REVERE, MASS. — KeyBank Real Estate Capital has provided a $44 million Freddie Mac, fixed-rate mortgage loan for Rumney Flats, an apartment complex in Revere. Built in 2016, the 231-unit property was 97 percent occupied at the time of financing. Dirk Falardeau of KeyBank arranged the financing with a 10.5-year term, including a five-year interest-only period, and a 30-year amortization schedule. The undisclosed borrower used proceeds of the loan to refinance existing debt.
NEW YORK CITY — Maplewood Senior Living and Omega Healthcare Investors Inc. (NYSE: OHI) will break ground today, June 14, on Inspir | Manhattan, a 215-unit seniors housing community on the Upper East Side neighborhood of Manhattan. The 23-story, 212,000-square-foot building will offer assisted living, memory care and “enhanced care” units. Westport, Conn.-based Maplewood Senior Living currently operates 13 other communities in Connecticut, Massachusetts and Ohio.
AUSTIN, TEXAS — Tennessee-based developer MAA has completed Phase II construction of Post South Lamar, a multifamily community located at 1500 S. Lamar Blvd. in Austin. The property features a mix of studio, one-bedroom and two-bedroom units. Phase II delivered 344 units, restaurant and retail space and amenities such as two pools, an outdoor dining area, fitness center and rooftop terrace.
IRVINE, CALIF. — The design-build team of Hensel Phelps and Mithun is set to break ground on a $98 million redevelopment project at the University of California – Irvine. The 215,000-square-foot development — titled the UCI Middle Earth Expansion — will be completed in two phases. The first phase will include the demolition of Brandywine Commons and Brandywine Student Center to be replaced by a new student housing building. The second phase of development will include the renovation of Pippin Commons. The new project, in total, will house roughly 494 students in two five-story residential towers and include a new dining facility, classrooms and amenity space. The new student housing is set to open for occupancy in August 2019.
SHORELINE, WASH. — A joint venture between Security Properties and Intercontinental Real Estate Corp. has purchased the 289-unit Echo Lake Apartments for an undisclosed sum. The community is located at 1150 N. 192nd St. Echo Lake contains 9,000 square feet of retail space. It was built in 2009. Security Properties affiliate Madrona Ridge Residential will manage the property.
AURORA, COLO. — Pathfinder Partners, a San Diego-based investment firm, has acquired a 104-unit independent living community within the Shalom Park Senior Living Campus in the Denver suburb of Aurora. Pathfinder, along with Denver-based Hillcrest Development Group, paid $16 million for the property and plan to implement $3 million of improvements. The community, which Pathfinder will rebrand as V-Esprit, is situated on approximately 15 acres and includes 104 units consisting of 60 apartments and 44 patio homes averaging 1,050 square feet. The seller was Shalom Park, a Colorado nonprofit that still owns the balance of the Shalom Park Senior Living Campus. V-Esprit residents will continue to have access to the combined campus amenities. The $3 million renovation project is slated to include converting four of the one-bedroom apartment units (leaving 100 units in total) into a clubhouse and card room, and renovating and modernizing the theater room, library, communal dining area and leasing office. Pathfinder also plans to make improvements to the apartment interiors. This is Pathfinder’s first seniors housing acquisition.
DALLAS — Greystone has provided $68.1 million for the refinancing of Vineyards at Forest Edge, a 1,218-unit multifamily property located at 9669 Forest Lane in Dallas. Built in 1984, the property features 11 swimming pools, four playgrounds, a 24-hour fitness center, social center and a kids club. Rob Meehan of Greystone originated the CMBS loan on behalf of the undisclosed borrower that acquired the property in 2015.
SAN ANTONIO — LYND Co., a San Antonio-based investment firm, has acquired a portfolio of 11 multifamily properties located in various markets throughout Texas. The portfolio spans 2,405 units with an average age of 12 years. The largest concentration of the portfolio’s assets is in Dallas, with properties in Houston, Midland, Odessa and El Paso as well.
BRADENTON, FLA. — Inland Private Capital Corp. has sold the 272-unit Lost Creek Resorts at Lakewood Ranch Apartments in the Tampa Bay area. Inland sold the asset through an asset management subsidiary via a 1031 investment program for $50.5 million. Located at 11140 Lost Creek Terrace Lakewood Ranch in Bradenton, the nine-building property features 92 one-bedroom units, 124 two-bedroom units and 56 three-bedroom units. Built in 2012, the community was fully occupied as of May 31, 2017. The buyer was undisclosed.
NEW YORK CITY — The U.S. Department of Housing and Urban Development (HUD), New York State Homes and Community Renewal (HCR), MDG Design + Construction, Citi Community Capital, Raymond Jones, Smith & Henzy, BSR Management and Cary Fields have secured nearly $160 million in financing for the restoration of Michelangelo Apartments, a 494-unit affordable housing community located in the Melrose section of the Bronx. The 43-year-old development will be renovated and preserved as affordable housing for an additional 40 years through HUD’s Rental Assistance Demonstration Program. Built in 1974 using a HUD Section 236 loan guarantee, Michelangelo Apartment comprises four towers offering a total of 80 studios, 126 one-bedroom, 191 two-bedroom, 77 three-bedroom and 20 four-bedroom apartments, as well as 50,000 square feet of retail space and underground parking. The renovations and improvements, which will happen with tenants in place, will include full kitchen and bathroom renovations, conversions to an energy-efficient hydronic boiler system from electric heaters, elevator modernization, façade repairs, lobby modernization, public hall beautification, conversion to energy-efficient LED lighting throughout the buildings and landscaping improvements.
