BURLINGAME, CALIF. — Sunrise Senior Living opened its newest community — Sunrise of Burlingame near San Francisco — on June 29, marking the 40th community in California for the owner/operator. The new four-story, 65,000-square-foot assisted living and memory care community on Trousdale Drive contains about 80 units, with a resident capacity of 97. Sunrise expects to open a new community in Dublin, Ohio, in August and Sunrise at Palos Verdes in the Los Angeles area next year.
WASHINGTON TOWNSHIP AND MONROE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $25.6 million in Fannie Mae loans for Aragona Properties for the refinancing of two suburban Detroit multifamily properties. Pillar secured a $16.2 million loan for Enclave Apartments, a 200-unit complex in Washington Township, approximately 35 miles north of Detroit. Consisting of 46 single-story buildings, the property offers a mix of one- and two-bedroom garden apartments. Aragona Properties and Lombardo Cos. developed the property. Additionally, Pillar originated a $9.3 million loan to refinance the Hampton Apartments, a 235-unit, garden-style multifamily property in Monroe, about 40 miles south of Detroit. Aragona and Sam Mignano developed the 38-building property. Adam Klingher and Brook Jackson of Pillar originated the two fixed-rate, 15-year loans, which both feature five years of interest-only payments and a 30-year amortization schedule.
CHICAGO — Marcus & Millichap has arranged the sale of a mixed-use property located at 1606 N. Harding Ave. in Chicago. The 9,050-square-foot property sold for $830,000. The property consists of six two-bedroom and three one-bedroom apartment units, and two commercial spaces. Joseph Bergman and Kyle Stengle of Marcus & Millichap’s Chicago represented the seller, a private investor, in the transaction.
NEW YORK CITY — Eastern Consolidated has secured $65 million in debt and equity for a planned mixed-use rental project at 1 Flatbush Ave. in downtown Brooklyn. Developed by Slate Property Group, the 19-story, 172,000-square-foot property will feature 156 one- and two-bedroom rental units, of which 124 will be free market and the remainder will be affordable, and 30,000 square feet of basement, ground- and second-level retail space, as well as a fitness center for residents. Adam Hakim and Sam Zabala of Eastern Consolidated’s Capital Advisory Division arranged the financing for the acquisition and pre-development phases of the project.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a multifamily property located at 286 Clinton Ave. in Brooklyn’s Clinton Hill historic district. The five-story walk-up sold for $8.1 million, or $29 per square foot. The 19,000-square-foot property features 35 residential units. Mark Spinelli, Michael Tortorici, Shimon Shkury, Victor Sozio, Jonathan Bermand and Daniel Tropp of Ariel Property Advisors represented the seller, a Brooklyn-based real estate development and management firm, and procured the buyer, a real estate investment group, in the transaction.
NEW YORK CITY — JMH Development and Madison Estates have received approval from The Landmarks Preservation Commission for the development of a five-story condo project at 70 Henry St. in Brooklyn. The former site of Brooklyn Heights Cinema will be transformed into a luxury condo building designed by Morris Adjmi. JMH Development and Madison Estates acquired the site in November 2014 for $7.5 million.
PHILADELPHIA — Rittenhouse Realty Advisors has brokered the sale of The Corinthian Apartments, an apartment complex located in Philadelphia’s Francisville neighborhood. The property, which was fully occupied at the time of sale, sold for $2.5 million, or $131,000 per unit. The 19-unit property features a mix of studio, one-, two- and three-bedroom apartments with a shared courtyard area.
LUBBOCK, TEXAS — MJW Investments has acquired Gateway at Lubbock, a Class A, 744-bed student housing property located at Texas Tech University. MJW Investments closed escrow on Gateway at Lubbock on June 23. Gateway at Lubbock is the most recent acquisition associated with the $200 million student housing value-add fund established by MJW Investments. The company has acquired more than 3,000 beds in the past two years. Based in Santa Monica, Calif., MJW Investments is the majority owner of a $450 million diversified real estate portfolio. Over the past 30 years, the firm has developed and/or owned more than 5 million square feet and has a history of transactions in excess of $850 million.
MCLEAN, VA. — LCOR has received a $59 million loan from Santander Bank to construct a multifamily property at 7480 Birdwood Ave. in McLean, roughly 10 miles west of Washington, D.C., in the Tysons region of northern Virginia. LCOR plans to redevelop the land into two residential buildings spanning 12 and 15 stories that will be connected by a central sky bridge. Totaling 340,000 square feet, the property will comprise 11,000 square feet of amenity space, 388 below grade parking spaces and 319 residential units, of which 64 units will be reserved for Workforce Dwelling Units. Upon completion in the first quarter of 2017, the project will include a mix of studio, one-, two- and three-bedroom apartments with duplex units featured on the ground floor. The residences will feature carpeted bedrooms, vinyl wood plank flooring in the kitchen and living areas and ceramic tiles in the bathrooms. Stainless steel appliances will be featured in the kitchen. The project’s amenities will include an outdoor swimming pool, fitness center, game center, kids room, party space, bicycle storage, dining room, pet grooming station, glass-enclosed Sky Lounge on the 10th floor and a rooftop amenity area with garden plots located on the west tower. …
FORT WASHINGTON, MD. — KeyBank Real Estate Capital has provided an $18.5 million acquisition loan for Henson Creek Manor, a 210-unit affordable housing community in Fort Washington. Caleb Marten of KeyBank arranged the Freddie Mac loan on behalf of the undisclosed buyer. The apartment community was constructed in two phases between 1994 and 1998. The older part of the development is limited to residents with 50 percent of the average median income and the second portion is limited to residents with 60 percent of area median incomes.
