IDAHO — Ziegler, a specialty investment bank, has closed $17.6 million in bond financing Valley Vista Care Corp., a nonprofit operator of seniors housing communities in Idaho. Valley Vista Care Corp. and Valley Community Housing combine to operate 147 skilled nursing beds, 59 assisted living units and 35 units for residents with mental illness and developmental disabilities. Proceeds from the bonds will be used to refund prior bonds, pay for improvements to two facilities, create a reserve fund and pay bond issuance expenses.
GRANBURY AND WEATHERFORD, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a two-property seniors housing portfolio totaling 186 units in the southwestern Fort Worth suburbs of Granbury and Weatherford. An undisclosed buyer purchased the 110-unit Gardens of DeCordova in Granbury and the 76-unit Gardens of Weatherford in Weatherford. Both properties are 55-plus facilities. Will Balthrope, Drew Kile, Joey Tumminello and Max Helgeson of IPA brokered the sale.
AZLE, TEXAS — Greysteel has arranged the sale of Azlewood, an 81-unit apartment complex located at 1021 Timberoaks Drive in Azle, about 20 miles northwest of Fort Worth. Built in 1982, the property offers a pool and on-site laundry facilities. Boyan Radic, Doug Banerjee, Andrew Mueller and Andrew Hanson of Greysteel represented the seller in the transaction. Other terms of sale were not disclosed.
NEW YORK CITY — J. Wasser & Co. has purchased two apartment buildings in the Fordham section of the Bronx for $10 million. Located at 2263 Morris Ave. and 2342 Ryer Ave., the buildings total 46,370 square feet and feature a total of 64 apartments. Aaron Jungreis of Rosewood Realty Group represented the buyer and sellers, 2342 Ryer Avenue Partners LLC and 2263 Morris Avenue Partners LLC.
FALL RIVER, MASS. — Hunt Mortgage has provided a conventional Fannie Mae loan facility and mezzanine loan to refinance South Coast Landings, a multifamily property located in Fall River. The borrower is South Coast Landings LLC. The mezzanine loan will be subordinate to the Hunt Mortgage Capital FNMA loan. The senior loan amount is $23.5 million and the facility is a fixed-rate loan with a 30-year amortization schedule, four years of interest-only payments and a 12-year maturity. The $1 million mezzanine loan has a coterminous maturity with the senior loan at 12 years. The property comprises eight two-story residential buildings featuring a total of 240 units. Situated on 17 acres, the property features a clubhouse and 370 parking spaces.
PLYMOUTH, MINN. — CBRE has arranged the sale of Granite Woods in Plymouth, 15 miles west of Minneapolis, for $24.5 million. The property is located at 3925 Lancaster Lane North near the intersection of Highway 169 and Rockford Road. Built in 1972, the community is comprised of 192 apartment units with an average size of 974 square feet. Amenities include a community room, game room, fitness center, pool, dog park and tennis courts. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Arlington Arms LLC, an entity related to Main Street Cos. Inc. Granite Woods-Minneapolis LLC, an entity controlled by Bellevue, Washington-based Curtis Capital Group, was the buyer. The sale equates to $127,343 per unit.
LAFAYETTE, IND. — Pillar Financial, a division of SunTrust Bank, has originated a $6 million Fannie Mae loan for the refinancing of Lahr Apartments in Lafayette. Constructed in 1831, the historic property originally served as the Lahr Hotel before being transformed into affordable housing units in 1998. The property also features first-floor retail space. Joe Markech of Pillar originated the 10-year loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Mike Dury of PR Mortgage, a Pillar correspondent.
LAWRENCEVILLE, GA. — CBRE has arranged the $49.6 million sale of 1760 Apartment Homes, a 239-unit multifamily community located at 1760 Lakes Parkway in Lawrenceville, approximately 30 miles northwest of downtown Atlanta. Shea Campbell, Paul Berry and Steve Newbern of CBRE arranged the transaction on behalf of the seller, LIV Development. Charleston, S.C.-based Blaze Partners acquired the property, which was constructed earlier this year. The community features a clubhouse with teaching kitchen, game room, cyber café, resort-style pool and a fitness center.
AUBURN, ALA. — Colliers International has arranged the $32 million sale of The Social, an 844-bed student housing community located at 211 W. Longleaf Drive, roughly three miles from Auburn University in Alabama. Travis Prince, Sean Baird and Brian Savage arranged the transaction. Other terms of the deal were not disclosed. The Social offers one- to three-bedroom units, ranging in size from 918 to 1,188 square feet. Community amenities include a community theater room, resort-style pool and a clubhouse with billiards, ping pong, foosball and air hockey tables. In addition, the community offers direct access to the Tiger Transit line, a free bus service for Auburn University students.
SPOKANE, WASH. — The Wolff Company has started construction of Revel Spokane, a 132-unit independent living community in Spokane. The development is slated to open in 2018. This project is the seventh senior living community developed by Wolff since 2016. The Arizona-based private equity firm intends to invest $300 million to $400 million annually in the development of independent living communities, in addition to purchasing existing communities.