REBusinessOnline

Pennrose Breaks Ground on Seniors Housing Adaptive Reuse Project in Auburn, Massachusetts

AUBURN, MASS. — Pennrose and the Town of Auburn, located just south of Worcester, have broken ground on the historic rehabilitation of the Julia Bancroft School, a 60-unit, mixed-income development for seniors age 62 and older. Plans for the redevelopment include renovating the original 1920s school building, demolishing the later-built addition and replacing it with a new, four-story building. The project is slated for completion in summer 2022. The Massachusetts Department of Housing and …

Parkview Financial Provides $100M Loan for Conversion of Harrah’s Hotel Casino to Mixed-Use Project in Downtown Reno

RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity.Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and …

CareTrust REIT Acquires Four Seniors Housing Properties in California for $126.1M

CAMARILLO, CARLSBAD, RANCHO MIRAGE AND SAN JUAN CAPISTRANO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano.The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four …

Treeline Multifamily Partners Buys West 38 Multifamily Community in Wheat Ridge, Colorado

WHEAT RIDGE, COLO. — An affiliate of Denver-based Treeline Multifamily Partners has purchased West 38, an apartment property located at 7333 West 38th Ave. in Wheat Ridge, a western suburb of Denver. Wazee Properties sold the asset for an undisclosed price.West 38 totals 165 apartments and 7,243 square feet of ground-floor retail space. Units feature stainless steel appliances, quartz countertops, designer cabinetry, custom tile backsplashes, under-cabinet LED lighting, gooseneck faucets, …

NorthPeak Commercial Brokers $3.2M Sale of Mississippi Plaza Apartments in Denver

DENVER — NorthPeak Commercial Advisors has arranged the sale of Mississippi Plaza Apartments, a multifamily property located at 1380 W. Mississippi Ave. in Denver.The undisclosed buyer, part of a 1031 exchange out of Wyoming, acquired the asset for $3.2 million, or $135,000 per unit, from an undisclosed seller in an off-market transaction.The 13,521-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented both parties in …

Berkadia Originates HUD Refinancing for Three Multifamily Properties in Virginia Totaling $81.7M

RICHMOND, VA. — Berkadia has originated $81.7 million in financing for three multifamily properties in Virginia known as Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Steve Murden of Berkadia’s Richmond office secured the permanent refinancing in three separate transactions on behalf of the borrower, Virginia-based The Breeden Co. All three loans were fully amortizing, long-term HUD 223(a)(7) MF products. Eagle Harbor West is located at 13420 …

KeyBank Closes $46.5M Freddie Mac Loan for Multifamily Property in Concord, North Carolina

CONCORD, N.C. — KeyBank Real Estate Capital (KBREC) has secured a $46.5 million Freddie Mac loan to refinance Century Afton Ridge, a 360-unit multifamily property in Concord. The borrower is a fund managed by Centennial Holding Co. Trevor Ritter and Joe Fadus of KBREC structured the 10-year loan that features a 30-year amortization schedule.Built in two phases between 2013 and 2015, Century Afton Ridge includes 15 three-story buildings on 23 acres with one-, two- and three-bedroom floor …

Walker & Dunlop Hires Former Berkadia Multifamily Investment Sales Team in Houston

HOUSTON — Walker & Dunlop has hired a former Berkadia multifamily investment sales team to its Houston office that consists of Ryan Epstein, Jennifer Ray, Nathan Jones, Scott Bray, Leslie Ginzel, Lauren Ehlers, Jamie VanWunnik and Chris Cassidy. The team, led by Epstein and Ray, brings approximately 30 years of multifamily investment sales experience within the Houston market to Walker & Dunlop. Epstein and Ray have transacted more than $7.5 billion in apartment sales over the course …

IPA Negotiates Sale of 181-Unit Union at River East Apartments in Fort Worth

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Union at River East, a 181-unit multifamily community in Fort Worth. Built on three acres in 2019, the property features studio, one- and two-bedroom units with an average size of 883 square feet. Amenities include a pool, coworking area, lounge, dog park and a package concierge system. Drew Kile, Joey Tumminello, Will Balthrope and Grant Raymond of IPA represented …

Oak Residential Partners Acquires 249-Unit Apartment Community in Suburban Twin Cities

COTTAGE GROVE, MINN. — Oak Residential Partners has acquired Hinton Heights in Cottage Grove, a suburb of the Twin Cities. The purchase price was undisclosed. The 249-unit apartment community features amenities such as an indoor pool, spa and picnic areas. All units feature individual entrances and most have attached garages. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, Curtis Capital Group. The sale represents a value-add opportunity, …

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