CINCINNATI — Pillar has provided a $6.8 million loan for the refinancing of Cambridge Park Apartments in Cincinnati. The 198-unit property features one-, two- and three-bedroom floor plans. Cambridge Park Apartments is fully leased. The 12-year loan includes a 30-year amortization schedule. Shamrock Properties IX LLC was the borrower.
VERNON HILLS, ILL. — Inland Real Estate Acquisitions Inc. has purchased The Commons at Town Center in Vernon Hills, a northern suburb of Chicago, for an undisclosed price. The 85-unit apartment property is located at 1255 Town Center Road. Constructed in 2010, the property sits on 2.4 acres and features a mix of one-, two- and three-bedroom units. The property also includes 10,609 square feet of first-floor retail space. Tenants include Sam Martirano Salon & Spa, Hawthorn Dental Associates, Eight Piece Rolls, Design Studio Jewelry LLC and Giuseppe’s Pizza Restaurant. The Commons at Town Center was 96 percent leased at the time of sale. Joe Cosenza and Brett Smith of Inland closed the transaction on behalf of Inland Residential Properties Trust Inc.
WALPOLE, MASS. — A joint venture between Benchmark Senior Living and Farallon Capital Management has acquired New Pond Village, a continuing care retirement community (CCRC) in the Boston suburb of Walpole. BH Brightview New Pond Village LLC sold the property for an undisclosed price. The community offers 167 independent living units and 32 supportive living units. The three-story, 259,000-square-foot building was built in 1990 on 19.4 acres. New Pond is Massachusetts-based Benchmark’s 54th community and fourth CCRC. Allen McMurtry, Paul Carr, David Kliewer and Megan Fetter of Cushman & Wakefield represented the seller in the transaction.
FREEHOLD, N.J. — Bussel Realty Corp. (BRC) has arranged the $7.5 million sale of Fairfield Industrial Park, a nine-building park totaling 165,000 square feet located at 912 Route 33 in Freehold. Jordan Metz and Eduard Skutelsky of BRC represented an unnamed seller in the transaction. Imperial Real Estate represented the buyer, Fairfield Industrial Park LLC. The property includes 20 tenants and the new owners plan capital improvements at the industrial park.
MOOSUP, CONN. — KeyBank’s community development lending and investment team has financed a $6 million bridge-to-HUD loan for Vesta Corp. for the acquisition of Moosup Apartments. The property is an 89-unit multifamily complex consisting of nine two-story buildings in the rural community of Moosup. Moosup Apartments includes one-, two- and three- bedroom townhomes. Of the 89 units, 27 are covered by a Section 8 HAP contract. KeyBank’s Kelly Frank arranged the financing.
DALLAS — Development partners Novare Group and Batson-Cook Development Co. have opened Victory Place, a 25-story multifamily property located within the 75-acre Victory Park development in downtown Dallas. Located at 1701 Payne St., the 352-unit property features amenities such as a 24-hour fitness center, a yoga and Pilates studio, a business center with a coffee bar and retail space anchored by Italian Bistro restaurant. Lincoln Property Co. will manage the complex.
STAMFORD, CONN. — Waypoint Residential, a multifamily real estate investment firm, has officially launched its student housing affiliate, Waypoint Campus Housing LLC. The launch was marked by the new company’s acquisition of a four-property student housing portfolio for $102 million. The seller of the properties, which total 2,638 beds, was Chicago-based investment firm Blue Vista Capital Management. The properties in the portfolio include High View Place near the University of Texas at San Antonio; Maverick Place near the University of Texas at Arlington; Rebel Place near the University of Nevada at Las Vegas; and Spring Place near the University of North Carolina at Greensboro. A fifth property was not disclosed because the transaction has not yet officially closed. “We are excited to officially expand our platform to include student housing as one of our key strategies within our core business, which focuses exclusively on the rental housing sector,” says Scott Lawlor, CEO of Waypoint Residential. “The addition of student housing aligns with our overall strategy to diversify our product offerings within the rental housing market, and we believe it provides terrific risk-adjusted opportunities.” Jeremy Pemberton will lead Waypoint Campus Housing as CEO. Pemberton was previously focused on acquisitions and sourcing …
CHICAGO — Meridian Capital Group has arranged $19.9 million in bridge financing for the acquisition of Ivy Park Homes, a multifamily community on Chicago’s South Side. The 80-acre property was 62 percent occupied and features a basketball court, jogging path, softball field and on-site parking. The three-year loan, provided by a national balance sheet lender, features full-term, interest-only payments and two one-year extension options. David Hayum, who works from Meridian’s New York City headquarters, arranged the financing.
AMHERST, MASS. — MassHousing has provided $15.8 million in financing to Redwood Housing for the renovation and preservation of 100 affordable housing units at Clark House in Amherst. Redwood Housing recently acquired Clark House and has extended the federal Section 8 housing assistance payment contract on all 100 units at the property. This is the first transaction Redwood Housing has completed in Massachusetts. MassHousing provided the permanent loan through the HUD/HFA 50/50 risk share program. Of the 100 units at Clark House, 81 are designated affordable for elderly residents, and 19 are affordable units for families and disabled residents. Redwood plans to replace all domestic hot and cold water piping, improve accessibility, upgrade the community room, and replace sliding glass doors and windows. Built in 1980, Clark House is located at 22 Lessey St. The property contains 76 one-bedroom units, 18 two-bedroom units and six three-bedroom units. WinnCompanies manages Clark House.
BASKING RIDGE and WARREN, N.J. — Cronheim Mortgage has arranged $10.9 million in financing for two mixed-use properties in Basking Ridge and Warren. The loans were placed with State Life Insurance Co. and Southern Farm Bureau Life Insurance Co., which Cronheim represents as a correspondent and servicing agent. Riverwalk Village, located in Basking Ridge, received $8.5 million in financing. The 18-year loan is self-liquidating with a 3.8 percent interest rate. Tenants at the 47,604-square-foot property include Starbucks, Supercuts and Gymboree. Second-floor office space is leased to YMCA, a chiropractor and an orthodontist. Gateway East in Warren was refinanced for $2.4 million at a 3.8 percent interest rate. The property includes a pair of freestanding, two-story buildings with first-floor retail and office space on the second floor. Tenants include Subway, Great Clips, a pilates studio, law offices and a dentist. The property is located at a signalized intersection and features surface parking for 89 vehicles. Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna originated and placed the loans.
