PORTLAND, ORE. – The 290-unit RiverPlace Square Apartments in Portland has received $54 million in financing. The joint venture between Cardinal Group Investments LLC and Fundamental Advisors LP obtained a $44.5-million loan that was placed with a national bank, as well as a $9.5-million mezzanine loan with a mortgage REIT. The loan proceeds were used to acquire the property. The community is located at 2083 SW River Drive. The JV plans to renovate and rebrand the property as Mint Urban. Financing was arranged by HFF’s Pat Burger, Tim Wright and Tom Wilson.
COPLEY TOWNSHIP, OHIO — Concordia of Ohio has acquired the 280,185-square-foot Summer on Ridgewood, a continuing care retirement community in Copley Township, for $23 million. The property is 78 percent occupied and all resident contracts will be assumed by the new owner. The property features 22 independent living units, 79 garden apartments, 40 assisted living units and 48 skilled nursing beds. CLW Senior Housing represented the court-appointed receiver, Jeffrey T. Heintz of Brouse McDowell, in the transaction.
SAN ANTONIO — Austin-based TRISUN Healthcare and Dallas-based Suntex Development have broken ground on Lakeside Assisted Living, a 56,500-square-foot assisted living and memory care facility that will be located at 8627 Lakeside Parkway in west San Antonio. The new facility will be located adjacent to TRISUN Care Center Lakeside, a skilled nursing and rehabilitation facility. The property will consist of 42 assisted living units and 18 memory care units. The facility is slated to open in the summer of 2013.
CEDAR PARK — Marcus & Millichap has arranged the sale of New Hope Manor, a 114-bed skilled nursing facility located at 1623 W. New Hope Drive in Cedar Park. The list price of the property was $6.5 million. Rod Llanos of Marcus & Millichap's Houston office represented the seller, a developer, and the buyer, a limited liability company, in the transaction. The property was built in the 1990s.
CHICAGO — Skender Construction recently completed three new seniors housing facilities in the Chicago area. The properties include the 72,000-square-foot Oak Hill Supportive Living Community, the 90,000-square-foot The Residences of Lake in the Hills and the 75,000-square-foot Lakefront Residences of Grayslake. Oak Hill is an independent senior living facility located in Round Lake Beach, Ill. The Crown Group developed the 94-unit community, which features a community dining room, theater, billiards room and therapy center. Residences of Lake in the Hills is a two-story seniors housing complex in Lake in the Hills, Ill. DKI developed the 92-unit property, which was designed by architect NORR. Lakefront Residences is a 70-unit affordable housing community developed by Mercy Housing Lakefront in Grayslake, Ill. The community is for adults over 55.
EVERETT, WASH. – An affiliate of the Goldman Sachs Group and East Rock Capital, LLChave received $35 million in acquisition financing for Fulton’s Crossing in Everett. The 504-unit apartment community was built in two separate phases in 1986 and 1991. The five-year loan was secured by Mike Bryant and Jon Wooton of CBRE Capital Markets Dallas Debt & Equity Finance Group under the Freddie Mac Capped ARM program.
CHARLOTTE, N.C. — KBS Legacy Partners REIT, a non-traded REIT, has acquired Charlotte’s Wesley Village Apartments and an adjacent vacant parcel of land for $45.75 million. The adjacent parcel is zoned for an additional 199 multifamily units. Berkeley Point Capital provided $29.5 million in first mortgage financing for the acquisition under the Fannie Mae Delegated Underwriting and Servicing (DUS) program. Amenities at Wesley Village Apartments, which is located at 2715 Wet Stone Way in Charlotte, include a clubhouse, fitness center, business center, yoga studio, gaming center, swimming pool, dog park and detached garages.
CARPENTERSVILLE, ILL. — Greystone has arranged a $4 million Fannie Mae loan for the acquisition of Spring Grove Apartments, a 108-unit community in Carpentersville. MCJ Spring Grove LLC acquired the property, located at 170 Golfview Lake, for $5.1 million. The property is 95 percent occupied. Sujal Parikh and Clint Darby of Greystone arranged the 10-year loan, which features a 4.2 percent interest rate and a 30-year amortization schedule.
MILWAUKEE — Love Funding has arranged a $7 million loan to convert a historic building in downtown Milwaukee into a 50-unit apartment property. Harry Cheatham of Love Funding negotiated the loan through the U.S. Department of Housing and Urban Development's 221(d)(4) loan program. The three-story project, which will be called Junior House Lofts, will be located at the corner of 3rd and Pierce streets in the city's Fifth Ward neighborhood. The building was originally constructed in the early 1990s and served as a clothing factory and warehouse. KBS Construction is the general contractor.
HEMPSTEAD, N. Y. — Metro 303, a new transit-oriented apartment community developed by Mill Creek Residential, has opened in Hempstead. The 166-unit property features one-, two- and three-bedroom layouts within a four-story building. The community was designed to achieve LEED Gold certification and amenities include a resident lounge, game area and outdoor pool. The property is also within walking distance of the County Life Press LIRR station in Garden City and the Hempstead LIRR and bus station in Hempstead.