CLEARWATER, FLA. — Marcus & Millichap has arranged the $3.6 million sale of New Towne at Glen Oaks, a multifamily property located at 311 S. Betty Lane in Clearwater, a city in the Tampa-St. Petersburg area. The community consists of 38 one-bedroom units averaging 570 square feet per unit, and eight two-bedroom units averaging 800 square feet per unit. Shawn Rupp and Casey Babb of Marcus & Millichap represented the undisclosed seller and procured the unspecified, California-based buyer.
SAN FRANCISCO — An unnamed buyer has acquired a 38-unit apartment building in San Francisco for $31.8 million. The community is located at 2201 Pacific Ave. Edward E. Young designed the property, which features a Spanish Colonial-themed lobby with a vaulted wood ceiling and gold and copper leaf design. James Devincenti and Brad Lagomarsino of Colliers International arranged the sale on behalf of Union Bank’s Trust Department, which represents the buildings’ outgoing ownership entity.
MILWAUKIE, ORE. — Lancaster Pollard has arranged a $5.3 million Fannie Mae loan for BPM Senior Living. The loan provides capital for Royalton Place, a 70-unit assisted living and memory care community in the Portland suburb of Milwaukie. BPM purchased Royalton Place in 2005 and adjusted the acuity mix in late 2014. The financing is part of the owner’s plan to replace the existing third-party operator, instead taking over management of the community itself. Matt Lindsay led the transaction for Lancaster Pollard, aided by Doug Harper.
LOVELAND, COLO. — Mainstreet is set to open the doors on Medical Center of the Rockies at Centerra, a 70-bed skilled nursing facility in the Fort Collins suburb of Loveland. OZ Architecture designed the 50,000-square-foot property, which is expected to open before the end of this month. Mainstreet is an Indiana-based developer and investor in skilled nursing properties. OZ is a Denver-based architecture firm.
NEW YORK CITY — Eastern Consolidated has arranged a $26.4 million bridge loan from G4 Capital that will fund the recapitalization of a ground lease at 285 Schermerhorn St. in Brooklyn. Jonathan Aghravi and Charles Han of Eastern Consolidated represented the borrower, 285 Schermerhorn LLC, which plans to redevelop the site from its current seven-story structure to a 116,433-square-foot, 14-story residential building with 132 condominiums and 3,400 square feet of ground-floor retail space. Brooklyn Community Services owns the property and will maintain its headquarters in the building during and after the construction phase.
DALLAS — Hunt Mortgage Group has arranged a $21.5 million first mortgage bridge loan on behalf of Iliad Realty Group for the acquisition and renovation of two multifamily properties in Dallas. The first property, North Park Terrace, is a 309-unit, garden-style complex located at 8662 Park Lane. The second property, Pecan Tree Apartments, is 174-unit, garden-style complex located at 3001 Kendale Drive. At the time of sale, the assets were 76 percent and 95 percent occupied, respectively.
HOUSTON — The Houston Housing Authority (HHA), a provider of homes for low-income Houstonians, will break ground on a 154-unit multifamily property located at 302 Crosstimbers St. on Monday, March 20. The project for mixed-income residents represents HHA’s first multifamily development in the Independence Heights neighborhood, located slightly northwest of downtown, in more than a decade.
ATLANTA — CBRE has arranged the $36 million sale of 10 Perimeter Park, a 230-unit multifamily development in Chamblee, a northeastern suburb of Atlanta. Shea Campbell and Kevin Geiger of CBRE represented the seller, California-based Ardena Capital Management. The buyer, Aududon Communities, an Atlanta-based firm specializing in multifamily acquisitions, obtained the property by assuming the existing loan and sourcing a supplemental one.
MIAMI — Housing Trust Group has completed the $23 million development of Wagner Creek Apartments, a 73-unit complex located at 1501 N.W. 13th Court in Miami’s health district. Funding for the project included $17 million in equity from Raymond James Tax Credit Fund and a $3.4 million permanent loan from Citi Community Capital. The company broke ground on the development in November 2016.
NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged a $38.5 million construction loan for a 176,130-square-foot mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens. The project will include 131 apartments on floors three through eight, over 10,000 square feet of retail space for a pharmacy, a 25,000-square-foot medical office space on the lower level and a public parking facility. Eastern Consolidated’s Adam Hakim, Andrew Iadeluca and James Murad arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties. Located at the northern end of Jamaica, 178-02 Hillside Ave. offers 200 feet of frontage. The corner site is adjacent to the neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street/Hillside Avenue Subway station.
