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.
BOSTON — Fortium Realty has acquired a 24-unit apartment property at 15 Leicester St. in Boston for $5.1 million. All of the units were occupied at the time of sale. Carl Christie and Dan McGee of NAI Hunneman represented the seller, The Man Trust, in the transaction. They also procured the buyer.
FREEHOLD TOWNSHIP, N.J. — The Solomon Organization has completed its purchase of the 172-unit Chesterfield Gardens in Freehold Township for $16.5 million. The two-story, garden-style apartment complex is located at 210 Harding Road and the property includes laundry facilities and parking. The complex is also situated near Jersey Shore beaches. Joseph Brecher and Steven Follman of Gebroe-Hammer Associates represented both parties in the transaction.
BASTROP — Beech Street Capital has secured a $7.8 million FHA 223(a)7 loan to refinance The Lodge at Lost Pines, a 160-unit multifamily property located in Bastrop. Shamir Seidman of Beech Street originated the 30-year loan for Meridian Capital Group on behalf of the borrower, Brooklyn Bridge Inc. Duncan Mendelsohn of Beech Street was the FHA underwriter for the transaction.
CORONA, CALIF. – The 312-unit Parcwood Apartment Homes in Corona has sold to Western National Group for $42.2 million. The community is located at 1700 Via Pacifica. The seller, Essex Property Trust, was represented by Joe Leon and Javier Rivera of Jones Lang LaSalle’s Capital Markets.
ASHEVILLE, N.C. — Bell Partners Inc. has sold the 252-unit Westmount Commons apartment complex in Asheville to Trade Street Residential Inc. for an undisclosed price. Amenities include 24/7 fitness and business centers, a resort-style pool, coffee bar and clubhouse. Bell Partners acquired Westmount Commons in 2006 and added 72 units to the multifamily community in 2009.