FRESNO, CALIF. – The 190-unit Willow Lakes Apartment Homes in Fresno has received a $6.6-million loan. The community is located at 190 N. Willow Ave. It was built in 1987. The three-year, interest-only loan was arranged by Lanford Tobe of Johnson Capital's Sacramento office. It was provided by Streamline Realty Funding under its bridge program. The non-recourse financing includes two one-year extension options. It represents 85 percent of the purchase price, with an interest rate in the low 5 percent-range.
Multifamily
FORT MYERS, FLA. — Tampa-based Aileron Capital Management has closed a $7.2 million loan for the construction of The Rose Gardens of Fort Myers, a 110-bed assisted living facility in Fort Myers. The property is located at 2117 Earl Road. Aileron provided a $4.5 million first mortgage and a $2.7 million mezzanine loan on behalf of the borrower, a Florida-based seniors housing owner and developer. The SBA 504 loan will convert to long-term permanent financing upon the completion of construction, expected for June 2015.
SOUTH BARRINGTON, ILL. — The LaSalle Group will open a 29,000-square-foot freestanding memory care community in the village of South Barrington, approximately 35 miles northwest of the Chicago Loop. Autumn Leaves of South Barrington located at the northeast corner of Higgins and Bartlett Road, will open in July. The $11.1 million memory care community will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia or memory impairment. The LaSalle Group has nine communities open or under construction in the suburbs of Chicago. Autumn Leaves of South Barrington is approximately one mile from the Arboretum of South Barrington shopping mall and five miles from St. Alexius Medical Center. The new community will offer free programs to the public including seminars,speakers, monthly Alzheimer’ssupport groups and respite care. Volunteer opportunities for the community will also be available.
CARROLLTON, TEXAS — Dallas-based Amish Gupta Ventures plans to develop a 120,000-square-foot seniors housing facility on the northeast corner of the service road of Texas State Highway 121 and Creek Valley Boulevard in the Dallas suburb of Carrollton. The property will consist of two separate wings totaling 135 units and will sit on nearly 4.5 acres. Construction is scheduled to begin in late 2014. The first wing is planned to include 100 units in three stories with a mix of assisted living units and possibly some independent living units. The second wing will house 35 units with dedicated memory care services. Pre-leasing will begin in fall 2015, with residents moving into the facility in early spring 2016.
ROSENBERG, TEXAS — Marcus & Millichap has brokered the $3.8 million sale of Fort Bend Healthcare Center, a 56-bed skilled nursing facility at 3010 Bamore Road in Rosenberg. Doug O’Toole and Rod Llanos of Marcus & Millichap’s Houston office represented the seller, a limited liability company, in the transaction. O’Toole and Llanos also secured the buyer, another limited liability company.
CANTON, GA. — NorthMarq Capital has arranged a $24.2 million loan for the Lodge at Bridgemill, a 150-unit seniors independent living community in Canton, a northern suburb of Atlanta. Melissa Marcolini Quinn of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender for an undisclosed borrower.
COVINGTON, GA. — Dougherty Mortgage LLC has originated a $13.2 million HUD 223(f) loan to refinance Wellington Ridge, a 220-unit apartment community in Covington. Dougherty’s Minneapolis office arranged the 35-year loan with a 35-year amortization schedule on behalf of the borrower, Lochridge Newton LP.
WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, in partnership with Boston Financial Investment Management (BFIM) has acquired Watertown Crossing in Waterbury. Located near Route 8 and Interstate 84, the 108-unit affordable housing community comprises 18 residential townhome buildings with a mix of one-, two-, three- and four-bedroom townhome-style units. Following the acquisition from Tinman Realty, the community will undergo renovations that include in-unit upgrades to kitchens and baths; repaired siding; new windows, doors and roofing; as well as energy-efficient upgrades to the property’s HVAC systems. In addition to unit upgrades, Winn will complete site improvements, including the construction of a new 2,500-square-foot community clubhouse with a community kitchen, laundry facilities, fitness center and management office. WinnResidential, the property management arm of WinnCompanies, has managed the property since 2001 and the community continues to maintain nearly 100 percent occupancy. The project is receiving equity financing from BFIM and construction-to-permanent financing from the Connecticut Housing Finance Agency. Winn plans to begin construction immediately with completion slated for summer 2015. The Architectural Team is providing architectural services and Keith Construction is serving as general contractor for the redevelopment project.
HOUSTON — Moody Rambin has represented Greystar in its acquisition of Skyline Apartments, located at 2222 White Oak Drive in Houston. Greystar will oversee the demolition of the property to make way for its new Class A community, known as Elan Heights. Christopher Dray of Moody Rambin represented Greystar in the acquisition. Juan Cuevas of Marcus & Millichap represented the seller, 2222 White Oak LLC. Additionally, Greystar worked with Woodland Heights Civic Association to develop a property that complements Woodland Heights, a historic neighborhood in Houston.
DALLAS — Virtus Real Estate Capital, an Austin-based private equity firm, has acquired two Class B apartment communities in Dallas totaling 748 units. Virtus made the purchase in a joint venture agreement with a local partner and private management company. The properties, known as Bayou Bend and Pecan Square, are within walking distance of each other. Virtus will spend roughly $2.2 million to upgrade the two communities.