LOUISVILLE, KY. — NorthMarq Capital has arranged $5.3 million in acquisition financing for Holly Hills Apartments, a 94-unit multifamily property in Louisville. Noah Juran of NorthMarq Capital’s Cincinnati office structured the three-year loan with a 25-year amortization schedule and two years of interest-only payments through Ready Capital Structured Finance on behalf of the undisclosed buyer.
PHILADELPHIA — Healthcare Transactions Group Inc. has arranged the sale of the operations of an eight-location, 1,906-bed skilled nursing portfolio in Pennsylvania. Mid-Atlantic Health Care LLC of Maryland sold the operations to Mima Healthcare, which is based in New Jersey. Of the properties, six are in the greater Philadelphia area and two are in Central Pennsylvania. The portfolio produces annual revenue in excess of $205 million. The sales price and names of facilities were not disclosed. A national REIT will continue to retain ownership of the real estate involved in the transaction. Mark Davis of Healthcare Transactions Group initiated the transaction for the seller.
OCEAN GROVE, N.J. — Institutional Property Advisors (IPA) has arranged the sale of Francis Asbury Manor, a 131-unit assisted living facility in Ocean Grove, a coastal community adjacent to Asbury Park. Sage Healthcare Partners acquired the community from United Methodist Communities for $18.3 million, or $139,000 per unit. Built in 1949 on a 1.9-acre lot, Francis Asbury Manor comprises 103 assisted living units and 28 memory care units. The facility is within walking distance to downtown Ocean Grove and the boardwalk. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller in the deal.
EUGENE, ORE. — Walker & Dunlop has arranged $43.5 million in financing for the 263-unit Tennyson at Crescent Village in Eugene. The newly constructed, Class A multifamily community is located at 2850 Shadow View Drive. Crescent Village is Eugene’s first master-planned urban neighborhood. The Tennyson contains 35 buildings with units ranging from one- to three-bedrooms. Amenities include a clubhouse with a brew station and fitness center with on-demand classes, racquetball courts, a swimming pool and hot tub. The loan features a 10-year term and 30-year amortization at 70 percent loan-to-value ratio. The borrower will use the loan proceeds to pay off two existing loans. The property also received a spread reduction by qualifying for Green Building Certification through the Green Globes program. The property experienced rapid lease-up and was 80 percent occupied at the time of rate lock. Ralph Lowen and Steve Natale led the Walker & Dunlop team.
SEATTLE – China-based Xaio Investment Co. has acquired the 34-unit Uptown 11 apartment complex in Seattle for $32.3 million. The community is located at 11 W. Mercer St. CVS occupies the ground-floor retail space. Units range from studios to two-bedroom units. The seller was Velmeir Cos.
DALLAS — Dougherty Mortgage LLC has closed the $14 million refinancing of El Sol Del Lago, a 318-unit multifamily community located at 3120 Oradell Lane in Dallas. Dougherty arranged the 12-year Fannie Mae loan, which has a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, El Sol Del Lago LLC.
JERSEY CITY, N.J. — HAP Investments has raised $6.8 million through a private placement in Israel for 544 participation units, each valued at $12,500. The units are not tradable and are not listed for trading on any stock exchange. HAP Tower Journal Square Limited Partnership will use the capital to partially fund the development of an 800-unit multifamily tower located in the Journal Square section of Jersey City. In order to fully fund the $437 million project, another funding round will take place. The private placement was approved by the Israeli Securities Authority, an entity similar to the U.S. Securities and Exchange Commission.
NEW YORK CITY — New York-based Monticello Asset Management, through one of its investment vehicles, has provided $69.3 million in acquisition financing for a four-property skilled nursing portfolio in Massachusetts. The borrower was 50 Christy Place LLC. The specific facilities acquired were not disclosed. The portfolio totals 616 beds, including 100 for assisted living, with an average year built is 1994. The properties have an average total land area of 3.8 acres and an average size of 70,000 square feet. The new owners plan to improve operating efficiencies and leverage a large network of corporate services and operating experience. The financing was structured as a bridge-to-HUD transaction.
SCOTTSDALE, ARIZ. — DiNapoli Capital Partners has acquired the 278-unit Alta Paradise Ridge apartments in Scottsdale for an undisclosed sum. The community is located at 18220 N. 68th St. It has a mix of one- to three-bedroom units. Amenities include a clubhouse, pool and rooftop lounge. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller, Wood Partners, in this transaction.
MIAMI — Cushman & Wakefield has arranged the $50 million sale of Cottage Cove, a 468-unit apartment complex located at 10 N.E. 188th St. in Miami. Marlin Spring Realty Limited purchased the asset. Cushman & Wakefield’s Robert Given, Calum Weaver, Troy Ballard, Zachary Sackley and Perry Synanidis negotiated the disposition on behalf of the seller, TM Real Estate Group. Cottage Cove features studio, one- and two-bedroom units. Property amenities include a newly renovated laundry building, a swimming pool and an on-site leasing office. The property was 97 percent occupied at the time of sale.
