NORTH BRANFORD, CONN. — Capital One Bank has closed a $52 million senior secured term loan for the refinancing of Evergeen Woods, a continuing care retirement community in North Branford. The property features 227 independent living units, 22 assisted living units and 50 skilled nursing beds. The Shelter Group and affiliates of Herbert J. Sims & Co jointly own the facility. First Niagara also participated in arranging the loan.
VALDOSTA, GA. — Grandbridge Real Estate Capital has arranged a $4.9 million loan secured by The Timbers Apartments and Heather Glen Apartments in Valdosta. Bill Mattice of Grandbridge arranged the refinance loan through Freddie Mac. The loan features a seven-year term, 30-year amortization schedule and one year of interest-only payments. Both properties are fully occupied, according to Mattice.
PHOENIX — A partnership between Wood Partners and American Realty Advisors has acquired the 350-unit Pinnacle Towne Centre apartments in Phoenix for an undisclosed sum. The community is located at 1601 E. Highland Ave. The partnership plans to renovate the property into an upscale townhome community called Altera Highland. Altera Highland will include a luxury clubhouse, a fitness center and two resort-style pools with spas. The community fits with Wood’s strategy of acquiring and renovating well-located assets in growing markets. The seller, a REIT controlled by Essex Property Trust, was represented by Tyler Anderson of CBRE Group.
CLEVELAND — Westcore Proprieties has sold a historic, Class C office building in downtown Cleveland for $6 million to Millennia Cos., an apartment developer and property manager. The 11-story, 160,000-square-foot Garfield Building, a masonry and steel-frame building, is located at 1965 E. Sixth St., on the corner of Euclid Avenue and East Sixth Street. Originally built in 1893, the building is the former home of National City/ PNC Bank. Westcore Properties purchased the property in 2008. Millennia Cos. plans to develop the building into multifamily rental housing. Eliot Kijewski and Rico Pietro with CRESCO Real Estate, a member of the Cushman & Wakefield Alliance, represented Westcore Proprieties in the transaction. Allegro Reality represented Millennia Cos.
PHILADELPHIA — Procida Funding’s 100 Mile Fund has provided $16.2 million in construction financing for Mural Arts Lofts, formerly the Thaddeus Stevens School, in Philadelphia’s North Broad corridor. Developer Eric Blumenfeld will use the funds to renovate the historic property into 56 loft-style apartments. The apartments will feature many of the original architecture elements, including chalkboards, window details and historic wood cabinetry. Domus Inc. is serving as contractor, while Richard Sauder and David Chou are providing architectural and engineer services. Construction is slated to begin immediately, with occupancy expected in early 2016.
MALDEN, MASS. — Berkeley Point Capital has closed a $16.2 million Freddie Mac loan for Atria Senior Living and its partners. The 7-year loan, which features a floating rate, will be used to refinance an existing first mortgage debt from MassHousing and facilitate the buyout of its tax credit equity partner. Additionally the loan will refinance Atria Maplewood Place, a 98-unit assisted living and memory care community in Malden. Doug Harper of Berkeley Point Capital negotiated the loan.
CASTLE ROCK, COLO. – The 34-unit Castle Court Apartments in Castle Rock has sold to an unnamed buyer for $3.3 million. The community is located at 7 & 19 N Cantril Street, just southeast of Denver. The two buildings contain 17 units each. They were built in 1980 and 1985, respectively. Josh Newell of Pinnacle Real Estate Advisors represented both the buyer and local seller in this transaction.
SAN DIEGO – The 28-unit Orlando Woods apartments in the San Diego submarket of El Cajon has sold to Ambient Communities for $2.4 million. The community is located at 265-67 Orlando Street. Peter Scepanovic and Corey McHenry of Colliers International Multifamily Advisory Group represented both Ambient and the seller, Strykowski Trust, in this transaction.
SAN ANTONIO — BMC Capital’s Austin office has arranged a $2.8 million refinancing loan for a multifamily property located in San Antonio. The non-recourse bridge loan includes a 60 percent loan-to-value ratio, a three-year fixed rate of 6 percent with full-term interest-only payments. The loan was arranged through one of BMC Capital’s correspondent banking relationships and closed in less than 30 days.
LITHONIA, GA. — A partnership between Tampa-based Blue Rock Partners LLC and Boca Raton, Fla.-based Rose Group has purchased Devon Place, a 415-unit apartment community located at 421 Meadowood Drive in the Atlanta submarket of Lithonia, for $15.8 million. The partnership will invest another $2.5 million in exterior and interior upgrades. Eastern Union Funding arranged acquisition financing on behalf of Blue Rock and Rose Group through The Bancorp. Multi Housing Advisors’ Atlanta office brokered the transaction. Devon Place is Blue Rock’s second Atlanta apartment acquisition in the past three months, having acquired the 240-unit Oak at Ellenwood apartments in November for $9.8 million.