KANSAS CITY, MO. — Cain Brothers has arranged $51.8 million in bond financing for Kingswood Senior Living Community, a continuing care retirement community in Kansas City. The bonds will fund the repositioning of the community, which Life Care Services operates. The campus was built in 1982. LCS Development has formulated a turnaround plan that includes converting the obsolete independent living units to new assisted living and memory care units. Renovations will also be performed throughout the remaining units, common areas and amenities. In addition to the 35-year, non-rated, fixed-rate bonds, Cain Brothers arranged $2 million of mezzanine financing to execute the development plan.
WILLOWBROOK, ILL. — Dougherty Mortgage LLC has closed a $9.4 Fannie Mae loan to refinance Willowbrook Apartment Homes, approximately 25 miles west of Chicago. The apartment property features 140 market-rate apartments. Amenities at Willowbrook Apartment Homes includes walk-in closets, walk-through kitchens, separate dining areas and private balconies or patios. The five-year interest-only loan features a 10-year term and 30-year amortization schedule. Heartland Willowbrook LLC was the borrower.
KATHLEEN, GA. — Walker & Dunlop has closed a $19.9 million acquisition loan for Houston Lake, a 300-unit, Class A apartment complex in Kathleen, roughly 20 miles south of Macon. Dustin Swartz of Walker & Dunlop’s Bethesda, Md., office led the team that structured the 10-year, fixed-rate loan through Freddie Mac’s CME program on behalf of the borrower, Denver-based Miller Frishman Group. The loan features three years of interest-only payments. Approximately 35 percent of the community’s residents are active and civilian military employees at nearby Robins Air Force Base, which is located about 14 miles southwest of Houston Lake. Built in 2008, the property features gated access, walking trails, poolside grills, a clubhouse, fitness center, playground, basketball court and a tennis court.
GAINESVILLE, FLA. — LIV Holdings LLC, a joint venture between James Street Capital LLC and Warren Family Holdings I LLC, has purchased a 208-unit garden-style apartment complex in Gainesville for $8.8 million. The property was built in 1981 on nine acres at 1902 S.W. 42nd Way, roughly one mile from the University of Florida campus. The new ownership has teamed up with Gainesville-based management company AMJ Inc. to operate the property, and the joint venture will invest capital to improve community interiors, exteriors and common areas. Darron Kattan, Kevin Kelleher, Zach Ames and Robert Goldfinger of Franklin Street Real Estate Services’ Tampa office represented both the buyer and seller in the transaction.
TUCSON, ARIZ. – MCFT Holdings LLC has acquired the 70-unit San Simeon apartments in Tucson for $3.7 million. The community is located at 6091 E. Golf Links Road. It was built in 1963 and underwent a large-scale renovation in 2013. MCFT Holdings acquired the asset as a long-term investment and plans to implement general property upgrades.The LLC represented itself in this transaction while Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International represented the seller, Corey Peterson.
DALLAS — Dougherty Mortgage has secured a $1.5 million Fannie Mae supplemental loan for Bristol Square Apartments, a 341-unit apartment property located in Dallas. Bristol Square’s unit interiors include ceiling fans, oversized walk-in closets, exterior lockable storage units and washer and dryer connections. Sunrooms, patios and balconies are available in select units. Dougherty’s Minneapolis office arranged the 8.5-year loan for the borrower, McGuire Family Taraval Property LLC.
AUSTIN, TEXAS — The Austin City Council has voted in favor of removing a restrictive covenant on the historic Dabney-Horne home on the University of Texas West Campus. The property will be moved one-half mile from its current location at 507 W. 23rd St. to make room for a new student housing development. The proposed 175-foot tall project will provide 670 beds for students, of which 10 percent will be offered as affordable housing at 60 percent area median family income. Austin City Realty founder David Kanne owns the Dabney-Horne house, which was zoned historic in 1992, and uses it as his company’s headquarters. The home will be relocated to nearby 901 Shoal Cliff Court. Kanne plans to sell the site on 23rd Street to Johnson Trube & Associates, an Austin-based developer that plans to build the student housing property.
DALLAS — Bell Partners Inc. has acquired Avenue H, a recently completed, 208-unit apartment community located in the Knox-Henderson area of Dallas. The community has been renamed Bell Knox District and will be managed by Bell Partners. Completed in 2015, Bell Knox District is a Class A community and the first to be built in the last 10 years in the Knox/Highland Park neighborhood. The property is nearing the end of lease-up and is 82 percent occupied. The community is a six-story, podium-style building above two levels of structured parking. Floor plans consist of a mix of studios, one-bed/one-bath and two-bed/two-bath layouts. Property amenities include a clubhouse with a conference center and coffee bar, pool deck, fitness studio, outdoor barbeque area with grills, elevator access and covered parking.
NEW YORK CITY — Cushman & Wakefield has arranged $38 million in financing to increase proceeds on the existing construction loan for a multifamily property at 33 Lincoln Road in Brooklyn’s Prospect Lefferts Gardens neighborhood. The borrower, Lincoln Park Partners, will use the loan to complete the development of a nine-story residential building featuring 141 apartment units and retail space. The loan was provided by Santander Bank. Preston Flammang of Cushman & Wakefield arranged the two-year loan for the borrower.
NASHVILLE, TENN. — Champion Real Estate Co. has purchased Village Green Hills Apartments, a newly constructed, 82-unit apartment complex in Nashville, for $22.5 million. The apartment complex is within walking distance of Greens Hills Mall and Hill Center with Nashville’s only Whole Foods Market and Trader Joe’s. Champion and its affiliates currently own six multifamily properties in Nashville consisting of nearly 200 rental units with product ranging from entry-level studios and student housing to high-end townhomes.