PEACHTREE CITY, GA. — Somerby of Peachtree City, a $16 million seniors rental community, has opened in Peachtree City. Phase I of the facility includes 72 assisted living units and 24 memory care units. The upscale community includes a Wellness Your Way Clinic, which is staffed by Agape Senior Primary Care physicians. The community features amenities such as a fitness center, restaurant, bistro and café, library with a computer center and a theater. Somerby Senior Living, a division of Birmingham, Ala.-based Dominion Partners, is the project developer. Chicago-based Harrison Street Capital is Somerby’s equity partner in the project. The project team includes architect Trammell + Rubio LLC, general contractor Hardin, construction manager Maxus Construction and civil engineer/landscape architect Eberly & Associates.
ROCHESTER, MINN. — Grandbridge Real Estate Capital has closed a $27.8 million construction loan secured by The Waters on Mayowood, a senior living development in Rochester, a city in southeast Minnesota. Located near the Mayo Clinic and adjacent to the Apache Mall, the 175-unit community is slated to open in late 2014. A local developer is constructing the 276,000-square-foot facility, which will include a four-story assisted living wing with 70 units and six enhanced-care suites, a four-story, 71-unit independent living wing and a two-story, 28-unit memory care wing. The Waters Senior Living, an owner and operator of senior living communities in the Twin Cities, will manage the community. Tony Carlson of Grandbridge originated the loan.
FORT WORTH, TEXAS — General contractor Weis Builders has completed the first phase of The Villas of Hulen Bend, a $12 million affordable independent living community in Fort Worth. The first phase of the HUD-financed property, which is specifically designed for active seniors, consists of 138 units in one- and two-bedroom layouts. Amenities include a pool, putting green, gazebo and community garden with greenhouse, and select units have an attached garage. Trinity Courtyard LP acted as developer on the project, which is located at 6150 Oakmont Trail, and RPGA Design Group Inc. served as architect.
BEAVERTON, ORE. – A joint venture between Holland Partner Group and an affiliate of Heitman has purchased the 279-unit Waterhouse Place apartments in Beaverton for an undisclosed sum. The community is located at 600 NW 158th Ave. next to the Cornell Oaks Corporate Center. It is less than a mile from Nike’s world headquarters. Other nearby corporate headquarters include Intel, Tektronix and Columbia Sportswear. The complex was partially renovated in 2009. The seller, a joint venture between Guardian Real Estate Services and a value-added fund advised by UBS Global Asset Management, was represented by HFF’s Ira Virden, Sean Deasy and Kerry Hughes.
SANTA ANA, CALIF. – A 48-unit apartment building in Santa Ana has sold to a limited liability company for $5.2 million. The community is located at 311 South Oak Street. It was built in 1987. The LLC was represented by Gordon Reeseand Daniel Blackwell of Marcus & Millichap. The seller, a living trust, was represented by Stephen T. Soqui of the same firm. This transaction was part of a two-property sale that included another 57-unit property in Santa Ana.
NASHVILLE, TENN. — Walker & Dunlop Inc. has provided $44.2 million in acquisition financing for Madison at Ridgelake, a 560-unit apartment community located in Nashville. The borrower, Arenda Capital Management, will use the funds to purchase the apartment community and make capital improvements. Stephen West and Matthew Wallach of Walker & Dunlop led the team that structured the two-year interest-only bridge loan.
CHICAGO — Related Midwest has completed Adler Place, a 275-unit condominium building in downtown Chicago. The 32-story tower is the last in the trio of previously stalled South Loop condo towers that were re-launched by the developer. Related has redesigned the building’s common areas and amenity spaces, including the lobby, corridors and an entertainment suite on the 32nd floor with a full kitchen and access to an outdoor pool and grilling area. The developer has also redesigned the units to feature wide-plank wood floors, stainless steel appliances and quartz countertops in the kitchen. Adler Place includes one-, two- and three-bedroom units that range from 900 to 1,582 square feet. Residences are priced from the mid-$200,000s to the $600,000s. Adler Place is located at 1629 S. Prairie Ave. in the historic Prairie Avenue District. More than half of the condos in Related Midwest’s South Loop Luxury collection have sold.
MINNEAPOLIS — Dougherty Mortgage LLC has arranged $22.9 million in construction financing for Grain Belt Terraces, a 150-unit, market-rate multifamily property in Minneapolis. Grain Belt Terraces is a part of the Grain Belt Brewery redevelopment in the historic Sheridan neighborhood. Plans for the property include upgrading the community’s amenities and appliances within the units. The penthouse units will feature stainless steel appliances, upgraded flooring and 10-foot ceilings. Dougherty Mortgage’s Minneapolis office arranged the 40-year loan for Orth-Grain Belt LLC.
SAINT PAUL, MINN. — Marcus & Millichap has arranged the $1.9 million sale of Maple View, a 34-unit apartment property in Saint Paul. The sales price equates to $55,000 per unit. Dan Linnell and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. Linnell also represented the buyer, a California-based limited liability company. Maple View is located at 380 and 400 Larpenteur Ave.
PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged $5.3 million in construction financing for a 40-unit apartment project in Philadelphia. Kristopher Wood and John Banas, both directors in MMCC’s Philadelphia office, arranged the five-year loan at a fixed interest rate of 4.7 percent. The loan features a 25-year amortization schedule. The financing represents 80 percent of the total cost of the project.