NEW LENOX, ILL. — Walker & Dunlop has provided a $20 million loan for the refinancing of Cottages of New Lenox, an 80-unit, 100-bed assisted living and memory care facility in New Lenox. The loan was structured with three years of interest-only payments using Walker & Dunlop¹s interim loan program. The borrower is an affiliate of a joint venture between Chicago-based Focus Healthcare Partners LLC and Artemis Real Estate Partners LLC. John Pantone led the Walker & Dunlop team that structured the loan. Located 42 miles southwest of Chicago, Illinois, Cottages of New Lenox features five stand-alone, 20-resident cottages, including one building that provides assisted living. Additional amenities include personalized care, health care coordination, chef prepared meals, housekeeping, and secure courtyards.
AUSTIN, TEXAS — Atlanta-based ARA has arranged the sale of the Reserve at Walnut Creek, a 284-unit, value-add apartment complex located in Austin. Pat Jones of ARA’s Austin office represented the seller, a Delaware Statutory Trust, in the transaction. Houston-based Tradewind Properties was the buyer. The company plans to upgrade the units. Premium Property USA Inc., headquartered in Switzerland, provided equity in the transaction. Constructed in 2002, Reserve at Walnut Creek is a garden-style apartment community comprised of one- and two-bedroom units. The Class A community features amenities including a resort-style pool, a poolside barbecue area with a gas grill, a fitness center, gym, business center, limited access gates and remote controlled detached garages. Reserve at Walnut Creek is located near employment, retail and entertainment centers. Occupancy at the time of sale was 94 percent.
KATY, TEXAS — PRP LLC has sold Providence at Grand Parkway, a 250-unit luxury community for active seniors 55 and older located in Katy. Built in 2009, the property features nine separate buildings and was developed through a partnership with Blazer Building Corp. Grand Parkway features a heated pool, business center, library, conference room, chapel, activity rooms, game room, a fitness center, media room and covered parking. The undisclosed buyer acquired the property for $27 million or $108,000 per unit. The property was 95 percent leased at the time of sale.
BERKELEY, CALIF. – The 32-unit Courtyard Terrace Apartments in El Sobrante has sold to a limited liability company for $3.7 million. The community is located at 4200 Appian Way, just north of Berkeley. It was built in 1960 and renovated in 2010. The LLC was represented by Jon Holmquist of Marcus & Millichap’s San Francisco office. The seller, also an LLC, was represented by Vincent Schwab and Jon Holmquist of the same firm.
ST. PAUL, MINN. — Dougherty Mortgage LLC has secured a $31.3 million Fannie Mae loan for the refinancing of Victoria Park Apartments, a 215-unit multifamily apartment property located in St. Paul. The 12-year loan includes a 30-year amortization schedule and three years of interest-only payments. Dougherty’s Minneapolis office arranged the loan for the borrower, Victoria Park Communities LLC. Victoria Park Apartments include one-, two- and three-bedroom options. The units feature open concept floor plans and high-end finishes, including gourmet kitchens with granite countertops, designer cabinetry and energy-efficient appliances. Property amenities include outdoor swimming pool with terrace, club room with bar, fitness center, tech lounge, underground heated parking, yoga room, free bike rentals and concierge services.
KANSAS CITY, MO. — Senior Capital Advisors, representing seller Principal Senior Living Group, has sold Benton House of Shoal Creek, a 73-unit, 88-bed assisted living and memory care community in Kansas City, Mo. The facility was sold to American Realty Capital Healthcare Trust II for $28.5 million, or $390,000 per unit. Bruce Gibson, principal with Senior Capital Advisors, led the sale. Principal Senior Living Group will continue to manage the property on behalf of the new owners. The property’s all-private-pay census was above 90 percent at closing. The community opened in 2012 and was expanded in late 2014.
HOUSTON — CenterSquare Investment Management has sold 1301 Fannin Street and the Villas at Hermann Park, both in Houston. 1301 Fannin Street is a 784,000-square-foot, Class A, mixed-use office tower and data center in Houston’s central business district. The Pennsylvania-based investment boutique of BNY Mellon acquired the property in 2007 in a joint venture with Houston-based Griffin Partners. During the eight-year hold period, the building’s common areas and infrastructure were upgraded resulting in net operating income (NOI) growth of 71.6 percent. The Villas at Hermann Park is a 320-unit, Class A apartment project south of downtown Houston. The property was purchased in 2011. During the 3.5-year hold, the property’s common areas and apartment interiors were upgraded resulting in NOI growth of 20.5 percent.
ALLEN, TEXAS — RED Capital Partners LLC has provided an $8.9 million balance sheet construction loan to Dolce Living Communities Residential (DLCR) for the construction of Bella Terra at Twin Creeks, a 374-unit, Class A apartment complex in Allen, a suburb of Dallas. The $51.3 million construction project will be capitalized with a Fifth Third Bank first mortgage, equity funding arranged by Nebo Capital with Mountain Capital Partners along with the $8.9 million in mezzanine debt provided by RED Capital Partners. RED retains the exclusivity on permanent financing for the project.
DALLAS — Marcus & Millichap has arranged the sale of The Villas of Sorrento, a 220-unit apartment property located in Dallas. Norman Eastwood, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, a partnership. Eastwood also procured the buyer, a limited liability company. The Villas of Sorrento is located at 3130 Stag Road, just east of I-45 and south of Loop 12. Built in 1996, features one-, two- and three-bedroom floor plans ranging from 624 square feet to 1,039 square feet. At the time of listing, the occupancy was 96 percent.
NEW YORK CITY — Greystone Bassuk Group has closed a $140 million credit enhancement from Helaba Landesbank Hessen-Thüringen under The New York State Housing Finance Agency 80/20 Program for an affiliate of The Dermot Company and Lowe Enterprises Investment Management LLC. The financing was structured with $90 million of 2010 Series A low-floater, tax-exempt bonds; $9 million of 2015 Series A low-floater, tax-exempt bonds; and $41 million of 2015 Series B low-floater taxable bonds issued as permanent financing for 66 Rockwell Place in Brooklyn. Loan proceeds were used to repay Dermot’s existing construction loan and reduce the developer’s equity in the project. Located on the corner of Flatbush Avenue and Rockwell Place, 66 Rockwell is a 42-story apartment building featuring 326 residential units, 7,000 square feet of retail space and 40,000 square feet of garage parking.