NEW YORK CITY — Stellar Management, an owner and operator of residential and commercial real estate, has received a $35.5 million loan from Astoria Bank to refinance a seven-property multifamily portfolio in New York City. The loan features a five-year term at a sub-3 percent interest rate. The properties are 552 Ocean Ave. in Brooklyn; 65 Fort Washington Ave., 4231 Broadway, 504 W. 143rd St., 510 W. 144th St. and 529 W. 179th St. in Upper Manhattan; and 2558 Grand Concourse in the Bronx. Tal Bar-Or and Kyle Kite of Meridian Capital arranged the financing for the borrower.
WEST HARTFORD, CONN. — Marcus & Millichap has arranged the sale of two apartment properties — Park Place West and West Wynd — in West Hartford for $9.4 million. Park Place West, located at 158 Newington, features 63 units in a mix of studios, one-, two- and three-bedroom layouts, and West Wynd, located at 51 Caya Ave., features 49 one- and two-bedroom flats. Victor Nolleti, Eric Pentore and Steve Witten of Marcus & Millichap represented the seller, a limited liability company, in the transaction.
AUSTIN and DALLAS, TEXAS — Grandbridge Real Estate Capital has closed a $67.6 million refinancing loan secured by 947 units in three multifamily properties: Camden Amber Oaks I and II in Austin and Camden Design District in Dallas. The initial funding is part of a Fannie Mae master credit facility agreement for Camden Multifamily Value Add Fund LP, an affiliate of Camden Property Trust. The Fannie Mae master credit facility, arranged by Grandbridge’s Houston-based senior vice president Greg Young, could refinance up to $275 million of the value add fund’s outstanding debt. Funding for the $67.6 million non-recourse loan was arranged through Fannie Mae’s structured adjustable rate mortgage loan product and features interest-only payments during the 10-year term.
LANTANA, FLA. — Bridgewater Lake Osborne LLC, an entity owned by Index Investment Group and Eastwind Development, has sold Bridgewater at Lake Osborne, a 108-unit apartment community in Lantanta. BLO Investors LLC purchased the asset for $24 million. Fronting Lake Osborne on a 9.6-acre lot, the apartment community was delivered in May 2014. The community features two- and three-bedroom units with rents starting at $1,579. The property features a boat ramp, resort-style pool, sunset pavilion and a children’s playground.
OAK PARK, MICH. — Bernard Financial Group has arranged a $12.8 million refinancing loan for a mid-rise apartment tower in Oak Park, approximately 15 miles northwest of Detroit. Lincoln Towers Apartments, built in 1974, includes 480 units and is located at 15075 Lincoln St. Lincoln Towers Apartments LP was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan through a CMBS lender.
TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 201-unit apartment property in Toledo. Beacon Place, located at 426 Beacon St., is comprised of 26 buildings situated on 16.5 acres. 401 E. Woodruff LLC sold the property to an undisclosed California-based investor. Tony Plath and Harlan Reichle of Reichle Klein Group represented the seller in the transaction.
FRANKLIN, IND. — RESOURCE Commercial Real Estate has arranged the sale of a 48-unit multifamily community in Franklin, approximately 25 miles south of Indianapolis, for an undisclosed price. Parkside Apartments was built in 1962 and offers a mix of one- and two-bedroom units with an average size of 733 square feet. Parkside Properties LLC sold the complex to Parkside Franklin Apartments LLC. Michael Wernke of RESOURCE Commercial Real Estate brokered the transaction.
NEW YORK CITY — Alpha Realty has arranged the sale of an apartment building located at 82 Christopher St. in Manhattan’s West Village. The asset sold for $9.9 million, or more than $1,500 per square foot. Glenn Raff of Alpha Realty represented the undisclosed buyer, while Scott Schwartz, also of Alpha Realty, represented the overseas seller in the transaction.
NEW YORK CITY — Eastern Union Funding has secured a $5.1 million loan on behalf of a Brooklyn-based investor for the acquisition of a mixed-use property located at 900 Grand St. in Brooklyn’s East Williamsburg neighborhood. The 22,600-square-foot property features two ground-floor commercial/retail spaces totaling 15,000 square feet, and residential lofts on the second floor. As a former industrial property, the building also features 12-foot to 17-foot ceiling heights, five drive-ins, two elevators and 8,000 buildable square feet. Alex Freund of Eastern Union Funding arranged the nine-year, fixed-rate loan through Suffolk County Bank.
MURFREESBORO, TENN. — National Health Investors Inc. (NYSE: NHI), a publicly traded seniors housing and healthcare REIT based in Murfreesboro, has purchased 12 skilled nursing facilities in Texas from operator Legend Healthcare for a total of $174.5 million. The sales were structured as two separate transactions. In the first, NHI bought eight of Legend’s existing Texas facilities totaling 931 beds for $118.5 million. In the second transaction, NHI purchased four more facilities from Legend that are in various stages of development for $56 million. The first of those facilities is expected to open in 2017. Legend is seeking to step away as operator of all the facilities, so NHI will lease all 12 newly purchased facilities, as well as seven others previously operated by Legend, to affiliates of The Ensign Group (NASDAQ: ENSG). The 15-year lease for the 15 currently operating facilities will have an initial annual amount of $17.8 million plus an annual, inflation-based escalator. The lease has two five-year renewal options. Upon entering the new lease on May 1, Ensign will also purchase two skilled nursing facilities in Texas from NHI. Ensign will pay $24.6 million for the 245-bed portfolio.