NAPA, CALIF. — A private investor has purchased the 42-unit Marina Vista Apartments in Napa for $10.3 million. The community is situated approximately one mile from Highway 29 and nearby to the 150,000-square-foot River Park Shopping Center. It was built in 1978. Greg Cohn of Capital Realty Group and Ron Karp represented the buyer. Vincent Schwab of Marcus & Millichap represented the seller, a syndicator based in Southern California, in this transaction.
VISALIA, CALIF. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of Park Visalia Assisted Living, a 100-unit assisted living community in Central California. The community is located in Visalia in the San Joaquin Valley, approximately midway between Los Angeles and the Bay Area. The sellers, a Chicago-based private equity firm, acquired Park Visalia in 2014, investing in several capital improvement projects and bringing in a California-based third party management company to turnaround operations. However, after the first year occupancy remained constantly below market levels, the owner elected to transition the operations to a Midwest-based provider that stabilized key leadership staff positions and improved occupancy and cash flow. The buyer was a privately held real estate investment company based on the West Coast, with Park Visalia representing the company’s fourth California seniors housing acquisition in the past two years. The buyer plans to remodel the community, including the addition of a secured memory care wing. The purchase price was not disclosed. The new owner will transition management to a new operator that has several other communities in California. Jacob Gehl, Ben Firestone, and Michael Segal of Blueprint were the lead advisors on the transaction.
EAST ORANGE & ORANGE, N.J. — Gebroe-Hammer Associates’ David Oropeza has arranged the $29.2 million sale of two apartment properties in East Orange and Orange. Oropeza represented the sellers and identified the buyers of each property. The first transaction was the $15.7 million sale of 151 units in East Orange. Oropeza also arranged the sale of 157 total units in Orange for $13.5 million.
NEW YORK CITY — Ready Capital Structured Finance has secured a $10.7 million non-recourse loan in New York City. The loan is for the recapitalization, renovation and stabilization of a 60-unit condominium property at 9511 Shore Road in the Bay Ridge neighborhood of Brooklyn. The collateral is part of a 104-unit, seven-story, condominium tower with views of the Narrows and Verrazano Bridge. Ready Capital Structured Finance closed a floating-rate interest-only loan featuring a 12-month term with two extension options and flexible pre-payment.
IRVING, TEXAS — WaterWalk Hotel Apartments has broken ground on WaterWalk Las Colinas, located adjacent to DFW Airport at George Bush Turnpike and West Royal Lane in Irving. WaterWalk Las Colinas will feature 153 units across two buildings and is expected to open by Memorial Day of 2018. The franchised property is owned by a group of investors based in Wichita, Kan., and led by Allan Dunne, owner and manager of Dunne Investments and Dunne Property Co. The Law Company is the general contractor on the project, and LK Architecture is the architect. Both companies are also based in Wichita. WaterWalk combines the features of an upscale extended-stay hotel with the lifestyle of apartment living. Guests may choose to stay a day, a week, a month, a year, or longer with one all-inclusive bill for utilities, DirecTV with 300 channels and premium channels, DVR, Internet, phone, gym facility and 24/7 concierge services. With the full-service package, guests receive fully furnished accommodations, housekeeping and a complimentary breakfast delivered to the suite. The Dunne group has committed to developing 10 to 15 additional WaterWalk franchises over the next few years. WaterWalk Las Colinas is the investment group’s second project in Texas. Jack …
LOMBARD, ILL. — McShane Construction Co. has completed Apex 41, a 181-unit luxury apartment complex in Lombard, for developer GlenStar Properties LLC. The three-acre property is located at 2760 S. Highland Ave. across from Yorktown Shopping Center. The apartments were constructed atop a two-story parking deck. The complex incorporates a mix of studio, one- and two-bedroom units. Amenities include a community clubhouse, fitness center, yoga studio, business center and resort-style swimming pool. Stephen Rankin Associates provided architectural services, and Greystar will manage and lease the property.
CHICAGO — Waterton has acquired an 81-unit apartment property in Chicago’s West Loop for an undisclosed price. Formerly known as Aberdeen Place, the property has been rebranded as The Aberdeen West Loop. Located at 20 N. Aberdeen St., the property is situated near Randolph Street’s Restaurant Row, Google’s Midwest headquarters and McDonald’s future global headquarters. The four-building property features a mix of studio, one-, two- and three-bedroom units. All units feature bamboo hardwood flooring, granite countertops and private patios.
NEW YORK CITY — XIN Development International Inc. — the U.S. development arm of Chinese developer Xinyuan Real Estate Co. Ltd. — has received $108 million in financing for the construction of a mixed-use property at 615 Tenth Ave. in the Hell’s Kitchen neighborhood of Manhattan. The seven-story development will offer 82 residential units and 36,053 square feet of retail space. The retail portion of the property is currently 76 percent pre-leased to an undisclosed national credit tenant. Adam Hakim and James Murad of Eastern Consolidated secured the construction financing on behalf of the borrower through Bank of the Ozarks. Hakim also arranged a $27 million bridge loan with Bank of the Ozarks on behalf of XIN Development to finance the acquisition of the property last year. An expected completion date for the development has yet to be announced. Xinyuan Real Estate Co. Ltd. (NYSE: XIN) is the only Chinese real estate developer listed on the New York Stock Exchange. The company focuses on the development of large-scale residential projects. The company’s stock price closed at $4.44 per share on Monday, March 27, up from $4.40 one year ago. — Katie Sloan
JERSEY CITY, N.J. — HFF has arranged $32.5 million in financing for the development of a 163-unit apartment property in Jersey City. HFF worked on behalf of the developer, a joint venture between The Hampshire Cos., Claremont Cos. and Circle Squared Alternative Investments to secure the construction loan through M&T Bank. The project is part of the New Jersey City University (NJCU) west campus master plan, also known as University Place. Situated three blocks from NJCU’s main campus, university place will encompass 22 acres with more than 200,000 square feet of retail, 110,000 square feet of education space and a 425-bed student housing community. The development will be the first phase of University Place’s market-rate unit component, which will total 600 units at full build out. The project will feature a mix of studio, one- and two-bedroom units along with more than 10,000 square feet of ground-floor retail and 177 parking spaces. Jon Mikula and Michael Klein led the HFF debt placement team representing the borrower.
GLEN COVE, N.Y. — RXR Realty is developing The Beacon, a condominium project that’s part of the $1 billion Garvies Point development on 56 acres in Glen Cove. RXR Realty has unveiled a model residence for The Beacon, which will be the first condominium property scheduled to open at the project, and sales begin this month. Studio Grella is the design firm for the project. The Beacon will offer one-, two- and three-bedroom residences ranging from 897 to 2,052 square feet. The 167-unit property will be located near Glen Cove creek, Garvies Point Preserve and Long Island Sound. Amenities will include an outdoor pool, fitness center and yoga studio, library, lounge, club room, screening room and marina.
