Multifamily

GRANDBRIDGE ARRANGES $7.1 MILLION FOR SENIOR HOUSING PROJECT

by admin April 15, 2009

HOUSTON — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged $7.1 million in construction and mezzanine financing for Corinthian Village Senior Living, a 124-unit affordable senior housing project located in Houston. The project will be the latest phase of the Corinthian Pointe master-planned development. Of the project’s 124 units, 40 of those will be reserved for low-income residents. Amenities will include an activity room, a fitness center and a clubhouse. Completion is scheduled for 2010. The financing package was arranged by Grandbridge’s Jim Kirkpatrick on behalf of the borrowers, George E. Johnson Development and Corinthian Pointe Senior Living Corp. The financing includes a $6.4 million construction loan provided by Trustmark National Bank and a $700,000 mezzanine loan provided by The United Methodist Foundation of the Texas Annual Conference. In addition, the city of Houston provided $3.37 million in HOME funds for the project.

April 15, 2009

LOVE FUNDING SECURES $6.23 MILLION LOAN FOR TWO ASSISTED-LIVING FACILITIES

by admin April 15, 2009

LOS ANGELES AND GARDEN GROVE, CALIF. — Boston-based Love Funding has secured a $6.23 million loan for the refinancing of two assisted-living facilities in California. The properties are Summerville at Valley View, an 81-unit facility in Garden Grove; and Summerville at Tarzana, an 87-unit facility in Los Angeles. Leonard Lucas of Love Funding’s Boston office originated the transaction. Lucas represented the owner of the facilities, which are under a long-term lease to an unrelated operator.

April 15, 2009

Seniors Housing Texas

SPERRY VAN NESS COMPLETES SALE OF TWO NURSING HOMES

by admin April 14, 2009

FORT WORTH AND WOOD COUNTY, TEXAS — The Fort Worth office of Sperry Van Ness/Summit Realty has completed the sale of two skilled nursing facilities located in Texas. The first property is an approximately 100-bed facility located in Fort Worth, and the second property is an approximately 80-bed facility located near Tyler in Wood County. Both properties have received extensive upgrades in the past few years. Robyn Jackson of Sperry Van Ness represented both undisclosed parties in the transaction. The seller is based out of Denton, Texas, and the buyer is headquartered out-of-state. The acquisition price was not released.

April 14, 2009

Midwest Multifamily

ESSEX REALTY GROUP ARRANGES $3.75 MILLION MULTIFAMILY SALE

by admin April 14, 2009

CHICAGO — Doug Imber and Doug Fisher of Essex Realty Group have negotiated the sale of a 58-unit multifamily residential property located at 1373 Greenleaf Rd. in the Rogers Park neighborhood of Chicago. The undisclosed seller, represented by Imber and Fisher, disposed of the property for approximately $3.75 million. The building features 37 one-bedroom and 15 two-bedroom units, as well as six commercial spaces.

April 14, 2009

Midwest Multifamily

MCKINLEY APPOINTED RECEIVER FOR TWO PROPERTY LISTINGS

by admin April 14, 2009

ANN ARBOR, MICH. — Ann Arbor-based McKinley has been named receiver for an 11-property national multifamily portfolio, as well as a shopping center in Maple Heights, Ohio. For the Bethany Portfolio, McKinley has been appointed receiver for several communities in Atlanta, Virginia and North Carolina that feature a total of 2,904 units. In Maple Heights, McKinley is working to stabilize and create value at Southgate USA, a 795,000-square-foot shopping center. Southgate USA comprises approximately 20 buildings and is anchored by The Home Depot, Giant Eagle and Cuyahoga County government services.

April 14, 2009

Midwest Multifamily

NORTHMARQ CAPITAL SECURES $4 MILLION MULTIFAMILY LOAN

by admin April 14, 2009

COUNCIL BLUFFS, IOWA — John Reed of NorthMarq Capital’s Omaha, Neb., regional office has arranged first-mortgage financing for Riverbend Apartments, which is a 201-unit multifamily property in Council Bluffs. The approximately $3.97 million loan is based on a 10-year term and was arranged for the borrower, MGM Apartments, by NorthMarq through its affiliate, Amerisphere Multifamily Finance.

April 14, 2009

Multifamily Western

NBS FINANCIAL SERVICES SECURES $25 MILLION IN LOANS FOR THREE APT COMPLEXES

by admin April 13, 2009

CLACKAMAS, TIGARD AND CEDAR HILLS, ORE. — NBS Financial Services has secured $25 million for three apartment communities in metro Portland. The 235-unit Squire’s Court Apartments in Clackamas received a $10.5 million loan; Riverwood Heights Apartments, a 240-unit complex in Tigard, received $10 million; and the 124-unit Cedar Square Apartments in Cedar Hills received $4.5 million. State Farm Life Insurance Co. provided financing for all the loans, which were arranged by Blake Hering Jr. of NBS Financial.

April 13, 2009

Multifamily Western

MARCUS & MILLICHAP BROKERS TWO MULTIFAMILY PROPERTY SALES

by admin April 13, 2009

WASHINGTON AND NEVADA — Marcus & Millichap has brokered two multifamily sales in Wenatchee, Wash., and Las Vegas. In Wenatchee, Marc Cunningham of Marcus & Millichap represented the undisclosed seller in the disposition of Yakima Court Properties, a 15-unit property located at 527 Yakima St., to an undisclosed buyer for $795,000. In Las Vegas, Luis Velazqeuz of Marcus & Millichap represented the undisclosed buyer in the $300,000 acquisition of Cottage Park, a 10-unit apartment community located at 1014 N. 4th St. in Las Vegas. The seller was not disclosed.

April 13, 2009

Northeast Seniors Housing

CONSTRUCTION CONTINUES ON CRANE’S MILL RETIREMENT COMMUNITY

by admin April 13, 2009

WEST CALDWELL, N.J. — Del-Sano Contracting Corp. is currently constructing phases II and III of Crane’s Mill Continuing Care Retirement Community, a continuing care retirement facility in West Caldwell. Situated on 43 acres, a former lumber mill, Crane’s Mill offers independent living, assisted living and skilled nursing care. Upon completion of phases II and III in early 2010, the community will consist of 282 independent living units, 48 assisted living units, 18 dementia units, as well as 66 units for skilled nursing and rehabilitation services. Phase II construction, which is approximately 40 percent complete, is taking place alongside Passaic Avenue and includes the addition of 66 independent living apartments with 47 underground parking spaces, as well as 10 cottages, each featuring an attached garage. The independent living units will be located in a two-story building that will be connected to the existing central facility building to provide direct access to the community’s central amenities. Phase III comprises the assisted living component of Crane’s Mill, which consists of 20,000 square feet of new and renovated space. Specifically, Del-Sano is building a new wing that will house a memory support area, a dementia courtyard and renovated assisted living common areas. The project …

April 13, 2009

Multifamily Southeast

MARCUS & MILLICHAP BROKERS FLORIDA APARTMENT SALE

by admin April 10, 2009

FORT LAUDERDALE, FLA. — A New York-based company has sold the 16-unit Sun Terrace Apartments to an undisclosed party for $1 million. Located at 619 Breakers Ave. in Fort Lauderdale, the property features six studio units and 10 one-bedroom units. Felipe Echarte and Joseph Thomas of Marcus & Millichap’s Fort Lauderdale office represented the seller.

April 10, 2009

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