ILLINOIS — Walker & Dunlop Inc. has structured $57.6 million in HUD-insured loans for the refinancing of three skilled nursing facilities in Illinois. Joshua Rosen of Walker & Dunlop led the origination team. The first transaction consisted of a $15.6 million loan for Avantara Park Ridge, a 154-bed community in Park Ridge. Walker & Dunlop also arranged a $28.7 million loan for Moraine Court Supportive Living, a 185-bed community in Bridgeview, and a $13.3 million loan for Aperion Care Elgin, a 101-bed property in Elgin. The borrower was undisclosed.
OVERLAND PARK, KAN. — Northmarq has arranged the sale of Antioch Crossing in Overland Park for $10 million. The 90-unit, three-story multifamily property, built in 1968, is located at 8710 W. 106th Terrace near I-435. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Worcester Investments. Greg Duvall and John Duvall of Northmarq arranged acquisition financing through an agency lender on behalf of the buyer, Balfour Real Estate, which plans to renovate the majority of the units.
PARAMUS, N.J. — Unibail-Rodamco-Westfield (URW), a shopping center owner-operator based in France, has unveiled plans to redevelop Westfield Garden State Plaza, a 2.1 million-square-foot regional mall in the Northern New Jersey community of Paramus. According to Forbes, Westfield Garden State Plaza remains one of the best-performing regional malls in the country. But about 10 years ago, URW began planning a long-term redevelopment to distinguish the property from and compete with American Dream, Triple Five Group’s entertainment-heavy mega-mall that is located within the Meadowlands sports complex in nearby East Rutherford. To that end, URW executive vice president Geoff Mason says that the redevelopment is about transitioning the mall into a mixed-use destination where living, working and leisure all come together. The first phase of the redevelopment will center on the construction of 550 luxury apartments that will be integrated with the existing shopping and dining establishments via open green space. Phase I will also introduce a “main street’ outdoor district featuring restaurants and everyday convenience- and services-oriented retailers. Ownership also plans to upgrade the existing infrastructure that connects to public transit services. Construction is scheduled to begin in 2024, with the first residential units becoming available for occupancy in 2026. The …
AUSTIN, TEXAS — Newmark has arranged the sale of Barton Creek Villas, a 250-unit multifamily property in West Austin. Built in 1998, the property features one-, two- and three-bedroom floor plans with an average size of 1,049 square feet. Amenities include a pool, fitness center, clubhouse with a coffee bar, outdoor grilling stations, a dog park and walking trails. The Connor Group sold Barton Creek Villas, which was 99 percent occupied at the time of sale, to a fund backed by Goldman Sachs Asset Management for an undisclosed price. Patton Jones and Andrew Dickson of Newmark brokered the deal.
SOUTH TEXAS — VIUM Capital has provided a $17.1 million bridge-to-HUD loan for the refinancing of an undisclosed skilled nursing facility in South Texas. The financing also provides equity-out proceeds and covers transaction costs. The loan features a 60 percent loan-to-value ratio and partial recourse that disappears upon submission to HUD. The borrower leased the property in 2017, exercised its purchase option in 2018 and continued to improve operating performance during the COVID-19 pandemic. The name and location of the facility were not disclosed.
NEW YORK CITY — Regions Bank has provided an undisclosed amount of financing for a 255-unit transformational housing project in Brooklyn. Nonprofit housing operator HELP USA is leading the development, which will consist of two buildings with 184 and 71 units. Of those, 154 residences will be reserved for individuals who meet the homeless and substance abuse criteria for housing. The site will eventually house four buildings and span a full city block along Blake Avenue. BNY Mellon has also provided $62 million in equity for the project. A construction timeline was not disclosed.
ANN ARBOR, MICH. — Landmark Properties, in a joint venture with Cerca Trova, has broken ground on The Legacy at Ann Arbor, a two-building student housing community located adjacent to the historic Michigan Theater in Ann Arbor. The property will feature a 19-story high-rise building — soon to be the second tallest building in Ann Arbor, according to Landmark — and a mid-rise building located within walking distance of the University of Michigan campus. The community will offer 521 beds across 253 apartments, including 19 affordable housing units, in studio through five-bedroom configurations. Shared amenities will include 4,150 of ground floor retail space, outdoor terraces, study rooms for office work and group learning and a rooftop deck. The project is scheduled for completion in fall 2024.
LAKE ST. LOUIS, MO. — Mia Rose Holdings and Midas Capital are developing a 144-unit apartment complex in Lake St. Louis, a northwest suburb of St. Louis. Completion is slated for December 2023. Midas Construction is the general contractor and Rosemann & Associates PC is the architect. The property manager will be 2B Residential. Amenities will include a pool, sun deck, outdoor lounge, barbecue area, clubhouse, coffee bar, fitness center and golf simulator. The development’s 60 two-bedroom units and 84 one-bedroom units will be spread across four buildings. The two-bedroom units will average 1,135 square feet while the one-bedroom units will measure approximately 825 square feet.
CHAPEL HILL, N.C. — CBRE has arranged $50.6 million in construction financing for Link Apartments Calyx, a 304-unit multifamily redevelopment project in Chapel Hill. Nate Sittema, Kristen Reilley, Elliott Voreis and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in the Carolinas originated the 10-year, 60 percent loan-to-stabilized value construction loan through an unnamed life insurance company on behalf of the borrower, Grubb Properties. Link Apartments Calyx is located at the intersection of Lanark and Maxwell roads within Phase II of the redevelopment of Glen Lennox, an approximately 70-acre historic master-planned neighborhood that was purchased by Grubb Properties in 1985. Link Apartments Calyx will offer studio, one- and two-bedroom apartments, as well as a fitness center, coworking space, a cycle center, pool, rooftop resident lounge and a parking garage. Construction is expected to be completed in 2023. Overall, the second phase of the Glen Lennox redevelopment is set to include 650 residential units, 90,000 square feet of retail space, a 150-room hotel and 275,000 square feet of office space.
CHESTERFIELD, VA. — American Landmark has purchased Element at Stonebridge, a 400-unit apartment community located at 301 Karl Linn Drive in Chesterfield, just south of Richmond. The seller and sales price were not disclosed. Built in 2016, Element at Stonebridge offers one- and two-bedroom floor plans ranging from 563 to 1,236 square feet. The apartments include designer wood cabinets, granite counters with deep sinks and chrome fixtures, full-size washers and dryers, plank flooring, walk-in closets and island kitchens in most units. Amenities include a saltwater pool, 24-hour fitness center, yoga studio, clubroom with billiards and TVs, outdoor game and TV lounge, courtyard with grills and firepit, 24-hour business center and community Wi-Fi. Element at Stonebridge marks American Landmark’s second acquisition in Virginia this year, following Boulders Lakeside Apartments in January, which is only an hour away from Element at Stonebridge.