BOISE, IDAHO — Love Funding has closed an $11.46 million refinance loan for nine assisted-living facilities located throughout the Boise area. The assets each features 15 beds and are located in six sites around Boise. Chad Ricks of Love Funding’s Dallas office secured the financing for the borrower, The Cottages II LLC, by utilizing the HUD 232/223(f) loan. Terms of the loan include a 6.47 percent fixed-interest rate at a 35-year amortization.
ST. LOUIS — St. Louis-based Paric Corp. has completed a $7.8 million senior housing project located on South Grand Boulevard in the city of St. Louis. The 76,000-square-foot development features 87 senior apartments situated above ground-level retail. Paric Corp. served as general contractor for the project, which was completed on behalf of Minneapolis-based Dominium Development and Acquisition. Amenitites at the three-story building include a computer center, a multi-purpose room, a dining hall, an exercise room, recreational activities and a courtyard.
FORT LAUDERDALE, FLA. — Miami-based Carlisle Development Group and Fort Lauderdale’s housing authority have completed the first two phases of the 250-unit Dixie Court Apartments, a $41 million affordable housing community. The developers have also broken ground on the final phase. The first phases, located at 950 N.W. 4th St. in Fort Lauderdale, encompass 154 apartments; the third phase, which is located at 325 W. Dixie Court, will add the rest of the units late this year. Each unit includes environmentally friendly appliances and fixtures, and the property features a computer lab with wireless internet, a library and a financial counseling and job training center. The development targets low-income and senior residents.
KANSAS, CITY, MO. — Kansas City-based Price Development Group has opened Riverstone, a 324-unit multifamily community located at 8940 N. Shannon Ave. in Kansas City. The property includes 21 two- and three-story buildings, which feature one-, two-, and three-bedroom units. Property amenities include an on-staff concierge, a zero entry resort style pool, a sports court, a fitness center, and a 6,000-square-foot private club room with a plasma screen TV, a wet bar, a business center, a shuffle board table and a pool table. Bridge Construction Management provided construction services; Equity investors include CDK Pension Fund Advisors, Hammer Properties, and Enenbach & Associates. Wells Fargo Banking provided construction financing. The estimated cost of completing the project was not disclosed.
INDIANAPOLIS AND SHELBYVILLE, IND. — The Indianapolis/Cincinnati multi-housing group of CB Richard Ellis has brokered the sale of two apartment communities in Indianapolis and Shelbyville. The 92-unit Hampton Court community is located at 1325 West 75th Court in Indianapolis, and the 146-unit Loper Commons is located at 919 Lewis Creek Lane in Shelbyville. Both properties were acquired by Gene B. Glick Co.’s housing charity. Hampton Court was sold by Indianapolis-based owner and developer, Buckingham Cos. In a separate transaction, Loper Commons was sold by Indianapolis-based owner and developer, Paragus. The acquisition price for both properties was not disclosed.
NEW YORK CITY — The New York City and Hartford, Conn., offices of Holliday Fenoglio Fowler (HFF) have secured a $94 million loan for the refinancing of Riverbank West, a 44-story multifamily building located at 560 W. 43rd St. in the Midtown West neighborhood of Manhattan, New York City. The building contains 418 residential units, 25,738 square feet of retail space and an 84-space underground parking garage. Community amenities include a 24-hour doorman and concierge, a business center, and laundry facilities with a valet dry cleaning service. The property was 97 percent occupied at the time of closing. HFF’s Mike Tepedino, Dana Brome, Joe Morningstar and Andrew Scandalios originated the loan on behalf of the borrower, an undisclosed company advised by Cornerstone Real Estate Advisors. The loan carries a 4-year term, with a fixed interest rate and a 5-year extension option. Cornerstone is a subsidiary of Massachusetts Mutual Life Insurance Co.
BROCKTON, MASS. — Marcus & Millichap has completed the sale of Colonel Bell Apartments, a 27-unit apartment community located on Colonel Bell Drive in Brockton, for $2.15 million. Situated on 1.09 acres, the property contains three buildings with 11 one-bedroom units, 14 two-bedroom townhomes and two, two-bedroom units. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office were the sole brokers in the transaction between the buyer, Summit Properties LLC, and the seller, Colonel Bell Apartments LLC. The property traded at a price of $79,815 per unit.
CHICOPEE, MASS. — NorthMarq Capital has arranged $6.5 million in first-mortgage financing for Montcalm Heights Apartments, a 192-unit multifamily property located in Chicopee. The loan carries a 10-year term plus 1 year fixed to float with 5 years of interest-only payments and a 30-year amortization schedule. Robert Rainieri of NorthMarq’s Greater Westchester, New York/Connecticut office arranged the financing on behalf of the borrower, Montcalm Associates LP, through Freddie Mac.
IRVING, TEXAS — KeyBank Real Estate Capital, a division of Cleveland-based KeyCorp, has arranged $25 million in permanent financing for Canal Side Lofts, a 306-unit urban loft property located in Irving. The loan, which was secured by KeyBank through Freddie Mac, refinances an existing construction loan KeyBank originated when the property was constructed in 2006. The borrower is Canal Side Lofts, Ltd. Terms of the loan were not disclosed.
SAN MARCOS, CALIF. — Rancho Cucamonga, Calif.-based National Community Renaissance of California has acquired Buena Vista, an 89-unit multifamily community located at 405 Autumn Dr. in San Marcos. Los Angeles-based Autumn Meadows Associates LP sold the property for $8.99 million. The buyer plans to demolish the existing structures and redevelop the site into a 110-unit, mixed-use affordable housing project. Financing for the acquisition was provided by the city of San Diego. Allen Chitayat of Hendricks & Partners’ San Diego office represented both parties in the transaction.