WASHINGTON, D.C. — Work is complete on the new 160,000-square-foot building for the U.S. General Services Administration in Washington D.C. The property, designed by Cooper Carry, will house the Armed Forces Retirement Home. The project included the demolition of the existing Scott Building and the construction of a new building, also named Scott. The new building features 36 skilled nursing rooms for long-term care and 24 rooms for memory support, arranged in five “small house” groupings. The property also includes a kitchen, health and wellness center and auditorium. The project is located off North Capital Street at the Historic Armed Forces Retirement Home Campus, which was established in 1851. Contractor Hensel Phelps provided design and construction services for the project.
Multifamily
LONG BEACH, CALIF. – The 61-unit Ramona Park Senior Apartments has broken ground in Long Beach. The $22.5-million project will be located at 3290 E. Artesia Blvd. It is being developed by Palm Communities, which has partnered with nonprofit Western Community Housing on this project. It is scheduled for completion in April 2014. WNC provided $7 million in low-income housing tax credit (LIHTC) equity to help fund Ramona’s construction.
SALEM, ORE. – The 48-unit Mountain View Apartments in Salem has received a $2.1-million refinance loan. The loan features a 10-year fixed-rate term and a 30-year amortization. The loan was originated by Dan Ross of Alliant Capital LLC.
NEW YORK CITY — Ludlow Associates has sold a four-building, 52-unit apartment complex, located at 144-150 Ludlow St. in New York City to Marolda Properties for $11.8 million. The 40,000-square-foot multifamily property includes five studios, 40 one-bedroom units and seven two-bedroom units. Brian Ezratty, Nancy Tran, Scott Ellard and Aliza Avital of Eastern Consolidated represented the seller in the transaction. Ezratty and Avital also procured the buyer.
CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA) has secured the sale of The Reserve at Saratoga, a 274-unit apartment complex located at 5701 Saratoga Blvd. in Corpus Christi. The community's amenities include an indoor basketball and sport court, outdoor recreational areas, a business center with coffee bar, fitness center, swimming pool, courtyards, gate access, attached and detached garages and covered parking. Will Balthrope, Drew Kile and Scott Lamontagne of IPA advised the seller, a private company based in Baton Rouge, La. The buyer is a joint venture between a California-based equity provider and a Memphis, Tenn.-based operational partner. IPA is the multifamily brokerage division of Marcus & Millichap Real Estate Services.
PLANO, TEXAS — HFF has arranged an $11.85 million financing for the 194-unit Wellington at Willow Bend, a garden-style multifamily community located in Plano. The apartment complex is located at 3200 Parkwood Blvd. and is 96.4 percent occupied. The complex features a clubhouse, fitness center, swimming pools and a playground. Matthew Schoenfeldt, Adam Herrin and Jason Bond of HFF arranged the 10-year, 3.9 percent fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, an affiliate of Banner Apartments LLC. Proceeds from the loan were used to acquire the property.
EULESS, TEXAS — Beech Street Capital has closed a $9 million Fannie Mae conventional loan for the purchase of a 384-unit apartment complex in Euless. Larry Sneathern of Beech Street's Dallas office originated the loan. The fixed-rate loan has a 10-year term with a 30-year amortization schedule.
SALEM, ORE. – The 48-unit Mountain View Apartments in Salem has received a $2.1-million refinance loan. The loan features a 10-year fixed-rate term and a 30-year amortization. The loan was originated by Dan Ross of Alliant Capital LLC.
GILBERT, ARIZ. – The 147-unit Legacy Village at Gilbert Towne Center has sold to a San Diego-based private investor for $15.6 million. The community is located at 351 East Civic Center Drive in Gilbert. The buyer was represented by Dixie Hall of CB Richard Ellis’ San Diego office. The seller, Legacy Partners Residential, was represented by Steve Gebing and Cliff David of Marcus & Millichap’s Phoenix office.
ORLANDO — CBRE has arranged a $28 million acquisition loan for Broadwater Apartments, a 408-unit multifamily property located at 6677 Tanglewood Bay Drive in Orlando. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loan through Freddie Mac on behalf of the borrower, Advenir@Broadwater LLC. Apartment units at the property average 817 square feet, and the community consists of 22 two-story buildings. Community amenities include two pools with spa, a fitness center, clubhouse and an indoor racquetball court.