CLIFTON, COLO. — Inspire Communities has purchased the 431-site Candlewood Park MHC in Clifton for an undisclosed sum. The all-age manufactured housing community is located at 424 32 Road, adjacent to Grand Junction. KeyBank Real Estate Capital provided financing for the deal. Inspire Communities represented itself in this transaction. Jeff Mueller of Mueller & Hoffman represented the seller. Inspire Communities also recently purchased the 477-site Whisper Creek RV Resort in Fort Myers, Fla. “These investments fit our criteria for acquiring market-leading manufactured housing communities where we can add homes and improve operations,” says Erik Rollain, Inspire Communities’ CIO. “We are excited to acquire our second RV resort and we hope to make additional investments in Florida and in Colorado.”
NEW YORK CITY — Greystone Development has secured $42 million in total financing for the renovation of a landmark Beaux-Arts building located at 164 W. 74th St. in Manhattan’s Upper West Side. An institutional lender provided $32.5 million in construction financing, while Black Bear Asset Management provided $9.5 million in preferred equity for the project. Greystone is developing the project in a joint venture with Prime Rok Real Estate. The residential condominium renovation includes a 30,000-square-foot build-out across the eight-story building. Architect Barry Rice and Winter McDermott Design have designed the transformation of the property.
MARSHALL TOWNSHIP, PA. — The Waters, a Minneapolis-based seniors housing developer and manager, has purchased an 18-acre site in the Pittsburgh suburb of Marshall Township. The company plans to construct The Waters of Wexford, a 143-unit seniors housing community on the plot. Units will be split between independent living, assisted living and memory care. The developer plans to break ground before the end of 2016 for a scheduled opening in May 2018. Development costs are estimated at $38 million. The project is the first outside the Midwest for The Waters, which operates eight communities in Minnesota and is developing two more in Minneapolis and Milwaukee. “Through extensive research we identified Pittsburgh has a great opportunity nearly four years ago,” says Kyle Didier, president of The Waters. “Over the next three years we hope to bring at least four or five new senior living communities to the greater Pittsburgh area.” Aron Will of CBRE secured a $27.1 million, five-year, floating-rate construction loan with 42 months of interest-only payments from a regional bank to fund the upcoming development.
VALHALLA, N.Y. — Monticello Asset Management has arranged a $20.3 million refinancing for a skilled nursing facility in the New York City suburb of Valhalla. An investment vehicle associated with Monticello provided the bridge-to-HUD loan. The borrower is the owner-operator of the facility. The name of facility was not disclosed; the property features 88 rooms with a total of 160 licensed beds. The property also provides physical therapy, occupational therapy, speech therapy, subacute care, orthopedic rehabilitation, wound care and memory care services.
IOWA CITY, IOWA — Grandbridge Real Estate Capital has arranged a $43.8 million first mortgage construction and renovation loan for a student housing property in Iowa City. The 24-month, interest-only loan was funded through one of Grandbridge’s specialty lending relationships. Property developer The Tailwind Group will convert an existing 400-unit market rate apartment complex into a 336-unit student housing community called Quarters at Iowa City. The property is located near the University of Iowa and Kirkwood Community College, and will open in August 2017. Brett Olson and Dick Riley of Grandbridge originated the transaction.
SIMPSONVILLE, S.C. — New York-based Toro Real Estate Partners has purchased Enclave Grandview, a 240-unit apartment community in the Greenville suburb of Simpsonville. Toro plans to rename the asset Stillwater at Grandview Cove. The property is the second acquisition in the Greenville area for Toro in the past six months. Ryan Duff of Arbor Commercial arranged a 12-year Fannie Mae acquisition loan on behalf of Toro, which used a 1031 exchange and private capital to fund the equity side of the transaction. Toro owns roughly 1,200 multifamily units in the Southeast and Midwest with over $70 million in managed assets. Blue Ridge Cos. will manage Stillwater at Grandview Cove on behalf of Toro.
ADDISON, TEXAS — Dougherty Mortgage has closed a $26 million Fannie Mae loan for the acquisition of Waterford Court, a multifamily property located in Addison. Dougherty’s Minneapolis office arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, Waterford Court LLC. The apartment community features 196 market-rate apartments in one-, two- and three-bedroom layouts with patios or balconies and attached garages. On-site amenities include a fitness center, outdoor pool and a courtyard.
AUSTIN, TEXAS — Muskin Commercial has arranged the sale of The Place at West Village Apartments, an apartment building located at 793 W. William Cannon Drive in Austin. 739 W. William Cannon LLC acquired the 255-unit property from Cooper’s Hill Apartments LLLP for an undisclosed price. The community features a variety of one- and two-bedroom units averaging 699 square feet, as well as a fitness center, swimming pool, laundry facilities and a dog park. IBC Bank of Austin provided acquisition financing for the purchase.
HOUSTON AND SPRING BRANCH, TEXAS — LMI Capital has arranged acquisition and refinance loans for three separate properties in the Greater Houston area. Brandon Brown of LMI originated a five-year, $5.2 million, fixed-rate loan for a 90-unit multifamily asset in Spring Branch; Kurt Dennis of LMI originated a five-year, fixed-rate loan with flexible prepayment for the acquisition of a 20,000-square-foot office building in Houston’s Kingwood submarket; and Jamie Mullin of LMI placed a 10-year, fixed-rate, $7.5 million loan for a 250-unit asset in Houston’s Braeswood submarket.
HOUSTON — Thor Equities has topped off the 13-story office tower at Kirby Collection, a 1 million-square-foot mixed-use development located in Houston’s Upper Kirby district. The project’s 210,000-square-foot, Class A office building will feature two levels of retail space totaling 65,000 square feet. The development will also feature a 25-story, 385,000-square-foot residential tower with 199 apartments, including seven two-story townhomes and seven two-story loft spaces featuring private yards. E.E. Reed Construction is the general contractor for Kirby Collection, which is slated for completion in 2017. Richard Keating Architecture is the design architect, Dianna Wong Architecture + Design is the interior designer and Houston-based Kirksey is the architect of record. Walter P Moore is the structural engineer, and Houston-based WYLIE is the MEP engineer.