PLANO, TEXAS — Mainstreet, a skilled nursing developer based in Indiana, has opened The Healthcare Resort of Plano, a 100-bed skilled nursing and rehabilitation facility in the Dallas suburb of Plano. Construction started in March 2014. Mainstreet developed the property and The Ensign Group Inc. will operate it. The 68,203-square-foot project costed $16 million to develop.
HAYWARD, CALIF. — Meta Housing Corp. has broken ground on the Downtown Hayward Senior Apartments, a 60-unit affordable seniors housing development in Hayward, 15 miles southeast of Oakland. The new development will include approximately 6,000 square feet of retail space on a nearly one-acre lot in the city’s downtown. Development costs are estimated at $26 million. Meta will develop the new apartment community in partnership with Community Home Builders and Associates. Redstone Equity Partners, Enterprise Community Partners Inc., Citibank, CalHFA, Federal Home Loan Bank of San Francisco, the State of California Department of Housing and Community Development (HCD), Alameda County Housing and Community Development Department, California Community Reinvestment Corporation, and the California Tax Credit Allocation Committee all provided financing for the project. Meta is a multifamily developer based in California that has developed more than 6,000 units.
LITTLETON, COLO. — An unidentified, out-of-state buyer has purchased the 54-unit Broadridge Apartments in Littleton for $8.3 million. The community is located at 6900 S. Bannock St. It was built in 1965. Jeff Johnson and Matt Ritter of Pinnacle’s Johnson Ritter Team represented the buyer, while the firm’s Josh Newell represented the seller in this transaction.
LOS ANGELES — Timberlane Partners has acquired a 24-unit apartment building in Los Angeles for $6.4 million. The vintage, 1920’s community is located at 425 S. Detroit St., in the Miracle Mile area of Mid-Wilshire. Ron Harris, Paul Darrow and Michael DiSimone of Marcus & Millichap’s Los Angeles office represented both the buyer and seller, a private investor, in this transaction.
LOUISVILLE, KY. — Cain Brothers, an investment bank based in New York City, has arranged $49.9 million in bond financing for Christian Care Communities (CCC), a faith-based, nonprofit operator based in Louisville. CCC operates seniors housing communities in 11 cities in Kentucky, providing services including assisted living, independent living, skilled nursing, memory care, short-term rehabilitation, home healthcare and adult daycare. The Series 2016 bond financing consists of $36.7 million of tax-exempt direct purchase bonds and $13.2 million of taxable term loans, plus a $1.5 million line of credit. Two commercial banks purchased and provided all debt. Proceeds from the financing were primarily used to refinance all of CCC’s outstanding debt, including four series of public bonds, 12 capital leases and five lines of credit. The financing also funded $1.8 million of renovation projects, $3 million of reimbursement for prior capital expenditures and $4 million of working capital funds.
SMYRNA, TENN. — Southeastern Development Associates has brokered the $49.6 million sale of Grand Oak at Town Park, a 300-unit, Class A multifamily development located in Nashville’s Smyrna suburb. Completed in 2014, the property was 98 percent occupied at the time of sale. Community amenities include a clubhouse, cyber café, 24/7 cardio wellness center, saltwater pool, outdoor fireplace and a poolside entertainment area with stainless steel grills. An undisclosed international investor purchased the property from an undisclosed seller. Ryan McArdle, Steve Collins and David Rivers of Southeastern Development Associates represented the seller.
CHICAGO — Love Funding has arranged a $12.3 million HUD loan for the construction of Montclare Senior Residences of Lawndale, a 120-unit supportive living community in Chicago. The two-story community will be built on a 2.5-acre lot in an urban neighborhood less than six miles from downtown Chicago. Supportive living is a subset of assisted living that is an alternative to skilled nursing for low-income seniors. It combines apartment-style housing with care services. Bruce Gerhart of Love Funding secured the financing. The HUD program provided the development team with low-rate, non-recourse financing for the duration of construction and for a subsequent 40-year term. Funding was also provided by low-income housing tax credits through the Illinois Housing Development Authority (IHDA), a Chicago Department of Housing loan, a TIF grant and an Illinois Department of Commerce & Economic Opportunity grant. Philip Mappa, the managing member and founder of MR Properties LLC, is leading the community’s development. Cinnaire, a nonprofit real estate investment firm formerly known as Great Lakes Capital Fund, is purchasing the tax credits.
YPSILANTI, MICH. — KeyBank Real Estate Capital has provided an $8.5 million refinancing loan through Freddie Mac for a multifamily property in Ypsilanti, about 10 miles southeast of Ann Arbor. Fairway Trails Apartment Homes is a 231-unit, garden-style apartment complex that was constructed in 1972. Dirk Falardeau of KeyBank Real Estate Capital arranged the financing for the undisclosed borrower.
OAK PARK AND CICERO, ILL. — Interra Realty has brokered the $1.8 million sale of two multifamily properties in the suburbs of Chicago. A property at 428 S. Scoville Ave. in Oak Park sold for $1 million at a capitalization rate of 5.8 percent. The 10-unit property consists of eight one-bedroom units and two two-bedroom units. The property also includes 15 parking spaces. Patrick Kennelly of Interra Realty represented both parties in the transaction. In the second deal, a property at 1900 S. 51st Ave. in Cicero sold for approximately $800,000 at a capitalization rate of 10.7 percent. The building included six two-bedroom units, four one-bedroom units and nine studio apartments for a total of 19 units. Kennelly, along with James Clough and Joe Smazal of Interra Realty, brokered the transaction. All parties in both transactions are undisclosed locals.
KALAMAZOO, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of a 96-unit apartment building in Kalamazoo for an undisclosed price. Ravine Apartments LLC sold the building to Ravine Apartment Limited Partnership and Princeton Enterprises. The property is located at 3510 N. Drake Road. Rick Tabbi of Friedman represented both parties in the transaction.