CAMBRIDGE, MASS. – Forest City Realty Trust, in a joint venture with Madison International Realty, has closed on the acquisition of the interest of Forest City’s partner in five assets at University Park at MIT in Cambridge. The transaction values the undisclosed partner’s share of the assets at a total of $302 million, including assumption of debt. The assets include three office buildings: 300 Massachusetts Ave., 350 Massachusetts Ave. and 38 Sidney St., comprising a total of 486,000 square feet of life science office space; a 975-space parking facility; and the commercial space adjoining the Le Meridian Cambridge-MIT hotel. Forest City is the 100-percent owner of seven other life science office buildings and four multifamily communities that are also part of the University Park at MIT campus.
NEWARK, N.J. — Arbor Realty Trust has funded a $41.5 million bridge loan for the acquisition of a multifamily property located in Newark’s Forest Hills section. The deal provides a three-year adjustable loan term. Stephen York of Arbor’s New York City office originated the loan. The undisclosed borrower used the loan to acquire 452 units at closing, with the intent to purchase the remaining 28 units over the next three years. The garden-style apartment community features studio, one- and two-bedroom layouts, on-site laundry facilities, parking and landscaped courtyards.
NEW YORK CITY – Monticello Asset Management, through one of its investment vehicles, has provided $31.2 million bridge-to-HUD loan for New Broadview Manor Home For Adults, a 200-bed seniors housing facility on Staten Island. The borrower is The W Group at New Broadview LLC, which will use the funds to acquire the property. New Broadview was built in 1974, with a fifth floor added in 1999. Of the 200 beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The community totals 42,694 square feet on 0.8 acres of land. The facility is located in the residential South Beach section of Staten Island near the Verrazano Bridge and one block from the ocean and boardwalk.
NEW YORK CITY – Q10|New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has secured a $2.9 million loan for the acquisition of a walk-up apartment building located in the Sunnyside neighborhood of Queens. The undisclosed borrower opted for a 20-year Hybrid ARM loan through the Freddie Mac Small-Balance Loan program. The rate on the initial five-year term is fixed at 3.58 percent followed by a floating-rate period of the remainder of the term (180 months). During the floating-rate period, the coupon is reset every six months and is based on a spread over a six-month LIBOR index. The non-recourse, PAR loan amortizes over 30 years. The four-story building features 16 units. Jeanne Cronin of Q10|New York Realty Advisors arranged the financing.
SCOTTSDALE, ARIZ. — CBRE has arranged a $37 million refinancing for Andara Senior Living, a 170-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The borrower is The Reliant Group, which acquired the community in 2013 from the original developer. At that time, Reliant brought in Senior Lifestyle Corp. as operator and implemented a capital improvement plan, leading to an occupancy rate regularly above 90 percent. The Freddie Mac loan includes a seven-year term, fixed rate and 36 months of interest-only payments. Aron Will of CBRE National Senior Housing, along with Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group, arranged the financing.
BROOMFIELD, COLO. — HFF has arranged $33.8 million in financing for Palisade Park, a garden-style apartment community at 16815 Huron St. in Broomfield, a northern suburb of Denver. Josh Simon and Kristian Lichtenfels of HFF secured the financing for Jeffrey Sanders of Boulder-based Mountain View Capital. The seven-year, floating-rate loan was secured through Freddie Mac’s CME Program. Loan proceeds were used to refinance expiring construction financing. Completed in 2017, the 216-unit Palisade Park is 95 percent occupied and comprises one-, two- and three-bedroom units ranging from 731 square feet to 1,247 square feet. Additionally, the property features 14,500 square feet of indoor and outdoor amenity space, including a beach-style pool with sundeck and spa; pergola with gas grills and fire pit; 24-hour fitness center; clubhouse with billiards; WiFi lounge; media center and business room; dog wash and dog park; playground; and detached garages.
WENATCHEE, WASH. — JCH Senior Housing Investment Brokerage has arranged the sale of Riverwest Senior Living, a 65-unit independent living and assisted living community in the Central Washington city of Wenatchee. A group of seniors housing industry veterans sold the property to a 1031 exchange buyer for $7.4 million. The deal also included the placement of a new operator, simplifying the asset transfer. Jim Hazzard and Nick Stahler were JCH’s lead agents on the transaction.
PLANT CITY, FLA. — Cushman & Wakefield has brokered the $35.7 million sale of Plantation at Walden Lake, a 352-unit apartment community located at 1400 Plantation Blvd. in Plant City, roughly 25 miles east of Tampa. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield arranged the transaction on behalf of the seller, Mercury Investment. Bridge Investment Group acquired the 23-building property, which was 95 percent leased at the time of sale. Plantation at Walden Lake was constructed in phases from 1990 to 1994 and includes a mix of one-, two- and three-bedroom apartments. Community amenities include a swimming pool, fitness center, dog park, playground and a picnic and barbecue area.
NEW ORLEANS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $22.2 million loan to refinance Oakmont Apartments, a 336-unit multifamily community in New Orleans. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the borrower, Bruno Inc. Oakmont Apartments features a swimming pool with sundeck, tennis court, laundry facility and on-site maintenance. MMCC is a subsidiary of Irvine, Calif.-based Marcus & Millichap.
NORFOLK, VA. — Greysteel has arranged the $7.6 million sale of the Norfolk Ocean View Portfolio, a nine-property multifamily portfolio located in Norfolk’s Ocean View neighborhood. Rawles Wilcox and Jared Emery of Greysteel arranged the transaction on behalf of both the seller, Boardwalk Realty & Development, and the buyer, Brick Lane Real Estate. The portfolio is located on the Willoughby Spit peninsula and comprises 104 units spread throughout nine individual properties: Neptune’s Waters, The Blue Marlin, Fish Tails, Fish Heads, Tradewinds, The Beach House, Fisherman’s Cove, The Castaways and Havana Beach. The units feature new appliances, refinished cabinets, resurfaced countertops, lighting packages, faux hardwood floors and new carpet.