RENTON, WASH. — KeyBank’s Commercial Mortgage Group has arranged $49.1 million in financing for the 359-unit Regency Woods Apartment Homes in Renton. The community is located at 1650 Eagle Ridge Drive South. Regency Woods was built between 1967 and 1969. It was renovated in 2010. The seven-year loan features a 30-year amortization schedule. It was used to refinance existing debt. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the loan.
SUN CITY WEST, ARIZ. — Holliday Fenoglio Fowler,L.P. (HFF) has arranged the sale of The Heritage Tradition, a 303-unit seniors housing community located within the Del Webb master-planned community of Sun City West, just northwest of Phoenix. Senior Resource Group LLC acquired the property for an undisclosed price, and will also operate the community. The seller was not disclosed. The Heritage Tradition features 227 independent living apartments, 35 independent living cottages and 41 assisted living units. The property was completed in three phases between 2000 and 2006, and has undergone $3.8 million in capital improvements since 2013. In addition to negotiating the sale, HFF arranged a 10-year, fixed-rate acquisition loan through a life insurance company. The HFF investment advisory team included Ryan Maconachy, Chad Lavender and Ryan Fitzpatrick. HFF’s debt placement team consisted of Sarah Anderson.
AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Southpark Crossing, a 308-unit multifamily community in Austin. Built in 2017, the property is located near the Southpark Meadows shopping and entertainment center and offers amenities such as a 24-hour fitness center, movie theater and a resort-style pool. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer, both of whom requested anonymity.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of College and Crown, a multifamily asset located at 200 College St. in New Haven. Centurion Overseas Ltd. acquired the five-story property from College Square LLC for an undisclosed price. Built in 2015, the property features 160 apartments and 18,684 square feet of commercial space. Community amenities include a lounge, a study area, a fitness center and outdoor spaces with grilling stations and pet-friendly anti-microbial faux turf. Victor Nolletti and Eric Pentore of IPA represented the seller and procured the buyer in the deal.
DUNKIRK, N.Y. — Greystone has provided a $16.5 million HUD-insured permanent loan to refinance Chautauqua Nursing & Rehabilitation Center, a skilled nursing facility. Chautauqua Nursing & Rehabilitation Center is a 216-bed skilled nursing facility located in the Western New York city of Dunkirk on Lake Erie in close proximity to State University of New York at Fredonia. The facility provides a range of services including rehabilitation services such as physical, occupational, and speech therapy, as well as memory care, music therapy, palliative care, respite and hospice services. The long-term FHA financing represents a permanent exit from a bridge loan provided by Greystone in 2015 for VestraCare’s acquisition of the property. The loan carries a 33-year term and amortization at a fixed rate. Fred Levine, managing director in Greystone’s Monsey, N.Y., office, originated the transaction.
BROCKTON, MASS. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Heights Crossing Assisted Living Residence, a 100-unit assisted living and memory care community located in the Boston suburb of Brockton. Kayne Anderson Real Estate Advisors acquired the property from a regional owner-operator with a strong presence in the Boston area. The price was not disclosed. Originally constructed in 1996, the community was 89 percent occupied at the time of sale. The building is situated near the Bay Pointe Rehabilitation and Nursing Center. Steve Thomes was Blueprint’s lead advisor on the transaction.
HOUSTON — WorkFlourish, a Houston-based company that cultivates workspaces within hospitality or residential settings, has opened a 10,000-square-foot co-working space within Ascension on the Bayou, a 280-unit apartment community located in the Westchase area of Houston. The property now features a workspace in the main lounge, two conference rooms, a formal business center, several individual desks, eight private offices and a community kitchen. Co-working space at the property costs between $200 and $450 per month.
ATLANTA — A joint venture between Landmark Properties and CityLife Development Partners has acquired a 1.1-acre site near the Georgia Institute of Technology in Midtown Atlanta for the development of a 28-story student housing community. The 425,000-square-foot development — dubbed The Mark at Atlanta — will offer 780 beds and 7,000 square feet of commercial space. The property is set to feature one- to six-bedroom, fully furnished units. Community amenities will include an on-site parking garage, rooftop pool and hot tub, fitness center, yoga room, bike storage center, clubhouse, study lounges, a computer lab, golf simulator, sky lounge with adjoining outdoor terrace, a sauna and tanning beds. The property is set to open in August 2020.
BATON ROUGE, LA. — Greystone has provided a $24.4 million HUD-insured loan to refinance The Highland Club Apartments, a 247-unit multifamily property in Baton Rouge. Jason Stein of Greystone arranged the 35-year fixed-loan. Other terms of the transaction were not disclosed. Greystone previously refinanced the property in 2012, and the new loan enables a combination of phased renovations and continued investment back into the property. The Highland Club Apartments is located roughly 15 miles from downtown Baton Rouge, and features a swimming pool, stocked lakes, putting greens, dog park, business center, fitness center and an on-site personal trainer.
OAK PARK, MICH. — Pillar Financial, a division of SunTrust Bank, has originated a $10.3 million HUD 223(f) loan for the refinancing of Oaks on Lincoln in Oak Park, a suburb of Detroit. The 120-unit apartment property features two- and three-bedroom units up to 1,460 square feet. David Wilkins of Pillar originated the fully amortizing 35-year loan. The borrower, Kaftan Communities, will use the loan to renovate the kitchen in each unit and to make other significant improvements to the property in 2018. The improvements will enable the property to remain at market-rate rents, according to Pillar.
