PASADENA, LEAGUE CITY and HOUSTON, TEXAS — LMI Capital has secured five loans totaling $45 million in the Houston area. The assets are spread across the metro area, with three situated south of the city, one centrally located and one in west Houston. The first transaction to close was a five-year, fixed-rate loan for a 415-unit apartment community in the Brookhollow submarket of Houston. Jamie Mullin of LMI Capital procured the $17 million loan that will fund a multimillion-dollar rehab component, as well as additional earn-out proceeds. Financing terms include a 5 percent fixed interest rate, two years of interest-only payments and a flexible prepayment structure. The south Houston transactions were sourced by Brandon Brown and Jamie Safier of LMI Capital and include two apartment properties in Pasadena and one in League City. Brandon Brown of LMI closed a second lien that represents 96 percent of the first lien, effectively doubling the existing leverage and allowing the borrower to capture additional equity that has been created over time. The seven-year mortgage was placed on a 90-unit asset in Pasadena. Brown obtained debt for the refinancing of a 125-unit asset in League City. The 10-year Fannie Mae loan features a fixed 4.6 …
KANSAS CITY, MO. — Real Estate Equities Development, a Minnesota-based development and management firm, has announced plans for The Village Cooperative of Verona Hills, a 63-unit seniors housing cooperative in Kansas City. Cooperatives are a type of active adult community that allows residents to share the costs of common amenities. The three-story community is age restricted for residents 62 and older. The amenities include a community room with kitchen, guest suite, club room, reading areas, outdoor gardening beds, workshop, fitness center, an on-site manager and heated underground parking. Units range from 876 to 1,602 square feet.
CARTER LAKE, IOWA — Capital One has provided a $6 million adjustable-rate Fannie Mae loan to refinance a 329-space manufactured housing community in Carter Lake, approximately six miles northeast of Omaha, Neb. The undisclosed borrower will use the loan proceeds to retire an existing loan, complete capital improvements and purchase new homes. Lakeside Mobile Home Community was constructed in 1973 and 1974 and features a swimming pool, playground, clubhouse, outdoor basketball court and a storm shelter. The loan features a seven-year term and 30-year amortization schedule. Damon Reed of Capital One originated the transaction.
NEW YORK CITY — Welltower Inc. (NYSE: HCN) and Hines have purchased a development site at 139 E. 56th St. in Midtown Manhattan for an undisclosed price. The new owners plan to build a 15-story assisted living and memory care community on the site. Design and development plans are in progress and will be released at a later date. One known detail is that the ground floor will contain retail. Eastern Consolidated represented the sellers, Stephen Meringoff and Dennis Riese, the owners of the two existing properties that comprise the site, in the transaction. The existing buildings will be demolished to make way for the new community. This is the first venture into senior living for Hines, an international real estate development, investment and management company. Although the company is based in Houston, this deal was made through the New York office. Toledo, Ohio-based Welltower, meanwhile, is the largest healthcare REIT in the United States by market cap. Formerly known as Health Care REIT, the company was the third-largest owner of seniors housing properties in the country as of June 1, according to the American Seniors Housing Association.
MEBANE AND WINSTON-SALEM, N.C. — Multi Housing Advisors (MHA) has brokered the sales of two apartment communities in North Carolina’s Triad region totaling $27.1 million. The two transactions include Peak Capital buying the 192-unit Spring Forest at Deerfield in Mebane from Cottonwood Residential and an undisclosed buyer purchasing the 294-unit Chesterfield in Winston-Salem from Brown Investments. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions.
BOSTON — CBRE/New England has arranged $84.3 million in total financing for Serenity, a to-be-built apartment community in Boston’s Longwood Medical Area. The borrower, Longwood Group, has begun construction on the 195-unit property. John Kelly, Michael Prakken and Sam Dylag of CBRE/NE procured the financing for the borrower. Upon completion, the property will feature one 15-story building with both low- and mid-rise sections and approximately 1,860 square feet of street-level retail space. On-site amenities will include a pool, green roof space, a lounge, billiards rooms, kitchen, fitness center, library and computer room.
WEST HARTFORD, CONN. — Marcus & Millichap has arranged the sale of two multifamily properties, located at 1062 Boulevard and 41 W. Beacon St. in West Hartford, for $5.1 million. The 29-unit 1062 Boulevard consists of 26 one-bedroom flats and three two-bedroom flats, and the 27-unit 41 West Beacon Street features 24 one-bedroom flats and three two-bedroom flats. Eric Pentore and John Slyman of Marcus & Millichap represented the seller, a limited liability company in the transaction. Pentore also procured the buyer.
GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.
COLORADO SPRINGS, COLO. — Gilbane Development Co. has broken ground on West Edge, a student housing community located across the street from The University of Colorado Colorado Springs (UCCS) campus. The development will be located 500 yards from the Kraemer Library and UCCS academic core, and will offer eight different floor plans including studio, one-, two-, three-, four- and six-bedroom units with bed-to-bath parity. Apartments will feature washers and dryers, walk-in closets, stainless steel appliances, granite countertops and flat screen televisions. Community amenities will include a rooftop sky lounge with view of the Pikes Peak mountain range, a clubhouse, study rooms, a tech center with high-powered computers and free printing, a heated saltwater pool, a landscaped courtyard with sundecks, an outdoor kitchen with grilling stations, and multiple outdoor lounges with community fire pits. Residents will also have access to a fitness lodge featuring tanning beds, free weights, cardio equipment, a yoga studio, a bouldering wall and a full-sized basketball court. High-speed Internet, Wi-Fi, cable and furniture will all be included. Asset Campus Housing will manage the community and offer a community life program with resident events, roommate matching services and individual, by-the-bed leases. Parking is available for residents and bike storage …
PHILADELPHIA — Scully Co., Alterra Property Group and Spring Creek Investment Management have received $45 million in refinancing for Avenir, a 180-unit mixed-use apartment and retail tower in Philadelphia’s Center City. Ryan Ade and Jim Cadranell of HFF arranged the seven-year, fixed-rate loan through Webster Bank for the borrower. Loan proceeds will replace the existing construction loan on the property. Located at 1501-1515 Chestnut St., the 16-story building was converted from office space to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space. On-site amenities include a fitness center, screening room, conference and business suites, resident lounge, indoor bike storage and cycle stations, and a 24-hour concierge service.