PEMBROKE PINES, FLA. — New York Life Real Estate Investors has originated a $41 million acquisition loan for Phase II of Modera Pembroke Pines, a 278-unit Class A apartment community in Pembroke Pines, a town in Broward County. The loan is co-terminus with the Phase I financing that New York Life Insurance Co. provided in fall 2014. HFF’s Miami office arranged the financing on behalf of the borrower, New York-based AVR Realty Co.
BOILING SPRINGS AND SPARTANBURG, S.C. — Capstone Apartment Partners has brokered two sales of multifamily communities in South Carolina totaling $20.3 million. In the larger transaction, The Village at Mills Gap LLC sold the Village at Mills Gap to HKSK Corp. for $16.2 million. Built in 2014, the 208-unit property is located at 97 Mills Gap Road in Boiling Springs and was 80 percent occupied at the time of sale. Alex McDermott and Austin Green of Capstone’s Charlotte office brokered the transaction. In the second deal, Alliance sold Cross Creek Apartments to Elevation Financial Group for $4.1 million. Built in 1981, the 152-unit apartment community is located at 345 Bryant Road in Spartanburg and was 97 percent occupied at the time of sale. McDermott, Green and Beau McIntosh of Capstone represented the seller in the transaction.
TOPEKA, KAN. — Mainstreet has broken ground on The Healthcare Resort of Topeka. Located at 6202 SW 6th Ave. in Topeka, the 69,935-square-foot facility will feature 96 beds and provide short-stay rehabilitation and therapy care, as well as assisted living. On-site amenities will include a therapy gym, an outdoor rehabilitation courtyard, movie theater, game room, spa and on-site chef. Slated to open by spring 2016, the $16 million project will bring 225 construction jobs and 90 permanent jobs to the area. Carmel, Ind.-based Mainstreet develops, finances and jointly operates transitional care centers and long-term health care properties.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and private investment sales, has arranged the sale of Tacara at Westover Hills, a 312-unit apartment community in San Antonio. Will Balthrope and Drew Kile of IPA, along with Marcus & Millichap associate Rowan Burch, advised the seller. Balthrope, Kile and Burch also procured the buyer, Fort Worth-based Olympus Property. Constructed in 2014 on 13.4 acres, the community is located at 8543 State Highway 151, less than one-half mile from the intersection of State Highway 151 and Loop 410. Westover Marketplace, a 600,000-square-foot shopping center, is within walking distance. Amenities at Tacara at Westover Hills include keyless entry, stainless steel appliances, granite countertops, under-mounted sinks in kitchens and bathrooms, garden-style tubs and patios/balconies. Community amenities include limited-access entry gates, a 24-hour fitness center, pool with sundeck, outdoor lounge areas with fire pits and fireplaces, tanning booths, a dog park and an electric car charging station.
HOUSTON — Davis Commercial Real Estate has negotiated the sale of three buildings on 21,303 square feet of land located at 4545, 4509 and 4503 Mount Vernon St. in Houston. The buyer, Light Hill Partners, plans to redevelop the properties. Light Hill Partners is a Houston-based company focused on acquiring and developing multifamily and single-family projects. A mid-rise multifamily development is planned for the site. Ashley Casterlin of Davis Commercial Real Estate represented the buyer in the transaction.
NEW YORK CITY — E&M Associates has acquired two multifamily properties in New York City’s Astoria neighborhood for $72.3 million from Related Cos. Located at 11-15 Broadway and 30-50 21st St., the properties are known as Astoria at Hallet’s Cove and Montenegro of Astoria, respectively. The properties offer a total of 144 rental units and 64 parking spaces. Astoria at Hallet’s Cove is an eight-story, 76,100-square-foot elevator building with 79 apartments, and Montenegro of Astoria is an eight-story, 59,240-square-foot elevator building with 65 apartments. Aaron Jungreis of Rosewood Realty Group represented both properties in the transaction.
NEWPORT BEACH, CALIF. — The Seligman Group has received $309 million to refinance 23 of its assets throughout California. The portfolio includes more than 1.9 million square feet and 800 apartments. These assets make up the bulk of the San Francisco-based firm’s California holdings. It includes 12 commercial properties in Orange County and San Francisco, as well as 11 multifamily communities in Los Angeles. Financing was secured by Jordan Ray, Ari Hirt, Gregg Applefield, Steven Buchwald, Jamie Matheny and Eugene Shevaldin of Mission Capital Advisors. The portfolio received 23 separate loans. The refinance allowed the Seligman Group to replace its existing loans, taking advantage of favorable market conditions as the firm took additional cash out.
LOS ANGELES — CityView has sold three multifamily properties in the Los Angeles area. These include the 147-unit Venue in Woodland Hills for $38 million; the 306-unit Enclave in Paramount for $61.2 million; and the 251-unit Torrey Pines in West Covina for $53.8 million. The properties contain a total of 704 units that ultimately sold for a combined $153 million. All three properties were purchased between April 2010 and June 2012.
LAS VEGAS — A joint venture between TruAmerica Multifamily and Investcorp have acquired Solis at Flamingo, a 524-unit urban infill apartment community in Las Vegas, for $50.5 million. The community is located at 3275 East Flamingo Road. Solis at Flamingo is situated just five miles from the Las Vegas Strip, the University of Nevada, Las Vegas, and McCarran International Airport. It was built in1988. The community offers one- and two-bedroom units. Common-area amenities include three resort-style pools and spas, a clubhouse, fitness center, business center, and basketball and tennis courts. TruAmerica will invest an additional $5.5 million in capital improvements that will include full interior renovations and exterior and common-area upgrades. The property will also receive new landscaping, upgraded pool furniture, outdoor kitchens and a pet park. This is TruAmerica’s first acquisition in Nevada. It also recently entered Salt Lake City and Portland, Ore. The seller was Alliance Residential.
LOS ANGELES — Mortgage broker Berkadia has arranged $93.2 million in financing over two separate transactions for ROC Seniors Housing Fund Manager LLC. In the first transaction, Berkadia arranged an $84 million loan from BBVA Compass Bank for the acquisition of 14 seniors housing communities spread across California, Oklahoma, Texas, North Carolina, Ohio and West Virginia. Berkadia contributed $20 million of the overall financing through its Propriety Bridge Lending Program. In total, the facilities consist of 1,038 units: 719 assisted living units, 208 memory care units and 111 independent living units. Christopher Fenton, managing director of Berkadia’s Seniors Housing and Healthcare group, secured the financing for ROC, which is a seniors housing investment fund. In the second transaction, Berkadia arranged a $9.2 million loan for the acquisition of The Landing of Canton, a 76-unit assisted living and memory care facility located in Canton, Ohio.
