NEW BEDFORD, MASS. — Congressional Bank’s Healthcare Lending group has closed a $3 million bridge-to-HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a skilled nursing facility in New Bedford. The revolving line of credit will fund the ongoing working capital needs of the 107-bed facility. Congressional Bank will close its merger with American Bank on January 1, 2016, and the company’s lending capacity will exceed $10 million, allowing it to expand its lending platform.
WOODSIDE, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 37-35 64th St. in Woodside. The six-unit property sold for $1.3 million. Shaun Riney, Michael Salvatico and Aryaan Azarbarzin of Marcus & Millichap’s Brooklyn office represented the seller, an individual/private trust, and the buyer, a limited liability company, in the transaction.
SPRINGFIELD, ILL. — Developer Bluffstone II LLC has broken ground on The Villas Downtown Springfield, a mixed-use student housing development containing 72 units and 92 beds near the University of Illinois Springfield. Living quarters at The Villas will include studio suites, one-bedroom/one-bathroom suites and two-bedroom/two-bathroom suites. Each suite will be fully furnished with full-size beds, living room furnishings and more. Kitchens will feature full-size Energy Star appliances. The Villas development will be a four-story building and will include more than 6,000 square feet of commercial and retail space. The common indoor area of The Villas will consist of the manager’s office, mailboxes, social room and recreation center, study rooms and laundry facilities. Catalyst Construction Inc. is building the development, which has a projected total cost of $8.9 million.
CINCINNATI — NorthMarq Capital has arranged $1.4 million in acquisition financing for the buyer of a 72-unit multifamily property in Cincinnati. Williamstown Apartments is located at 5500 Glengate Lane. The five-year loan includes 18 months of interest-only payments followed by a 25-year amortization schedule. Noah Juran of NorthMarq originated the loan for the undisclosed out-of-state borrower through a local bank.
TAMPA, FLA. — Marcus & Millichap has arranged the $14.3 million sale of Garden Isles Apartment Homes, a 300-unit apartment complex located at 6919 Bonair Drive in Tampa. Blue Rock Partners LLC purchased the multifamily community from Garden Isles Management Inc. for roughly $47,700 per unit. Built in 1971, the property’s community amenities include gated access, covered parking spaces, an onsite leasing office, 12 laundry facilities, fitness center, two swimming pools and a dog park. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.
PEORIA, GOODYEAR and MESA, ARIZ. — Avanti Senior Living is developing three matching assisted living and memory care communities in Peoria, Goodyear and Mesa, all in the Phoenix metro area. Each 77,000-square-foot community will cost $15 million and house up to 150 seniors. Based in Texas, Avanti Senior Living owns, develops and operates luxury seniors housing communities. The company was launched in 2013 and has nine communities either completed or under development in Texas, Louisiana and Arizona.
HOUSTON — Thor Equities has completed the residential mat foundation pour at Kirby Collection, a new mixed-use development at 3200 Kirby Drive in Houston. The foundation is seven feet thick and consists of 6,000 cubic yards of concrete with 500 tons of rebar. The continuous pour took eight hours to complete and involved 150 dedicated trucks, six pump trucks and more than 200 workers. The team involved in the mat pour included general contractor E.E. Reed Construction, Keystone Structural Concrete, Campbell Concrete & Materials, ECS Texas, HiTech Electric, Schnabel Foundation Company and developer Thor Equities. Located in the Upper Kirby District near Houston’s River Oaks neighborhood, the 1 million-square-foot project will feature a 25-story, 385,000-square-foot residential tower with 199 apartments including seven two-story townhomes, and seven two-story loft spaces with private yards. The residences will overlook a deck with more than an acre of landscaped amenities including a pool with cabanas, fire pits and a bar area. The penthouse level will feature a Skyview Suite available to all residents, offering a chef’s kitchen and views of the Houston skyline. Kirby Collection’s 13-story, 210,000-square-foot Class A office building is located near the Galleria/Uptown District, Greenway Plaza and the Texas Medical Center. …
NEW YORK CITY — Ready Capital Structured Finance has closed an $8.4 million bridge loan for the acquisition, renovation and stabilization of two vacant multifamily buildings located at 157-159 Wythe Ave. in Brooklyn’s Williamsburg neighborhood. The borrower was Brooklyn Standard Properties. Totaling 8,500 square feet, the three-story buildings feature ground-floor retail space. The assets will undergo a gut renovation, including an extension of the ground floor for commercial use and the addition of one story for residential use. The loan features advances up to 75 percent loan-to-cost, a two-year term with two extension options, along with a funding facility to provide for all future capital expenses and tenant improvement and leasing commissions. Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller, an estate, in the sales transaction.
LEWISVILLE, TEXAS — The Praedium Group has acquired Pine Prairie Apartments in the Dallas suburb of Lewisville. Praedium purchased the Class A, 300-unit apartment community from Westwood Residential. Pine Prairie was built in 2014 and includes 296 apartment units and four townhome-style residences. Select units feature 13-foot vaulted ceilings, attached garages, outdoor terraces or balconettes and vinyl wood-plank flooring. The pet-friendly community also includes a laundry facility, clubhouse with a fireplace and kitchen, internet café, swimming pool, outdoor BBQ grill stations and a fitness center.
KANSAS CITY, MO. — U.S. Bank has provided an $8.3 million investment for the construction of the second phase of St. Michael’s Veterans Center in Kansas City. The $11.4 million project will receive $8.3 million in equity raised from federal state and federal low-income housing tax credits. The second phase of the center will include 59 one- and two-bedroom apartment units and space for substance abuse counseling, job training and other support services. Yarco Company Inc. and its affiliates are serving as the developer, property manager and general contractor for the project. The facility will be located at the intersection of East 39th Street and Emanuel Cleaver Boulevard. Apartment rents at the center will range from $657 to $750 per month. Phase I of St. Michael’s Veterans Center opened in 2014 and was fully occupied within a month. There is currently a waiting list of 95 applicants. The construction on Phase II is slated for completion in the third quarter of 2016.