DALLAS — Capital Senior Living Corp. has purchased three senior living communities, known as the Ohio JV Communities, located in Ohio from joint ventures in which it held a 10 percent interest for $83.6 million. The Dallas-based company previously managed the Ohio JV Communities under long-term management agreements. The Ohio JV Communities are comprised of 433 units, consisting of 227 independent living units and 206 assisted living units. Two communities are financed with $40.1 million of 10-year fixed rate debt that is non-recourse to the company with a blended interest rate of 4.41 percent. The third community is financed with a $21.6 million two-year bridge loan with a variable interest rate beginning at approximately 2.9 percent.
Multifamily
TEQUESTA, FLA. — Capital One Bank has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living and memory care facility in Tequesta, about 21 miles north of West Palm Beach. The property has 71 assisted living units and 29 memory care units. Carolyn Whatley of Capital One Specialty Healthcare Real Estate arranged the 35-year loan on behalf of the borrower, Terrace Communities.
BETHESDA, MD. — Washington Property Co. (WPC) has broken ground on Solaire Bethesda, a 139-unit luxury apartment community along the Metrorail’s Red Line in Bethesda. The $60 million property will be located at 7100 Wisconsin Ave. near Bethesda Row, Bethesda’s popular shopping and dining destination. Upon completion in 2016, the property will feature 6,400 square feet of ground-floor retail space and a two-level underground parking garage, as well as a residents’ lounge with a bar and fireplace; club room; cyber café; fitness center; and outdoor terrace. WPC is financing Solaire Bethesda’s construction through a $42 million construction loan from RBS Citizens Bank.
ARLINGTON, VA. — HFF has arranged $65 million in financing for The View, a 17-story, 257-unit apartment tower at 4000 Wilson Blvd. in Arlington’s Rosslyn-Ballston Corridor. The View is located in the Library Center enclave at the Ballston Metro Station. Liberty Center is a 2.3 million-square-foot mixed-use development. Delivered earlier this year, the LEED Silver-certified property has an amenity package that includes a concierge desk, fitness center, club room, private courtyard, movie screen, 9,000 square feet of retail space and a common area rooftop. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 15-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, Ashton Park Associates III LLC, an affiliate of The Shooshan Co. The borrower will use the loan’s proceeds to retire existing construction debt on the property.
NEW YORK CITY — Meridian Capital Group has negotiated a $45 million loan to refinance the Continental Portfolio, a 13-property multifamily portfolio located throughout the Bronx. The five-year balance sheet loan, which was provided by a local community bank, features a competitive LIBOR-based rate. The 597-unit portfolio includes 2442 Morris Avenue, 1711 Morris Avenue, 1704 Morris Avenue, 1685 Morris Avenue, 1721-1729 Walton Avenue, 1715-1717 Walton Avenue, 1170 Gerard Avenue, 1165 Gerard Avenue, 2333 Loring Place North, 2322 Loring Place North, 2226 Loring Place North, 4138 Barnes Avenue and 1236 Grand Concourse. Tal Bar-or and Kyle Kite of Meridian’s New York City office arranged the transaction.
HOUSTON — Developer JPI/TDI has begun construction on a 198-unit luxury multi-family community in Houston, within the Heights submarket along the Washington Corridor. The community, Jefferson Heights, is located at 1520 N. Memorial Way. Construction is expected to be completed in fall 2016. Jefferson Heights is being developed on 1.47 acres adjacent to downtown Houston. Apartment homes will offer one- and two-bedroom floor plans ranging from 607 to 1,253 square feet. Units will feature granite countertops, stainless steel appliances, nine-foot ceilings, large closets, garden tubs, separate showers, as well as washers and dryers. Jefferson Heights will offer amenities that include downtown views, a pool overlooking downtown, three courtyards, fire pits, outdoor kitchen and grill area, Wi-Fi in common areas, coffee bar and a fitness center. JLL LP arranged the remaining capitalization in the form of a mezzanine loan, which Parse Capital and equity financing provided.
HOUSTON — Ryan Watson, vice president of Q10 | Kinghorn, Driver, Hough & Co., has arranged $7.3 million in permanent, non-recourse financing on behalf of a Houston-based investor. The 10-year, fixed-rate loan was arranged through RAIT Financial Trust following the renovation of Bennington Square apartment homes in southwest Houston in 2012 and 2013. The 288,000-square-foot, 313-unit Bennington Square community is located at 6300 W. Bellfort St. The non-recourse financing with cash-out option to the borrower allowed the initial investment capital to be returned to the original investors.
LOS ANGELES – A 17-unit apartment building in the Faircrest Heights neighborhood of Los Angeles has sold to a local private investor for $7.8 million. The community is located at 1520-1522 South Hayworth Ave. It was built in 1990 and fully renovated in 2013. The seller, SHI Properties, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company. SHI is an LLC owned by Oak Coast Properties.
LOS ANGELES – A 10-unit apartment building in West Hollywood has sold to a local private investor for $3.3 million. The community is located at 1220 N. Formosa Ave. It was built in 1960. Kimberly Roberts Stepp of Charles Dunn Company represented both the buyer and the seller, Aquat 9 LLC, in this transaction.
JACKSONVILLE, FLA. — Meridian Capital Group LLC has secured a $9.9 million acquisition loan for San Pablo Apartments, a 200-unit multifamily community located at 14401 Jose Vedra Blvd. in Jacksonville. Michael Brown and Noam Kaminetzky of Meridian Capital’s Boca Raton office arranged the 10-year Fannie Mae loan with a fixed interest rate of 4.69 percent on behalf of the unnamed borrower.