Multifamily

Kent Place Residences in Colorado Sells for $127.4M

by Nellie Day July 20, 2017

ENGLEWOOD, COLO. — Institutional investors have acquired the 300-unit Kent Place Residences in Englewood for $127.4 million. The community is located at 3465 S. Gaylord Court in the Cherry Hills Village area. Kent Place Residences was built in 2015. Outdoor amenities include a rooftop lounge with views of the Rocky Mountains and downtown Denver, as well as outdoor televisions and barbeque grills, outdoor kitchens, a walking trail, pool with two spas, community garden, pet play area, bocce ball court and complimentary bike rentals. HFF’s Jordan Robbins, Jeff Haag and Anna Stevens represented the seller, Forum Real Estate Group, in this transaction. J.P. Morgan Asset Management advised the undisclosed buyers.

July 20, 2017

Arizona Multifamily Seniors Housing Western

Summit Healthcare REIT Acquires Assisted Living Community in Chandler for $13.4M

by Nellie Day July 20, 2017

CHANDLER, ARIZ. — Summit Healthcare REIT Inc. has acquired Pennington Gardens, a 90-bed assisted living and memory care facility in the Phoenix suburb of Chandler for $13.4 million. Summit will lease the property to Compass Senior Living, which already operates six communities in Summit’s portfolio. The acquisition was made through Summit Chandler LLC, which is a wholly owned subsidiary of Summit. Summit is a non-traded REIT with 32 long-term, triple-net-leased healthcare facilities in 12 states.

July 20, 2017

Multifamily Oregon Seniors Housing Western

MorningStar, Confluent Break Ground on 104-Unit Assisted Living Community Near Portland

by Nellie Day July 20, 2017

BEAVERTON, ORE. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Beaverton, a 104-unit assisted living and memory care community in the Portland suburb of Beaverton. The community is scheduled for completion in September 2018, with an information center opening onsite early in the year. Situated on 5.25 acres, the 97,653-square-foot development will offer 66 suites for assisted living and 38 suites for memory care. This will be MorningStar’s first community in Oregon. The project represents the 12th joint venture between affiliates of MorningStar, a Denver-based senior living developer, owner and operator, and Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development. Confluent is the project owner and MorningStar will serve as the operator. Local firms involved in the project include LRS Architects and LCG Pence Construction. Thoma-Holec Design, based in Mesa, Ariz., will serve as interior designer.

July 20, 2017

California Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $6.5M Refinancing for 95-Unit Independent Living Community in Riverside

by Nellie Day July 20, 2017

RIVERSIDE, CALIF. — Lancaster Pollard has arranged a $6.5 million refinancing for Magnolia Grand, a 95-unit independent living community in Riverside, located in the Inland Empire region of California. The borrower is BPM Senior Living Co., which owns and operates a portfolio of seniors housing communities in the Western United States. The Fannie Mae loan is non-recourse and restructures a permanent loan that was nearing maturity. In addition to refinancing existing debt, the loan will provide capital for upgrades and improvements to the property. Matt Lindsay led the transaction for Lancaster Pollard.

July 20, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

Sims Closes $93M Bond Financing for Construction of Seniors Housing in New Hampshire

by Amy Works July 20, 2017

KEENE, N.H. — HJ Sims has closed $93 million in tax-exempt bonds, which will be used toward the development of Hillside Village, a continuing care retirement community (CCRC) in Keene. The borrower, The Prospect-Woodward Home, is the nonprofit operator of an assisted living facility in Keene. The company recognized that there were no CCRCs in the area that would allow seniors to stay in Keene as they age. Eighty percent of the independent living apartments were already reserved at the time of bond closing. Prospect-Woodward expects to break ground this year on the 48-acre campus. New Hampshire Health and Education Facilities Authority issued the bonds. Sims immediately sold 20 percent of the bonds — $18 million — to individual investors. Sims created three series of Entrance Fee Principal Redemption Bonds to capture initial entrance fees from new residents and to reduce debt quickly. The lender expects the program to allow Prospect-Woodward to redeem 40 percent of the bonds within three years.

July 20, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Trion Real Estate Acquires Mixed-Use Building in Manhattan for $11.5M

by Amy Works July 20, 2017

NEW YORK CITY — Trion Real Estate Management has purchased a five-story, mixed-use building located at 818 10th Ave. in Manhattan’s Hell’s Kitchen. A local interest group sold the building for $11.5 million, or $932.68 per square foot. Built in 1910, the 12,330-square-foot building features 12 residential apartments and two restaurants, Mamasita Mex and White Oak Oyster Bar & Cocktail Lounge. Peter Vanderpool of Cignature Realty Associates represented the seller and buyer in the deal.

July 20, 2017

Connecticut Multifamily Northeast

Aria Legacy Group Buys 65-Unit Multifamily Portfolio in Hartford, Connecticut, for $3.2M

by Amy Works July 20, 2017

HARTFORD, CONN. — Aria Legacy Group has purchased Congress Street Apartments, a 65-unit multifamily portfolio located in downtown Hartford. Redbrick Partners sold the portfolio for $3.2 million, or nearly $50,000 per unit. The portfolio comprises 11 historic multifamily townhouses with parking on Congress, Morris and Alden streets. Edward Jordan and Taylor Perun of Northeast Private Client Group represented the seller and sourced the buyer in the deal.

July 20, 2017

Illinois Midwest Multifamily

CBRE Arranges $222.5M Sale of Luxury Apartment Tower in Chicago

by Kristin Harlow July 20, 2017

CHICAGO — CBRE has arranged the sale of Coast at Lakeshore East in Chicago for $222.5 million. The 515-unit luxury apartment tower is located at 345 E. Wacker Drive. The 45-story property offers studios, one-, two- and three-bedroom units. Amenities include a fitness center, outdoor heated pool, indoor spa and a sky garden lounge. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the sellers, Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management. Morguard Corp. purchased the property.

July 20, 2017

Loans Louisiana Multifamily Southeast

KeyBank Arranges $33.9M Acquisition Loan for Multifamily Property in Baton Rouge

by Camren Skelton July 20, 2017

BATON ROUGE, LA. — KeyBank Real Estate Capital has provided a $33.9 million acquisition loan for Cypress Lake Apartments in Baton Rouge. Erik Storz of KeyBank arranged the 10-year loan with a 30-year amortization schedule and five years of interest-only payment through Fannie Mae Green Rewards. Constructed in 2003, the 314-unit, garden style property features two swimming pools, a lighted tennis court, clubhouse and an on-site car care center.

July 20, 2017

Loans Multifamily Seniors Housing Southeast Tennessee

Capital One Provides $27.2M in HUD Refinancing for Skilled Nursing Facilities in Tennessee

by Camren Skelton July 20, 2017

MCLEAN, VA. — Capital One has provided three loans totaling $27.2 million for the refinancing of three skilled nursing facilities in Tennessee. Joshua Rosen of Capital One originated the 35-year, fixed-rate loans through HUD 232/223(f) on behalf of the borrower, Strawberry Fields REIT. The portfolio includes the 109-bed Lakebridge, a Waters Community in Johnson City, Tenn., which received a $10.6 million loan; The Waters of Smyrna, a 91-bed facility that received an $8.4 million loan; and The Waters of Shelbyville, a 96-bed property that received an $8.2 million loan.

July 20, 2017

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