YUBA CITY, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $13.5 million sale of Summerfield Senior Living, a 71-unit assisted living and memory care community in Yuba City, approximately 40 miles north of Sacramento. The community opened in 1993. A California-based entrepreneur bought the community in 2005 as a value-add opportunity. It was the only seniors housing property in the owner’s portfolio, so it was sold to a growing owner/operator. Neither party was disclosed. The purchase price equates to approximately $190,000 per unit. Jacob Gehl and Mike Segal were the lead advisors on the transaction.
BOISE — Denver-based Cardinal Group Management has been awarded management of a student housing community with 539 beds in Idaho. The student housing community, called The Vista, was built in 2015 near Boise State University in Idaho.
NORTH ANDOVER, MASS. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance team has closed a $30.2 million permanent, floating-rate loan for Brightview North Andover, a seniors housing property. Located at 1275 Turnpike St. in North Andover, the facility features 133 independent and assisted living units, as well as a memory care component. The refinancing was arranged through Fannie Mae’s DUS Structured Adjustable Rate Mortgage loan product. Richard Thomas and Meredith Davis of Grandbridge secured the loan for the undisclosed borrower.
NISKAYUNA, N.Y. — Lancaster Pollard has arranged $9.2 million in refinancing insured by the FHA Sec. 232/2223(f) program for Ingersoll Place Assisted Living, a 57-unit senior living facility located in Niskayuna. Proceeds of the financing paid off a tax-exempt bond obligation and terminated an interest rate swap liability. Additionally, the new FHA-insured loan generated more than $100,000 in annual cash flow savings for the assisted living provider. Tom Grywalski of Lancaster Pollard secured the financing for the undisclosed borrower.
CORAOPOLIS, PA. — KeyBank has provided a $5.4 million bridge loan for State Manor Apartments, a multifamily community located at 1020 State Ave. in Coraopolis, a suburb 12 miles northwest of Pittsburgh. SMA Cory PA LLC will use the loan to acquire the high-rise property, which features 104 affordable apartment units. Kelly Frank of Key’s Community Development Lending group arranged the financing for the borrower.
CHATHAM, N.J. — Redwood Realty Advisors has arranged the sale of Chatham Arms, an apartment building located at 49 S. Passaic Ave. in Chatham. A joint venture between Solar Capital and Vertical Realty Capital acquired the 31-unit property from Quad Realty LLC for $7.2 million, or $232,000 per unit. Thomas McConnell, Kevin McCrann, Matthew Sandelands and Jeremy Wernick of Redwood Realty Advisors brokered the transaction.
LEWISVILLE, TEXAS — Huffines Communities has begun construction on Phase IV of Hebron 121 Station in Lewisville. The transit-oriented community’s existing 678 units are near 100 percent occupancy. Once Phase IV is complete, Hebron 121 Station will total 1,148 units. The property is near I-35, State Highway 121, the President George Bush Turnpike and the Denton County Transit Authority Rail Station. The city of Lewisville owns and maintains 150 adjacent acres devoted to trails, lakes and green space. Phase IV will consist of four buildings and is being built near the main entrance to 121 Hebron Station on Penn Station Road. Amenities include a pool with swim up bar, a 10,000-square-foot clubhouse, fire pits, sand volleyball courts, fitness center, outdoor grills and Wi-Fi.
FARMERS BRANCH, TEXAS — CBRE Capital Markets’ Investment Properties has brokered the sale of Villa Creek, a 161-unit multifamily community in the Dallas suburb of Farmers Branch. Villa Creek Drive LLC purchased the asset from Villa Creek Associates LLC. Chris Deuillet of CBRE’s Dallas office represented the seller. The 131,562-square-foot asset is located at 2835 Villa Creek Drive and was 93.5 percent occupied at closing. Villa Creek includes 15 two-story apartment buildings with one-, two- and three-bedroom units. The complex was built in 1964 on 7.5 acres.
HOWE, TEXAS — Marcus & Millichap has arranged the sale of Bainbrook, a 20-unit apartment property located in Howe. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Fluellen, Hoover and Burke also procured the buyer, another individual/personal trust. Located at 511 S. Collins Freeway, Bainbrook was built in 1979 and was 100 percent occupied at the time of sale. The property includes one- and two-bedroom units with an average size of 649 square feet.
ITASCA, ILL. — M&R Development has entered into a joint venture with Hamilton Partners and Murphy O’Brien to develop a 297-unit luxury rental community in Itasca, approximately 28 miles northwest of Chicago. The Residences at Hamilton Lakes will be situated adjacent to the Hamilton Lakes Business Park. The project will offer a mix of studio, one- and two-bedroom apartments. The Residences at Hamilton Lakes will consist of three four-story buildings on 10.7 acres. The joint venture will break ground on the project this spring and complete the development in the fall of 2017. Amenities at the complex will include a clubhouse, outdoor pool, steam and sauna room, media room, fitness facility, business center and event space.