HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has opened Woodmont Knolls at Hanover, a luxury apartment community situated on a 15-acre former industrial site along Cedar Knolls Road in Hanover. The property, which is more than 60 percent preleased, features 126 one- and two-bedroom flats and carriage homes. Community amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, dog park, picnic and barbeque area, and a swimming pool with a sundeck. Additionally, the community’s 15-acre setting includes walking paths and green space that runs along the Whippany River and has direct access to the historic Patriots Path, a 35-mile multi-use nature trail operated by Morris County, N.J.
Multifamily
DALLAS — Wood Partners LLC has begun construction on Alta Farmers Market, a 313-unit apartment community located near the Dallas Farmers Market in downtown Dallas. Wood Partners expects to deliver the property in late 2015, with pre-leasing to begin in the second quarter of 2015. The four-story community will feature a rooftop deck and lounge, parking garage, club room, fitness center, a swimming pool, two courtyards with water features, a grilling area, fire pit and covered lounge between the two courtyards. Good, Fulton & Farrell designed the apartment complex, which offers one-, two- and three-bedroom units with stainless steel appliances, recycled glass countertops, faux wood flooring and new fixtures and lighting.
TULSA, OKLA. — Johnson Capital has arranged a $13.3 million loan for Coppermill Apartments, a 544-unit multifamily community at 7110 S. Granite Ave. in Tulsa. The apartment complex, built in 1978, features a swimming pool, two tennis courts and a sand volleyball court. Brett Patrick of Johnson Capital arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae on behalf of the borrower, a California-based investment group.
BRICK, N.J. — Brick-based Tryko Partners LLC has added five skilled nursing facilities, totaling 470 beds, to its Massachusetts portfolio. The company has acquired two properties from Ventas Inc. and entered into a lease contract to operate three additional assets that Ventas will continue to own. Tryko acquired the 88-bed Hammersmith House Nursing Care Center, which will be renamed Chestnut Woods Rehabilitation and Healthcare Center, in Saugus, Mass.; and the 87-bed Hillcrest Nursing and Rehabilitation Center, which will be renamed Valley Stream Rehabilitation and Healthcare Center, in Fitchburg, Mass. The Ventas-owned properties to be operated by Tryko include the 132-bed Blueberry Hill Skilled Nursing and Rehabilitation Center in Beverly, Mass.; the 82-bed River Terrace Rehabilitation and Healthcare in Lancaster, Mass.; and the 81-bed Oak Wood Rehabilitation and Nursing Center, which will be renamed Brookside Rehabilitation and Healthcare Center, in Webster, Mass. Financing for the two acquisition was provided by The PrivateBank, and Tryko is financing working capital for the three Ventas-owned properties through a regional bank with extensive healthcare lending experience.
FORT WORTH, DALLAS AND HOUSTON — Love Funding has closed $12.6 million in loans to refinance a group of affordable seniors housing facilities in Texas. The properties include Park Meadow Apartments in Fort Worth, Prairie Creek Apartments in Dallas and Lakeview Place Apartments in Houston. A nonprofit subsidiary of Volunteers of America (VOA) owns and manages all three communities. Tammy Tate of Love Funding’s Knoxville, Tenn., office arranged the loans through HUD’s 223(f) program, replacing the former HUD 202 loans. The VOA has the option to use the loan proceeds to fund extensive upgrades to the three properties.
BUTLER, PA. — Institutional Property Advisor (IPA), a brokerage division of Marcus & Millichap, has brokered the sale of Sunnyview Nursing and Rehabilitation Center in Butler. A Northeast-based healthcare property investment firm purchased the 240-bed nursing home from Butler County, Pa., for $20.5 million. Built in 1963, the property is situated on seven acres at 107 Sunnyview Circle. Joshua Jandris, Mark Myers and Charles Hilding of IPA, along with Matthew Gorman of Marcus & Millichap’s Philadelphia’s office, represented the seller in the transaction.
SAN DIEGO – The 65-unit Sungarden Terrace senior housing facility in San Diego has received a $2.9-million refinance. The facility is located at 2045 and 2049 Skyline Drive in Lemon Grove. The property contains an assisted living facility with a memory care unit. The loan includes a 15-year term and 15-year amortization schedule. It was secured by Steve Hollisterof NorthMarq Capital’s San Diego regional officethrough the lender, a life insurance company, as a servicing mortgage correspondent.
HIGHWOOD, ILL. — Marcus & Millichap has arranged the $865,000 sale of a nine-unit apartment property in Highwood located approximately 30 miles north of downtown Chicago. The address of Sheridan Point Apartments is 740 Sheridan Road. The property sold in 55 days. This nine-unit building consists of a mix of one-, and two-bedroom units. Alan Katamanin of Marcus & Millichap represented the seller, a private investor. Ryan Engle and Andrean Angelov of Marcus & Millichap represented the buyer, a private investor, in the transaction.
NEW YORK CITY — New York-based Sherwood Equities has topped out 500 West 21st Street, a condominium development located along the High Line in the heart of West Chelsea. Designed by Kohn Pederson Fox Associates, the 32-unit building will offer one-, two-, three- and four-bedroom residences set within a garden landscape with 40-foot trees and mature foliage. The property is slated for completion in spring 2015.
DALLAS — Resource Real Estate Opportunity REIT II Inc. has purchased its first asset, a 152-unit apartment community in the Platinum Corridor neighborhood in Dallas. The property, located close to the Dallas North Tollway will feature one- and two-bedroom units, as well as a swimming pool and business center. The REIT is planning upgrades to the community’s common areas, leasing center and individual units.