COLORADO SPRINGS, COLO. — NBS Real Estate Capital has closed a $5 million preferred-equity investment in the entity purchasing the Sagebrook Apartments, a 314-unit multifamily complex in Colorado Springs. Located within the Briargate master-planned community, the property was constructed in 2001. Along with a senior mortgage from Freddie Mac and equity from a fund sponsored by the Griffis Group of Denver, the preferred equity will be used for the acquisition and renovation of the property. NBS Real Estate Capital, on behalf of Morrison Street series of funds, invests in direct value-added equity transactions and secondary financings including mezzanine debt, bridge loans and preferred equity.
MILWAUKEE — Milwaukee-based developer Wangard Partners has broken ground on the 1824 East Park Place apartments located 4 blocks south of the University of Wisconsin-Milwaukee. The four-story community, which is slated for completion in July 2009, includes 51 three-bedroom units and 10 two-bedroom units. Amenities at the facility include one underground level of heated and secured parking, fully furnished rental units, and a workout room. Plunkett Raysich Architects designed the facility; Altius Building Co. is acting as general contractor for the project.
MESQUITE, TEXAS — PNC ARCS has secured $7.37 million in financing for Town Centre Village Apartments, a 188-unit multifamily community located in Mesquite. Situated on more than 8 acres, the property includes a lobby with gathering areas, leasing and management offices, a kitchen, a pool room, a laundry room and an outdoor swimming pool. The loan carries a 7-year term with a 30-year amortization schedule, a 6.05 percent interest rate, and is interest-only for the first 3 years. The loan was originated by the Dallas office of PNC through Fannie Mae. The borrower was undisclosed.
HOUSTON — Alliant Capital has secured a $7.15 million loan for the refinancing of West Brook Apartments in Houston. The 148-unit, garden-style community comprises eight, three-story buildings. Terms of the financing include a 10-year term with a 30-year amortization schedule. The transaction was handled by Alliant’s Tucson, Arizona, office. Both parties were undisclosed.
OAKLAND, CALIF. — Baltimore-based Alex. Brown Realty Inc. (ABR) has partnered with Oakland-based Horizon Management Group to purchase Fiesta Garden Apartments, an apartment complex located in Oakland. The 54-unit community includes 11 two- and three-story buildings clustered around an interior courtyard. The joint venture plans to complete the interior and exterior renovation plan that was initiated by the previous owner. ABR Chesapeake Fund III, a value-added real estate investment fund sponsored by ABR, provided an equity commitment of $2.3 million to the venture. Nathan Prouty of NorthMarq Capital arranged the debt and equity capital for the transaction.
MILWAUKIE, ORE. — Beaverton, Ore.-based SKL Properties LLC has purchased Forest Creek, an apartment community in Milwaukie. Located at 12730 SE McLoughlin Blvd., the 36-unit complex sold for $2.75 million. The seller was Lake Oswego, Ore.-based Shields Family L.L.C. II. Grayson Pounder of Hendricks & Partner’s Portland, Ore., office represented both parties in the transaction.
ST. LOUIS — Developer Blue Urban and architecture and interior design firm Rosemann & Associates have completed the $14 million historic renovation of the G.W. Lofts located at 2615 Washington Ave. in St. Louis. The property, which was constructed using a Miami art deco color scheme, houses 60 rental units within six buildings. The community features 28 two-bedroom and 32 one-bedroom units ranging in size from 877 square feet to 1,241 square feet. HBD Construction served as the general contractor.
ROCKFORD AND SPRINGFIELD, ILL. — The Chicago office of Irvine, Calif.-based Sperry Van Ness has brokered the $10.5 million sale of two multifamily communities in Illinois. An out-of-state investor — in conjunction with two Illinois limited liability companies — has acquired the Briargate Apartments located at 5411 E. State St. in Rockford. The $8.3 million property, which contains 144 two-bedroom apartments, was acquired in a 1031 exchange transaction. Jim Sears, Dennis Arndt and Reid Bennett of Sperry Van Ness represented both parties in the transaction. Additionally, a local investor has acquired the St. Nicholas Apartments located at 400 E. Jefferson St. in Springfield. The community, which was listed for $2.5 million, was converted from a historic hotel into a 90-unit apartment facility with additional commercial space. Sears, Arndt and Jack Fisher of Sperry Van Ness represented both parties in the transaction.
LOS ANGELES — Los Angeles-based Meta Housing Corp. is breaking ground for the development of an affordable residential/retail project in Los Angeles. Located at 1011 E. Adams Blvd., the yet unnamed project will feature 80 apartments above 19,000 square feet of ground-level retail space fronting East Adams Boulevard and South Central Avenue. The retail portion will feature the area’s newest Fresh & Easy Neighborhood Market. Ranging in size from 554 to 1,103 square feet, the apartments offer one-, two- and three-bedroom floorplans. The apartments will feature energy-efficient kitchen appliances, carpeting and vinyl flooring, ceiling fans, smoke detectors, central heating and air conditioning, balconies, walk-in closets, and cable television/Internet access. Additionally, the community will feature 21,000 square feet of open space with landscaped courtyards; barbeque areas; a community facility offering classrooms; a computer/business center and a kitchen; laundry facilities and tot lot and meditation areas. The project will also offer two levels of above-ground parking, with one level accommodating the retail portion and the second, fully secured level accommodating the residents. The project is 100 percent affordable housing for residents earning from 35 to 45 percent of the area median income for Los Angeles County. Starting rents are expected to range …
EL MONTE AND LOMITA, CALIF. — Grubb & Ellis Healthcare REIT Inc. has closed its Senior Care Portfolio 1 with the acquisition of two skilled nursing facilities in California. Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Rd. in Lomita, each property is a single-story skilled nursing facility. The two facilities total approximately 71,000 square feet of gross leaseable space and 219 patient beds. Additionally, the properties are 100 percent leased to North American Healthcare. HCP Inc. sold the properties for an undisclosed price. Grubb & Ellis Healthcare REIT financed the acquisition through an unsecured note from an affiliate and cash on hand. The portfolio comprises six properties: the two recent California acquisitions and four properties in Texas, which were acquired in March.