TUCSON, ARIZ. — Pierce Educations Properties has acquired The Junction at Iron Horse, a 232-bed student housing community located near the University of Arizona in Tucson. The community offers one-, two-, three- and four-bedroom units with bed-to-bath parity. Community amenities include a swimming pool, lazy hammock courtyard, outdoor lounge area, 24-hour fitness center and computer center with a study lounge. The seller in the transaction and the sales price were undisclosed.
ERIE, PA. — The Woda Group Inc. is developing Willow Commons, a $9.5 million seniors housing property located at 2064 Willow St. in Erie. A combination of new construction and the adaptive reuse of The Wesleyville Public School, Willow Commons will feature 29 one-bedroom and 16 two-bedroom affordable apartments for seniors age 62 or older, with income levels below 60 percent of area median income. Slated for completion this fall, the property will feature a community room with kitchen, common laundry, a library/craft room, an exercise room, an outdoor space with a community garden and seating area.
NEW YORK CITY — Ready Capital Structured Finance has closed on a $3.6 million loan for a mixed-use property located at One White St. in Tribeca. The undisclosed borrower plans to use the loan to renovate the interior and exterior of the 3,680-square-foot property, which features a three-story residential triplex with roof-top patio and ground-floor retail space. The non-recourse, interest-only loan features a 24-month term, flexible pre-payment and is inclusive of a facility to provide for capital expenditures, leasing commissions and interest and carry reserves.
ALBUQUERQUE, N.M. AND BROWNSVILLE, TEXAS — CareTrust REIT Inc. has acquired two skilled nursing facilities: The Rio at Cabezon, a 136-bed facility located in Albuquerque, and The Rio at Fox Hollow, a 126-bed facility in Brownsville, Texas. The purchase price was approximately $27.3 million, inclusive of transaction costs. The Albuquerque facility represents CareTrust’s entry into the New Mexico market. In connection with the acquisition, CareTrust REIT assumed the existing facility leases with affiliates of OnPointe Health LLC, a regional post-acute care provider with operations in Texas, New Mexico and Colorado. The seller was a prominent Texas developer. The properties are currently in the lease-up period and approaching stabilization, according to Lamb. The investment is expected to generate an initial cash yield of 9 percent, based on the annual cash rent of $2.5 million under the terms of the existing leases. The two existing leases have remaining terms of approximately 17 and 19 years, respectively, and include a hybrid of fixed- and CPI-based rent escalators. CareTrust REIT, a publicly traded investor based in California, funded the acquisition with cash on hand.
CHANDLER, ARIZ. — Medical Development Partners has broken ground on Parkland Memory Care, a 56-unit memory care community in Chandler. The $10 million, 36,400-square-foot project will be located on a 4.5-acre plot. Live Oak Bank, Aileron Capital Management and Mercantile Capital Corp. provided financing. JF Construction Co, which is building the project, estimates a spring 2018 completion date. Upon completion, Seasons Management Group, based out of Oregon, will operate the community. Lenity Architecture designed the property, with landscape architecture provided by Ryan & Associates.
JENKINTOWN, PA. — Square Mile Capital Management has originated a $91 million whole loan for Metropolitan Properties of America. The loan is secured by 100 York, a 588-unit high-rise multifamily property located in Jenkintown. The property features a tennis court, outdoor swimming pool and an 8,000-square-foot amenity center with a fitness center, aerobics/yoga studio, cardiovascular room, billiards and game rooms, business center, theater and resident lounge. The Boston-based borrower recently renovated the property to Class A standards. Brad Johnson of CBRE arranged the financing.
LOMBARD, ILL. — JRK Property Holdings has acquired the Clover Creek apartment complex in Lombard, a suburb of Chicago. The purchase price was not disclosed. The 504-unit community was built in 1986. Clover Creek features a variety of one-, two- and three-bedroom floor plans on a 34-acre site. Common area amenities include a swimming pool, playground, soccer field, volleyball court, bark park and clubhouse with Internet café, fitness center and business center. JRK MF Opportunities II LP fund was used to purchase the property. Sean Fogarty, Marty O’Connell and Amanda Friant of HFF represented both JRK and the undisclosed seller in the transaction.
NEW YORK CITY — Greystone has provided a $59.8 million HUD-insured permanent loan for The Pavilion at Queens for Rehabilitation & Nursing, a skilled nursing facility in Queens. The borrower is Kennedy Management. Fred Levine of Greystone’s Monsey, N.Y., office originated both the bridge and permanent FHA loan for the property. The HUD-insured financing for The Pavilion represents a permanent self-amortizing exit. In 2015, Greystone arranged a bridge-to-HUD loan to finance the acquisition, renovation and rebranding of the 302-bed facility, which includes an onsite 40-bed ventilator-dependent unit and a 12-chair dialysis center.
SAN MARCOS, TEXAS — 29th Street Capital (29SC) has acquired The Reserve at West Avenue, a 152-unit, 488-bed student housing community in the San Antonio metro of San Marcos. Located at 109 West Ave., approximately two miles from Texas State University, the property consists of one-, two-, three- and four-bedroom units, each fully furnished, including washers and dryers. Amenities include a pool, 24-hour fitness center, private study rooms and a clubhouse with a game room. 29SC will invest roughly $1 million to the unit interiors and the property’s amenities.
LOS ANGELES — Singapore-based Mapletree Investments Pte Ltd. has acquired a portfolio of eight student housing communities and four multifamily properties from Los Angeles-based Kayne Anderson Real Estate Advisors for $1.6 billion. The student housing portion of the portfolio consists of 3,611 beds in the United States and 140 beds in Canada. Properties include: WaHu — an 825-bed community located near the University of Minnesota in Minneapolis The District at Campus West — a 659-bed community located near Colorado State University in Fort Collins, Colo. SkyVue — a 627-bed community located near the University of Pittsburgh in Pennsylvania 4th Street Commons — a 562-bed community located near Florida International University in Miami 930 NoMo — a 430-bed community located near the College of Charleston in Charleston, S.C. Todd — a 351-bed community located near the University of Missouri in Columbia, Mo. 700 on Washington — a 157-bed community located near the University of Minnesota in Minneapolis Parc Cite — a 140-bed community located near McGill University in Montreal, Canada The eight student housing properties are located an average of 0.2 miles away from campus, and have occupancies above 90 percent. The four multifamily properties total 1,388 units, and include: Mint Urban …
