HACKENSACK, N.J. — JLL has arranged a $60 million loan for the refinancing of Excelsior II, a 267-unit apartment building located just outside of New York City in Hackensack. According to Apartments.com, the property was built in 1999, features one-, two- and three-bedroom units and offers amenities such as a pool, spa and a fitness center. Greg Nalbandian and Michael Lachs of JLL arranged the 30-year, fixed-rate loan through John Hancock Investment Management on behalf of the borrower, Tidewater Real Estate Co.
AUBURN, MASS. — Pennrose and the Town of Auburn, located just south of Worcester, have broken ground on the historic rehabilitation of the Julia Bancroft School, a 60-unit, mixed-income development for seniors age 62 and older. Plans for the redevelopment include renovating the original 1920s school building, demolishing the later-built addition and replacing it with a new, four-story building. The project is slated for completion in summer 2022. The Massachusetts Department of Housing and Community Development provided 9 percent federal low-income housing tax credits for the project.
NEW YORK CITY — Locally based developer The Georgetown Co. has signed leases with two tenants to its 200,000-square-foot life sciences project at 787 11th Ave. on Manhattan’s Far West Side. The property is now fully preleased. Healthcare provider Mount Sinai signed a long-term lease for 165,000 square feet, and scientist and designer Neri Oxman inked a deal to operate a 36,000-square-foot space. The property houses space for lab, office, research and biomedical uses.
MOUNT LAUREL, N.J. — NAI Mertz has brokered the sale of a 61,000-square-foot industrial building in Mount Laurel, located outside Philadelphia in Bergen County. The property is located just off I-295 near the New Jersey Turnpike and Routes 70 and 73. Jonathan Klear, Fred Meyer, Roy Kardon, Jeff Licht and Jared Licht of NAI Mertz represented the buyer, industrial investment firm Faropoint, in the transaction. The seller was not disclosed.
RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers rising 17, 24 and 26 stories; a seven-story parking garage with additional parking on the top of the structure; casino and sports book; convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back-of-house support areas; and maintenance and storage areas. Luxe General Consulting is performing the renovation, which is slated for completion by summer 2022. Upon completion, the residential component will feature a rooftop pool, amenity deck, outdoor plaza, fountain, fitness center, theater room, bar and game room. The 538 units will feature a home office alcove, full kitchen with stainless steel appliances and quartz …
CALABASAS, CALIF. — Gantry has arranged a total of $364 million in long-term refinancing for Calabasas-based The Ezralow Co. for 15 separate self-storage and industrial assets in California. Paige Serden, Peter Welsh, Braden Turnbull and Josh Natker of Gantry’s Los Angeles production office structured the loans, which were sourced from four separate life insurance companies, three of which are Gantry’s correspondent lenders. Totaling 1.75 million square feet, the 12 Price Self Storage-operated properties are located in Los Angeles, Orange, San Diego, Ventura, Riverside, San Bernardino and Contra Counties. The three industrial properties offer a total of 428,000 square feet of multi-tenant space in Southern California.
CAMARILLO, CARLSBAD, RANCHO MIRAGE AND SAN JUAN CAPISTRANO, CALIF. — CareTrust REIT Inc. (NASDAQ: CTRE) has purchased four continuing care retirement communities (CCRCs) in the upscale Southern California submarkets of Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. The campuses, which hotelier Marriott International Inc. originally developed between 1999 and 2000, total 637 assisted living, skilled nursing and memory care beds. CareTrust’s initial investment in the four rental CCRCs, inclusive of capital expenditure commitments and transaction costs, was approximately $126.1 million. Bayshire Senior Communities, an existing CareTrust tenant based in San Diego, will lease and operate the Rancho Mirage and Carlsbad campuses under an amendment to Bayshire’s existing master lease. Aspen Skilled Healthcare, based in Laguna Niguel, will lease and operate the San Juan Capistrano and Camarillo campuses under a new 15-year master lease with CareTrust. Aggregate annual cash rent for the first year is approximately $8.6 million, increasing to $9.4 million in the second year with CPI-based annual escalators thereafter. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Evans Senior Investment represented the seller, an institutional owner, in the transaction.
WHEAT RIDGE, COLO. — An affiliate of Denver-based Treeline Multifamily Partners has purchased West 38, an apartment property located at 7333 West 38th Ave. in Wheat Ridge, a western suburb of Denver. Wazee Properties sold the asset for an undisclosed price. West 38 totals 165 apartments and 7,243 square feet of ground-floor retail space. Units feature stainless steel appliances, quartz countertops, designer cabinetry, custom tile backsplashes, under-cabinet LED lighting, gooseneck faucets, recessed light fixtures, LVT wide-plank wood flooring, walk-in closets, in-unit washers/dryers, Nest thermostats and vaulted ceilings. Community amenities include a resort-style pool and spa; fitness center and yoga room; gated and covered structured parking; bike and ski repair facilities; conference and coworking spaces; a clubhouse; indoor and outdoor lounges; and cooking stations. Terrance Hunt, Shane Ozment, Chris Cowan, Amanda Meldrum and Craig Ratterman of Newmark represented the seller in the deal. Additionally, Charlie Williams, Tim Weldon and David Treadwell of Newmark placed acquisition financing on behalf of the buyer.
DENVER — NorthPeak Commercial Advisors has arranged the sale of Mississippi Plaza Apartments, a multifamily property located at 1380 W. Mississippi Ave. in Denver. The undisclosed buyer, part of a 1031 exchange out of Wyoming, acquired the asset for $3.2 million, or $135,000 per unit, from an undisclosed seller in an off-market transaction. The 13,521-square-foot property features 24 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented both parties in the transaction.
RICHMOND, VA. — Berkadia has originated $81.7 million in financing for three multifamily properties in Virginia known as Eagle Harbor West Apartments, Harbor Vista at Crawford Street and The Marq Apartments. Steve Murden of Berkadia’s Richmond office secured the permanent refinancing in three separate transactions on behalf of the borrower, Virginia-based The Breeden Co. All three loans were fully amortizing, long-term HUD 223(a)(7) MF products. Eagle Harbor West is located at 13420 Smiths Neck Road in Carrollton. Berkadia secured $26.2 million in financing at a fixed 2.9 percent interest rate. The apartment community comprises one-, two- and three-bedroom units with walk-in closets. Community amenities include a swimming pool, sundeck, fitness center, clubhouse and laundry facilities. Harbor Vista at Crawford Street, located at 800 Crawford St. in Portsmouth, features one- and two-bedroom floor plans with walk-in closets and private balconies. Berkadia secured $17.2 million loan at a fixed 2.9 percent interest rate. The community’s amenities include a business center, walking and biking trails and an outdoor area with grilling stations. The Marq is located at 4769 Alicia Drive in Virginia Beach. Berkadia secured a $38.3 million loan for the property at a fixed 3.4 percent interest rate. The Marq features one-, …