SAN ANTONIO — BPG Properties, Ltd. has sold Madison at Pipers Creek, a 292-unit multifamily community in San Antonio. It is a mixture of one-, two- and three-bedroom garden-style apartments offering nine different floor plans. BPG acquired Madison at Pipers Creek in 2003 as part of a $240 million portfolio acquisition of 17 multifamily communities across Texas, Colorado and Arizona from DEC Investment Group.
LONG BEACH, CALIF. — New Hope Home, a 140-unit senior housing development in Long Beach, has undergone a significant renovation thanks to Boston Capital. The real estate investment and advisory firm executed the rehab with tax credit equity from the Low Income Housing Tax Credit program. The eight-story New Hope Home features 84 studios and 56 one-bedroom units that are available to seniors ages 62 and older who earn less than 60 percent of the area's median income.
KENOSHA, WIS. — Marcus & Millichap has completed the sale of Golden Living Centers of Kenosha, a 97-unit senior housing property located in Kenosha for $3.95 million. The property traded for approximately $500,000 above the asking price despite the expiring lease of the tenant, a national nursing home company. Mark Myers of Marcus & Millichap's Chicago office and Ray Giannini of the firm's Milwaukee office, both of whom are also members of the firm's National Seniors Housing Group, arranged the deal. Matt Fitzgerald of Marcus & Millichap's Milwaukee office provided additional representation.
ARLINGTON, VA. — Beech Street Capital has provided a $6.4 million Fannie Mae conventional loan to refinance the 20-unit Abdington Court Apartments in Arlington. Meridian Capital Group originated the transaction. The 5-year loan has a 25-year amortization schedule.
KANSAS CITY, MO. — NorthMarq Capital has arranged $16.5 milllion in Freddie Mac financing for a Kansas City apartment community. Wild Oak Apartments contains 348 units and is located at 7987 NE Flintlock Road in Kansas City. The loan carries a 10-year term and a 30-year amortization schedule. David Farrell of NorthMarq's Kansas City office secured the funds on behalf of the undisclosed borrower.
ELIZABETHPORT, N.J. — Waters Edge Crescent, located on Magnolia Avenue, has officially opened. Community Investment Strategies was the developer and property manager and R. Stone & Co. was the contractor for the deal. Originally intended to be a 48-unit for-sale townhome community, Waters Edge Crescent was transitioned to a 71-unit tax credit rental community in the aftermath of the residential housing foreclosure crisis in 2008. The total development cost of Waters Edge Crescent was $21,474,489.
PHILADELPHIA — NAI Bluestone Real Estate Capital successfully secured $5.5 million in permanent financing for the 30 remaining units at Old City Lofts, a 90-unit luxury loft-style residential development project. Firstrust Bank provided the financing for the transaction and was secured on behalf of 806 Capital LLC, a real estate investment and development company. The 5-year loan is priced in the mid 5-percent range.
HOUSTON — URDANG, the real estate investment manager and part of BNY Mellon Asset Management, and its joint venture partner Falcon Southwest have acquired Villas at Hermann Park, a 320-unit Class A apartment community located in the Texas Medical Center submarket of Houston. The joint venture purchased the multifamily property from Austin-based Cypress Real Estate Advisors, and URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P. (Fund II), a closed-end private real estate fund managed by Urdang Capital Management, Inc. Improvements to the property will include the installation of stainless steel appliances, painting and updating the common areas and leasing office with better lighting, furniture and artwork.
SAN ANTONIO — David Farrell of Northmarq Capital's Kansas City, Mo., office has arranged first mortgage financing of $11.4 million for Whispering Oaks Apartments, a 346-unit multifamily property located at 2370 N.W. Military Hwy. in San Antonio. Financing was based on a 7-year term and a 30-year amortization schedule and was arranged through Northmarq's seller-servicer relationship with Freddie Mac through its Capital Markets Execution program.
WELLINGTON, FLA. — Associated Estates Realty Corp. has acquired the 222-unit Gables Wellington, a 14-building, three-story garden community located in Wellington, from Gables Residential and JP Morgan. Robert Given and Zach Sackley of CB Richard Ellis' Miami office represented the seller.