MARGATE, N.J. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $6.4 million HUD loan for Margate Terrace, an affordable seniors housing community in Margate, a beach community near Atlantic City. The financing will provide cash for improvements and reserves. Margate Terrace Corp., which owns the property, can now preserve the Section 8 designation on the property. Community Realty Management is the operator. Margate Terrace Apartments was developed in the early 1990s under the HUD Section 202 Direct Loan Program. Its primary source of income is a Section 8 Housing Assistance Payment (HAP) Contract, which has a remaining term of approximately 16 years. The Section 8 subsidy is sufficient to fund operations and debt service obligations, but the project had growing capital needs that could not be financed from operations and current reserve balances. The project benefited from a PILOT (Pilot in Lieu of Taxes) and ground lease agreements from the City of Margate. The existing agreements did not meet HUD’s current loan program requirements and needed to be amended to recapitalize the project. Approximately $1.4 million in loan proceeds are escrowed for capital repairs, $350,000 was deposited into a replacement reserve fund and a 15 percent …
YONKERS, N.Y. — Cushman & Wakefield has brokered the sale of a multifamily development site located at 1065 and 1073 Warburton Ave. in Yonkers. RMS Warburton LLC acquired the 0.63-acre site for $4 million. Al Mirin, Kate Schwartz and Matthew Torrance of Cushman & Wakefield represented the undisclosed seller in the sale. The property at 1073 Warburton Ave. has been permitted for the intended construction of a nine-story, 79-unit rental apartment building to be built above an enclosed structured parking. The purchase of 1065 Warburton Avenue added approximately 0.18 acres to the overall property creating a combined site that is estimated to accommodate more than 100 units.
FORT LAUDERDALE, FLA. — Morgan, in conjunction with institutional investors advised by J.P. Morgan Asset Management, has broken ground on Pearl Flagler Village, a 350-unit apartment community located at 400 N.E. 3rd Ave. in Fort Lauderdale. Situated along the Wave Streetcar line within Flagler Village, a mixed-use development, the project will include a mix of studio, one-, two- and three-bedroom floor plans. The seven-story property will also feature a business center, fitness center, yoga studio, gas grill stations, dog park and a heated saltwater pool. The first units of the development are slated to open in the second half of 2018.
SAN MARCOS, TEXAS — Student housing developer EdR has opened The Local Downtown, a 304-bed, pedestrian-to-campus student housing property located at 210 N. Edward Gary St. in San Marcos. The property is located less than half a mile from Texas State University. Amenities include a pool, clubhouse, game room and a fitness center with a sauna.
OAKLAND, CALIF. — Trammell Crow Residential and KTGY Architecture + Planning have broken ground on Alexan Webster, a mixed-use development being built on a parking lot at 2330 Webster St. in the Lake Merritt neighborhood of Oakland. Designed by KTGY, the 1.4-acre redevelopment project will feature a 234-unit apartment community, 15,000 square feet of street-front retail space and a public and residential parking garage. The $135 million sustainable development will also feature 5,000 square feet of indoor amenity and leasing office space, as well as a lap pool, business center, 24-hour fitness center, outdoor kitchen, bicycle repair center and storage and a rooftop deck. The residential component will feature a mix of studio, one- and two-bedroom apartments ranging in size from 610 square feet to 1,160 square feet. Completion is slated for summer 2019.
MINNEAPOLIS — CBRE has brokered the sale of Track 29 in Minneapolis for $53.2 million. The 198-unit apartment property is located at 2841 Bryant Avenue South along the north side of the Midtown Greenway. The 148,082-square-foot building offers a mix of studio, one- and two-bedroom units. Amenities include an art gallery/exhibition space, rooftop terrace, Zen garden, saltwater pool and dog run. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, Bryant Apartments LLC, a local private investment partnership. An institutional buyer purchased the property.
NORMAN, OKLA. — A joint venture between Balfour Beatty Campus Solutions LLC and Provident Resources Group (PRG) has broken ground on the first phase of a $194 million mixed-use project at the University of Oklahoma in Norman. The development will expand the university’s on-campus living options for upperclassmen as part of a public-private partnership. Located on more than 10 acres in the southern part of OU’s campus, the project will include four mid-rise buildings with 1,231 beds. Plans also call for 40,000 square feet of retail and academic space, as well as a 1,000-car parking garage. Construction of the project is slated for completion in August 2018 in preparation for the 2018-2019 academic year. OU and Balfour Beatty Communities will jointly operate and manage the housing component of the development. JE Dunn Construction is leading the project’s design/build team, in collaboration with Clark Nexsen and Oklahoma City-based Studio Architecture. RBC Capital Markets is the financial underwriter for the project. Balfour Beatty Campus Solutions provides development, asset/property management and other real estate services to higher education with a focus on public-private partnerships. PRG is a national non-profit organization that develops, owns and operates educational, healthcare, seniors housing and multifamily properties. To …
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.
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.
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.