CORALVILLE, IOWA — Dougherty Mortgage LLC has closed a $9.8 million HUD 213 loan for the construction of a 59-unit market-rate seniors cooperative in Coralville, five miles northwest of Iowa City. The loan term is for 40 years. Vintage Cooperative of Coralville will include amenities such as a fitness center, workshop, garden plots, café and clubroom. Vintage Cooperative of Coralville was the borrower.
AUSTIN, TEXAS — Dougherty Mortgage has secured a $9.5 million loan for the acquisition and rehabilitation of The Timbers, a 104-unit multifamily affordable housing property located in Austin. Property amenities include a pool, playground, laundry care center, picnic areas and business center. The 35-year loan was arranged for the borrower, Timbers Clayton 104 Apartments LP, through Dougherty’s Austin office.
MAUMELLE, ARK. — Dominium, an apartment development and management firm based in Minneapolis, has purchased The Gables of Maumelle, a 120-unit apartment community located in the Little Rock metro area. Built in 2001, The Gables is Dominium’s first acquisition in Arkansas. Dominium will upgrade the property’s clubhouse and pool with new furniture, artwork, painting and a new fully equipped fitness room. All units will receive washers and dryers, and select units will receive new flooring, appliances and other improvements. The property will also receive updated signage, major landscaping and new lighting. The sales price and seller were not disclosed.
COVINGTON, LA. — Doster Construction has broken ground on Springs at River Chase, an apartment community located in Covington, situated across Lake Pontchartrain from New Orleans. The property will feature floor plans ranging from studio to three-bedroom, and community amenities will include a clubhouse, resort-style pool, 24-hour fitness center, dog park, attached and detached garages, car care center and a pet spa. The project team includes developer Continental Properties and architect of record Phillips Partnership. Doster has completed more than 1,000 units of multifamily housing in the last year, including Springs at Fremaux in Slidell, La.
CHANDLER, ARIZ. — Virtú Investments has purchased The Fairways, a 352-unit apartment community in Chandler, for $47 million. The Class A community is located at 777 W. Chandler Blvd. The Fairways is 95 percent occupied. The community was built in two phases in 1986 and 1996, overlooking the historic San Marcos Golf Resort. Cindy Cooke and Brad Cooke of Colliers’ Phoenix office represented the seller, BAZV Fairways LLC, in this transaction.
FLAGSTAFF, ARIZ. — American Campus Communities has broken ground on its fourth student housing community in partnership with Northern Arizona University in Flagstaff. The 284,982-square-foot residential community, to be named SkyView, will house 626 students in 163 units. The property will comprise three-, four- and five-story buildings with flat and townhome floor plans. The community offers two-, three- and four-bedroom units with bed-to-bath parity. Select two-bedroom units will also feature a half bath. A two-story, 12,602-square-foot community center will be located on the property, and will offer academic amenities including private study rooms, a quiet study loft and an academic success center. The community center will also feature a large community plaza with a fire pit, active gaming and lounge areas, and mail and leasing services. The property will also contain a two-story fitness center with storage lockers and bike parking. The SkyView transaction was structured under ACC’s American Campus Equity program, which gives universities the opportunity to expand their student housing portfolio while taking on the least amount of risk. Under the ACE program, no university financial resources will be used. The development is set to open in fall 2017.
YUBA CITY, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the $13.5 million sale of Summerfield Senior Living, a 71-unit assisted living and memory care community in Yuba City, approximately 40 miles north of Sacramento. The community opened in 1993. A California-based entrepreneur bought the community in 2005 as a value-add opportunity. It was the only seniors housing property in the owner’s portfolio, so it was sold to a growing owner/operator. Neither party was disclosed. The purchase price equates to approximately $190,000 per unit. Jacob Gehl and Mike Segal were the lead advisors on the transaction.
BOISE — Denver-based Cardinal Group Management has been awarded management of a student housing community with 539 beds in Idaho. The student housing community, called The Vista, was built in 2015 near Boise State University in Idaho.
NORTH ANDOVER, MASS. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance team has closed a $30.2 million permanent, floating-rate loan for Brightview North Andover, a seniors housing property. Located at 1275 Turnpike St. in North Andover, the facility features 133 independent and assisted living units, as well as a memory care component. The refinancing was arranged through Fannie Mae’s DUS Structured Adjustable Rate Mortgage loan product. Richard Thomas and Meredith Davis of Grandbridge secured the loan for the undisclosed borrower.
NISKAYUNA, N.Y. — Lancaster Pollard has arranged $9.2 million in refinancing insured by the FHA Sec. 232/2223(f) program for Ingersoll Place Assisted Living, a 57-unit senior living facility located in Niskayuna. Proceeds of the financing paid off a tax-exempt bond obligation and terminated an interest rate swap liability. Additionally, the new FHA-insured loan generated more than $100,000 in annual cash flow savings for the assisted living provider. Tom Grywalski of Lancaster Pollard secured the financing for the undisclosed borrower.
