GRANTS PASS, ORE. — Mactrust LLC has acquired the 136-unit Riverwood Apartments and Townhomes in Grants Pass for $15.1 million. The community is located at 1625 S.E. N St. Riverwood was completed in stages between 1989 and 1992. The LLC plans to renovate the property. The seller was Camelot 16 LLC. HFO Investment Real Estate executed the transaction.
RICHMOND HEIGHTS, MO. — Associated Bank has provided an $8 million loan for the redevelopment of the former Manhasset Village apartment complex in Richmond Heights, a suburb of St. Louis. The four-building property is located at 1351 McCutcheon Ave. The project, the second phase of redevelopment at the community, will update a total of 46 apartments including a mix of one-, two- and three-bedroom floor plans ranging in size from 762 to 1,465 square feet. Residents moved into the first phase of the project, EVO, in fall 2016. Phase II is slated for completion in late 2017 or early 2018. Edward Notz of Associated Bank managed the loan for the borrower, Draper and Kramer Inc./MV Two LLC.
DALY CITY, CALIF. — CBRE has arranged an undisclosed amount of financing for a large private equity fund. The borrower will use the funds to refinance debt on Peninsula Del Ray, a 207-unit independent living and assisted living community in Daly City. The property totals 304,350 square feet and is situated 9.5 miles south of downtown San Francisco. Aron Will of CBRE National Senior Housing arranged the four-year, floating-rate loan. A regional bank provided the capital.
WASHINGTON, OREGON, COLORADO AND ARIZONA — Berkeley Point Capital has provided a $250.5 million loan for the acquisition of a multifamily portfolio located in the western United States. Starwood Capital Group acquired the portfolio from Holland Partners. Built between 1985 and 2002, the portfolio comprises 2,136 units across 11 properties in Washington, Oregon, Colorado and Arizona. Berkeley Point Capital used Freddie Mac’s Adjustable-Rate Mortgages (ARM) product to provide the 10-year loan. Due to rent levels at the properties, 25 percent of the loan balance qualified as affordable and exempt from Freddie Mac’s production cap. Charlie Haggard and Kevin Mignogna of Berkeley Point Capital arranged the financing. Berkeley Point Capital, based in Bethesda, Md., provides financing for multifamily properties, with a portfolio of $55 billion representing 3,600 loans in 49 states. Greenwich, Conn.-based Starwood Capital Group is a private investment firm with $52 billion of assets under management. —Kristin Hiller
SAN JOSE, CALIF. — Greystone, a real estate lending, investment and advisory company, has provided a $27.5 million loan for Oakmont of San Jose, a 66-unit assisted living and memory care community in San Jose. The Freddie Mac loan provides permanent financing to help with lease-up following the recent completion of the community. The loan has an 11-year term with a fixed rate and 30-year amortization schedule. The new financing replaces the remaining balance on the community’s construction loan. Scott Kavel, Neal Raburn and Cary Tremper of Greystone originated the financing.
LOS ANGELES — CBRE Group Inc. has announced plans to combine two of its valuation and advisory practices — Seniors Housing & Care and Medical Office — into a single, cohesive Healthcare Practice Group. The property types covered by the new Healthcare Practice Group include independent living, assisted living, memory care, nursing care, continuing care retirement communities, medical office, surgical centers, outpatient rehab and hospitals. Zach Bowyer, Tom Baroch and Bennett Johnson will lead the new group. Over the past three years, both groups have achieved a combined 30 percent year-over-year growth in revenues. In 2016, these groups completed valuation or advisory assignments on more than 3,000 seniors housing and medical properties throughout the U.S. with an aggregate valuation of over $50 billion.
SOUTH AMBOY, N.J. — Woodmont Properties has commenced construction of Woodmont Cove at South Amboy, a transit-oriented apartment community in South Amboy. Woodmont Cove is located seven blocks from the South Amboy transit train station, which provides a 30-minute ride to Newark Penn Station and a 51-minute train ride to New York City. Woodmont Cove will feature 106 townhouse-style apartments with garage parking and 20 apartment flats. Unit amenities will include quartz countertops, stainless steel appliances and second-floor balconies. Each apartment will also include a washer and dryer. Woodmont Cove is located near the Garden State Parkway, New Jersey Turnpike, Interstate 28, and state highways 35, 1 and 9. Leasing will begin this summer, with occupancy beginning in September.
ATLANTA — Alliance Residential Co. has opened two Class A apartment communities in the metro Atlanta area: Broadstone Springs in Sandy Springs and Broadstone Midtown in Atlanta. Broadstone Springs is located at 6558 Roswell Road and connected to a private pathway to the Abernathy Greenway Park. The property features 222 studio, one- and two-bedroom apartments and eight townhome units. The 218-unit Broadstone Midtown is located at 811 Juniper Road and features top-floor penthouse residences, 12 walkup townhome units and one- and two-bedroom apartments ranging in size from 630 to 1,394 square feet.
LANSDOWNE, MD. — SVN Affordable | Levental Realty has arranged the $30.5 million sale of Circle Terrace, a 303-unit affordable housing community located at 2926 Lakebrook Circle in Lansdowne, about seven miles south of Baltimore. Landex Corp., which developed Circle Terrace in 1977, sold the Section 8 property to Millenia Housing Development Ltd., which used short-term Freddie Mac financing in the acquisition via Pillar Financial. David Shlahtechman of SVN Affordable represented Landex in the sale. Nixon Peabody LLP served as Millenia Housing’s HUD counsel for the transaction, and Gallagher Evelius & Jones LLP represented Landex.
BOULDER, COLO. — The Boulder Housing Authority has acquired the 185-unit Tantra Lake Apartments in Boulder for $45.6 million. The garden-style community is located at 1000 W. Moorhead Circle. Tantra Lake is situated about three miles southeast of downtown Boulder and the University of Colorado Boulder campus. Community amenities include a heated indoor swimming pool, hot tub, outdoor basketball and tennis courts, grilling areas, playground, 24-hour fitness facility, resident lounge, business center, man-made lake and views of the Rocky Mountains. HFF’s Matthew Lawton and Jordan Robbins represented the seller, Waterton, in this transaction.
