KEARNEY, MO. — Gardner Development has broken ground on Centerville Cottages Senior Living Community, a 48-unit independent living community in the Kansas City suburb of Kearney. The developer received low-income housing tax credits to help build the community. Demand for seniors housing is high in Kearney, where every community currently has a waiting list, according to Gardner. Centerville Cottages is a partnership between the City of Kearney, Missouri Housing Development Commission, Alden Torch Financial Century Real Estate Services, Baron Design and Associates LLC, Double Diamond LLC and Gardner Capital Inc. Gardner expects to complete the project in late 2016.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Villa France, a 134-unit apartment property located in Irving. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented the seller, a limited liability company. Fluellen and Hoover also procured the buyer, a partnership. Villa France is located at 1831 W. Pioneer Drive. Built in 1970, the asset is situated on 5.2 acres. The unit mix of Villa France includes 24 one-bedroom/one-bath, 22 one-bedroom/one-and-one-half-bath, 20 two-bedroom/one-bath, 63 two-bedroom/two-bath and five three-bedroom/one-bath units.
MCLEAN, VA. — Capital One served as a co-lender and the administrative and collateral agent for a $5.1 billion, adjustable-rate Freddie Mac warehousing facility. The borrower, Berkadia Commercial Mortgage, will use the loan to bridge the timing gap between the origination of 107 individual loans needed to fund Lone Star Funds’ acquisition of Home Properties Inc., a multifamily REIT, and the sale of these loans to Freddie Mac. Home Properties’ 107 communities are located in Illinois and on the East Coast from Maine to Virginia, and total 38,965 units. TD Bank and Wells Fargo participated alongside Capital One in the facility.
SAN FRANCISCO — University of California, San Francisco, and University of California, Hastings College of the Law, have signed a letter of intent to build and rehabilitate approximately 1,200 student housing units near the Hastings campus. Under the deal, detailed by the San Francisco Chronicle, the schools would build a new housing complex at 198 McAllister St., the current site of Snodgrass Hall, which would be demolished. Preliminary plans call for the new building to wrap around the corner onto a 1950s-era annex to Snodgrass Hall. This could yield nearly 1,000 units of housing for students. The schools are also considering a renovation of a 252-unit building on McAllister Street known as McAllister Tower. UCSF recently purchased parcels on Minnesota Street in the Dogpatch neighborhood to potentially build approximately 1,000 additional units.
GEORGETOWN, TEXAS — Hillwood Communities has begun construction on Wolf Ranch, a $700 million mixed-use development in Georgetown, a suburb of Austin. Hillwood acquired the 755-acre tract on Highway 29 and I-35 from the Wolf family in 2014. The development will include 900 apartment units, space for new retail and restaurants, 1,600 single-family homes and 140 acres of green space. The Georgetown Independent School District will serve the new community. The transaction was conducted between Hillwood Communities and the Wolf family’s representative, Iva Wolf McLachlan. Wolf Ranch is expected to house 4,000 residents once the development is completed.
PROSPECT PARK, PA. — Rittenhouse Realty Advisors has arranged the sale of Colonial Park West Apartments, a 96-unit garden-style apartment property located at 211 Lazaretto Road in Prospect Park. Friedman Realty Group acquired the property from an undisclosed seller for $8.7 million. The buyer plans to renovate the property with upgrades to kitchens and bathrooms in each unit and the exterior. Ken Wellar and Corey Lonberger of Rittenhouse Realty Advisors brokered the transaction.
SALEM, MASS. — CBRE/New England has negotiated the sale of Jefferson at Salem Station, a garden-style apartment community located in Salem. Salem Station LLC sold the property to an affiliate of Bell Partners Inc. for an undisclosed sum. Built in 2002, the property features 266 market-rate apartments spread across five four-story elevator buildings and four two-story townhouse buildings. The units are a mix of one- and two-bedroom apartments and two-bedroom townhomes with an average size of 1,115 square feet. Community amenities include a great room, media room, business center, fitness center and an outdoor pool with sundeck and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.
ATLANTA AND NASHVILLE, TENN. — Alliance Residential Co. has started construction on two luxury apartment developments in Atlanta and Nashville. The projects include Broadstone Ridge, a five-story development within walking distance of the Chattahoochee National Recreation Area and the new Atlanta Braves stadium, and Broadstone 8 South in Nashville’s 12South/8th Avenue neighborhood. Since 2012, Alliance Residential’s pipeline has totaled more than $350 million with projects in Georgia, South Carolina and Tennessee. The company recently delivered The Haynes House and Broadstone Court in Atlanta and Broadstone Seaside in Charleston. Current projects in the company’s pipeline include Broadstone Midtown in Midtown Atlanta, Broadstone Springs in Sandy Springs, Ga., and Broadstone Germantown in Nashville.
MINNEAPOLIS — Dougherty Mortgage LLC has closed a $15.1 million HUD 221(d)(4) loan for the rehabilitation of two conjoined warehouses in Minneapolis. The property, 700 Central, will be converted into 80 market-rate housing units. The apartment buildings will also feature 5,600 square feet of ground-floor retail. The project has been placed on the National Register of Historic Places, and the borrower, 700 Central Owner LLC, was able to utilize equity from the sale of historic tax credits for the project.
LAWRENCEBURG, IND. — Evans Senior Investments has arranged the sale of Shady Nook Care Center, a skilled nursing and memory care facility in Lawrenceburg, approximately 25 miles west of Cincinnati, Ohio, for an undisclosed price. A local investor purchased the property and will retain the existing operator. Shady Nook was built in 1984 and consists of 35 semi-private rooms and 12 private rooms in a 37,332-square-foot facility. The property underwent a $395,000 renovation in 2010. Jason Stroiman of Evans Senior Investments arranged the deal.