WALLINGTON, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the sale of Jefferson Gardens, a 16-unit apartment community located in Wallington. The property comprises a two-story garden community located on Chestnut Street. Robert Squires of Kislak represented the seller and Scott Davidovic represented the buyer. Both parties were undisclosed. The seller provided part of the financing for the deal.
EAST ST. LOUIS, ILL. — St. Paul Baptist Church and St. Andrew’s Resources for Seniors have partnered to develop Rush Senior Gardens, a senior-living community located at 1530 Bond Ave. in East St. Louis. The three-story facility offers 54 one-bedroom apartment units with fully equipped kitchens, living rooms and bathrooms, Additionally, the property offers commons areas and on-site management. The property is funded by a $5.96 million grant from the U.S. Department of Housing and Urban Development. R.G. Ross Construction Co. served as general contractor for the project, which was designed by Grice Group Architects.
ROMEOVILLE, ILL. — Tulsa, Okla.-based Senior Star Living has developed Senior Star at Weber Place, a 346-unit senior-living facility located at 600 and 605 S. Edward Drive in Romeoville. The property includes a two-story, 47,000-square-foot Memory Care building, which offers 77 memory-care apartments, and a 360,000-square-foot residential building offering 269 independent-living and assisted-living apartments. The community also offers interior and exterior gathering areas, three life-long learning centers, a library, a wellness area, an Internet café, a hair salon, two dining areas, an indoor pool and 110 underground parking spaces. McShane Construction Co. served as general contractor for the project, which was designed by Eppstein Uhen Architects.
PORTLAND, MAINE — The Boston office of Love Funding has arranged a $5.28 million acquisition loan for Fallbrook Woods, a 56-unit assisted living facility located in Portland. Originated by Leonard Lucas of Love Funding, the loan carries an 85 percent loan-to-value ratio, a 35-year term and a 4.67 percent interest rate. The loan includes funds to cover needed improvements to the property. Itwas secured through the HUD 232/223(f) program. The lender was undisclosed.
KANSAS CITY, MO. — Madison, Wis.-based The Alexander Company has acquired the historic U.S. Federal Courthouse in downtown Kansas City. The company plans to redevelop the property into 176 workforce-housing apartments. The $35 million project will include 109 one-bedroom units and 67 two-bedroom units. Additionally, the property will offer 10,000 square feet of retail space. Construction began in January and completion is slated for the second quarter of 2011.
HOUSTON — Marcus & Millichap has brokered the sale of Villa Nueva Apartments, a 98-unit multifamily community located in Houston. The property is situated on 2.4 acres at 827 Oak St. It was constructed in 1969. Brian Janak of Marcus & Millichap's Houston office represented the seller, a limited liability company. The buyer was not disclosed. The acquisition price was also not released, but the property listed for $1.57 million.
ARLINGTON, TEXAS — The Longview, Texas, office of Deason Financial Group has arranged $3.8 million in acquisition financing for a 176-unit apartment community located in Arlington. The property was built in 1974 and recently renovated. Occupancy was 92 percent at the time of closing. Dana Deason of Deason Financial secured the loan on behalf of a Boston-based investor group. The loan carries a 10-year term, a 30-year amortization schedule, a low-6 percent interest rate and an 80 percent loan-to-value ratio. The lender was Greystone Servicing Corp., which utilized the Fannie Mae DUS program.
CHICAGO — Chicago-based Fifield Realty Partner has formed Fifield Residential Partners IV (FRP IV), a new apartment acquisition fund. The fund will focus on purchasing core-plus and value-add properties as well as short-sale transactions and loan-to-own acquisitions. FRP IV, along with several institutional partners, will invest up to $200 million cash to acquire up to $600 million in apartments across the country in 2010. The fund is actively looking for properties in Phoenix; Houston; Dallas; Austin, Texas; Chicago; Los Angeles and Orange County, Calif.
LAKEWOOD, OHIO — Kandu Capital, along with Bloomfield Senior Living, as purchased Northwesterly Assisted Living Community in Lakewood. Built in 1988, the property consists of 55,000 square feet and offers 91 assisted-living residential units. Kandu acquired the property, which was formerly owned by Sunwest Management, out of bankruptcy. Additional details were not disclosed.
LINCOLNSHIRE, ILL. — Cambridge Realty Capital Cos. has provided a $12.5 million FHA-insured first mortgage loan for the refinancing of The Ponds, a 116-bed assisted-living facility in Lincolnshire. Rick Lynn of RML Financial originated the loan for the borrower, an Illinois limited liability company. The fully amortized, 33-year term loan was underwritten by Cambridge Realty Capital of Illinois using HUDs, Section 232 pursuant to Section 223(f) funding program.
