NEW YORK CITY — Delshah Capital has purchased an apartment building located at 138 Ludlow St. in Manhattan’s Lower East Side. Trikupa Realty sold the six-story property for $18.9 million. The six-story property features 27 apartments in a mix of one-, two- and three-bedroom layouts, and retail space that is occupied by two tenants. The buyer plans to renovate the property, including infrastructure improvements, upgraded kitchen appliances, installation of washers, dryers, wine chillers and flooring, and refurbished bathrooms. Michael DeChester of Cushman & Wakefield represented the buyer and seller in the transaction.
BAYONNE, N.J. — AMS Acquisitions has purchased Silk Lofts, a multifamily property located at 154 Avenue E in Bayonne, for $32.1 million. The former Maidenform factory was redeveloped into a residential loft building in 2009 by Doug Stern of Stern Capital and Leon Cohen (CSR Group). The five-story building features 85 studio, one- and two-bedroom apartments with modern finishes, a variety of amenities and views of the New York City skyline and Bayonne Bridge. AMS Acquisitions plans to add an additional 125 apartments to the site and construct at least two new buildings on the parking lots that surround the property. Steven Matovski of Redwood Realty Advisors represented the undisclosed seller, while Matovski and Jeremy Wernick, also of Redwood, co-represented the buyer in the deal.
NEW YORK CITY — Ready Capital Structured Finance has arranged $6 million in financing for the acquisition, renovation and stabilization of a mixed-use property in SoHo. The financing is a non-recourse senior floating-rate bridge loan. The property features 7,500 square feet of retail, office and multifamily space.
AUSTIN, TEXAS — Chicago-based investment bank Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 310-unit continuing care retirement community (CCRC) in Austin. The alumni association of the University of Texas sponsors the nonprofit community, which is situated on 55 acres and features 214 entrance-fee independent living units, 20 assisted living suites, 16 memory support suites and 60 skilled nursing beds. Proceeds from the bonds will advance refund $85.1 million of Longhorn Village’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt service reserve fund.
WAXAHACHIE, TEXAS — National Health Investors Inc., a publicly traded seniors housing and healthcare REIT, has acquired a 121-bed skilled nursing facility in the southern Dallas metro of Waxahachie for $14.4 million. NHI will lease the facility, which opened in late 2016, to The Ensign Group, which operates 16 skilled nursing facilities in Texas. The acquisition was funded by NHI’s revolving credit facility.
PHOENIX — Ziegler has closed $70.2 million in bond financing for The Beatitudes Campus, a nonprofit continuing care retirement community (CCRC) in north central Phoenix. The Beatitudes Campus sits on 27 acres and features 188 entrance-fee independent living apartments, 11 entrance-fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early-stage memory care beds and 72 skilled nursing beds. The bonds will refund $64.6 million in outstanding bonds from 2006, finance $6.3 million in pre-development costs for master-planned renovations and fund a debt service reserve fund.
RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Rio Rancho, a 77-unit assisted living and memory care community in the Albuquerque suburb of Rio Rancho. The 70,863-square-foot development will be situated on 5.5 acres. It will feature 51 assisted living suites and 26 memory care suites. The co-developers plan to open an information center onsite by May 2018, and complete construction in December 2018. The project represents the 11th joint venture between affiliates of MorningStar, a Denver-based owner-operator, and Confluent Senior Living, a subsidiary of Confluent Development, a Denver-based real estate investment and development firm. Confluent is the project owner and MorningStar will serve as the operator. Rosemann & Associates is serving as the architect for the new development, New Mexico-based Bradbury Stamm Construction is the general contractor and Thoma-Holec Design is the interior designer. The development marks the second MorningStar Senior Living community in metro Albuquerque, with MorningStar and Confluent completing MorningStar Assisted Living & Memory Care of Albuquerque in February 2016. Confluent sold the Albuquerque community to Harbert Seniors Housing Fund in July, with MorningStar maintaining its role as operator. The MorningStar and Confluent partnership continues its growth …
LOVELAND, COLO. — Heavenrich & Co. has arranged the sale of Aspen House, a memory care community consisting of two adjacent properties in Loveland, approximately 50 miles north of Denver. The properties were built in 2010 and 2015 and feature 40 units representing 80 licensed beds. Madison Realty Cos. acquired the community from an undisclosed seller for $8.4 million. Brian Clark, senior director at Heavenrich & Co.’s Denver office, managed the transaction.
LAWRENCEVILLE, N.J. — HFF has secured financing for a joint venture between Rockpoint Group and The Brooksville Co. for the acquisition of Avalon Run East, an apartment community located at 100 Avalon Way in Lawrenceville. Michael Klein and Matthew Pizzolato of HFF arranged the seven-year, floating-rate loan through a national bank. Situated on 69 acres, the property comprises 16 three-story buildings featuring a total of 312 units in a mix of one-, two- and three-bedroom units averaging 1,094 square feet. Community amenities include a heated outdoor pool, tennis courts, a playground, picnic and grilling areas, a fully equipped fitness center, an indoor basketball court and a resident lounge.
CLEMSON, S.C. — Valeo Groupe US, in conjunction with equity partner Harrison Street Real Estate Capital LLC, has unveiled plans to deliver Epoch Clemson, a 310-unit, 994-bed student housing community serving Clemson University in Clemson. Ed Coco, Matt Casey and Libby Malloy of HFF secured a floating-rate construction loan for the property on behalf of the developers. Other terms of the deal were not disclosed. Epoch Clemson will be situated along the shoreline of Lake Hartwell, just off U.S. Highway 123/Clemson Boulevard. The property will comprise 15 buildings with a variety of cottage, townhome, brownstone and apartment units. Community amenities will include a resort-style pool and clubhouse, volleyball court, 24-hour fitness center, computer center and landscaped courtyards. With more than 3,600 feet of Lake Hartwell frontage, the community will also feature waterfront amenities including a private beach, boat docks, lakeside pedestrian paths and select units with lake views. The community is slated for completion in summer 2019.