Multifamily

CHICAGO — This spring, McShane Construction will break ground on Casa Maravilla, a 70,000-square-foot affordable senior housing community located at 2021 S. Morgan St. in the Pilsen neighborhood of Chicago. The project, which will be completed in 2010, is being constructed on behalf of the not-for-profit developer, The Resurrection Project. The five-story multifamily building will house 73 studios, one- and two-bedroom units. Amenities at the property will include dining space, a community room, a therapy room, a library and a recreation room. The environmentally friendly building will include a green roof, a geothermal HVAC system, an eco-friendly elevator structure, ENERGY STAR appliances and permeable pavement. Weese Langley Weese is providing architectural services for the project. On behalf of The Resurrection Project, McShane Construction is also currently building Casa Morelos. The senior multifamily community, which is located at 2015 S. Morgan Street in Chicago, is slated for completion this summer.

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PENSACOLA, FLA. — Carlisle Development Group and the Area Housing Commission have completed two affordable housing developments in Pensacola worth a total of $27 million. The 74-unit Morris Court II, located at 1200 N. M St., is 100 percent occupied by low-income families. Morris Court III, a 50-unit building located at 1301 N. M St., is reserved for senior housing. Amenities in the development include a community clubhouse, a computer lab, a library and a playground.

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ST. CLOUD, MINN. — Michael Padilla in the Minneapolis office of NorthMarq Capital has arranged $850,000 in supplemental mortgage financing for a 176-unit multifamily community located in St. Cloud. The loan for Park Place Estates was based on a 7-year term with a 30-year amortization schedule. Financing was arranged for the undisclosed borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. The borrower also assumed the existing mortgage of approximately $7.27 million.

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SAN ANTONIO — The Houston office of NorthMarq Capital has arranged $25.26 million in first-mortgage financing for The Aragon Holdings portfolio. The portfolio consists of four San Antonio multifamily properties: the 296-unit Timbermill Apartments, the 276-unit Windridge Apartments, the 175-unit Las Brisas Apartments and the 72-unit Lexington Apartments. Tony Gray of NorthMarq originated the loan, which includes a 10-year term and a 30-year amortization schedule. The borrower was Aragon Holdings LLC, which is a subsidiary of Beverly Hills, Calif.-based LandBanc Capital. The lender was AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.

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ARLINGTON, TEXAS — Arizona-based MC Companies has acquired the management portfolio of Arlington-based Encore Management Co. as part of an effort to increase the company’s Texas presence. The portfolio comprises more than 7,000 units of multifamily housing located across the state of Texas that are currently managed by Encore. As part of the transaction, the portfolio will be brought under the new division MC Residential of Texas; Encore’s, Jackie Jackson, will remain as president of the new division. The rest of Encore’s management and staff will also remain in place.

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HENDERSON, NEV. — The Bellevue Apartments LLC has acquired Wood Creek Villas, a 75-unit multifamily property located at 6551 Annie Oakley Dr. in the Green Valley area of Henderson. The sellers, Donia Family LP and Donia Investments LP, sold the property for $7.5 million. Patrick Sauter and Bonnie Densmore of The Sauter Companies brokered the transaction.

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PUNTA GORDA, FLA. — Punta Gorda Acquisitions Associates, a subsidiary of Pasadena, Calif.-based Evergreen Realty Group, has landed a $2.8 million loan for the purchase of the 56-unit Punta Gorda Elderly Care Center. The 15-year-old property, which spans 22,271 square feet, is located at 2295 Shreve St. in Punta Gorda. Kristopher Wood and Charlie Peterson of Philadelphia-based NAI Bluestone Real Estate Capital secured the 3-year, fixed-rate loan. Financing for the loan, which comes with a 7.75 percent rate and a 25-year amortization, was provided by the National Bank of Southwest Florida.

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RYE BROOK, N.Y. — Cleveland-based Forest City Enterprises has disposed of Sterling Glen of Rye Brook, a supported-living senior housing facility located in Rye Brook. The 168-unit community traded at a price of $70 million. It was acquired by Atria Senior Living Group as part of a larger transaction, agreed upon in 2007, in which Atria has agreed to acquire a majority of Forest City’s supported living portfolio.

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FORT WORTH AND DENTON, TEXAS — Irving, Texas-based The LaSalle Group is developing two new locations for its Autumn Leaves senior care brand in Texas. The new facilities will be located at 7100 Dutch Branch Rd. in Fort Worth and on Brinker Road in Denton. They will total approximately 26,000 square feet each and will feature 36 to 38 units, as well as 10,000 square feet of outside space. Amenities will include gardening areas and greenhouses, games rooms, and living rooms. Autumn Leaves specializes in memory care and assisted living services for seniors suffering from Alzheimer’s disease and dementia. The LaSalle Group is developing both projects; a partnership between LaSalle and Silverado Interest is the owner. The project architect for both facilities is Curtis Group Architects and the general contractor is Lake Superior Contracting, which is a wholly owned subsidiary of The LaSalle Group. The Fort Worth facility is under construction and is slated for a June completion. The Denton facility will break ground in March, with completion slated for November.

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