PRIOR LAKE, MINN. — Vincent Development has received approval from the city of Prior Lake for the development of Summers Ridge Senior Living. Comprising 40 units of assisted living and memory care, the senior living facility will be located at 4285 Fountain Hills Drive in Prior Lake, about 20 miles southwest of Minneapolis. Great Lakes Management will manage the one-story property, which will feature 24-hour support, private bedrooms and bathrooms, home-cooked meals, physical and mental exercises, outings and activities, housekeeping and laundry services.
VALPARAISO, IND. — Dougherty Mortgage LLC has provided an $8.4 million loan for the refinancing of Arbor Crossing Apartments in Valparaiso. Constructed between 1967 and 1979, the 138-unit property consists of 16 rental townhome buildings and three apartment buildings. The community also features a leasing office and a one-story maintenance and garage building. The 10-year loan features a 30-year amortization schedule. Arbor Crossing Housing LLC was the borrower.
OAKWOOD VILLAGE, OHIO — Nichols Paper & Supply Co. has signed a 45,000-square-foot industrial lease in Oakwood Village, a southern suburb of Cleveland. The paper company is relocating its Cleveland distribution center to Oakwood Village. David Hexter and Jeffrey Calig of NAI Pleasant Valley represented the tenant in the lease transaction. The landlord was not disclosed.
WATERLOO, IOWA — Marcus & Millichap has arranged a $3.4 million nonrecourse loan for the refinancing of Summerland Townhomes in Waterloo, about 55 miles northwest of Cedar Rapids. The property includes rental 22 units. Robert Bhat of Marcus & Millichap arranged the 12-year loan, which features a 30-year amortization schedule and a fixed rate of 3.9 percent.
YORBA LINDA, CALIF. — Faris Lee Investments has arranged $39.6 million in financing for Packing House Square, a mixed-use center located at 18180-18389 Yorba Linda Blvd. in Yorba Linda. The borrower is an undisclosed private investment company. Loan proceeds will be used to reposition the asset as a medical arts plaza with a medical anchor tenant; renovate the existing retail plaza by adding an additional 11,450-square-foot corner retail wing; and re-tenant the vacant units. Jay Quinn and Kirt Boultinghouse of Faris Lee sourced the three-year bridge loan with Los Angeles-based Ares Management. Nick Coo, Matt Brooks and Joe Chichester of Faris Lee represented the borrower in the financing and marketing of the property.
SEASIDE, CALIF. — Sea Breeze LLC has purchased Del Sol Apartments, a three-parcel multifamily community located in Seaside in Monterey County. San Jose-based 1050 1. 12th St. LLC sold the asset for $25.5 million. Built between 1964 and 1974 on 3.1 acres, the 12-building, 98,105-square-foot community features 121 apartments. The property has undergone a variety of capital improvements, including all new decks and balconies, new double-pane windows, retrofitted garages, office upgrades and a new heating system. Eduardo Cerna of Marcus & Millichap represented the seller and procured the buyer in the transaction.
TULARE AND FRESNO, CALIF. — Newmark Pearson Commercial has facilitated the sales of two office buildings in Tulare and Fresno. In the first transaction, an undisclosed investor acquired a 5,000-square-foot office building located at 793-799 N. Cherry St. in Tulare. Tulare Local Healthcare District sold the asset for an undisclosed price. Luke Tessman of Newmark Pearson Commercial was the agent. In the second deal, Surdeep Singh Family Limited Partnership sold a 5,135-square-foot office building located at 6065 N. First St. in Fresno. Lagattuta Land LLC acquired the property for an undisclosed price. Scott Christensen of Newmark Pearson Commercial, in cooperation with David Rodkin of ADR Preferred, handled the transaction.
WESTMINSTER, CALIF. — Los Angeles-based Meta Housing Corp., in a joint venture partnership with Western Community Housing, has broken ground on Westminster Crossing, an affordable and permanent supportive housing multifamily community located ta 7122 Westminster Blvd. in Westminster. The $42 million development will provide 65 units with fully equipped kitchens with dishwashers, private bathrooms and a mix of hardwood and carpet flooring. Additionally, the project will include 89 parking spaces, 10 bicycle parking spaces, a community garden, outdoor lounge with barbecue area, synthetic turf play area and a children’s play area. The community spaces will include a homework room, conference rooms, art studio/maker space, gym/fitness/dance room and a community room, as well as management and service-provider offices. Upon completion in fall 2021, John Stewart Co. will manage the three-story property. The development team includes Meta Housing and Western Community Housing as co-developers and general partners, KPRS Construction Services as general contractor, IMG as construction manager, Y&M Architects as architect and MJS as landscape architect. Meta Housing partnered with the City of Westminster, Orange County, California Housing Finance Agency, U.S. Department of Housing and Urban Development, Capital One Bank, California Community Reinvestment Corp. and Red Stone Equity Partners to finance the …
PITTSBURGH — MultiVersity Housing Partners has acquired Union on 5th, a 94-bed student housing community located near Duquesne University and the University of Pittsburgh, for an undisclosed price. The property features 35 fully furnished units in two- and three-bedroom floor plans. Renovations are planned for the property and will include a redesign of the lobby, the relocation of the office and leasing area, the addition of study space, hallway renovations, the construction of additional beds and the addition of a new package locker system. MultiVersity Property Management will oversee renovations and has been tapped to manage the community. Ryan Lang, Brandon Buell and Jack Brett of NKF Student Housing represented MultiVersity in the transaction. The seller was undisclosed.
PENNSAUKEN, N.J. — Colliers International has arranged the $1.3 million sale of 8000 National Highway, a 29,418-square-foot industrial property in Pennsauken, an eastern suburb of Philadelphia. The building features 14-foot clear heights and convenient access to Interstate 95 and U.S. Route 130. Patrick J. Kelly Drums, a provider of sustainable storage products, acquired the property. Ian Richman and Marc Isdaner of Colliers represented the seller, Puratos Corp.