Multifamily

Cushman & Wakefield Arranges $30.3M in Financing for Construction of 111-Unit Seniors Housing Community Near San Diego

by Nellie Day May 16, 2017

CHULA VISTA, CALIF. — Cushman & Wakefield Senior Housing Capital Markets has arranged $8.3 million in institutional equity capital and $22 million in construction debt for a joint venture between Douglas Wilson Cos. and Milestone Retirement Communities LLC. The borrowers will use the financing to build a 111-unit assisted living and memory care community within the Otay Ranch master-planned development in the San Diego suburb of Chula Vista. The community will consist of a two-story building on a 4.5-acre site with easy access to downtown San Diego. The project will offer 85 assisted living units and 26 memory care units. Milestone Retirement Communities will manage the property. Construction on the site is slated to begin this month for an anticipated opening in the fall of 2018. Wells Fargo is providing the construction loan. The Cushman & Wakefield team of Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Alex Petrosian arranged the financing.

May 16, 2017

Arizona Multifamily Western

Monument Capital Management Buys Brookwood Apartments in Tucson for $13M

by Nellie Day May 16, 2017

TUCSON, ARIZ. — Monument Capital Management has acquired the 272-unit Brookwood Apartments in Tucson for $13 million. The community is located at 201 S. Kolb Road. Common-area amenities include a courtyard, pool, spa, game room, dog park, laundry facilities and barbecue area. Brookwood Apartments features one- and two-bedroom, garden-style homes with eat-in kitchens, walk-in closets and private patios or balconies. Monument Capital Management plans to implement value-add upgrades throughout the property to improve the units’ interiors, including washer/dryer connections, black appliances, refinished countertops, faux wood flooring, brushed nickel light and plumbing fixtures.

May 16, 2017

Florida Mixed-Use Multifamily Southeast

Lojeta Group Unveils Plans for $70M Multifamily Community, $10M Renovation of Weston Hills Country Club

by John Nelson May 16, 2017

WESTON, FLA. — Weston Hills Resort Group LLC, an affiliate of Hollywood, Fla.-based Lojeta Group, has unveiled plans to redevelop Weston Hills Country Club in Weston. The organization has submitted an application to develop a $70 million apartment community at the resort called the Lodge at Weston Hills. The five-story, 274-unit property would comprise all one- and two-bedroom residences. The City of Weston will review the development team’s application and site plan in the coming months. Weston Hills Resort Group LLC also has a contract to purchase the club and invest more than $10 million in improvements, including upgrades to the resort’s two golf courses and clubhouse facility. The renovation will also include building a resort-style swimming pool, poolside bar and restaurant, five new tennis courts, two pickle ball courts, a fitness center and a kids play area. A team led by Fort Lauderdale-based Adache Group is working on the design for the new improvements and additions, and golf course architect Tom Fazio II is consulting on the golf course improvements.

May 16, 2017

Hospitality Multifamily Southeast Tennessee

Commercial & Investment Properties Opens $28M Hotel, Condo Property in Downtown Knoxville

by John Nelson May 16, 2017

KNOXVILLE, TENN. — Commercial & Investment Properties has opened The Tennessean Personal Luxury Hotel & Residences, a $28 million hotel and condominium development located at 531 Henley St. in downtown Knoxville. The property features 82 hotel rooms and 12 condominiums, as well as amenities for guests and owners including a fitness center, valet parking, room service and the Drawing Room lounge. McCarty Holsaple McCarty designed The Tennessean, which is situated near Market Square, World’s Fair Park and the University of Tennessee.

May 16, 2017

Florida Multifamily Southeast

Berkadia Arranges $25.5M Sale of Apartment Community on Florida’s East Coast

by John Nelson May 16, 2017

PALM COAST, FLA. — Berkadia has arranged the $25.5 million sale of Pine Lake Apartments, a 184-unit multifamily community located at 121 Pine Lakes Parkway North in Palm Coast, a city on Florida’s east coast about 25 miles south of St. Augustine. Built in 2005, the property features one-, two- and three-bedroom floor plans. Community amenities include a resort-style pool, poolside fire pit, hammock lounge, grilling areas, a fitness center, detached garages and a dog park. Pine Lake Apartments is adjacent to the Indian Trails Sports Complex and roughly five miles from the Atlantic Ocean. Cole Whitaker, Mary Beale, Jason Stanton and Greg Rainey of Berkadia represented the seller, Massachusetts-based Palm Coast Waterchase LLC, in the transaction. The buyer was Missouri-based Pine Lake Acquisitions LLC.

