across the country.