DETROIT — Pillar has originated an $11.8 million Fannie Mae DUS loan for Detroit Savings Bank Apartments in downtown Detroit. The 10-year term loan features a 30-year amortization schedule. David Wilkins of Pillar originated the financing for Capitol Park Partnership. Built in 1895, the 12-story building features 56 market-rate apartment units on the top seven floors and The Archdiocese of Detroit on the first five floors.
PLEASANT HILL, IOWA — NorthMarq Capital has closed a $6.2 million refinancing for Golf View Apartments, a multifamily property located in Pleasant Hill near Des Moines. Jason Kinnison of NorthMarq’s Omaha office arranged the financing for the undisclosed borrower. The multifamily property features 84 apartment units.
CYPRESS, TEXAS — Caddis, a Dallas-based real estate developer, has opened Heartis Cypress, a 78-unit assisted living and memory care community in the Houston suburb of Cypress. Oregon-based Good Neighbor Care manages the 63,000-square-foot community, which Caddis owns. Development costs were not disclosed. A unique feature of the community is its main street, a stretch of the community featuring a movie theater, 1950s-style ice cream parlor, art studio, auto repair, planting nursery and other stores. Each establishment has its own storefront aligned complete with streetlights and park benches. Austin-based KATUS designed the community. The Dallas office of Amegy Bank provided financing.
TALLAHASSEE, FLA. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has acquired St. Augustine Plantation, a 100-unit assisted living and memory care community in Tallahassee. The seller was Capital Health Group LLC. Although a purchase price was not disclosed, Berkadia’s Senior Housing and Healthcare Group arranged $23.8 million in financing for LEI in connection with the transaction. St. Augustine Plantation includes 75 assisted living units built in 1998, as well as a 25-unit memory care building that was added in 2012. The community was 97 percent occupied at the time of sale. The new owners plan to improve common areas, add 24 more memory care beds and build a wellness center for recreation and rehabilitation, which Florida State University will manage. The acquisition is part of LEI’s continued push into the Southeast. Other recent acquisitions by the Los Angeles-based investment firm include a Hampton Inn in Jacksonville, an apartment community in North Carolina and a portfolio of three Hilton Garden Inns in Georgia. John Gaghan led the LEI investment team in the transaction. Kenneth Assiran and HFF led the seller’s team. Berkadia’s Senior Housing and Healthcare Group, led by Christopher Honn, Jeff Heath and …
SEATTLE — Kennedy Wilson and an equity partner have acquired the 204-unit Equinox apartment community in Seattle for $90 million. The Class A community is located at 1520 Eastlake Ave. E. Equinox was built in 2009, near the South Lake Union submarket. The community is within walking distance to Facebook, the Fred Hutchinson Cancer Research Center, Amazon’s headquarters and the future 607,000-square-foot Google campus.
YAPHANK, N.Y. — A joint venture between Chelsea Senior Living and AVR Realty plans to develop a $27 million, 118-bed assisted living facility in the Long Island town of Yaphank. The joint venture is seeking governmental approval from the Yaphank Town Planning Board and economic incentives from the Town of Brookhaven Industrial Development Agency to build the community. If approved and built, it will be located within The Boulevard, a 322-acre mixed-use development. Phase I of The Boulevard is already approved, and includes a 240-unit multifamily community. Plans call for two buildings totaling 99,492 square feet, including a 77-bed building for special needs and memory care, and a 41-bed supportive care building. The developers purchased the site from Rose-Breslin Associates LLC and aim to begin construction in 2017. Based in Farnwood, N.J., Chelsea Senior Living owns and operates 13 seniors housing communities in New York and New Jersey.
ELIZABETH, N.J. — Cronheim Mortgage has closed $24.7 million in permanent bank financing upon the completion and stabilization of an apartment building located in Elizabeth. The six-story building features 100 rental units, grade-level retail, indoor parking and immediate access to the Elizabeth Transit Rail Station. The name of the borrower was not released.
CHICAGO — Essex Realty Group has brokered the sale of an apartment building located at 53 W. Burton Place in Chicago’s Gold Coast. An undisclosed buyer acquired the property for $2 million. The six-unit building features four one-bedroom/one-bath units, one two-bedroom/one-bath unit and one three-bedroom/one-bath unit. Doug Fisher of Essex represented the undisclosed seller, while Jordan Gottlieb, also of Essex, represented the buyer.
GLENDALE AND CHANDLER, ARIZ. — Meridian Capital Group has arranged $116.4 million to refinance four multifamily properties in Arizona. The four properties were financed in two separate loans. The first loan was for Tela Verde and Tuscany Palms in Glendale. The assets contain a total of 778 units. The properties in the second loan include Alante at the Islands and Laguna Village in Chandler. These assets contain a total of 780 units. Meridian originally financed these four properties as part of a seven-property portfolio acquisition loan on behalf of PB Bell Companies in July 2014. The firm sold the other three properties while repositioning the four assets included in this refinancing. Meridian’s Seth Grossman, Sarah Kuebler and Ryan Gandell arranged the two fixed-rate, non-recourse financing packages.
FLAGSTAFF, ARIZ. — Exchange Services has acquired The Lodge, a 252-unit luxury apartment community in Flagstaff, for $43.6 million. The community is located on Lake Mary Road just south of the I-17/I-40 freeway interchange. The Lodge was built in 2004. Exchange Services acted as an intermediary for SK5-ELA LLC (Keller Investment Properties LLC). David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Clear Sky Lodge LP, in this transaction. The company is a partnership between Clear Sky Capital and Narland Properties.
