ST. LOUIS — Marcus & Millichap has arranged the $9.2 million sale of Surrey Court at D'Adrian Meadows, a 248-unit apartment community in St. Louis. The property is located at 1233 Surrey Court and consists of 62 four-plex buildings. The average unit size is 865 square feet with an average rent of $532 per month. David Gaines and Alex Blagojevich of Marcus & Millichap represented the seller, a partnership, in the transaction. They also represented the buyer, a private investor.
INDIANAPOLIS — Johnson Capital has arranged a $22.1 million refinancing loan for Overlook at Valley Ridge, a 324-unit apartment complex in Indianapolis. The owners are a family business with several properties in the area. Scott Graber of Johnson Capital arranged the 35-year FHA loan through Huntoon Hastings, a subsidiary of Johnson Capital. The new debt was used to refinance an existing FHA loan.
BRIDGEPORT, CONN. — Houlihan-Parnes Realtors has arranged a $3.7 million loan for the acquisition of eight garden-style apartment buildings in Bridgeport. The borrower acquired the assets from U.S. Bank for $5 million. The properties total 160 units and include laundry facilities and on-site parking. Jerry Houlihan of Houlihan-Parnes arranged the three-year loan, which amortizes over 30 years, through a New Jersey-based bank.
SAN ANTONIO — Crossbeam Concierge, a Bethesda, Md.-based real estate investment and development firm, has delivered the 270-unit Villas at Mira Loma, a Class A multifamily community located in San Antonio's Live Oak submarket at 15400 Lookout Road. The development is Crossbeam Concierge's first ground-up development project since 2007. Crossbeam Concierge purchased the development site from Bryan-based Godfrey Residential Group, which developed the community. The community features a resort-like Water Plaza with a pool and sundeck, a fitness center and clubhouse. Dallas-based BGO Architects designed the community and Comerica Bank provided construction financing.
ANAHEIM, CALIF. — TSG-Platinum, L.P. has received a $9.9-million loan to acquire and re-entitle 4.3 acres of infill land in Anaheim’s Platinum Triangle. The site contains two separate but contiguous parcels that were entitled in 2008. The non-recourse loan features a two-year term, a fixed interest rate and one year-long extension option. The loan represents 88 percent of the site’s purchase price. The funds were provided by Lucent Capital.TSG is an affiliate of the Shopoff Group.
EDISON, N.J. — National Health Investors has sold its 148-bed, Edison senior living campus to its current tenant, Sunrise Senior Living, for $23 million. The Edison property is located in close proximity to the Garden State Parkway and the New Jersey Turnpike.
ACWORTH, GA. — CNL Healthcare Trust, a real estate investment offering focused on seniors housing and healthcare real estate, will invest $21.5 million in the development of Dogwood Forest of Acworth, a seniors housing community planned in Acworth. Solomon Senior Living Holdings LLC will serve as the project’s developer, and Trinity Lifestyles Management, Solomon’s affiliated management company, will manage the community under a long-term agreement with CNL Healthcare Trust. Dogwood Forest of Acworth will be a three-story building totaling nearly 85,000 square feet with 46 assisted living units and 46 memory care units. This is the second seniors housing development project for CNL Healthcare Trust.
KATY — Houston-based PinPoint Commercial has commenced construction on a two-story, 104-bed assisted living and memory care facility known as The Legacy at Falcon Point. The facility will be located at the intersection of Roesner and Katy Gap roads in Katy. Construction is slated for a late 2013 completion. The facility will feature a restaurant, movie theater, store, spa, gym and sports bar. PinPoint is collaborating with Thrive Senior Living on the development.
GREENVILLE, N.C. — Charlotte, N.C.-based SYNCO Properties Inc., on behalf of Greensboro, N.C.-based Richardson Properties, has acquired the 280-unit Pointe at Wimbledon Apartments in Greenville for approximately $22.5 million. The buyer assumed two existing first mortgages, on the project’s Phase I and II, that were originated with GE Capital Corp. and Housing & Healthcare Finance LLC (HUD). The multifamily community is located at 1530 Wimbledon Dr. and was developed in two phases in 2001 and 2004. The Pointe at Wimbledon features one-, two- and threebedroom luxury apartments ranging in size from 700 to 1,420 square feet. Amenities include two clubhouses, two pools, a fitness center, billiards room, business center, volleyball court, lighted tennis court, basketball court and pet park. It is the initial entry into the Greenville market for SYNCO Properties and Richardson Properties.
ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $47.2 million loan for the refinancing of River Crossing, a 313-unit apartment complex in St. Paul. Gateway Apartments Limited Partnership is the buyer. Dougherty Mortgage arranged the 35-year loan through the HUD 223(f) refinance program. The complex was built in 2005, and is part of the “Gateway Village” development on the west side of St. Paul.
