HOUSTON — Holly Minter, David Schwarz and Tip Strickland of ARA Newmark have closed a seven-year CMBS loan with a fixed interest rate and full-term interest-only payments on behalf of Momentum Real Estate Partners for the acquisition of Provenza at Barker Cypress Apartments in Houston. The Class A, 318-unit multifamily community was built in 2014 and offers one-, two- and three-bedroom apartment units.
STILLWATER, OKLA. — Progress Builders has selected Greystar Student Living to manage Progress405, a new apartment development in Stillwater. The 544-bed student housing community will be located at 1520 N. Boomer Road at the cross streets of Boomer Road and Bennett Drive. The new development is within walking distance of the Oklahoma State University campus and Boone Pickens Stadium. Progress405 will include one-, two- and four-bedroom apartment homes ranging in size from 548 to 1,640 square feet. Units will be fully furnished and will feature private bedrooms and bathrooms. Interior finishes will include quartz countertops, stainless steel appliances and wood-style plank flooring. The project’s community amenities will include a clubhouse with a lobby fireplace, study areas with Wi-Fi, a fitness center with locker rooms and showers, tanning beds, an entertainment lounge with billiards tables, sand volleyball court, a zero-entry swimming pool and a sun deck with cabanas and grilling stations. The pet-friendly community is close to Stillwagon Dog Park and Boomer Lake. Construction is expected to be completed by fall 2016.
DYER, IND. — Skilled nursing developer Mainstreet and operator Symphony Post Acute Network have opened Symphony of Dyer, a skilled nursing facility in Dyer approximately 30 miles south of Chicago. Construction on the facility began in June 2014. It comprises 130 beds in 85,108 square feet of space. Development costs were $20.8 million.
WEST ROXBURY, MASS. — CBRE/New England’s Multifamily Debt & Structured Finance group has arranged $7.5 million in acquisition financing for a multifamily property located at 218 and 250 Spring St. in West Roxbury. An affiliate of Yee Enterprises acquired the two-building, 55-unit property for $9.4 million. Constructed in 1968, the property is 100 percent market-rate apartments with a mix of studio, one-bedroom and two-bedroom units. John Kelly and Sam Dylag of CBRE/NE secured the financing through a local bank on behalf of the buyer. The name of the seller was not released.
BOCA RATON, FLA. — Marcus & Millichap has brokered the $12.5 million sale of Realm Boca Raton, a 102-unit apartment property located in Boca Raton. Constructed between 1965 and 1991, the community’s amenity package includes three courtyard pools with sundecks, a fitness center, cyber café, laundry facilities and tropical landscaping. Joseph Thomas, Adam Duncan and Derek Soven of Marcus & Millichap’s Fort Lauderdale office represented the seller, a limited liability company based in New Jersey. Marcus Christensen of Marcus & Millichap’s Miami office represented the California-based buyer in the transaction. The buyer intends to renovate the 25 apartment units that were not upgraded by the previous owner, according to Marcus & Millichap.
VIRGINIA BEACH, VA. — Greystone has provided a $6.5 million Fannie Mae DUS loan for the acquisition of Tivoli Apartments, a 140-unit apartment complex in Virginia Beach. The property comprises 12 two-story buildings with a clubhouse, swimming pool, picnic areas, laundry building and storage. Andrew Ellis of Greystone originated the 15-year, fixed-rate loan with a 30-year amortization schedule and one year of interest-only payments. The acquisition loan is the fifth loan that Greystone has provided to the undisclosed borrower.
AMARILLO, TEXAS — Marcus & Millichap has arranged the sale of Lakeview North & South Apartments, a 253-unit apartment property located in Amarillo. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker and Allen also secured the buyer, another limited liability company. Lakeview North & South Apartments is located at 1600 Dale St. The complex consists of one- and two- bedroom units with an average size of 715 square feet. The property has 42 buildings total.
BROKEN ARROW, OKLA. — RED Capital Partners, the proprietary debt and equity banking arm of RED Capital Group, has closed a $17.2 million balance sheet construction loan for Prevarian Senior Living to build Prairie House Assisted Living and Memory Care, located on the campus of St. John Medical Center Hospital in Broken Arrow. Prairie House will be a 93,000-square-foot, two-story seniors housing community and will accommodate more than 100 senior citizens. The facility will include 73 alcove, one- and two-bedroom floor plans for assisted living. There will also be 32 suites designed for memory care residents. Construction began Sept. 9 and the project is expected to open in November 2016. The 105-unit, 117-bed assisted living and memory care property will operate under a long-term ground lease from an affiliate of St. John Medical Center Hospital. LifeCare Services, based in Des Moines, Iowa, will operate the property.
NORTON, MASS. — Holliday Fenoglio Fowler (HFF) has arranged $41.8 million in financing for a multifamily development in Norton. The borrower was a joint venture between Campanelli and Thorndike Development. HFF secured a $25 million construction loan through First Niagara Bank and a $16.8 million mezzanine loan through Cornerstone Real Estate Advisers on behalf of an institutional client. Slated for completion in 2016, 274 East Main St. will feature 188 apartment units, sidewalks, tree lined-streets and public spaces. In late 2014, HFF also secured $60 million in financing for One Upland, a 262-unit apartment community in Norwood, Mass., slated to open in October, for the joint venture. Greg LaBine and Patrick McAneny of HFF represented the borrower in both transactions.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a mixed-use, elevator building, located at 49 Greene St. in SoHo. The six-story property sold for $31 million, or $1,240 per square foot. The 25,000-square-foot building features seven apartment units and a 5,500-square-foot vacant retail space. Peter Hauspurg of Eastern Consolidated represented the seller, Les Pieds Nickle’s Inc., while Deborah Gutoff of Eastern and Robert Dankner of Prime Manhattan Residential represented the buyer, EMP Capital, in the transaction.