ANN ARBOR, MICH. — Hunt Mortgage Group has provided an $18 million Fannie Mae loan to refinance Hidden Valley Apartments in Ann Arbor. The 324-unit apartment community is located at the northeast corner of State Street and Eisenhower Parkway. Constructed in 1973, the complex consists of seven two-story buildings with 36 studio units, 198 one-bedroom units and 90 two-bedroom units. The 30-year loan includes a 30-year amortization schedule. Cardinal HVC LLC was the borrower. Matt Shane of Q10/Lutz Financial Services was the mortgage broker in the transaction.
NEW YORK CITY — Fairfield Properties has acquired a multifamily property located at 365 Stewart Ave. in Long Island’s Garden City for $36.5 million. Built in 1938, the four-story building features 80 apartment units. Aaron Jungreis of Rosewood Realty Group represented the buyer and the seller, Va Garden City LLC National Registered Agents Inc., in the deal.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of two multifamily buildings located at 234 E. 95th St. and 446 E. 88th St. in Manhattan’s Upper East Side. A local investor acquired the properties, which total 40 apartment units. The property located at 234 E. 95th St. features 20 one-bedroom units and sold for nearly $670 per square foot. The 8,200-square-foot building also features additional 7,508 square feet of air rights. The 9,000-square-foot property, located at 446 E. 88th St., features 20 one-bedroom, rent-stabilized units and 1,988 square feet of additional air rights. The property sold for $760 per square foot. Guthrie Garvin, Thomas Gammino and Michael Gembecki of Cushman & Wakefield. The buyer, a local investor, was self-represented in the transaction.
NORCROSS, GA. — A joint venture between PointOne Holdings and Biscayne Atlantic has sold Steeple Chase Apartments, a 306-unit, garden-style multifamily community in Norcross, for $26 million. The joint venture originally purchased the property in March 2013 for $13.3 million. During the joint venture’s ownership, the companies invested roughly $1.8 million in capital improvements at Steeple Chase to upgrade interiors, improve the infrastructure and enhance curb appeal. During that time occupancy increased from 92 percent to 97 percent and average effective rental rates increased by 29 percent from $673 to $868 monthly. Monthly net operating income jumped 75 percent during that time frame from $82,100 to $143,900. The name of the buyer was undisclosed.
TRUSSVILLE, ALA. — Senior Living Investment Brokerage (SLIB) has arranged the $4.5 million sale of Sunrise Ridge, a 45-unit assisted living community in the Birmingham suburb of Trussville. Atlas Senior Living, based in Birmingham, bought the property from a local partnership. The community was built in 2009 and features additional land for expansion. Bradley Clousing of SLIB arranged the transaction.
REDDING, CALIF. — Ray Stone Inc. has acquired River Oaks Retirement Community, a 102-unit independent living community in Redding, approximately 160 miles north of Sacramento. The price was not disclosed. Ray Stone will rebrand the community as River Commons and add it to the Ray Stone Senior Living Portfolio. River Commons was built in 1986 by the Rogers family, which operated the community until the sale. The community featured a stabilized occupancy over 94 percent. The bulk of the apartments have been renovated within two years. Ray Stone, a Sacramento-based investment and management firm, plans to implement $400,000 in aesthetic upgrades during the first two years of ownership. Jason Punzell of Senior Living Investment Brokerage represented the seller, Hartnell Associates, in the transaction.
DALLAS — Civitas Capital Group, along with StoneGate Senior Living, has opened Simpson Place, an affordable seniors housing facility in Dallas. The $15 million, 95,000-square-foot property offers 150 assisted living units. The development was financed through a public-private partnership involving the Dallas Housing Authority, City of Dallas, Federal Home Loan Bank, Amegy Bank, StoneGate Senior Living and City of Dallas Regional Center.
NEW YORK CITY — Eastern Consolidated has arranged refinancing loans for six multifamily properties in Manhattan in two separate transactions totaling $32.4 million. Jonathan Aghravi and Charles Han of Eastern Consolidated handled the loan placements with Amalgamated Bank. The first loan was a seven-year, $20 million refinancing for five mixed-use buildings, featuring 44 residential units and eight commercial units, located at 420, 422, 424, 426 and 428 Amsterdam. The second loan was a seven-year, $12.4 million refinancing for a newly renovated 28-unit multifamily property located at 44-46 E. End Ave.
BRICK, N.J. — Marquis Health Services, the healthcare affiliate of Tryko Partners LLC, has completed a $2.8 million renovation and repositioning of Willow Springs Rehabilitation and Healthcare Center in Brick. Located at 1049 Burnt Tavern Road, the property features 148 skilled nursing beds, an expanded rehabilitation therapy gym, a putting green, gourmet coffee lounge and updated common areas and patient rooms.
WINCHESTER, VA. — CBRE has arranged a $7.4 million loan for a joint venture between Care Investment Trust and affiliates of Inspirit Senior Living. The capital will be used to purchase Hilltop House Assisted Living, a 73-unit independent living, assisted living and memory care community. Inspirit will operate the property, which is located in Winchester, approximately 75 miles northwest of Washington, D.C. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loan with 18 months of interest-only payments through a regional bank. Care Investment Trust is a seniors housing REIT and a wholly owned subsidiary of Tiptree Financial Inc. Inspirit is a seniors housing operator formed in 2015.