ULLIN, ILL. — Mumford Co. has brokered the sale of an Americas Best Value Inn hotel in Ullin within southern Illinois. The sales price was undisclosed. The two-story property is home to 40 rooms along with a pool and video gaming area. George Arvanitis of Mumford represented the seller, which completed a 1031 exchange. North Carolina-based IAH Hotels LLC was the buyer. The hotel will retain its Americas Best Value Inn brand.
WEST WHITELAND TOWNSHIP, PA. — Capitol Seniors Housing has opened Arbor Terrace Exton, an 88-unit seniors housing community in West Whiteland Township, about 30 miles west of Philadelphia. The 78,000-square-foot facility offers personal and memory care services. Amenities include a bistro, clubroom, library with children’s nook, salon, theater and a multi-purpose art room. Meyer Senior Living Studio designed the project, and IMC Construction served as the general contractor.
NEW BEDFORD, MASS. — WinnDevelopment has broken ground on the $19.2 million redevelopment of the historic Cliftex Mill building in New Bedford, about 60 miles south of Boston. The project will convert the 114-year-old building into a 71-unit mixed-income housing development for adults 55 and older. The majority of the units (56) will be reserved for renters earning 60 percent or less of the area median income. Amenities will include a fitness center and a resident lounge. Completion is slated for August.
Lument Provides $8.3M HUD-Insured Loan for Refinancing of Senior Living Property in Upstate New York
OSWEGO, N.Y. — Lument has provided an $8.3 million HUD-insured loan for the refinancing of Gardens of Morningstar, a 106-unit assisted living community in Oswego, located along Lake Ontario north of Syracuse. The property was vacant until 2016, when current ownership acquired and substantially renovated the building. Miles Kingston of Lument originated the loan, which features a fixed interest rate and 35-year term, through the FHA Sec. 232/223(f) program.
BOSTON — SVN | Parsons Commercial Group has brokered the $7 million sale of a portfolio of four retail buildings totaling 15,181 square feet in Massachusetts. Rockland Trust occupies each of the buildings, which are located at 40 Austin St. in Newton, 1290 Main St. in Waltham, 4 N. Main St. in Bellingham and 231 E. Central St. in Franklin. The buyer and seller were not disclosed. Marilyn Santiago of SVN | Parsons Commercial Group brokered the deal.
NORWICH, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4 million loan for the refinancing of a 59-unit apartment building located at 206 Washington St. in Norwich, located in the southeastern part of the state. Robert Damigella of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.99 percent for seven years and a 30-year amortization schedule, on behalf of the undisclosed borrower.
LONG BEACH, CALIF. — A partnership between Waterford Property Co. and the California Statewide Communities Development Authority (CSCDA) has purchased Oceanaire, a multifamily property located at 150 W. Ocean Blvd. in Long Beach. Waterford, as property administrator, acquired the property with CSCDA for $120 million. The partnership plans to convert the 216-unit property into middle-income housing, with the acquisition being part of a workforce housing financing program CSCDA created in 2020. Using tax-exempt bond financing, CSCDA can purchase multifamily projects without the use of public subsidies to provide needed housing for the middle-income workforce demographic. With this purchase, the partnership will be able to lower rents for qualified existing and new residents making between 80 percent and 120 percent of area median income. Joseph Smolen, Geoff Boler and Lee Redmond of Eastdil Secured represented the buyers in the transaction.
LAS VEGAS — Dapper Cos. has purchased the historic Huntridge Theater in Las Vegas for $4 million. The company plans to renovate the theater, which is on the National Register of Historic Places. The theater originally opened in 1944 and shuttered after nearly 60 years of operation on July 31, 2004. The theater was originally operated by the Commonwealth Theater Company of Las Vegas and in 1951, was taken over by the Huntridge Theater Company of Las Vegas, partially owned by actresses Loretta Young and Irene Dunne. J Dapper, head of Dapper Cos., has also invested in the redevelopment of five other commercial proeprties in downtown Las Vegas, including Huntridge Shopping Center, 630 S. 11th Street, The Herbert at 801 S. Main St., 608 S. Maryland Parkway and 201 S. Las Vegas Boulevard.
MESA, ARIZ. — McShane Construction Co., on behalf of Continental Properties, has completed the construction of Springs at Red Mountain, a multifamily community in Mesa. Situated on 10.5 acres on North Power Road, Springs at Red Mountain features 192 apartments spread across seven two- and three-story garden-style residential buildings with a mix of studio, one-, two- and three-bedroom units. The buildings feature wood frame construction with stucco and stone exterior. Many units offer upgraded features including vinyl plank flooring, granite countertops and wine coolers. The gated, pet-friendly community includes a clubhouse with fitness center and swimming pool; an outdoor ramada with a fire pit; a barbecue area; car wash for residential use; and on-site surface and garage parking. Phillips Partnership is the architect of record for Springs at Red Mountain.
CHANDLER, ARIZ. — Passco Cos. has completed the disposition of Almeria at Ocotillo, an apartment community located in Chandler. A New York-based pension fund advisor acquired the property for an undisclosed price. Built in two phases in 2014 and 2015, Almeria at Ocotillo features 389 apartments, two swimming pools, two clubhouses, two fitness centers with yoga studios, outside dining areas with gas barbecue grills, a children’s playground and splash pad, and a pet park. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the seller in the deal.