BETHESDA, MD. — Bethesda-based Beech Street Capital LLC has closed FHA 232/223(f) loans totaling $34 million to refinance five skilled nursing facilities in Texas totaling 627 beds. The facilities include the McAllen Nursing Center, Greenville Health and Rehabilitation, Courtyard Convalescent Center, Mesquite Tree Nursing Center and Prairie House Living Center. John Rosen of Beech Street originated the loans on behalf of the principals, which own 82 skilled nursing facilities in eight states. The fixed-rate loans have terms of either 30 or 35 years.
FISHERS, IND. — Watermark Residential has broken ground on a $22 million luxury apartment community in Fishers, located about 20 miles north of Indianapolis. Watermark on Cumberland will include 220 apartments in three multi-story buildings. Each building will include two elevators. Amenities include a clubroom, pool with cabanas and detached garages. Project completion is scheduled for 2014.Watermark Residential is a full-service multifamily housing developer based in Indianapolis.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has closed a $14.9 million 223F FHA/HUD loan to refinance Chinatown Preservation, a five-building multifamily portfolio. The financing was through the Department of Housing and Urban Development and is a 35-year, self-amortizing loan. The properties are located in the Chinatown section of New York City and are 96 percent leased.
SAN ANTONIO — LMI Capital has arranged a $3.1 million refinancing loan for a 131-unit multifamily property in north San Antonio. Jamie Mullin of LMI Capital arranged the 10-year loan to amortize over 25 years through Fannie Mae. The loan has a fixed interest of 4.19 percent and features 75 percent leverage.
BROOMFIELD, COLO. – The 216-unit Willow Run Village in Broomfield has received $22.1 million in financing. The community is located at12621 N Zuni Street. The fixed-interest rate loan includes a 30-year amortization schedule. Financing was arranged by Charles H. Williams and Jon Reible of KeyBank Real Estate Capital through Freddie Mac for Griffis/Blessing, Inc.
SCOTTSDALE, ARIZ. – A 6.5-acre site inside Scottsdale’s McCormick Ranch development has sold to Standard Pacific of Arizona for $6.5 million. The company plans to develop 60 multifamily units on the Class A location. Standard Pacific was represented by Grant D. Helgeson and Don McCaul of the Westland Properties Group. The seller, Mark-Taylor (MT Victor, LLC), was represented by Greg Hopley of Colliers International’s Scottsdale office in this fee-simple transaction.
ORLANDO — BB&T Real Estate Funding, a subsidiary of Grandbridge Real Estate Capital, has arranged a $13.1 million acquisition and renovation loan for Carlton Arms, a 558-unit multifamily property in Orlando. The nonrecourse financing was structured with a 36-month term with tow, 12-month extensions.
HUDSON COUNTY, N.J. — A 13-property multifamily portfolio has sold to a private investment group for $37.6 million. The portfolio includes seven properties in West New York, five in Union City and one in North Bergen and has a total of 398 units. All of the properties are located within Hudson County, the smallest, but most densely populated county in New Jersey. West Orange-based Feinstein, Raiss, Kelin & Booker LLC arranged the sale.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of the 51-unit Briarcrest Apartments, located at 506 N. Rogers Road in Irving. Boyan Radic of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, in the transaction.
BROOMFIELD, COLO. – The 216-unit Willow Run Village in Broomfield has received $22.1 million in financing. The community is located at 12621 N Zuni Street. The fixed-interest rate loan includes a 30-year amortization schedule. Financing was arranged by Charles H. Williams and Jon Reible of KeyBank Real Estate Capital through Freddie Mac for Griffis/Blessing, Inc.