May 16, 2017

Loans Midwest Multifamily Ohio

Pillar Provides $6.8M Loan for Refinancing of Multifamily Property in Cincinnati

by Kristin Harlow May 16, 2017

CINCINNATI — Pillar has provided a $6.8 million loan for the refinancing of Cambridge Park Apartments in Cincinnati. The 198-unit property features one-, two- and three-bedroom floor plans. Cambridge Park Apartments is fully leased. The 12-year loan includes a 30-year amortization schedule. Shamrock Properties IX LLC was the borrower.

May 16, 2017

Illinois Midwest Multifamily

Inland Acquisitions Purchases 85-Unit Apartment Property in Vernon Hills, Illinois

by Kristin Harlow May 16, 2017

VERNON HILLS, ILL. — Inland Real Estate Acquisitions Inc. has purchased The Commons at Town Center in Vernon Hills, a northern suburb of Chicago, for an undisclosed price. The 85-unit apartment property is located at 1255 Town Center Road. Constructed in 2010, the property sits on 2.4 acres and features a mix of one-, two- and three-bedroom units. The property also includes 10,609 square feet of first-floor retail space. Tenants include Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry LLC and Giuseppe’s Pizza Restaurant. The Commons at Town Center was 96 percent leased at the time of sale. Joe Cosenza and Brett Smith of Inland closed the transaction on behalf of Inland Residential Properties Trust Inc.

May 16, 2017

Massachusetts Multifamily Northeast

Benchmark, Farallon Acquire 199-Unit Seniors Housing Community Near Boston

by Haisten Willis May 16, 2017

WALPOLE, MASS. — A joint venture between Benchmark Senior Living and Farallon Capital Management has acquired New Pond Village, a continuing care retirement community (CCRC) in the Boston suburb of Walpole. BH Brightview New Pond Village LLC sold the property for an undisclosed price. The community offers 167 independent living units and 32 supportive living units. The three-story, 259,000-square-foot building was built in 1990 on 19.4 acres. New Pond is Massachusetts-based Benchmark’s 54th community and fourth CCRC. Allen McMurtry, Paul Carr, David Kliewer and Megan Fetter of Cushman & Wakefield represented the seller in the transaction.

May 16, 2017

Multifamily New Jersey Northeast

Bussel Realty Brokers $7.5M Sale of Fairfield Industrial Park in Freehold, New Jersey

by Haisten Willis May 16, 2017

FREEHOLD, N.J. — Bussel Realty Corp. (BRC) has arranged the $7.5 million sale of Fairfield Industrial Park, a nine-building park totaling 165,000 square feet located at 912 Route 33 in Freehold. Jordan Metz and Eduard Skutelsky of BRC represented an unnamed seller in the transaction. Imperial Real Estate represented the buyer, Fairfield Industrial Park LLC. The property includes 20 tenants and the new owners plan capital improvements at the industrial park.

May 16, 2017

Connecticut Loans Multifamily Northeast

KeyBank Secures $6M Acquisition Loan for Apartment Property in Moosup, Connecticut

by Haisten Willis May 16, 2017

MOOSUP, CONN. — KeyBank’s community development lending and investment team has financed a $6 million bridge-to-HUD loan for Vesta Corp. for the acquisition of Moosup Apartments. The property is an 89-unit multifamily complex consisting of nine two-story buildings in the rural community of Moosup. Moosup Apartments includes one-, two- and three- bedroom townhomes. Of the 89 units, 27 are covered by a Section 8 HAP contract. KeyBank’s Kelly Frank arranged the financing.

May 16, 2017

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