NEW YORK CITY — Rosewood Realty Group has brokered the sale of two contiguous four-story apartment buildings in the Prospect-Lefferts Gardens section of Brooklyn. The buyer, 558-566 Parkside LLC, acquired the properties from 566 Parkside LLC for $14.6 million. Located at 558-566 Parkside Ave. the buildings offer a total of 59 apartments. Michael Guttman of Rosewood represented the buyer, while Aaron Jungreis, also of Rosewood, represented the seller in the transaction.
TROY, N.Y. — KeyBank Real Estate Capital has arranged an $11.6 million Freddie Mac first mortgage loan for Summit Apartments in Troy. Situated on 10 acres, the property comprises four three-story apartment buildings offering a total of 108 units. Hayley Suminski of Key’s Commercial Mortgage Group arranged the financing with a seven-year term, two-year interest-only period and 30-year amortization schedule. The undisclosed borrower used the loan to refinancing existing debt.
PITTSBURGH — The Community Builders Inc. (TCB), a nonprofit developer of mixed-income housing, has opened Hillcrest Residences, a 66-unit seniors housing community in Pittsburgh’s Carrick neighborhood. The community features eight handicap-accessible apartments to allow residents to age in place. Amenities include a community room with library, garden, business center, fitness room, outdoor terrace, private room for health services, laundry rooms and 36 parking spaces. The Urban Redevelopment Authority of Pittsburgh, the HUD Neighborhood Stabilization Program, Federal Home Loan Bank of Atlanta, Citizens Bank and The Pennsylvania Housing Finance Agency both contributed to the development. Through partnerships with local organizations such as the American Health Care Group, Greater Pittsburgh Community Food Bank and UPMC Stroke Institute, Hillcrest residents will have access to supportive services. The University of Pittsburgh School of Nursing provides quarterly health screenings, monthly healthy eating tips, exercise and fall prevention workshops.
TYLER, TEXAS — Abby Development has broken ground on Auberge at Tyler, a 234-unit multifamily community located on Grand Boulevard near the intersection of Old Jacksonville Highway in Tyler, about 100 miles east of Dallas. Amenities will include a pool with swim-up tanning ledges, a stocked fishing pond, fitness center and yoga studio, a dog park, a resident lounge with a kitchen and coffee bar and a cabana area with flat-screen televisions. The community is expected to open during the second quarter of 2019.
RICHMOND, VA. — StoneBridge Investments has acquired Copper Spring, a 366-unit apartment community located at 3301 Copper Mill Trace in Richmond, for $54.2 million. Eastdil Secured arranged the transaction on behalf of the seller, an affiliate of Atlanta-based Clarion Partners. Constructed in 1989 and renovated in 2006, the property features two resort-style pools, a fitness center, business center, lighted tennis courts, racquetball court, grilling stations, gaming area and a coffee bar. StoneBridge plans to upgrade the clubhouse and other common-area amenities, as well as some individual residences. ZRS Management, an affiliate of StoneBridge, will mange Copper Spring.
NASHVILLE, TENN. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 119-bed skilled nursing facility in Nashville. A public REIT sold the undisclosed property to an owner-operator looking to grow in the area for $16 million. The multi–story facility was originally built in 1970, then renovated and expanded in 2013. The nearly 100,000-square-foot facility was later acquired in 2016 as part of a large portfolio transaction, and the lessee was retained to continue operating the portfolio. Ben Firestone and Michael Segal of Blueprint arranged the transaction.
COLUMBUS, OHIO — KeyBank Real Estate Capital has arranged a total of $28.2 million in first mortgage loans through Freddie Mac for two multifamily properties located in Columbus. KeyBank arranged a $14.6 million loan for College Park Apartments, a 28-building, 250-unit property. The buildings were constructed between 1999 and 2000 and renovated in 2017. KeyBank also arranged a $13.6 million loan for Gateway Lakes, a 17-building property constructed in 2000. Chris Black and Caleb Marten of KeyBank arranged the seven-year loans, which feature 30-year amortization schedules. The borrower was not disclosed.
GILBERT, ARIZ. — Greystone has arranged $25.8 million in financing for the construction of a seniors housing community in Gilbert. The borrower was Fort Worth, Texas-based developer Aspens Senior Living. A publicly traded bank provided the loan for the construction of The Aspens at Mariposa Point in the Phoenix suburb of Gilbert. The community is restricted to residents age 55 and older, and will feature 204 units. The project is a joint venture between Aspens Senior Living, McFarlin Group and Pennybacker Capital. Construction began on the community in May 2017.
HIGHLANDS RANCH, COLO. — LaSalle Investment Management has purchased the 422-unit Legacy at Highlands Ranch just south of Denver for an undisclosed sum. The community is located at 355 W. Burgundy St. in Highlands Ranch. Legacy at Highlands Ranch was built in 1999. It is expected to benefit from an extension of the Light Rail, which will connect Highlands Ranch to the broader Denver area and downtown’s Union Station. LaSalle plans to update the asset’s interiors and common areas. LaSalle purchased this multifamily property on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund.
NEWTON, MASS. — Benchmark Senior Living has selected Erland Construction to manage the construction of a 50-unit memory care community in the Boston suburb of Newton. The project will be located on the former campus of Andover Newton Theological Seminary in Newton Centre. Plans include construction of a 34,683-square-foot building, as well as renovations to an existing five-story building on the site. Combined, the project will total 54,597 square feet. Bechtel Frank Erickson designed the community. Waltham, Mass.-based Benchmark’s portfolio totals 56 communities in seven states.
