SALT LAKE CITY — Carnegie Capital, a Texas-based commercial real estate finance correspondent and advisory firm, has sourced and structured an $11.5 million construction loan for a 95-bed assisted living and memory care facility. The borrower is a Salt Lake City-based owner-operator. The Class A community totals 64,000 square feet. Of the 95 beds, 30 are for memory care. The developers, a growing seniors housing company along the Wasatch Front area of Utah, contributed the land for the project. This is the third regional project for the company. Carnegie syndicated a group of local and regional banks to complete the financing package at 75 percent loan-to-cost ratio. The financing is structured to be refinanced into a permanent loan upon stabilization of the completed property. JD Stettin of Carnegie Capital arranged the transaction.
ELK GROVE VILLAGE, ILL. — Wells Fargo has provided a $56.5 million loan for the acquisition of Willow Crossing in the northwest Chicago suburb of Elk Grove Village. The 579-unit multifamily property consists of 14 buildings. Amenities include two swimming pools, two playgrounds, a fitness center, clubhouse and business center. Matthew Schoenfeldt of HFF arranged the five-year loan on behalf of the borrower, The Marquette Companies. In addition to using the loan proceeds to acquire the property, the borrower plans to renovate the asset. Renovated units will feature new countertops, stainless steel appliances, walk-in closets and private balconies.
ANDERSON, IND. — UMH Properties Inc. (NYSE: UMH) has acquired two manufactured housing communities in Anderson, about 40 miles northeast of Indianapolis, for $20.5 million. All totaled, the properties feature 669 developed home sites on approximately 231 acres. The average occupancy rate is 91 percent. UMH is a public traded REIT that owns and operates 114 manufactured home communities with approximately 20,600 developed home sites.
BLUE ISLAND, ILL. — Kiser Group has brokered the $18.6 million sale of Blue Station Apartments in Blue Island, about 16 miles south of Chicago. The 345-unit apartment complex is located at 2130 W. 122nd St. The buyer, an undisclosed national portfolio owner, purchased the property from Kinzie Realty Corp. Kinzie assembled the apartments through multiple acquisitions. Community amenities include an on-site convenience store and daycare center. Lee Kiser and Matt Halper of Kiser brokered the transaction.
GARLAND, TEXAS — Walker & Dunlop has provided two bridge loans totaling $81.8 million for the acquisition and repositioning of Landmark at Lake Village North and Landmark at Lake Village East, two apartment communities in the Dallas metro of Garland. The garden-style properties total 848 and 321 units, respectively, and include amenities such as multiple pools, basketball and volleyball courts, dog parks, fitness centers and outdoor grilling areas. Alex Inman of Walker & Dunlop structured the loans on behalf of the owner, Madera Residential.
HOUSTON — Dallas-based Westmount Realty Capital LLC has sold Beverly Palms, a 362-unit multifamily community in the Galleria area of Houston. Westmount acquired the Class B property in late 2012 and undertook a $1 million renovation project to upgrade the community’s common areas and unit interiors. Floor plans include one-, two- and three-bedroom units and amenities include two pools, a new playground, business center, fitness center and an on-site convenience store. The buyer was not disclosed.
Amherst, N.Y. — China-based real estate private equity fund OC Ventures has acquired Twenty 91 North, a 640-bed student housing community located near the University at Buffalo in Amherst. TSB Realty brokered the acquisition of the property from University Student Living and Harrison Street Real Estate. The community was built in 2016, and offers shared amenities including a resort-style pool; a game area with a pool table, ping-pong and shuffleboard; a study lounge; computer lab; fitness center; and private shuttle service.
LAS VEGAS — The Bascom Group has completed the disposition of Montecito Pointe, an apartment community located at 9745 Grand Teton Drive in northwest Las Vegas. RK Properties acquired the property for $59.2 million. Completed in 2007, the community features 336 apartments, with an average unit size of 981 square feet. Amenities include a pool, fitness center, children’s play area and pet exercise park. John Cunningham and Charles Steele of JLL represented the seller in the deal.
DENVER — Pinnacle Real Estate Advisors has arranged the sale of The Hanford House, a multifamily property located at 809 Dexter St. in Denver. RGD Properties sold the property to an undisclosed buyer for $7.4 million, or $330 per square foot. The building features 22,431 square feet. Kevin Calame of Pinnacle Real Estate represented the seller in the in the transaction.
ST. AUGUSTINE, FLA. — Summit Contracting Group has started construction on Antigua Apartments, a $22.6 million multifamily community located in St. Augustine. The project team includes Atlanta-based developer Catalyst Development Partners and Dallas-based architect Humphreys & Partners Architects. The 249-unit community will be located adjacent to Antigua on Anastasia Island, a master-planned mixed-use development that Catalyst is also developing. Antigua Apartments will feature a resort-style pool, outdoor kitchen with grilling stations, clubhouse with media lounge, coworking spaces, dog grooming spa, dog park, fitness center and green spaces. The development team plans to wrap up construction on the community in summer 2019.