SOUTHFIELD AND WESTLAND, MICH. — Greystone Real Estate Advisors has arranged the sale of two seniors housing properties in the Detroit metropolitan area for $33 million in a single transaction. Ashford Court, located in Westland and built in 1986, consists of 143 independent living, assisted living and memory care units. Sterling Place, located in Southfield and built in 1987, consists of 156 independent living units. The portfolio is almost fully occupied and consists of approximately 250,000 square feet. Amenities include libraries, lounge areas, hair salons and landscaped grounds. Cody Tremper and Mike Garbers of Greystone represented the seller, New Senior Investment Group. Chevalier International Holdings Ltd. purchased the properties.
MADISON, WIS. — KeyBank Real Estate Capital has provided $23.8 million in Fannie Mae loans for the acquisition of Hanover Square Apartments and Prairie Park Senior Apartments in Madison. Hanover Square is an affordable housing property built in 2002. Of its 65 units, 57 are set aside for households earning from 30 to 60 percent of the area median income. Prairie Park is a seniors housing property constructed in 2003. Of its 96 units, 90 are set aside for seniors earning 30 to 60 percent of the area median income. KeyBank also refinanced Hollow Creek in Conroe, Texas. John Gilmore of KeyBank arranged the financing for the borrower, Harmony Housing.
LOS ANGELES — Douglas Emmett has received a total of $550 million in loans to refinance a four-property multifamily portfolio in Los Angeles. The Class A assets are located in Los Angeles and Santa Monica. About 90 percent of the total loan amount, or nearly $500 million, qualified for Fannie Mae’s Delegated Underwriting and Servicing (DUS) Green Rewards program, making it the largest transaction using Fannie Mae’s Green Rewards to date. The Green Rewards program will fund environmental upgrades to three of the four properties. These improvements allowed the borrower to secure competitive loan terms while ensuring more sustainable operations and cost savings for years to come. Walker & Dunlop closed the four interest-only loans.
CORVALLIS, ORE. — An unnamed buyer has acquired the 420-unit Witham Hill Oaks Apartments in Corvallis for $56 million. The community is located at 4275 N.W. Clubhouse Place. The 50-building property was built in three phases in 1968, 1977 and 1998. Witham Hill contains one- to three-bedroom units, with amenities like a fitness center, clubhouse, basketball court, children’s playgrounds, pool, spa, laundry facilities and covered parking. It’s situated less than two miles from the Oregon State University campus, near major employers like Hewlett-Packard and Good Samaritan Regional Medical Center. CBRE’s Phil Oester, Joe Nydahl and Josh McDonald represented the seller, Witham Hill Oaks Apartments LLC, in this transaction.
NEW YORK CITY — HFF has secured $80 million in construction financing for the ground-up development of a boutique condominium property located at 17 Jane St. in Manhattan’s West Village. Christopher Peck and Scott Aiese of HFF arranged the first mortgage and mezzanine loans for the borrower, Edward J. Minsoff Equities Inc. Designed by London-based David Chipperfield Architects, the property will feature a three-, four- and five-bedroom condominiums. Completion is slated for third quarter 2018.
PENNSVILLE, N.J. — Houlihan-Parnes has arranged the sale of Laura’s Glen Apartments, an apartment community located in Pennsville. The 197-unit property, along with an adjacent 26-acre land parcel, sold for an undisclosed price. Situated on 17 acres, the community features 10 two-story buildings offering a mix of one-, two- and three-bedroom apartments, ample parking, a swimming pool and playground. Stewart Wolf of Goldberg, Weprin, Finkel, Goldstrin LLP provided legal counsel for the seller, an investment group. The name of the buyer was not released. Robert Tiburzi and James Coleman of Houlihan-Parnes brokered the transaction.
RYE, N.H. — National Health Investors Inc. (NYSE: NHI) has financed the acquisition of a 40-unit memory care community in Rye, located along the coast near the Maine border. The investment totaled $10 million. The borrower is Evolve Senior Living, a first-time partner for NHI. The property was built in 2013. The loan is secured with a first mortgage with an initial term of five years, renewal options and an interest rate of 8 percent. NHI funded the investment through its revolving credit facility. NHI has an option to purchase the property after 24 months if certain performance goals are achieved.
SPRING LAKE PARK, MINN. — Dominium has broken ground on the Legends of Spring Lake Park, a 194-unit affordable seniors housing community in Spring Lake Park, which is located 12 miles north of Minneapolis. The property will be situated on the former site of Goony Golf at 1066 County Highway 10 NE. The community will feature two- and three-bedroom units, along with amenities such as a community room, kitchen, craft room, beauty salon, library and fitness room. Completion is slated for fall 2018. Residents age 55 and older making less than 60 percent of the area median income will qualify for living at the community.
FORT MYERS, FLA. — TruAmerica Multifamily, in partnership with MSD Capital LP, has acquired Sienna at Vista Lake, a 640-unit apartment community located at 3701 Winkler Ave. in Fort Myers, for approximately $66 million. Constructed as two communities on adjacent parcels in 1991, the property was combined and rebranded in 2010. The garden-style community is situated on 35 acres and offers a mix of one- and two-bedroom units. Amenities include two resident clubhouses, two swimming pools, a spa, fitness center, dog park, basketball court, tennis court, sand volleyball court and a jogging trail. TruAmerica will update the apartment units with stainless steel kitchen appliances, new lighting, plumbing fixtures, countertops and cabinet fronts. HFF secured a seven-year, floating-rate loan through Freddie Mac’s Green Up program for the acquisition. Yitzi Karasick and Ido Gelerman of New Jersey-based Liquid Real Estate Capital were investors in the transaction.
FRISCO, TEXAS — Fort Worth-based investment firm Olympus Property has acquired Boulevard at Frisco Square, a 282-unit luxury apartment community in Frisco. The company will rebrand the property, which was built in 2009, as Olympus Boulevard effective immediately. Amenities include a clubhouse, fitness area, pool and a business center. The seller and sale price were not disclosed.