SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.
GLENDALE, ARIZ. — Investment bank HJ Sims has provided $5.1 million in financing for the construction of an independent living community in the Phoenix suburb of Glendale. An affiliate of Sante Partners is developing the property, which has not yet been named. Once completed, a large, national operator will manage the community. This will be Sante’s sixth development. The financing is structured as a mezzanine loan and preferred equity investment.
SAN ANTONIO — Castle Lanterra Properties has purchased Agave, a 349-unit, Class A multifamily community located at 633 S. Saint Mary’s St. near downtown San Antonio. The property, which was built in 2016, features amenities such as a resort-style pool, outdoor kitchen and gaming area, fitness center and a yoga studio. A joint venture between Greystar and asset management firm The Carlyle Group sold the property to Castle Lanterra for an undisclosed price.
LAND O’LAKES, FLA. — Wood Partners has sold Alta at Terra Bella, a 311-unit multifamily community located at 23700 Viento Drive in Land O’Lakes, about 19 miles north of Tampa. Northland Investment Corp. purchased the Class A asset from Wood Partners for nearly $52.9 million. Matt Mitchell, Brett Moss and Zach Nolan of HFF represented Wood Partners in the transaction. Built in 2016, Alta at Terra Bella features a zero-entry saltwater swimming pool; outdoor summer kitchen; fitness center with yoga room and children’s playroom; clubhouse with sports lounge; game room with billiards, shuffleboard and kitchen/bar seating; cyber café; dog wash and dog park; and breezeway-access garages. The community’s one-, two- and three-bedroom units average 1,091 square feet.
GREENSBORO, N.C. — Vesper Holdings has acquired Campus Crossing Sherwood Forest, a 790-bed student housing community located near the University of North Carolina at Greensboro, for $36.5 million. The property comprises one-, two-, three- and four-bedroom units. Community amenities include a 12,000-square-foot clubhouse, swimming pool, hot tub, fitness center, rock wall, spin and yoga studios, a computer lab, game room, movie theater, tanning beds and a volleyball court. The new ownership plans to rebrand the community and execute $1.8 million worth of renovations to units, shared amenities and the property’s exterior. Vesper acquired the asset from an undisclosed, local owner in the off-market transaction.
LAKE JACKSON, TEXAS — NAPA Ventures, an Austin-based investment firm, has acquired Treasure Bay Apartments and Oyster Creek Apartments, two multifamily properties totaling 401 units in Lake Jackson, a city roughly 60 miles south of Houston. Both properties are located off Nolan Ryan Expressway and were purchased in partnership with a Dallas-based private equity firm. NAPA plans to upgrade both properties’ landscaping, parking areas, leasing offices and business centers, as well as the interiors of the units.
CARROLLTON, TEXAS — CBRE has brokered the sale of Estrada Apartments, a 244-unit multifamily community located at 1919 Walnut Plaza in the Dallas-Fort Worth metro of Carrollton. Estrada EP LP purchased the property from VTP Realty, an Irving-based firm, for an undisclosed price. The community was 96 percent occupied at the time of sale.
GOSHEN, OHIO — Dougherty Mortgage LLC has arranged a $12 million HUD 223(f) loan for the refinancing of Meadow View Townhomes in Goshen, about 30 miles northeast of Cincinnati. The affordable housing property, built in 1994, consists of 128 units. Dominium Development & Acquisition took over ownership and management duties of the property in 2015. The loan features a 35-year term and amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Goshen Leased Housing Associates I LLLP, a limited liability partnership based in Minnesota.
NEW YORK CITY — HFZ Capital Group, a Manhattan-based real estate development and investment company, has secured construction financing for The Eleventh, a mixed-use development located at 76 11th Ave. between 17th and 18th streets. A British financial institution provided HFZ Capital with construction financing for the development. HFZ’s John Shannon directed the firm’s negotiations to secure the financing. Situated on the Far West Side of Chelsea, The Eleventh is slated to open in 2019 featuring two towers between the High Line and the Hudson River. Bjarke Ingels Group designed the project. In addition to residences, Six Senses Hotels Resorts Spas will open its flagship North American hotel inside the project. HFZ originally secured $870 million in acquisition and pre-development financing in May 2015 from a consortium of lenders, including JPMorgan, BlackRock and SL Green Realty. Construction of The Eleventh has already begun, and sales of condominium residences will begin later this year.
NEW YORK CITY — Cushman & Wakefield has arranged the $3.8 million sale of a six-unit, multifamily townhouse complex at 331 W. 87th St. in Manhattan’s Upper West Side. Four of the units in the five-story, 4,109-square-foot property are rent-stabilized, one is rent-controlled and the sixth is market-rate. The sale price equaled $922 per square foot. Cushman & Wakefield did not disclose the identity of either the seller or buyer. Stephen Palmese, Hall Oster, Teddy Galligan, Michael Mazzara, James Berluti and Bryan Smadbeck led the Cushman & Wakefield team in the transaction.