TUCSON, ARIZ. — Alliant Capital LLC has arranged a $7.92 million loan for the refinance of La Jolla de Tucson, an affordable apartment community located in Tucson. The 223-unit La Jolla de Tucson was the final property to close as part of a three-property Tucson purchase transaction. This portion of the transaction closed on February 27, 2009, using an extended rate lock of 229 days. The loan has a 9-year term and a 30-year amortization. The borrower is Holualoa Arizona Inc., an international real estate investment firm.
FORT WORTH, TEXAS — Senior Quality Lifestyles Corp., a Dallas-based owner of non-profit retirement communities in Texas, has selected the project team for The Stayton at Museum Way, the company’s new senior housing project located in the Cultural District of Fort Worth. The project will be developed by Greystone Communities and built by Andres Construction. The project architect is CSD Architects, the landscape architect is Talley Associates and the interior designer is Studio Six 5. The Stayton at Museum Way will comprise 188 independent living units in a mix of one-, two- and three-bedroom residences. They will be located within three interconnected, 11-story towers. Amenities include fine and casual dining with view of downtown Fort Worth, outdoor terraces and dining spaces, local artwork within the buildings, a dog park and other resort-style amenities. The project will incorporate sustainable elements including native and drought-resistant landscaping, wood flooring made from rapidly renewable sources, and low-emitting carpets and paints. The construction timetable was not released.
OCALA, FLA. — Edwards Construction Services of Ocala has started three projects in The Villages of Lake Sumter, an Ocala retirement community. The company is demolishing and undertaking interior reconstruction of the 52,500-square-foot La Reina building. Edwards is also constructing the 9,129-square-foot Creek Side Mill building and the 8,791-square-foot Morgan Stanley Shell building.
SAN SABA, TEXAS — An East Texas entrepreneur has purchased an 80-bed nursing home in San Saba for an undisclosed price. The acquisition also includes a historic home located adjacent to the nursing home facility. Robyn Jackson of Sperry Van Ness’ Fort Worth, Texas, office represented both undisclosed parties in the transaction.
AUSTIN, TEXAS — Santa Rosa, Calif.-based Summer Grove Properties LLC has acquired Summer Grove in Austin. Located at 7905 San Felipe Blvd., the property features 124 apartment units. The seller was Greenwood Village, Colo.-based Baron Properties LLC. Seattle-based Alliant Capital LLC facilitated the financing for the transaction. Ellen Muskin and George Deuillet III of Hendricks & Partners’ Austin office represented both parties in the sale.
GLENDALE, CALIF. — Jim Fisher and Mike Smith of Lee & Associates-LA North/Ventura Inc. has brokered the sale of a 19-unit multifamily property in Glendale. Located at 1035 Melrose Ave., the property, which was built in 1961, sold for $3.2 million, a 4.66 percent cap rate. The seller and buyer were private investors.
SOUTH BEND, IND. — Northbrook, Ill.-based Prime Property Investors has completed the acquisition of the Turtle Creek Apartments residential community in South Bend. The 20-building, 330-bed community is located on 11 acres adjacent to Notre Dame University. The buyer has renamed the property Clover Village and plans to reposition it as the premier student housing community in the area through capital improvements and renovation. The multi-million dollar repositioning is expected to begin immediately and be complete this fall. The purchase, when combined with Prime Property Investors’ existing, fully occupied student housing communities, gives the company the largest portfolio of student housing apartments in the market.
MIDDLESEX COUNTY, N.J. — Mark Scott of NorthMarq Capital’s Parsippany, N.J., office has secured a $20 million loan for a 244-unit apartment complex in Middlesex County. The 10-year loan carries a 5.66 percent interest rate and a 30-year amortization schedule. AmeriSphere Multifamily Finance provided funding for the loan.
DALLAS — Dallas-based Faulkner Design Group has completed design work on The Heights at Park Lane Place, the residential component of the 2.4 million-square-foot mixed-use project. The Heights encompasses three residential buildings, boasting more than 320 residences. Faulkner designed the lobbies, common areas and units in the buildings as well as two aqua lounges. The 33.5-acre Park Lane Place will feature more than 700,000 square feet of retail, restaurant and entertainment space.
AURORA, COLO. — CBRE Capital Markets has arranged first mortgage financing in the amount of $15.12 million for the refinance of Retreat at City Center Apartments, a 225-unit multifamily property located in Aurora. Built in 2003, the property features 12 apartment buildings, a clubhouse building and a parking structure. Eric Tupler, Mike Easter and Josh Simon of CBRE Capital Markets’ Denver office secured the financing on behalf of a joint venture between Amstar Group and Allied Realty Services.