BOSTON — Lena New Boston, a partnership between New Boston Fund and Lena Park Community Development Corp., is continuing its $200 million redevelopment of the former Boston State Hospital site with 41 additional two- and three-bedroom units of mixed-income townhomes at Olmstead Green, the first workforce housing/homeowners project in Boston funded by MassHousing’s Opportunity Fund, the Department of Neighborhood Development and the Neighborhood Housing Trust. The project’s overall master plan calls for 514 mixed-income rental and homeownership units. To date, Lena New Boston has completed 210 units of affordable housing and 19 units of homeownership townhouse at Olmstead Green. The first units in the latest phase will be delivered next month with the remaining units delivered in phases through April 2018. Eleven of the units will be priced at $210,000 for first-time homebuyers making at or below 80 percent of the area median income (AMI) and 11 of the units will be priced at $267,500 for first-time homebuyers making at or below 100 percent of AMI. The remaining 19 units will be sold at market rate, ranging between $320,000 to $360,000. Financing for the current phase, including an $8.3 million loan from a bank consortium of Eastern Bank and Boston Private …
SAN ANTONIO — Drever Capital Management, a Calif.-based holding company, will develop Larkspur at Live Oak, a 213-unit senior living community situated on 15 acres near Interstate 35 and Loop 1604 in San Antonio. Designed by Dallas-based Merriman Anderson/Architects Inc., the four-story property will offer units ranging in size from 691 to 1,221 square feet and an outdoor recreation space with a pool, kitchen and cabanas. A 64-unit memory care community is also being planned as a separate facility within the development. Construction is scheduled to begin later this year and wrap up in early 2019.
TAMPA, FLA. — Berkadia has secured a $39.8 million acquisition loan through Fannie Mae for Landmark at Grand Palms, a 438-unit multifamily community located at 3831 Northgreen Ave. in Tampa. Electra America acquired the asset from Starwood Capital for an undisclosed price. The property will be rebranded as Northgreen at Carrollwood, and Electra America will invest approximately $3.5 million in capital improvements, including updated lighting and plumbing fixtures, plank flooring in common areas and amenity and clubhouse enhancements. Situated on 34 acres, Northgreen at Carrollwood includes one- and two-bedroom units and features a fitness center, four pools, tennis courts, children’s playground and a dog park. The property was 96 percent occupied at the time of sale.
Wolverine to Convert Historic Orphanage Into $16M Affordable Housing Property in Marquette, Michigan
MARQUETTE, MICH. — Wolverine Building Group will redevelop the Holy Family Orphanage in Marquette, in Michigan’s Upper Peninsula, into an affordable housing property. Wolverine has partnered with Home Renewal Systems Communities and Community Action Alger Marquette for the $16 million project. The orphanage, originally constructed in 1915 and vacant since 1965, is listed on the National Register of Historic Places. The six-story building featured classrooms, bedrooms, playrooms, a laundry room, kitchen and dining hall. It once housed up to 200 children. Upon renovation, 14 of the 56 units will be set aside as supportive housing units for formerly homeless persons and families in need. Rent for these tenants will be limited to 30 percent of their current incomes. Many of the structure’s historic features, including its sandstone multi-story front porch, will be preserved during the renovation. The original chapel has been restored for use as a community space.
IRVINE, CALIF. — Sabra Health Care REIT Inc. shareholders have voted to approve the company’s planned merger with Care Capital Properties, despite objections of several major shareholders. The proposed merger was announced in May. If completed, the transaction will create a healthcare REIT with a pro forma total market capitalization of roughly $7.4 billion and an equity market capitalization of roughly $4.3 billion. The all-stock transaction is scheduled to close Thursday, subject to customary closing conditions. Several shareholders vehemently opposed the merger, most notably Hudson Bay Capital, which owns 3.9 percent of Sabra shares. The company cited a report by advisory firm Institutional Shareholder Services that suggested Sabra was overpaying for CCP, and that headwinds in the skilled nursing sector would cause the CCP portfolio (which is nearly all skilled nursing) to struggle. The new REIT will be headquartered in Irvine and include a healthcare portfolio comprised of 564 investments across 43 states and Canada. Sabra’s current executive team will manage the company, which will continue to trade under the SBRA ticker symbol. The vote occurred at Sabra’s special meeting of stockholders. The company reports that holders of more than two thirds of the shares voted at the meeting in …
NORTH CHARLESTON, S.C. — Cushman & Wakefield has brokered the $22.6 million sale of Plantation Flats, a 226-unit multifamily community in North Charleston. Watson Bryant, Tai Cohen and Paul Marley of Cushman & Wakefield represented the seller, URS Capital Partners, in the transaction. Miami-based Monument Real Estate Services acquired the property. Constructed in 1984, Plantation Flats features a swimming pool, business center, tennis court, picnic area and a fitness center. The property was 92 percent occupied at the time of sale.
KISSIMMEE AND OAKLAND PARK, FLA. — Walker & Dunlop has arranged a combined $63.6 million in financing for two apartment communities in Florida. The financing included a $38.1 million loan for Caribbean Isle in Kissimmee and a $25.5 million loan for Forest Park in Oakland Park. Geoff Smith, Kimberly Riordan and Randy Efron of Walker & Dunlop secured the three-year, floating-rate mortgage with interest-only payments on behalf of the apartment owners, Pilgrim V and GRA Equities.
SUMMERVILLE, S.C. — Frampton Construction Co. LLC has finished development of The Blake at Carnes Crossroads, a 100-unit seniors housing community in Summerville, roughly 25 miles northwest of Charleston. The 84,000-square-foot building will include assisted living and memory care suites. The Blake is situated on 3.7 acres within the master-planned Carnes Crossroads community, developed by Daniel Island Co. The development features medical offices, retail, restaurants, a school, parks and a church. Frampton Construction partnered with Cardinal Ventures, along with its management company Blake Management Group, to develop The Blake.
ABILENE AND AMARILLO, TEXAS — Walker & Dunlop has arranged $22.4 million in bridge financing for a trio of multifamily properties totaling 572 units in Texas on behalf of a partnership between Pilgrim V and GRA Equities. The company arranged $6.4 million for the 152-unit Warwick Apartments in Abilene; $4 million for the 144-unit Coulter Landing apartments in Amarillo; and $12 million for the 276-unit Wind Tree Apartment Homes in Amarillo.
FORT WORTH, TEXAS — Atlanta-based investment and management firm Carroll Organization has acquired Century Colonial Park and Gallery 1701, two multifamily properties totaling 405 units in the riverfront area of Fort Worth. The properties, both of which were built in 2009, will be rebranded as The Trinity Residences and managed by Carroll Management Group.