NEW YORK CITY — Cushman & Wakefield arranged $550 million in fixed-rate financing for The Chetrit Family and Stellar Management. Provided by affiliates of Natixis Real Estate Capital and UBS AG, the financing is secured by Yorkshire Towers and Lexington Towers in Manhattan’s Upper East Side. Located at 305-315 E. 86th, Yorkshire Towers is a 21-story apartment building featuring 692 units. Built in 1963, Lexington Tower at the corner of East 88th Street and Lexington Avenue is a 15-story, 137-unit apartment building. Both properties recently underwent a comprehensive repositioning program that included renovations of the lobbies and common areas, reconfiguration of unit layouts and unit renovations. On-site amenities at the properties include 24-hour doormen, fitness centers and underground parking with on-site valets. Steve Kohn, Alex Hernandez, Alex Lapidus, Noble Carpenter, Doug Harmon and Adam Spies of Cushman & Wakefield secured the financing for the borrower.
NEW YORK CITY — The Kalikow Group has broken ground on 2415 Church Avenue, a rental residential building located in the Prospect-Lefferts Gardens neighborhood of Brooklyn. The Kalikow Group, WRS Associates and Ishay Group are joint owners of the $29 million, 67-unit property. The as-of-right property will include studio, one- and two-bedroom units priced at market rates. The units will feature luxury finishes including high ceilings, open kitchens, high-end appliances, in-unit washers/dryers, wood floors and spacious bathrooms. On-site amenities will include a fitness center, lounge and workspace, rooftop deck and a bicycle storage area. KSQ Architects is providing architectural services for the project, which is slated for completion in mid-2019.
CLEVELAND — KeyBank Real Estate Capital has arranged a $74.6 million loan for the refinancing of a portfolio of seniors housing properties located in various markets throughout Texas. The portfolio consists of six skilled nursing facilities totaling 806 beds. John Randolph, Grant Saunders and Peter Trazzera of KeyBank arranged the financing through the FHA’s 232/223(f) mortgage insurance program. The borrower was a joint venture between Capital Senior Ventures, a subsidiary of Baltimore-based Capital Funding Group, and New York-based Blue Mountain Capital Management.
LAWRENCE, KAN. — NorthMarq Capital has arranged a $2.8 million loan for the refinancing of Jacksonville Apartments in Lawrence, about 40 miles west of Kansas City. The 88-unit apartment property is located at 700 Monterey Way. Brent Blake of NorthMarq arranged the 10-year loan through Freddie Mac’s small balance loan program.
CICERO, ILL. — Millennium Properties R/E has brokered the sale of a 38-unit apartment complex in Cicero, a western suburb of Chicago, for $1.7 million. The property, located at 1930 S. Cicero Ave., features 32 two-bedroom units and six one-bedroom units. The building was 95 percent occupied at the time of sale. Michael Mintz of Millennium Properties was the sole broker for the transaction. Neither the buyer nor the seller was disclosed.
TOMS RIVER, N.J. — Love Funding has closed an $8.1 million refinancing for Magnolia Gardens Assisted Living Facility, a 79-unit community in Toms River, located near the coast east of Philadelphia and south of New York City. Love Funding’s Laura Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term. Magnolia Gardens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program. The current refinancing, which locks in a lower interest rate for a 35-year term, will generate debt service savings. Magnolia Gardens was built in 2002 and will continue under the management of ML Healthcare Associates Inc.
ANDOVER, MASS. — Capitol Seniors Housing is developing Stonehill of Andover, an assisted living and memory care seniors housing community in Andover. Located at 141 Elm St., the $36.5 million community will feature 96 units. Operated by The Northbridge Cos., the 81,500-square-foot community will feature a bistro, activity room, fitness room, theater, salon and courtyard. Construction will begin on the property later this month, with an opening scheduled for the fourth quarter of 2018.
FARMERS BRANCH, TEXAS — KWA Construction has broken ground on Phase II of Mustang Station Apartments, a 186-unit multifamily complex located at 2501 Bill Moses Parkway in the Dallas metro of Farmers Branch. The 177,106-square-foot property will consist of one-, two- and three-bedroom units ranging in size from 588 to 1,400 square feet, as well as a fitness center and a pet grooming station. Phase II, which is slated for a late 2018 completion, will also include the construction of a 263-space parking garage.
RICHMOND, VA. — LifeSpire has broken ground on a $64 million expansion at Lakewood, a continuing care retirement community (CCRC) in Richmond. The project is part of the community’s 40th anniversary celebrations and will take place on the West End campus of the property. The expansion includes the four-story Lakeview Clubhouse, including a new community entrance, 44 apartments, underground parking, walking paths, gardens, fire pits and a waterfall feature. The first floor will include a fitness center, restaurant, lounge, auditorium, pool, spa, convenience store, coffee shop, barber shop, library, billiards room, art studio and woodworking shop. In addition, the project includes two new buildings of the community’s Woodside Hybrid Homes, adding common areas and 20 additional units. The design team includes architect THW Design and general contractor WM Jordan. Construction is slated for completion by late 2019 or early 2020. No residents will be displaced during the construction period. LifeSpire of Virginia owns and operates four CCRCs in the state.
AUGUSTA, GA. — Grandbridge Real Estate Capital, a subsidiary of Branch Banking & Trust Co. (BB&T), has arranged a $38 million Freddie Mac loan for the refinancing of Grand Oaks at Crane Creek, a 300-unit multifamily community in Augusta. Bill Mattice and Phillip Cox of Grandbridge arranged the seven-year loan with a 30-year amortization schedule and a floating interest rate starting in the 3 percent range. The borrower was not disclosed. Grand Oaks at Crane Creek features a pet wash station, fitness center, spin room, yoga studio, shuffleboard and a resort-style saltwater pool with a sundeck.