BALTIMORE, MD. — KeyBank Real Estate Capital has provided a total of $53.7 million in financing for a portfolio of four Northeast senior housing properties. The borrower is Baltimore-based Capital Health Group. In the first part of the transaction, KeyBank provided $24.8 million through Fannie Mae’s DMBS program for Forge Hill Senior Living in Franklin and The Inn at Robbins Brook in Acton. The remainder of the proceeds, which were funded through KeyBank’s balance sheet, went toward the financing of The Inn at Spruce Wood in Durham and Village at Fillmore Pond in Bennington. Terms of the loans were not disclosed.
Multifamily
BETHESDA, MD. — Bethesda-based Green Park Financial has added $102.89 million to an existing credit facility for Milestone Multifamily Investors that was first completed in 2005. The loan addition is derived from cross-defaulted and cross-collateralized mortgages and is secured by multifamily properties in Arizona, Florida and Texas. The eight Class B properties encompass 3,000 units. The current 5-year loans carry the option for a 5-year extension.
INDIANAPOLIS — CB Richard Ellis’ Indianapolis-Cincinnati Multi-Housing Group has arranged the sale of a 168-bed student apartment community located in Indianapolis. The College Crossing at National is situated 1 block from the University of Indianapolis. Chicago-based Hunter Properties has purchased the community from Trinitas Ventures for an undisclosed amount. The property, which features two-, three- and four-bedroom units, includes a recreation center, a resident lounge and a study center with public computers. The acquisition price was not disclosed.
BOSTON — Construction has topped out for The Clarendon, a 33-story residential tower under development in the Back Bay neighborhood of Boston. The project consists of 103 one- to four-bedroom condominiums starting on the 15th floor, as well as 178 rental residences, more than three dozen of which will be designated affordable housing. The Clarendon will also include a signature restaurant and a gourmet market operated by American Food Management. The post office that formerly occupied the property will relocate to the building upon completion in late 2009. The project will be applying for LEED-Silver certification from the U.S. Green Building Council. It is being developed by a joint venture between New York-based Related Cos. and Boston-based The Beal Companies. The project was designed by Robert A.M. Stern Architects.
NEW YORK CITY — Calabasas Hills, Calif.-based PNC ARCS has arranged a $2.1 million loan for Central Park South Apartments, a 21-story, Class A apartment building located in New York City. The property contains 37 owner-occupied units and a ground-floor commercial unit. Terms of the loan include a 5.82 percent fixed interest rate and a 10-year term with interest-only payments. The loan was secured on behalf of the borrower by the Princeton, N.J., office of PNC through Fannie Mae.
KINGWOOD, TEXAS — Los Angeles-based SCI Real Estate Investments has acquired Kings Cove, a 192-unit, Class A apartment community located in Kingwood. The Class A community, which is situated on the northeast corner of Lake Houston, is part of the Kingwood master-planned community. Scott Derrick and Bill Rose of SCI provided in-house representation for their company in the purchase from Houston-based Dinerstein Cos. The acquisition price was not disclosed.
FORT WAYNE, IND. — CB Richard Ellis’ Phoenix, Indianapolis and Chicago Multi-Housing groups have brokered the sale of two apartment communities in Fort Wayne. The properties sold include Stone Pointe Village Apartments, which is located at 530 Ridgemoor Dr., and Versailles on the Lake, which is located at 6501 Reed Rd. The 296-unit Stone Pointe Village Apartments was purchased by Mid-America Management Corp., while the 156-unit Versailles on the Lake was acquired by Chicago-based JRM Associates. CB Richard Ellis represented the seller, AIMCO, in both transactions. The acquisition prices for both properties were not disclosed.
BOSTON — Four projects, totaling more than $75 million in private investment, received approvals from the Boston Redevelopment Authority’s Board of Directors. The individual projects include: Seaport Square’s First Residential Building — Known as Parcel A, this $40 million project is one of 20 parcels that comprise the Seaport Square Project, located on the South Boston Waterfront. The 54,400-square-foot, six-story building will include 34 residential units. It will feature one-, two-, and three-bedroom floor plans and ground-level retail space. The joint venture of MS Boston Seaport and Boston Residential Group is developing Parcel A. Construction is scheduled to begin second quarter 2009, with an estimated completion date in fourth quarter 2010. Fenway Residential Project — This $20 million project will bring 45 residential units to the East Fenway neighborhood of Boston. The 47,000-square-foot building will consist of nine floors. Catamount Westland is developing the property, which will feature loft-style and two-bedroom units. Construction is scheduled to begin third quarter 2009, with an estimated completion date in first quarter 2011. Beacon Hill Project — Originally designated as residential and retail space, developer Talanian Realty recently decided to scratch those plans in favor of a $9.5 million, five-story office building with ground-level …
BEAUMONT, TEXAS — Hendricks & Partners had negotiated the sale of Park Shadows Apartments, a 150-unit, Section 8 multifamily community located at 1075 Pinchback Rd. in Beaumont. The buyer is Plymouth, Minn.-based Beaumont Leased Housing Associates I LP, which is controlled by Dominium Acquisitions. The company plans to complete substantial improvements to the property over the next 12 months. The purchase was part of a three-property portfolio in Houston and Beaumont acquired by Dominium, marking the company’s entrance into the Texas market. The purchase was financed with Section 42 Low-Income Housing Tax Credit equity and tax-exempt bond financing. The seller, Keswick, Va.-based Park Shadows Apartments, Ltd., was represented by Kevin McCarthy and Jeff Eisenhardt of the Houston office of Hendricks & Partners.
FORT COLLINS, COLO. — UPR Investments LLC has acquired a 24-unit multifamily property for approximately $1.1 million. The property is located at 632-636 N. Shields in Fort Collins. Erik Broman and Brian Mannlein of Marcus & Millichap’s Fort Collins office represented the undisclosed seller in the transaction.