STAMFORD, N.Y. — Evans Senior Investments (ESI) has arranged the sale of Robinson Terrace, a two-building assisted living and skilled nursing campus in the small, Upstate New York town of Stamford. The property comprises a 120-bed skilled nursing facility built in 1973 and a 55-unit assisted living facility built in 2011. The two properties are located less than two miles from each other. Although the properties featured an occupancy rate above 90 percent over the 12 months preceding the sale, the property was operating at a loss. ESI represented the seller, a local nonprofit organization seeking an operator that could provide the same level of care but turn around the financial performance. The buyer was a regional, for-profit owner-operator. The price was not disclosed.
POOLER, GA. — Virginia-based Middleburg has unveiled plans to develop Mosby Lakeside, a 316-unit apartment community located near the intersection of Pooler Parkway and Interstate 16 in Pooler, roughly 10 miles west of Savannah. The community will feature a mix of one-, two- and three-bedroom units ranging from 748 square feet to 1,405 square feet. Units will feature stainless steel appliances, granite countertops, patios and balconies, Nest thermostats, wood plank flooring in living areas and nine-foot ceilings. Community amenities will include a clubhouse, fitness center with yoga studio, outdoor fire pit and kitchen, saltwater pool, dog parks and pet spa, community garden, boat house and a hammock garden. Humphreys & Partners Architects LP is the architect of record for the project, DEI is providing interior design services and Thomas & Hutton is the landscape architect and civil engineer. Middleburg plans to break ground on Mosby Lakeside this fall and begin leasing the community in spring 2019.
MESA, ARIZ. — Ryan Cos. and Cadence Senior Living have unveiled plans for Azure Mesa, a 170-unit independent living, assisted living and memory care community in Mesa, a suburb of Phoenix. The upscale, 183,000-square-foot property will feature 142 units that may be used for independent living or assisted living, plus 28 units devoted to memory care. Construction is already underway, with a planned delivery of summer 2019. HFF worked on behalf of Cadence and Ryan to arrange a joint venture equity partnership with an undisclosed institutional partner. Azure Mesa is located on an eight-acre site adjacent to Granite Reef Park, close to restaurants, retail, recreation and medical services. Ryan A+E is designing the community, while Studio SIX5 is designing the interiors. The Cadence-Ryan team is working on a second Azure location in North Scottsdale, which recently received Scottsdale City Council approval. Ryan Companies currently has over 600,000 square feet of senior living projects under construction in Arizona and nationally has completed over 4 million square feet of senior living communities. Cadence Senior Living has over 30 years of seniors housing development and management experience.
PAPILLION AND FREEMONT, NEB. — NorthMarq Capital has arranged three separate loans totaling $10.3 million for three properties in Nebraska. Steve Ruff of NorthMarq arranged a $1.1 million loan for the refinancing of a 10,760-square-foot office property located at 1716 Charleston Drive in Papillion. A life insurance company provided the 15-year loan, which is fully amortized. Bob Chalupa arranged a $5.6 million acquisition loan for Deerfield Clubhouse Apartments in Freemont. The 122-unit apartment property is located at 1021 S. Howard Road. A life insurance company provided the 10-year loan, which features a 25-year amortization schedule. Chalupa also arranged a $3.5 million loan for the acquisition of Conestoga Crossing Apartments in Freemont. The 96-unit apartment property is located at 740-842 N. Michael St. A life insurance company provided the 10-year loan, which features a 25-year amortization schedule. Borrowers were not disclosed.
CHALFONT, PA. — Marcus & Millichap has brokered the sale of Grey Friars at Chalfont, a 78-unit apartment complex in Chalfont, about 30 miles north of Philadelphia. The property, which is located at 4106 Grey Friars Terrace, sold for $10.6 million. The buyer and seller were undisclosed. The garden-style apartment complex is comprised of eight two-story buildings set on nearly nine acres and includes 26 one-bedroom and 52 two-bedroom units.
SAN ANTONIO — Kairoi Residential, a San Antonio-based multifamily development and management firm, has acquired a portfolio of four multifamily properties totaling 1,210 units in the greater San Antonio area. Three of the communities are located near the South Texas Medical Center and USAA’s headquarters on the city’s northwest side. The fourth community is located adjacent to Lackland Air Force Base on the city’s southwest side. Kairoi plans to implement capital improvements at all four properties. The seller and property names were not disclosed.
TROPHY CLUB, TEXAS — Cincinnati-based development firm North American Properties (NAP) will develop The Byron at Trophy Club, a 250-unit luxury multifamily complex in Trophy Club, a northern suburb of Fort Worth. The property will feature a 420-space parking garage, resort-style pool and a two-story fitness center. Chicago-based private equity firm Pearlmark originated a $12.2 million mezzanine loan for the development through its mezzanine investment fund, which closed in March. A timeline for construction has not yet been established.
CHARLESTON, S.C. — Pollack Shores Real Estate Group has unveiled plans to develop a 231-unit apartment community at 107 Brigade St. in Charleston’s North Morrison (NoMo) neighborhood. The property, which sits on a former steel yard, will include a mix of studio, one- and two-bedroom floor plans. Units will feature nine-foot ceilings, granite countertops, stainless steel appliances, vinyl plank wood flooring and patio French doors that open to private balconies. Community amenities will include a pool with outdoor grilling stations, fitness center, yoga studio and electric vehicle charging stations. Matrix Residential, a subsidiary of Pollack Shores, will manage the property upon completion in July 2019.
FORT MYERS, FLA. — Love Funding has arranged a $40.6 million loan for the construction and permanent financing of Grand Central Apartments, a 280-unit multifamily community in Fort Myers. Tammy Tate of Love Funding arranged the loan through the U.S. Department of Housing and Urban Development (HUD)’s 221 (d)(4) program on behalf of the developer, Tampa-based Aileron Investment Management. The loan provides non-recourse financing for the construction of the property, followed by a 40-year permanent loan. The community will feature one- and two-bedroom apartment units housed within two four-story and two three-story buildings. Aileron Investment Management is aiming for Grand Central Apartments to earn Bronze Level Green/Energy Efficient mortgage insurance premiums (MIP) through the National Green Building Standard Program. MHK Architecture & Planning is the architect for the project, and Brooks & Freund is the general contractor. ZRS Management LLC will manage the community upon completion. Aileron Investment Management expects to start leasing the first building in 12 months.
HILLSBORO, ORE. — 1031 Crowdfunding, through a joint venture with Seasons Management LLC, has acquired Rosewood Specialty Care, a 48-bed memory care facility in Hillsboro, a suburb of Portland. An affiliate of Frontier Management will operate the 44-unit, 22,950 square foot facility. Frontier has managed the property since 2008, with an average occupancy of 93.8 percent. The purchase price was $14 million. “Seniors housing has already outperformed other noted real estate sectors and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and CEO of 1031 Crowdfunding. “We are particularly excited about the memory care sector.” 1031 Crowdfunding LLC is an online marketplace where real estate investors can find, view and purchase a variety of available, turn-key, investment-grade properties.