ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $7.3 million Fannie Mae loan for the refinancing of Park Row East Apartments, a 205-unit market rate multifamily property in Arlington. The 10-year loan was arranged on behalf of the borrower, DCP 3201 East Park Row Drive LLC, through a partnership with Old Capital Lending and Dougherty’s Minneapolis office. The loan was structured with a 30-year amortization schedule.
DALLAS — Greysteel has arranged the sale of Carroll Place, a 26-unit apartment community in the Old East Dallas neighborhood of Dallas. Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill of Greysteel served as advisor and agent to 1502 Carroll Place LLC in the sale of Carroll Place to Old East Carroll LLC. The property includes six efficiency and 20 one-bedroom/one-bathroom units within three two-story buildings.
HOUSTON — Old Capital has provided a loan for the 38-unit Magnum Oaks Apartments in Houston. The transaction includes a cash-out refinance after 15 months for a local owner, who is a foreign national. Old Capital provided the Freddie Mac, non-recourse loan with a 30-year amortization schedule at a 4.75 percent interest rate and 75 percent loan-to-value ratio. The loan term is 10 years with a declining pre-payment penalty and three years of interest-only payments.
SAN DIEGO — Nonprofit affordable real estate developer Community HousingWorks has announced plans to build a $27 million, unnamed seniors housing community in San Diego that would welcome LGBT seniors. The 76-unit, affordable independent living community will be located at the corner of Texas Street and Howard Avenue in San Diego’s North Park neighborhood. The community will be open to all seniors, but is intended to create a welcoming community to LGBT seniors. The City of San Diego and the San Diego Housing Commission are providing $7 million for the $27 million complex, which is expected to take about 18 months to build. The San Diego LGBT Community Center recently completed a study that found 68 percent of LGBT seniors had neither family nor younger friends they could count on for support or assistance as they age, and were more likely to live alone and not be in a significant relationship. Further, 23 percent of the LGBT seniors responding to the survey reported an annual income of less than $20,000 per year. Only 16 percent reported having $100,000 or more saved for retirement.
PHOENIX — Yotam Shochat at NOY Investments LLC has purchased the 38-unit West Glen apartment complex in Phoenix for $2.7 million. The community is located at 911 and 917 W. Glendale Ave. It was built in three phases in 1954, 1959 and 1963. Zack Mishkin of Orion Investment Real Estate represented the buyer. Bill Hahn of Colliers HSK Multifamily represented the seller, Cal DeSouza at Sonoma West Villas LLLP.
PORTLAND AND SCARBOROUGH, MAINE — CBRE/New England and CBRE – The Boulos Company has arranged the sale of the Casco Bay Portfolio, a three-property multifamily portfolio located in Portland and Scarborough. An affiliate of Chestnut Realty Management acquired the assets from an affiliate of Resource Real Estate for $50.2 million. The 309-unit portfolio includes the 115-unit Tamarlane Apartments in Portland; the 104-unit Foxcroft Apartments in Scarborough; and the 90-townhome Coach Lantern Apartments in Scarborough. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the seller and procured the buyer in the transaction.
NEW YORK CITY — Eastern Consolidated has brokered the sale of two multifamily properties located in the Chelsea neighborhood of Manhattan. Skyland Management LLC sold the properties to 117 West 15th Street LLC and 119 West 15th Street LLC for $27 million, or $1,085 per square foot. Totaling 25,330 square feet, the properties include a five-story walk-up at 117 W. 15th St. and a six-story walk-up at 119 W. 15th St. The assets feature a total of 40 units in a mix of studio, one-, two- and three-bedroom layouts. Steven Zimmerman and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.
HARTFORD, VT. — KeyBank has provided a $6.8 million construction loan to Twin Pines Housing Trust & Housing Vermont for the development and rehabilitation of historic affordable housing properties. The properties are part of Hartford Scattered Sites LP, which is located in downtown White River Junction in Hartford. Lynne Callis-Wilson of Key Community Development Lending arranged the financing.
Development booms have come and gone in the U.S. seniors housing industry over the past 20 years. In the late 1990s, the construction wave was fueled by Wall Street investors. Another building boom occurred from 2004 to 2007 when all forms of real estate were awash in capital just prior to the Great Recession. Now the seniors housing industry is in the midst of another burst of construction activity, most notably in Texas. So, how does the sharp upturn in new construction over the past few years compare with previous boom times? “I would say it’s quite similar,” said Patricia Will, founder and CEO of Houston-based Belmont Village Senior Living. “That is to say in places where it’s relatively easy to develop, there is lots of open land. When you combine that with the kind of liquidity we see now and we saw in the mid-2000s and in the late 1990s, you are going to get what I would characterize as oversupply. This cycle is no different in that respect. There isn’t sufficient institutional memory to discipline both equity and debt when it comes to putting capital out. “ Will’s remarks came before an audience of over 240 industry professionals …
SIMPSONVILLE, S.C. —McCrory Construction Co., a South Carolina-based general contractor, has broken ground on The Crossing at Five Forks, an independent living, assisted living and memory care community in Simpsonville, located in Upstate South Carolina. Virginia-based developer Smith/Packett Med-Com LLC is developing the 197,702-square-foot community, which will feature 100 independent living units, 48 assisted living units and 24 memory care units. Development costs are estimated to be $19 million. More than 15 percent of the population in Greenville County, where the community will be located, is above 62 years of age. Studies project that in 10 years, one of every four residents in Greenville will be over 55, according to McCrory. The Crossing at Five Forks is the second seniors housing community McCrory is building in South Carolina for Smith/Packett and its subsidiary Harmony Senior Services. The Crossings at Wescott Plantation, located in Charleston, is scheduled for completion in the fall of 2016.
