FRAMINGHAM, MASS. — Ventas has borrowed a $40.5 million loan for a 220-unit senior housing facility in Framingham. Fannie Mae financed the loan, which was secured by KeyBank Real Estate Capital.
KATY, TEXAS — The grand opening has been held for Solana at Cinco Ranch, a $37 million senior housing community located at 24001 Cinco Ranch Center Blvd. in Katy. The luxury rental community contains 126 independent living units and 32 assisted living units, with monthly rents starting at $2,795. Community amenities include a heated saltwater pool, a restaurant, a wine bar, a library, a theater, a game room, outdoor courtyards and a wellness center. The project was more than 30 percent leased at the time of the opening. Solana at Cinco Ranch was developed by Alpharetta, Ga.-based Formation Development Group and will be managed by Atlanta-based The Arbor Company. The project architect was Dallas-based Three Architects and the interior designer was StudioSix5.
NEWPORT NEWS, VA. — Newport Housing has sold the 300-unit Townes at Jones Run townhouse development to Breeden Investment Properties for $23 million. The property consists of 38 one- and two-story buildings on 24 acres of land in Newport News. Amenities include a 4,000-square-foot clubhouse and a pool. Michael Early of Marcus & Millichap's Williamsburg, Va., office and Steve Witten and Victor Nolletti of the firm's New Haven, Conn., office brokered the sale.
BELLEVILLE, N.J. — Belleville Apartment Associates has purchased 43 units in a Belleville apartment property from an undisclosed buyer for $3.3 million. The development is located at 574-582 Washington Ave. The family-owned building is currently 98 percent occupied. Joseph Brecher, David Oropeza and Nicholas Nicolaou of Gebroe-Hammer Associates brokered the sale.
POMPANO BEACH, FLA. — The Chetrit Group and Read Property Group have borrowed $28.2 million to acquire 138 units in the 186-unit Plaza at Oceanside resort. The loan also covers the purchase of 22,400 square feet of retail space. The Pompano Beach property includes a zero-edge pool, a fitness center and a wine-tasting lounge. Ladder Capital financed the 2-year loan. Ronnie Levine of Meridian Capital's New York office secured the loan.
ANTIOCH, TENN. — Jacksonville, Fla.-based Summit Contracting Group will construct the 312-unit VantagePointe Homes at Franklin Heights. The Antioch property, which is being built for Montgomery, Ala.-based VantagePointe Homes, encompasses 13 buildings. Lacy and Associates provided assistance with architectural and construction documentation.
COLUMBUS, OHIO — J Rosenbusch and Matt Gocksetter of Marcus & Millichap represented Winthrop Realty Trust in the disposition of Cross Key Row, a 144-unit REO multifamily property located in Columbus. A local investor acquired the property for $725,000 in an all-cash transaction. Built in 1971, the property offers one- and two-bedroom garden units and was 30 percent occupied at the time of closing.
NEW YORK CITY — Eastern Consolidated has completed the sale of a 10-story apartment building located in New York City for $28.25 million. The building is situated at 201-207 E. 35th St. It contains 85 residences in a mix of 41 free-market units, 39 rent-stabilized units and five-rent controlled units. The ground-floor of the building contains five retail stores ranging in size from 550 to 1,000 square feet. Eastern Consolidated's Brian Ezratty and Scott Ellard represented the seller, 201 LLC. George Moss, also of Eastern Consolidated, procured the buyer, 35 East Assoc LLC.
RIVERHEAD, N.Y. — The Annapolis, Md., office of Tremont Realty Capital has arranged a $14.5 million loan for the refinancing of MacLeod's MHC, a 376-unit manufactured housing community located in Riverhead. The loan carries a 10-year term with a 65 percent loan-to-value ratio and a 5.95 percent interest rate. The borrower and lender were not disclosed.
HOUSTON — A joint venture that includes Behringer Harvard has acquired The Eclipse, a luxury multifamily community located in Houston's Energy Corridor. The property contains 330 units and is located at 1725 Crescent Plaza. Community amenities include a club room, a swimming pool, a business center, a fitness center, a theater and a game room. The joint venture that purchased the property consists of one of Behringer Harvard's investment vehicles, Behringer Harvard Multifamily REIT I, and PGGM Private Real Estate Fund, which is an investment fund for large Dutch pension funds. As part of the transaction, the joint venture paid off the asset's construction loan and took full control over its ownership.