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.
UNION TOWNSHIP, OHIO — Capital Investment Group Inc. has broken ground on the $13 million Lofts at Ivy Pointe, a 133-unit multifamily community in Union Township, located about 20 miles east of Cincinnati. The four-story building will include one- and two-bedroom apartments. Amenities include a pool, clubroom and fitness center. Thompson Thrift Construction is serving as the project’s general contractor.
CHICAGO — The Blackhawk Investment Group LLC has acquired 2147 and 2151 W. Evergreen Ave. in Chicago for $5.7 million. Blackhawk purchased the properties from Chicago-based MCZ Development. The properties include 16 units with granite countertops, stainless steel appliances, Kohler fixtures and garage parking for all units. Blackhawk financed the acquisition with a long-term, fixed-rate Fannie Mae loan originated by Walker & Dunlop. The property was fully leased at the time of sale.
SYRACUSE, N.Y. — NorthMarq Capital has arranged the $5.7 million mortgage refinancing of One Franklin Square Apartments, a 141-unit, market-rate multifamily property located at 460 North Franklin Street in Syracuse. Financing was based on a 10-year term with two years of interest-only payments, then a 30-year amortization schedule. The borrower was 460 North Franklin Street Associates LLC. Robert Ranieri, senior vice president and managing director of NorthMarq, arranged the loan through the company’s seller-servicer relationship with Freddie Mac.
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.
LONG ISLAND, N.Y. — Harrison Street Real Estate Capital has purchased seven Class A seniors housing properties, located in Nassau and Suffolk counties, for $380 million. The seven assets total 1,047 beds, 80 percent of which are designated for assisted living and the rest for patients with memory care needs. Across the portfolio, residents pay an average of $4,200 per month to rent assisted living units and $5,500 for memory care units. The firm also formed a joint venture with the Engel Burman Group, which developed the assets. Engel Burman made an equity investment in the joint venture and will continue to manage the properties.
SAN ANTONIO — South Bay Partners and joint venture partner Integrated Real Estate Group, both based in Dallas, will break ground on two seniors housing projects in San Antonio worth $60 million. The projects include Watercrest at Alamo Ranch, a 192-apartment, 26-villa independent living community, and Isle at Watercrest at Alamo Ranch, a 105-unit, 122-bed assisted living facility. The joint venture plans to break ground on the projects in the spring. The joint venture's investment partner for the projects is Chicago-based Walton Street Capital.
EASTON, PA. — Tryko Partners LLC has acquired New Eastwood Care & Rehabilitation Center, a skilled nursing facility, for $6.3 million. Located at 2125 Fairview Ave. in Easton, about 15 miles east of Allentown, the two-story nursing home includes 97 beds. Tryko Partners plans to renovate and upgrade New Eastwood’s therapy gym, rehabilitation rooms and common areas. The firm will also complete cosmetic upgrades in patient rooms. Chicago-based The Private Bank provided financing to Tryko Partners for the New Eastwood acquisition. The New Eastwood purchase marks Tryko Partners’ continued expansion and investment emphasis in the skilled nursing sector. The company currently owns or manages more than 1,500 skilled nursing beds.
DENVER, PHOENIX — BRE Properties has sold its joint venture interests in six multifamily properties throughout Denver and Phoenix for $47.5 million. The interests were sold to the firm’s joint venture partner. The six communities included in the sale are the Bluffs at Highland Ranch; the Fairways at Raccoon Creek; Pinnacle at DTC; Pinnacle at Mountain Gate in Denver, as well as Pinnacle at Union Hills and Pinnacle Terrace in Phoenix. The sale of these communities resulted in a net gain of about $15 million. BRE is currently focused on high-quality apartment communities in targeted growth markets like California and Seattle.
NASHVILLE, TENN. — Florida-based real estate firm Stiles and developer Ray Hensler have partnered to develop an $80 million apartment building in Nashville's Gulch District. The Gulch is a 22-block redevelopment district located on the edge of downtown, which has experienced a spike in urban development and an influx of trendy restaurants and retail. Construction of the 312-unit luxury high-rise is set to begin immediately. The project, located at 12th Avenue and Laurel Street, is designed to achieve LEED Silver certification. The 327,000-square-foot project is expected to be complete by summer 2014 and amenities will include a heated saline pool, fitness center and resident lounge. The property will also feature a 7,000-square-foot restaurant on the ground floor.