LINCOLN, NEB. — Lument has provided a $21.2 million HUD/FHA Section 232/223(f) Express Lane loan for the refinancing of Pemberly Place Senior Living, a seniors housing community in Lincoln with 120 units and a licensed capacity for 132. Quintin Harris and Patrick Roan of Lument originated the financing, which features a fixed interest rate and 35-year term. The refinance pays off existing bank debt from a construction loan originated by Lument several years ago. Lument also helped structure a shareholder note to reimburse the borrower for previous capital expenditures. Built in 2017, Pemberly Place Senior Living features assisted living, independent living and memory care options. Locally owned and operated, the community has a partnership with MJ Senior Living, a Nebraska-based management company.
MassHousing Provides $17.8M in Financing for Affordable Housing Project in Somerville, Massachusetts
SOMERVILLE, MASS. — MassHousing has provided $17.8 million in financing for a 43-unit affordable housing project in Somerville, located just outside of Boston. MassHousing also issued tax-exempt housing revenue bonds to finance the project, with TD Bank providing another $22.8 million in construction financing. The capital stack also includes $21.2 million in federal and state tax credits. The site at 24 Webster Ave. previously housed a vacant commercial building, which has since been demolished to make way for a six-story building that will have studio, one-, two- and three-bedroom units. Residences will be reserved for households earning between 30 and 60 percent of the area median income. The borrower is nonprofit organization Just A Start.
NEWARK, N.J. — New York City-based Dwight Capital has provided a $110 million HUD-insured loan for the refinancing of 55 Union, a 12-story apartment building in Newark’s historic Ironbound neighborhood. Designed by Minno & Wasko Architects & Planners and completed in 2023, 55 Union offers 403 units in studio, one- and two-bedroom floor plans, as well as 3,222 square feet of commercial space. Residences are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, business center, clubroom, coffee bar, private dining room, a rooftop garden and outdoor grilling and dining stations. Josh Hoffman and Jonathan Pomper of Dwight originated the debt through HUD’s 223(f) program on behalf of the borrower, J&L Cos.
FAYETTEVILLE, N.C. — KeyBank Real Estate Capital has provided a $46.2 million bridge loan for the refinancing of a three-property multifamily portfolio in Fayetteville, about 65 miles south of Raleigh. Pranav Sarda and Alan Isenstadt from KeyBank’s Income Property Group structured the financing on behalf of the borrower, Valor Residential Group, which acquired the portfolio in 2022. The 508-unit portfolio comprises Carlson Bay (214 units, built in 2000), Meadowbrook (186 units, built in 2001) and Stoney Ridge (108 units, built in 2001).
SAN FRANCISCO — Ballast has purchased three historic multifamily buildings in San Francisco for $48.5 million. Collectively known as the Three Sisters, the properties are located along the Van Ness corridor and the border of the Pacific Heights neighborhood. The thee adjacent six-story buildings offer a total of 110 units in a mix of studio, one- and two-bedroom layouts, along with two ground-floor commercial retail spaces. At the time of sale, the Three Sisters portfolio was 97 percent occupied. Built in 1928, the portfolio features richly preserved architectural detailing, grand lobby space, elevator service, laundry facilities, access to a large shared courtyard and proximity to Polk Street restaurants, shopping, public transportation, Lafayette Park and Alta Plaza Park.
WINTER GARDEN, FLA. — NEI General Contracting has completed the construction of a new senior living community located in Winter Garden, a western suburb of Orlando. NEI acted as the general contractor on behalf of the developer, Leo Brown Group. Dubbed Mission Grove at Stoneybrook, the property totals 166 units, with independent living and assisted living apartments and a dedicated memory care space. Amenities at the community include a swimming pool, pickleball courts, fireside lounges and a grab-and-go café.
PORTLAND, ORE. — Capstone Partners and PCCP have completed the sale of Grant Park Village Quimby, a multifamily community in Portland, to Laurel Property Group for $30.7 million. Joe Nydahl and Josh McDonald of CBRE represented the seller and buyer in the transaction. Scott Williams and Ryan Johnson of CBRE Debt & Structured Finance assisted with the deal. Grant Park Village Quimby in Portland, Ore., offers 161 apartments. Completed in 2018, the property features 167 studio, one- and two-bedroom units averaging 554 square feet. The mid-rise community features a fitness center, resident lounge, outdoor courtyard and pet spa.
LAS VEGAS — Northcap Commercial has arranged the sale Bonanza Gardens Apartments, a multifamily property located at 2751 E. Bonanza Road in Las Vegas. The property sold for $20 million, or $116,959 per unit. Built in 1964, the community features 171 apartments. Robin Willett, Devin Lee and Jerad Roberts of Northcap Commercial represented the undisclosed seller and procured the buyer in the off-market transaction.
WILMETTE, ILL. — Walker & Dunlop has provided nearly $60 million in construction take-out financing for Optima Verdana, a luxury multifamily community in Wilmette developed by Optima. Dave Hendrickson, Pat Modig, Jonathan Paine, Mo Beler, Will Crittenberger and Philippe LaPointe of Walker & Dunlop originated the Freddie Mac loan, which features a fixed interest rate and interest-only payments. Completed in 2023, Optima Verdana features 100 apartment units and 5,900 square feet of retail space. Residences average 1,499 square feet.
DALLAS — Locally based investment firm Knightvest Capital has acquired Ardan West Village, a 389-unit apartment building in Uptown Dallas. Ardan West Village is a 23-story building that was constructed in 2018 and houses 284 one-bedroom units with an average size of 801 square feet and 105 two-bedroom apartments with an average size of 1,312 square feet. Residences are furnished with stainless steel appliances, quartz countertops, wood-style flooring, floor-to-ceiling windows and individual washers and dryers. Amenities include a pool, fitness center, coworking lounge, private conference room and a pet spa. Joey Tumminello, Drew Kile, Michael Ware, Taylor Hill and Cameron Purse of IPA represented the seller, Mill Creek Residential, which operated the property on behalf of institutional investors, in the transaction. The team also procured Knightvest as the buyer. Mark Brandenburg of JLL arranged an undisclosed amount of floating-rate acquisition financing for the deal through Blackstone Real Estate Debt Strategies.