BELTSVILLE, MD. — Morgan Properties and its equity partner Core Real Estate Capital LLC have purchased Lighthouse at Twin Lakes, a 700-unit garden-style and mid-rise apartment community in Beltsville. The asset is located off Powder Mill Road near the Interstate 95 interchange. Built in 1969, the property’s amenity package includes a leasing office with a business center and café, a fitness center, swimming pool, playground areas and a dog park. Morgan Properties and Core plan to invest $8.2 million to renovate the property. This is the third acquisition between Morgan and Core.
Multifamily
BOSSIER CITY, LA. — Berkadia Commercial Mortgage LLC has arranged a $19 million loan to refinance an existing construction loan on Le Rivage Apartment Homes, a 240-unit apartment community located at 2020 Valley View Circle in Bossier City. The multifamily property is currently 97 percent occupied and features a pool with a hot tub, fitness center and a walking trail. Stuart Wernick, Jason Rice and Eli Gershenson of Berkadia’s Dallas office originated the 10-year Fannie Mae loan with a 30-year amortization schedule on behalf of the borrower, Le Rivage of Bossier LLC.
NEW YORK CITY — Lalezarian Properties has begun leasing BKLYN|AIR, a 41-story residential tower located at 309 Gold St. in downtown Brooklyn. Designed by Ismael Leyva Architects, the 255-unit tower will feature studio, one-, two- and three-bedroom apartments with nine- to 10-foot ceilings, floor-to-ceiling windows, dark oak hardwood floors and washer/dryers. The property will also feature a 50-foot outdoor heated swimming pool, roof deck, a two-level fitness center, a lounge with WiFi and a fully equipped kitchen. The property is slated for immediate occupancy with rents ranging from $2,315 to $8,500 per month.
CHICAGO — USAA Real Estate Co., in partnership with Chicago-based Golub & Co., an international real estate investment and development firm, has acquired Chestnut Place, a 30-story residential building located at 850 N. State Street in Chicago. Crain’s Chicago Business reports the purchase price was $80.5 million. Built in 1980, Chestnut Place consists of 280 convertible, one-bedroom and two-bedroom apartments with an average unit size of 769 square feet. Current amenities include a fitness center and 24-hour doorman. The building also includes a 196-space, four-story parking garage and 6,500 square feet of ground-floor retail space. Michael Goldman and Collin McKenna of Golub, and David Reahl of USAA, negotiated the acquisition. CBRE represented the seller, Chestnut Place Associates.
GLENVIEW, ILL. — HFF has arranged financing for ALOFT at The Glen Town Center, a 181-unit, Class A apartments in Glenview, a suburb 22 miles north of Chicago. HFF worked exclusively on behalf of the borrower, San Diego-based OliverMcMillan Inc., to secure a long-term, fixed-rate loan through TIAA-CREF. HFF will also service the loan. ALOFT at The Glen Town Center is located at 1991 Tower Drive within The Glen Town Center master-planned community. Situated on 1,121 acres, the community was built on the site of the former Glenview Naval Air Station and its historic Hanger One. Completed in 2003, ALOFT at The Glen Town Center features one- and two-bedroom floor plans. Rents start at $1,795 for a one-bedroom and range to $4,010 for a two-bedroom. Community amenities include two fitness centers, two theater rooms, community center, business center and indoor heated parking. Trey Morsbach, Jeremy Sain and Jason Bond of HFF led the debt placement team representing the borrower.
BOSSIER CITY, LA. — Kandu Capital LLC and its operating company Bloom Senior Living have purchased Glenview Gardens, a 119-unit independent living community in Bossier City, for $5.5 million. As part of the transaction, the asset will be renamed Bloom at Bossier and a portion of the community will be converted to offer assisted living and memory care services. Michael Morrison and Trent Siskron of Vintage Realty Co. represented both the buyer and the seller in the transaction.
BLOOMINGTON, MINN. — Dougherty Mortgage LLC has arranged an $11.4 million HUD 213 loan for the construction of Applewood Pointe Cooperative of Bloomington at Valley West, a 77-unit senior cooperative project located in Bloomington. United Properties is the developer of the project. Dougherty’s Minneapolis office arranged the 40-year loan. The cooperative site is located near a variety of shopping, dining and recreational opportunities. This is the fourth cooperative construction loan financed by Dougherty Mortgage for United Properties.
SEVILLE, OHIO — Global Healthcare REIT Inc., a Utah corporation, has agreed to acquire the Meadowview Nursing Home in Seville, approximately 40 miles south of Cleveland, for $3 million. The 27,500-square-foot facility, situated on five acres, is licensed for 100 skilled nursing beds. The purchase agreement is subject to satisfactory completion of a 45-day inspection period and other conditions. Global will need to secure financing to cover a portion of the purchase price. The closing is scheduled to occur on Sept. 30. Global intends to lease the facility to a unaffiliated third-party operator. The Meadowview acquisition increases Global’s portfolio to five properties. The company expects to acquire several additional properties this quarter.
PHOENIX — The P.B. Bell Companies has acquired a seven-property multifamily portfolio in Phoenix for $168.5 million. The portfolio contains 2,759 units. The transaction included Tela Verde in Glendale; Sienna Springs in Central Phoenix; Tuscany Palms and Whispering Meadows in Mesa; and Alante at the Islands, Crosswinds and Laguna Village in Chandler. The firm plans to cosmetically upgrade the properties in the coming months. P.B. Bell also notes it has an “aggressive acquisition strategy for 2014 and beyond.” The seller was Standard Fund. The transaction was executed by Cindy and Brad Cooke of Colliers International in Phoenix. Equity was provided by Stonecutter Capital Management. Prime Finance Partners and Seth Grossman and Ryan Gandel of Meridian Capital Group were also involved in this transaction.
SEATTLE — Kennedy Wilson has purchased a three-property multifamily portfolio in South Seattle for $127 million. The portfolio contains a total of 1,212 units. The transaction includes the 396-unit Montair at Somerset Hill in the Tumwater area of Olympia; the 576-unit Rock Creek Landing in Kent; and the 240-unit Stone Pointe in University Place. Notable employers in the area include Boeing, the Port of Tacoma, the State of Washington, Evergreen College and St. Peter’s Hospital. The firm invested $45 million of equity in the transaction and assumed $85 million of Freddie Mac financing, which has a fixed interest rate of 4.25 percent.