METUCHEN, N.J. — Woodmont Properties has broken ground for Woodmont Metro at Metuchen Station, a transit-oriented apartment community located in downtown Metuchen. The 273-unit property will feature an open piazza, 11,500 square feet of retail space and a six-level parking deck with 750 parking spaces. The first phase of construction will consist of the parking deck, which will be built and managed by Nexus Properties.
NEW YORK CITY — Meridian Capital Group has arranged $4 million in financing for a mixed-use property in the Hell’s Kitchen neighborhood of Manhattan. Provided by JPMorgan Chase, the seven-year loan features a fixed-rate of 3.8 percent. Located at 755 Ninth Ave., the five-story property features 20 apartments and 2,000 square feet of retail space. Brian Flax and Blake Orman of Meridian’s New York City headquarters office negotiated the financing for the undisclosed borrower.
NEW YORK CITY — Thor Equities has purchased a 43,000-square-foot apartment building located at 526 W. 111th St. in Manhattan’s Morningside Heights neighborhood. Situated between Broadway and Amsterdam Avenue, the six-story property features 45 residential rental units. The purchase price and name of the seller were not disclosed. Aaron Jungreis of Rosewood Realty brokered the $30 million transaction.
CINCINNATI AND DAYTON, OHIO — CBRE Group Inc. has arranged the sale of 15 skilled nursing, assisted living and independent living facilities in Cincinnati and Dayton for $173 million. California-based investor CareTrust REIT Inc., which spun off from The Ensign Group last year, purchased the properties from Liberty Healthcare. The properties are mostly skilled nursing facilities, comprising more than 1,200 licensed beds. According to CBRE, this transaction marks the initial entry into Ohio for both CareTrust and Pristine Senior Living, which will operate the portfolio. Seniors housing specialist Dan Baker, in cooperation with Ohio-based healthcare specialist Bill Wiebe, both of CBRE, represented the seller in the deal.
KANSAS CITY, MO. — Marcus & Millichap has arranged the sale of a nine-building, 207-unit apartment complex in the Northland submarket of Kansas City. The Hills sold for $13.8 million, or $66,700 per unit. The property was built in 1972 and has had $6 million in renovations over the last three years. The property is located at 506 NW 55th Terrace. Amenities of The Hills include gated entry, granite countertops, a 24-hour fitness facility, a clubhouse, a media boom, billiards, a dog park, playground and barbecue areas, on-site management and an outdoor pool with sundeck.
LAKE ZURICH, ILL. —CNL Health Care Properties has acquired a community developed by Spectrum Retirement Communities, which will continue to operate the facilities. The purchase price was not disclosed. The community is an 86-unit assisted living and memory care community located in Lake Zurich, a northern suburb of Chicago. The community opened in 2014 and is 96 percent occupied. Orlando-based CNL is the 21st largest owner of seniors housing properties in the U.S. and Denver-based Spectrum is the 38th largest operator, according to the American Seniors Housing Association.
SANDY SPRINGS, GA. — The RADCO Cos. has purchased the 192-unit Spalding Bridge apartment community in Sandy Springs, a northern suburb of Atlanta. RADCO purchased the asset from JMG Realty for $22.9 million. JLL brokered the sale. RADCO financed the acquisition with private capital and debt from Community and Southern Bank. Built in 1984, the apartment complex is situated on Trowbridge Road near Sandy Springs’ main thoroughfare Roswell Road and four miles from I-285. The community is also within two miles of Mercedes-Benz USA’s new headquarters in Atlanta’s Central Perimeter office submarket. RADCO plans to invest roughly $2.3 million to renovate the property’s clubhouse and leasing center. Upon completion of the capital improvements, RADCO will rebrand Spalding Bridge with the company’s Ashford moniker. Including this transaction, RADCO owns 46 multifamily assets totaling 13,255 units in Georgia, Illinois, Indiana, Oklahoma, Colorado, South Carolina, Texas and Florida.
MILTON, GA. — Phoenix Senior Living has broken ground on Phoenix at Milton, a $17 million assisted living and memory care community in Milton, about 30 miles north of Atlanta. Phoenix at Milton will have 85 apartments — 67 for traditional assisted living and 19 for memory care.
HOUSTON — Transwestern has arranged construction financing for the Arabella, a condominium tower being developed on the southeast corner of San Felipe Road and Westcreek Lane in Houston. The 33-story property, which will have a total of 99 residences, is scheduled for completion in fall 2017. Jan Sparks and Michael Snodgrass of Transwestern arranged the financing on behalf of developer Randall Davis of D.C. Partners. The EB-5 Immigrant Investor Program, which was part of the equity, allows foreign nationals to obtain an expedited green card in exchange for stimulating the U.S. economy through job creation. Located next to the River Oaks District, Arabella is expected to break ground this month. The high-rise will have penthouses with private swimming pools on the upper floors and a variety of floorplans, most with private elevator entries. Powers Brown Architecture is the project’s architect, and GT Leach Construction is the general contractor.
IRVING, TEXAS — RealtyMogul.com has helped finance the acquisition of the Villa France Apartments, a 134-unit apartment property in Irving. RealtyMogul.com raised $1.5 million of the $3.4 million financing in equity. A joint venture between Paladin Preferred Capital and Steve Bram served as the sponsors of the transaction. Villa France, which is located between Dallas and Fort Worth, features amenities including a playground area, swimming pool and community barbecues. While 35 percent of the units at the property have been upgraded, the sponsor plans to complete renovations on the additional 87 units to optimize rental rates.