CHICAGO — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $28.8 million loan for the refinancing of an assisted living and memory care community in metro Chicago. The borrowers were affiliates of a seniors housing-focused private equity firm. Ryan Stoll and Taylor Mokris of BWE arranged the loan through a regional bank with a national focus on seniors housing. The four-year loan features a 30-year amortization schedule.
DETROIT — Lument has provided a $7.7 million Fannie Mae loan for the acquisition of Central Park Apartments in Detroit. The garden-style apartment community includes 92 units. James Kelly of Lument originated the loan on behalf of the borrower, Greatwater Opportunity Capital, which owns nearly 2,000 apartment units across 40 properties. The seven-year loan features 12 months of interest-only payments, a 30-year amortization schedule and a fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs and several unit renovations.
BRANCHBURG, N.J. — Locally based developer Walters is nearing completion of Cornerstone at Branchburg, a 150-unit, income-restricted multifamily property in Northern New Jersey. The development consists of two three-story buildings on an 11.7-acre site. Residences come in one- and two-bedroom floor plans and range in size from 700 to 900 square feet. Amenities include a fitness center, game room and outdoor grilling and dining areas. Construction began in May 2021. The first move-ins are underway, and full completion is scheduled for the spring.
BOSTON — A partnership between Boston-based developer RISE and San Francisco-based DivcoWest has broken ground on The Ellery, a 70-unit apartment complex that will be located in the state capital’s West Roxbury neighborhood. The four-story building will house one- and two-bedroom units, nine of which will be reserved for households earning 70 percent or less of the area median income. The partnership acquired the site last summer and subsequently completed demolitions of existing structures. Full completion is slated for May 2024.
MADISON AND SHEBOYGAN, WIS. — Midloch Investment Partners and its joint-venture partners have acquired three apartment properties in Wisconsin for $71 million. Country Meadows is a 466-unit garden-style community in Madison. Mendocino Village and The Estates are both located in Sheboygan and total 186 units. Michloch plans to make energy-efficiency improvements to the properties. The seller was undisclosed.
ROCKFORD, ILL. — Affordable Housing Investment Brokerage Inc. (AHIB) has brokered the sale of Valkommen Plaza in Rockford for $21.1 million. The 171-unit affordable seniors housing property is fully covered by a Housing Assistance Payments (HAP) contract. The nine-story building features commercial spaces on the first floor and is situated near the site of a new casino development. The property recently received a number of upgrades, including a roof replacement, new elevator machines and central air handles. Some of the unit kitchens and baths have also been upgraded. Kyle Shoemaker of AHIB represented the seller, a private investor, and the buyer, Envolve Communities.
INDIANAPOLIS — Greystone has provided a $15.7 million Freddie Mac loan for the acquisition of Trails at Lakeside in Indianapolis. Constructed in 1989, the 208-unit multifamily property is a garden-style community with six buildings. Miryan Reinitz-Kops of Greystone originated the fixed-rate loan, which features a 12-year term, 30-year amortization schedule and three years of interest-only payments. Loan proceeds enable the borrower to make improvements in addition to the acquisition. Capodagli Property Co. was the borrower.
MESQUITE, TEXAS — Locally based investment firm SPI Advisory has sold The Ventura Apartments, a 111-unit multifamily property located in the eastern Dallas suburb of Mesquite. Built in 2003, the property features one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, clubhouse and onsite laundry facilities. SPI Advisory acquired the asset in March 2021 and implemented a value-add program that upgraded the unit interiors, common areas and building exteriors. The buyer was not disclosed.
SEATTLE — Green Leaf Capital Partners has purchased Broadstone Sky, a mid-rise apartment community at 4745 40th Ave. S.W. in Seattle. David Young, Corey Marx, Chris Ross, Jordan Louie and Michael Lyford of JLL Capital Markets’ investment sales and advisory team represented the undisclosed seller in the deal. Terms of the transaction were not released. Completed in 2016, Broadstone Sky features 151 one- and two-bedroom units with an average size of 706 square feet, stainless steel appliances, quartz countertops, full-size washers and dryers, oversized windows and vinyl plank flooring. Community amenities include a 24-hour athletic center, rooftop deck, entertaining kitchen, resident lounge, two outdoor barbecue areas and an on-site coffee and wine shop.
PUEBLO, COLO. — Capstone has arranged the sale of a multifamily complex located at 1411-1434 Anita St. in Pueblo. The assets traded for $3.2 million. The names of the seller and buyer were not released. The 24-unit portfolio consists of six duplexes and three quadraplexes. The duplexes were built in 1994 and feature two-bedroom/one-bath units, while the quadraplexes were built in 1993 and feature 1,050-square-foot three-bedroom/two-bath units. Lee Wagner of Capstone represented the seller and buyer in the deal. Ari Schriger of WCW Commercial arranged financing for the value-add acquisition.