TEMPE, ARIZ. – The 144-unit Copper Creek apartments in Tempe has sold to Pathfinder Partners, LLC for $16.4 million. The community is located at 3501 S. McClintock Drive near the Arizona State University campus. The new owner is planning a $1.6-million renovation that will include interior and exterior upgrades. This is Pathfinder’s eighth acquisition in the Phoenix Metro area. It is also the firm’s largest acquisition in the area. The seller was Equity Residential.
OMAHA, NEB. — Promontory Healthcare Cos. and Lund-Ross Constructors broke ground on a $6.3 million transitional care center in the Old Mill area of Omaha. Construction on Old Mill Rehabilitation is expected to last 12 months, with an opening scheduled for spring 2014. Once complete, the facility will provide transitional rehabilitation services and be a licensed skilled nursing facility. The 40,000-square-foot facility will feature 44 private suites and common areas including a great room, dining room, library and chapel. Physical therapy rooms, nursing stations and administrative space will also be located on the grounds. Mainland Healthcare Development LLC will be in charge of development. Ankrom Mosian Architects is serving as the project architect. Lamp Rynearson & Associates is serving as civil engineer. Great Western Bank will provide construction financing. Lund-Ross Constructors will act as general contractor, and Promontory Healthcare Cos. will operate Old Mill Rehabilitation.
HOPKINS, MINN. — Dougherty Mortgage LLC has arranged $20 million in refinancing for two seniors housing facilities located within the St. Therese Southwest senior community in Hopkins. The Terraces Assisted Living LLC received a $10.9 million HUD 232/223(a)(7) loan for the refinancing of The Terraces, an 86-unit assisted living/dementia care facility. The loan includes a 34-year amortization schedule. The Towers LLC received a $9.6 million HUD/FHA 223(a)(7) loan for the refinance of The Towers, a 224-unit, age-restricted seniors housing property. The owners plan to use the refinancing loans to reduce the interest rates on the loans and improve property operations. Golden Valley, Minn.-based Great Lakes Management Co. manages both properties.
OCEANSIDE, CALIF. – A 40-unit apartment complex in Oceanside has sold to DJ&E Investments, LLC for $4.1 million. The five-building community is located at 1202 Missouri Ave. DJ&E was represented by Avezta Equity. The seller, Lucy Nannizzi, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego.
LADY LAKE, FLA. — The Orlando office of Apartment Realty Advisors (ARA) has brokered the sale of Courtney Villages in Lady Lake for $30.25 million. Courtney Villages is a resort-style garden apartment community containing 356 units. It was 96 percent occupied at the time of closing. The property is located within The Villages, a 26,000-acre master-planned community containing retail, office, hotel and senior living space. The community has 2.7 million square feet of development planned. ARA’s Kevin Judd, Patrick Dufour and Matt Wilcox represented the seller, Orlando-based Contravest. The buyer was Jacksonville, Fla.-based GMC Property Management.
GREENSBORO, N.C. — NAI Earle Furman has completed the sale of a Greensboro multifamily community for approximately $7 million. Hunters Glen Apartments is a 260-unit, Class C apartment property. NAI’s Tony Bonitati and Kay Hill represented the seller, Shannon Enterprises of the Southeast, in the off-market transaction. John Gray, also of NAI, represented the undisclosed buyer.
GREENVILLE AND NORTH CHARLESTON, S.C. — Q10 | Professional Mortgage Co. has arranged two commercial loans totaling $16.5 million. Q10’s Bryan Thomason secured $8.5 million in fixed-rate construction financing for 98 East McBee Apartments, a 55-unit, Class multifamily project currently under way in Greenville’s central business district. Thomason also arranged an $8 million, fixed-rate, permanent loan for McCall Center, a 57,977-square-foot shopping center located in North Charleston. Terms of both loans were not disclosed.
STAMFORD, CONN. — Cassidy Turley has arranged $84.5 million in first-mortgage financing for The LockWorks at Yale & Towne, a Class A, 329-unit multifamily property at Stamford’s Harbor Point mixed-use development. Noble Carpenter of Cassidy Turley represented Wafra Investment Advisory Group Inc., on behalf of an institutional investor, in arranging the 10-year, fixed-rate financing package through HSBC Bank USA. Wafra acquired the property in December 2012.
NEW YORK CITY — Centerline Capital Group has provided a $7 million Fannie Mae DUS loan to refinance 928-934 Myrtle Avenue Apartments, a multifamily property located in Brooklyn. Myrtle Avenue Apartments is a Class B multifamily portfolio that includes four five-story, walk-up residential buildings. Originally developed in 1906, and renovated in 2003, the multifamily property includes 104 units. The borrower is 928 Myrtle Avenue LLC, a New York-based limited liability company. Proceeds from the loan will be used to replace two existing loans. The 10-year loan includes a 30-year amortization schedule. Anita Pins in the New York office of Marcus & Millichap Capital Corp. arranged the loan.
SAN ANTONIO AND HOUSTON — Dallas-based Fountain Residential Partners has broken ground on two student housing projects in Texas, which will house students from The University of Texas at San Antonio (UTSA) and The University of Houston (UH). Occupancy is slated to begin for fall 2014 for both Prado near UTSA and The Vue on MacGregor near UH. Prado, a 498-bed community with a 6,000-square-foot restaurant and 10,000-square-foot, two-level amenity center, will be located across the street from UTSA. The development will include granite countertops, open floor plans, wood-like flooring, stainless steel appliances, 50-inch flat-screen TVs with DVR and WiFi throughout. The Vue on MacGregor, a five-story, 347-bed community, is the first privately owned, off-campus student housing community serving UH. The project is located within walking distance to campus and near two new light-rail stations. Dallas-based Centerpoint Builders will be the general contractor for both projects. Dallas-based Grand Campus Living will provide leasing and management services for both communities. Stuart Roosth Architects designed Prado, and 5G Studio designed The Vue on MacGregor.