NORTH CAROLINA — Berkadia Commercial Mortgage LLC has originated $85.9 million in financing for a portfolio of 15 seniors housing communities in North Carolina. Christopher Fenton of Berkadia worked with subsidiaries of Chevalier Group to secure the 35-year, fixed-rate financing through HUD’s 232/223(f) program. The loans are fully amortizing and feature a fixed 4.03 percent interest rate. Meridian Senior Living operates the 15 facilities, which consist of 1,136 beds and are approximately 90 percent occupied. The borrower will use the loans to refinance prior debts, which Berkadia originated in conjunction with GE Capital Healthcare Financial Services in 2012.
Multifamily
CHICAGO — Marcus & Millichap has arranged the sale of a portfolio of four seniors housing properties in Illinois for $25 million. The four properties are branded under the name Villas at Holly Brook and are located in Effingham, Herrin, Marshall and Shelbyville. The properties were constructed within the past five years. Each one-story facility is 35,000 square feet or larger with approximately 46 units located on at least two acres. The properties feature efficiency studios, one- and two- bedroom apartments, and deluxe corner suites. Mark Myers, Alex Blagojevich, and David Gaines of Marcus & Millichap represented the seller, a private investor/owner. American Realty Capital was the buyer in the transaction. Meridian Senior Living operates the properties.
CLEVELAND — Marcus & Millichap has arranged the sale of a manufactured home community portfolio in Ohio. The eight properties, containing 1,013 sites, sold for approximately $25 million. Kyle Baskin and Jonathon McClellan of Marcus & Millichap represented the seller, Evergreen Communities. Baskin and McClellan also represented the buyer, UMH Properties Inc. (NYSE: UMH)a publicly traded real estate investment trust that owns and operates 82 manufactured home communities in Indiana, Michigan, New Jersey, New York, Ohio, Pennsylvania and Tennessee. The manufactured home communities, which are located on approximately 270 acres, were 70 percent occupied at the time of the sale.
YPSILANTI, MICH. — Commercial Property Advisors, a multifamily investment brokerage firm, has arranged the $1.9 million sale of Campbell Street Apartments in Ypsilanti. The apartment community, built in the 1960s, consists of 60 units. Cary Belovicz represented the seller, Campbell Street of Ypsilanti LLC, in the transaction. Local residential real estate firm Howard Hanna represented the buyer, AMK Campbell Apartments LLC. The property was fully leased at the time of the sale.
NEW YORK CITY — Silvershore Properties has purchased a six-story, 53-unit apartment building in the Crown Heights section of Brooklyn for $8.8 million. Hoydu Realty Corp. owned the 58,000-square-foot building, located at 283 Albany Ave., for almost 40 years. Silvershore Properties plans to continue to operate the fully occupied building as a rental property. The company is scheduled to close on five more properties in Brooklyn during the next 30 days.
HOPKINTON, MASS. — Wood Partners is nearing completion of Alta Legacy Farms, a $45 million, 240-unit apartment community in Hopkinton, a city about 35 miles west of Boston. The luxury multifamily community, which opened for prelease in July 2013, is currently 43 percent preleased. The development is part of the master-planned Legacy Farms project, a 730-acre, mixed-use community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space. Unit amenities at Alta Legacy Farms include wood cabinets, granite countertops, kitchen islands, wood-look vinyl plank flooring, energy-efficient appliances and full-size washers and dryers. Alta Legacy Farms was financed by a construction loan from Cambridge Savings Bank and equity investment by Bavin Inc. Wood Partners is the general contractor and Cube3 Studios designed the project. Allen & Major Associates Inc. provided structural engineering services.
SHIPPENSBURG, PA. — The U.S. Green Building Council – Central Pennsylvania Region has awarded Campus Apartments and Shippensburg University Student Services Inc. a 2014 ForeverGreen Award for Excellence in Green Building Design and Construction. The award, given within the “Sustainability in Higher Education” category, recognizes Phase I of the Shippensburg University student housing project. The project was selected for its use of local materials throughout construction and the developers’ efforts in salvaging nearly 98 percent of demolished materials to reduce waste. Other features include an energy-efficient heating and cooling system, water-bottle filling stations, low-flow fixtures to reduce water use and large windows in each unit to achieve the maximum amount of daylight. Completed December 2012, the $46 million first phase consists of three new housing residences, including two facilities on the north side of campus and one on the south side. The residences accommodate 924 students. Phase II is scheduled to be completed in fall 2014.
SAN ANTONIO — Presidium Group LLC has acquired and will rebrand Villages of Cinnamon Creek, a 348-unit multifamily property in northwest San Antonio. The community offers studio and one- to three-bedroom residences, as well as communal amenities such as a swimming pool, tennis court, basketball court, volleyball court, picnic area, fitness center and business center. Located at 8722 Cinnamon Creek Drive, the complex is in proximity to the University of Texas at San Antonio, the University of Texas Health Science Center and the headquarters of major employer USAA. Presidium Group, which has acquired four properties in San Antonio, is planning $3 million in capital improvements, including upgrades to the units’ plumbing, lighting fixtures and appliances.
HOUSTON — LMI Capital has arranged a $6.2 million loan for the acquisition of Chancellor Apartments, a 224-unit multifamily complex in Houston. Located at 311 Parramatta Lane, the Class B property is in proximity to the 385-acre site of the future ExxonMobil campus. The community offers one- and two-bedroom floor plans, as well as communal amenities including two swimming pools. Brandon Brown worked on behalf of the Florida-based borrower to arrange the non-recourse, 10-year CMBS loan, which includes three years of interest-only payments and a 30-year amortization schedule.
LAKEWOOD, COLO. – Jackson Square has acquired the 257-unit Mountain Vista apartments in Lakewood for $18.3 million. The community is located at 474 S. Wright Street, near the Market Square Shopping Center. It was fully leased at the time of sale. The seller, a local private real estate investment firm, was represented by Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Colorado.