LOS ANGELES — Walker & Dunlop has closed $289 million in loans for 21 multifamily properties across California. The portfolio contains a total of 2,189 units in major metropolitan areas like San Francisco, San Jose, San Diego and Los Angeles. More than half of the communities contain project-based Section 8 Housing Assistance Payments Contracts. The other 10 assets qualify for Fannie Mae’s Green Rewards Program, where new investments in water and electrical systems will reduce the properties’ environmental impact. Peggy Griffith, a Walker & Dunlop preferred correspondent, sourced the transaction.
CLEMSON, S.C. — Dominion Senior Living has broken ground on Dominion Senior Living at Patrick Square, a $10 million, 50,000-square-foot seniors housing community located at 100 Pershing Ave. in Clemson. The two-story, faith-based community will have 40 assisted living apartments and 17 apartments designed for memory care. Dominion Senior Living at Patrick Square is slated to open in fall 2018, bringing roughly 50 new jobs to the Clemson area. The property is Dominion’s second asset in South Carolina.
SACRAMENTO, CALIF. — OpenPath Investments has obtained a $52 million loan for the 565-unit Eleven Hundred Apartments in Sacramento. The financing is part of Freddie Mac’s Green Up program, which supports environmental improvements to properties. The Class B community is located at 1100 Howe Ave. and was first constructed in 1961. Since 2015, the property has undergone renovations including more than $6.5 million in improvements and repairs to common areas and the interiors of 535 units. The borrower plans to invest an additional $400,000 into the property, half of which will be allocated to green upgrades. The 10-year Freddie Mac loan was structured with five years of interest-only payments and a 75 percent loan to value. Walker & Dunlop structured the financing.
RANCHO CORDOVA, CALIF. — Capital One has provided a $47.2 million refinancing for the 600-unit Chesapeake Commons apartment complex in the Sacramento submarket of Rancho Cordova. The Wasatch Group has owned the property since February 1997. It has invested in upgrading exteriors, community amenities and individual units. The seven-year, Fannie Mae fixed-rate loan features full-term, interest-only payments.
ORLANDO, FLA. — Dominium has purchased Lake Weston Point Apartments, a 240-unit multifamily community in Orlando. Constructed in 1999, the affordable housing community is located near Nassau Bay Apartments, another property owned by Dominium. The Minneapolis-based company has unveiled plans for renovations to the Lake Weston Point, including updates to the clubhouse, fitness room, swimming pool, playground equipment and sports court. Improvements to security equipment, exterior lighting, landscaping, roofing and sidewalks will also be made on an as-needed basis. The sales price and seller were not disclosed.
PHOENIX — Harbert Management Corp. has acquired an ownership stake in High Street, a 628,000-square-foot mixed-use development located in Phoenix. Although the sales price was not disclosed, the buyer received a $93.5 million acquisition loan to fund the transaction. The property occupies 24.9 acres at 5100-5450 E. High St. along Loop 101 in northeast Phoenix, and features 88 multifamily units; 174,705 square feet of retail, dining and entertainment; and 330,369 square feet of office space. Tenants at the 83.7 percent leased center include Sprouts, Kona Grill, La Bocca, Pinspiration, Mellow Mushroom, Blue Martini, Ocean Prime and Modern Margarita. City North Associates LLC, a joint venture between ScanlanKemperBard Cos. and a private investment fund managed by Wayzata Investment Partners LLC, previously owned the property. Harbert Management has replaced Wayzata Investment Partners, now owning the property in partnership with ScanlanKemperBard. Ryan Gallagher, CJ Osbrink, Ryan Fitzpatrick and Clark Cashion of HFF worked on behalf of the original joint venture owner to procure the buyer in the transaction. Jeremy Womack and Tom Wilson of HFF worked on behalf of the new ownership to secure the acquisition loan through TPG RE Finance Trust. ScanlanKemperBard Cos. is a real estate merchant banking firm that acquires, develops …
BRICK, N.J. — Gebroe-Hammer Associates has arranged the sale of Olympic Gardens, a mixed-use property located along Route 88 in Brick. Brick APTS LLC acquired the property from Longwood Ave LLC for $10.1 million. The property features an 80-unit multifamily complex and an adjacent 14,336-square-foot office building. Joseph Brecher and Adam Zweibel of Gebroe-Hammer represented the seller and secured the buyer in the deal.
NASHVILLE, TENN. — Covenant Capital Group LLC has sold 500 5th Avenue, a 170-unit apartment community located in downtown Nashville, for $27.3 million. 500 Fifth LLC, an entity controlled by JEM Holdings, purchased the property. Covenant originally acquired the asset, formerly known as Metro Manor Apartments, in 2015 for $15.8 million. The company invested nearly $8.2 million in the project, executing renovations including a new entrance, fitness center, business lounge, bike room, sky terrace and rooftop pool. Covenant also renovated apartment interiors and installed new appliances and cabinetry.
STATESBORO, GA. — FM Capital has acquired Campus Evolution Villages at Statesboro, a 528-bed student housing community near Georgia Southern University in Statesboro. FM Capital will rebrand the property as The Vault at Statesboro and install capital improvements including a new clubhouse and game room; new hot tub, cabanas, fire pits and grill stations by the pool; a dog park; new fitness center with video software; a computer room and two private study rooms. The sales price and seller were not disclosed.
SAN DIEGO — Capital One has provided a $77.7 million loan to refinance a portfolio of nine seniors housing facilities in Arizona, California, Florida, Oregon and Utah. The mortgage consists of $67.7 million in initial funding and an earn-out as specific conditions are met. The borrower is Pacifica Cos., a San Diego-based real estate developer, owner, investor and investment management with properties in office, industrial, retail, net-leased single-tenant, multifamily, residential, seniors housing and hospitality, as well as land for development. Its seniors housing division is named Pacifica Senior Living. The specific names of the properties were not disclosed. Specializing in assisted living and memory care, Pacifica Senior Living manages dozens of communities in Arizona, California, Florida, Georgia, Idaho, Nevada, New Mexico, North Carolina, Oregon, Rhode Island, Texas, Utah and Virginia.