INDIANAPOLIS — CBRE has arranged a $6.6 million loan for the refinancing of Beech Grove Village Apartments in Indianapolis. The 10-year loan includes a 20-year amortization schedule. Jason Brown and Dan Gable of CBRE arranged the Freddie Mac loan on behalf of Community Reinvestment Foundation Inc., an Indianapolis-based non-profit group that focuses on providing affordable housing options.
SACRAMENTO, CALIF. — Avanath Capital Management LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired a three-property affordable housing portfolio in Sacramento for $56.5 million. The properties total 468 units and offer a mix of seniors housing, family housing and mixed-income housing. The acquisition nearly doubles Avanath’s footprint in Sacramento, which it cites as one of the hottest real estate markets in the country. The properties include: • Sierra Creek, a 144-unit property with all units reserved for seniors earning 50 to 60 percent of area median income (AMI). The property has a 200-person wait list and offers educational classes, transportation services and activities. • Lincoln Creek, a 172-unit community with 95 affordable family units, 48 affordable seniors housing units and 29 market-rate units. • Geneva Pointe, a 152-unit community reserved for families earning between 50 and 60 percent of AMI. There are no age restrictions on the property. Built in 2005 and 2006 under the Low Income Housing Tax Credit program, the three-building portfolio was 98.5 percent occupied at the time of acquisition. Units average 922 square feet. Planned renovations include upgrading exterior paint, installing LED lighting throughout the portfolio to optimize energy …
MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community.” Both communities were built between 2002 and 2003 and were approximately 90 percent occupied at closing. The properties offer a combined 111 units of assisted living and memory care. Care and Inspirit plan to spend approximately $850,000 to refurbish the communities. Affiliates of Inspirit will operate and manage the communities. Care Investment Trust is a seniors housing real estate investor and wholly owned subsidiary of Tiptree Inc. (NASDAQ: TIPT). Inspirit is a seniors housing owner-operator that, following this acquisition, now operates four communities in Tennessee, Virginia and Pennsylvania. The company was founded in 2015.
SEATTLE AND VANCOUVER, WASH. — Columbia Pacific Advisors, a real estate investment fund manager, has agreed to acquire Hawthorn Retirement Group, a seniors housing owner-operator, for an undisclosed price. Both firms are based in Washington state, Columbia Pacific in Seattle and Hawthorn in Vancouver. Hawthorn’s portfolio includes 55 communities in operation and 24 under construction or in pre-development across 20 states and two Canadian provinces. The acquisition includes the portfolio as well as Hawthorn’s management and construction business. Though terms of the deal are not disclosed, a press release from Columbia Pacific implied that the existing corporate structure of Hawthorn will be maintained. Pat Kennedy, CEO of Hawthorn, will stay on as a Hawthorn senior executive. Seniors housing has long been a focus of Columbia Pacific, which has developed or acquired more than 300 communities totaling 25,000 units over the last 10 years. The company also invests in standard multifamily and other commercial real estate sectors. The acquisition is expected to close by the end of the summer.
NEW YORK CITY — Fairstead Affordable, an affiliate of Fairstead Capital, has purchased four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with New York Housing Partnership. The portfolio comprises 42 buildings with a total of 403 units. As part of the transaction, Fairstead entered into new regulatory agreements with New York City Department of Housing Preservation and Development to ensure all 403 units will remain affordable for the next 30 years. Fairstead plans to implement a capital improvement program to modernize and enhance all of the properties, including common area improvements, in-unit repairs, energy system upgrades and other capital renovations. The price and name of the seller were not released.
MORRISTOWN, PA. — NorthMarq Capital has arranged $2.5 million in supplemental financing for Castle Club Apartments in Morristown. The property features 158 multifamily units. Robert Ranieri of NorthMarq secured the six-year loan, which features a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.
KALAMAZOO, MICH. — Capital One has provided a $15.3 million Fannie Mae loan for the acquisition of Country Acres Village in Kalamazoo. The 320-space manufactured housing community (MHC) is restricted to residents 55 years of age and older. Built in three separate phases between 1976 and 1990, the community features amenities such as an indoor pool and spa, fitness center and community building. Damon Reed of Capital One originated the 10-year loan, which includes a 30-year amortization schedule. The sponsor is an investor that operates 10 MHC communities in Washington and Oregon.
CYPRESS, TEXAS — KeyBank Real Estate Capital has provided a $33.2 million first mortgage loan for North Haven Apartments, a 310-unit multifamily community located at 17802 Mound Road in Cypress. Trevor Ritter of KeyBank arranged the 10-year Fannie Mae loan, which features four years of interest-only payments and a 30-year amortization schedule, on behalf of the undisclosed borrower.
HOUSTON — Hunt Mortgage Group has provided a $11.6 million Fannie Mae loan for the refinancing of Northland Woods Apartments, a 280-unit, garden-style multifamily community located at 15165 Vickery Drive in Houston. Built in 2005, the 21-building property features two pools, a business center, on-site laundry facilities and a fitness center.
CLEMSON, S.C. — Broadstreet Partners has sold The Farm at Clemson, a newly built, 105-bed student housing property located near the Clemson University campus in South Carolina, for $8 million. The property features 35 cottage-style homes, a clubhouse, basketball and turf volleyball courts and bicycle parking. The community was developed and completed in July 2016. The property was acquired by Palm Beach-based Calidus Holdings and will continue to be managed by CollegeTown Properties.
