ASHEVILLE, N.C. — Newmark has arranged a $48 million construction loan for the development of Creekside Asheville, an apartment and townhome community in Asheville. Creekside Asheville will total 308,000 square feet and house 319 apartments and carriage homes. Amenities at the property will include a saltwater pool, fitness center, playground, clubhouse, cyber café and pet spa. Danny Matz, Nick Scribani, Jordan Roeschlaub and Dustin Stolly of Newmark secured the financing through Wintrust on behalf of the borrowers, URS Capital Partners and Advantis Development.
CHARLOTTE, N.C. — Northpond Partners has acquired Chadbourn Mill, an adaptive reuse project underway at a 1930s-era textile mill located within Charlotte’s Mill District. Northpond purchased the property from Federal Capital Partners (FCP) for $12.5 million, with plans to develop retail and restaurant space. Renovations will include the addition of two 7,000-square-foot patios and the installation of garage doors on the 18,000 square feet of ground-floor retail space at the property’s main building. Plans also include the addition of a lawn adjacent to the secondary, 2,100-square-foot retail building. The corporate headquarters for software developer Ekos will continue to occupy the second floor of the main building. Southwick Architecture + Interiors will serve as architect, and White Point Partners remains a partner on the development. Construction is expected to be complete in 2024. Stream Realty Partners arranged the sale on behalf of FCP and White Point.
FRISCO, TEXAS — Locally based developer Dalfen Industrial has broken ground on Frisco Trade Center, a three-building, 575,000-square-foot speculative project that will be located on the northern outskirts of Dallas. Building 1 will span 262,354 square feet and feature 185-foot truck court depths, 36-foot clear heights, 51 dock-high doors and two drive-in doors. Buildings 2 and 3 will both total 159,451 square feet and offer 32-foot clear heights, 36 dock-high doors and two drive-in doors each. All three buildings have rear-load configurations and onsite trailer parking. JLL is marketing the development for lease. Completion is slated for the fourth quarter.
MCKINNEY, TEXAS — Holt Lunsford Commercial Investments has delivered McKinney Airport Commerce Center, a 132,710 square-foot rear-load industrial building in metro Dallas. The project offers 32-foot clear heights, 135-foot truck court depths and ample parking for cars and trailers. The project was delivered fully preleased to two tenants.
HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 125-bed skilled nursing facility located in the greater Houston area. The specific name and location of the property were not disclosed. An affiliate of Texas-based Evergreen Health Group will operate the community after entering into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based (Consumer Price Index) rent escalators. The seller was also not disclosed.
OKLAHOMA CITY — Lument has arranged a $10.7 million loan for the acquisition of Bellevue Health & Rehabilitation, a 119-unit, 150-bed skilled nursing facility in Oklahoma City. The loan carries a five-year term, with a minimum of two years of interest-only payments, 25-year amortization schedule and a fixed interest rate. Bill Wilson of Lument arranged the loan through an undisclosed community bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
FORT WORTH, TEXAS — Si Tapas, a concept that offers classical and contemporary Spanish cuisine, will open a 4,275-square-foot restaurant at Crockett Row, a 282,334-square-foot development located in Fort Worth’s Cultural District. The opening is slated for the fall. Dallas-based Younger Partners owns Crockett Row after purchasing the property in August 2022.
LAKEWOOD, COLO. — Ziegler, in partnership with M&T Realty Capital Corp., advised on a $105.6 million Freddie Mac refinancing on behalf of The Ridge Senior Living. The loan is for The Ridge Pinehurst, a luxury independent living, assisted living and memory care community in Lakewood, a suburb of Denver. Ridge began opening the 371-unit community in phases starting in September 2020. The original 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30-year amortization. The refinancing provided The Ridge with a long-term, fixed-rate loan to replace the original floating-rate construction loan. Eric Johnson of Ziegler arranged and negotiated the transaction. Matt Henning, Matthew Pipitone and Nick Gent led the transaction for M&T.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NYSE: CTRE), along with a regional investor in healthcare real estate, has acquired four skilled nursing facilities on the West Coast. The four-property acquisition includes 450 skilled nursing beds and 20 assisted living units. Links Healthcare Group, a new operator relationship for CareTrust, will operate the facilities pursuant to a 15-year master lease with two five-year extension options. Links is an experienced operator founded by Toby Tilford and Curt Rodriguez and currently operates 16 skilled nursing and seniors housing communities. CareTrust’s initial investment in the facilities, inclusive of transaction costs, was approximately $71.5 million. Aggregate annual cash rent for the first year is approximately $5.4 million, increasing to approximately $6.1 million in the second year, and increasing to approximately $7.1 million in the third year, with CPI-based annual escalators thereafter. The acquisition of these facilities was funded using proceeds from San Clemente-based CareTrust’s $600 million unsecured revolving credit facility.
PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland. The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres. The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country. This is the buyer’s second community in the Portland market. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.