Property Type

SunTrust Provides $69.5M Acquisition Financing for Seniors Housing Portfolio in California

by Amy Works April 24, 2019

WHITTIER, RIVERSIDE AND EMERYVILLE, CALIF. — SunTrust Banks Inc. (NYSE: STI) has provided $69.5 million in financing to support Watermark Retirement Communities and Kayne Anderson’s acquisition of three senior living communities in California. Two of the communities, Whittier Place at 12315 Burgess Ave. in Whittier and Raincross at Riverside at 5232 Central Ave. in Riverside, are Class A properties located near Los Angeles. Both of the communities provide assisted living and memory care services. The third, The Watermark by the Bay at 1140 40th St. in Emeryville, formerly known as Bayside Park, provides assisted living and memory care services for residents in Emeryville, Oakland and Berkeley. Watermark currently manages 63 communities in 21 states including seven under development/redevelopment. Kayne Anderson Capital Advisors, founded in 1984, is an alternative investment management firm focused on niche investing in upstream oil and gas companies; energy and infrastructure; specialized real estate; growth equity; and both private credit and diversified liquid credit. Kayne Anderson manages $30 billion in assets.

April 24, 2019

Acquisitions Nevada Retail Western

PEBB Enterprises Acquires 228,279 SF Rainbow Promenade Retail Center in Las Vegas

by Amy Works April 24, 2019

LAS VEGAS — Boca Raton, Fla.-based PEBB Enterprises has purchased Rainbow Promenade, a retail power center adjacent to U.S. 95 and North Rainbow Boulevard near Las Vegas’ Summerlin submarket. PEBB acquired the 228,279-square-foot property through an auction platform. The price was not disclosed. The center recently underwent a $5 million renovation and is currently 95 percent occupied by a variety of tenants, including Hobby Lobby, Barnes & Noble Bookstore, Party City and Cost Plus World Market. The asset also includes three ground-lease pads occupied Macaroni Grill, Chili’s and AMC Theatres. The buyer plans to subdivide and sell off one or more of the outparcel pads. PEBB currently owns and manages approximately 2.5 million square feet of commercial real estate across the United States for its own portfolio as well as major institutions. Terms of the transaction were not released.

April 24, 2019

Development Multifamily Texas

Greystar Begins Leasing New Apartment Property in Fort Worth

by Taylor Williams April 24, 2019

FORT WORTH, TEXAS — Greystar has begun leasing Elan Crockett Row, a new apartment property located in the West Seventh neighborhood of Fort Worth. Greystar developed and manages the community, which offers amenities such as a pool, gaming lounge, dog park and a fitness center with a yoga studio. Units, rents for which start at $1,095 per month, feature granite countertops, built-in closet organizers and smart thermostats.

April 24, 2019

Development Office Oklahoma Texas

MCA Arranges $10.7M Construction Loan for Renovation of Tulsa Office Building

by Taylor Williams April 24, 2019

TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA), which also has an office in Denver, has arranged $10.7 million in construction financing for the renovation of Reunion Center, a 95,000-square-foot historic office building in downtown Tulsa. The borrower, Oklahoma-based Rose Rock Development Partners, plans to convert the 10-story building into a 79-unit residential property with 10,000 square feet of ground-floor retail space. The new community will offer a pool, outdoor grilling area and a rooftop terrace. Brandon Wilhite of MCA arranged the loan though CrossFirst Bank on behalf of Rose Rock, which will also receive $4.3 million in federal and state historic tax credits for the project.

April 24, 2019

California Loans Multifamily Western

Arbor Funds $19M Refinancing for 166-Unit Tuscany Villas in Southern California

by Amy Works April 24, 2019

WEST COVINA, CALIF. — Arbor Realty Trust has provided a Fannie Mae Streamlined Rate Lock (SRL) deal for a multifamily property in West Covina. An undisclosed borrower received the $19 million loan to refinance Tuscany Villas, a garden-style apartment community. Greg Gillam of Arbor’s Manhattan Beach Office originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule. Built in 1966 and recently renovated, Tuscany Villas features 166 apartments in a mix of studio and one-bedroom layouts with upgraded interiors, including hardwood flooring, custom cabinets and granite countertops. Community amenities includes swimming pools, charcoal grilling areas and a fitness center.

April 24, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $7.5M Sale of The Applewoods Apartment Community Near Denver

by Amy Works April 24, 2019

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of The Applewoods, an apartment community located at 1975 Oak St. in Lakewood. An undisclosed buyer acquired the building for $7.5 million, or $178,571 per unit. Built in 1971, the property features 42 apartments. Joe Hornstein of Pinnacle Real Estate Advisors represented the undisclosed seller, while Scott Fetter, also of Pinnacle Real Estate Advisors, represented the buyer in the deal.

April 24, 2019

Miller-Road-Business-Center-Garland-Texas

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 70,400 SF Industrial Lease in Metro Dallas

by Taylor Williams April 24, 2019

GARLAND, TEXAS — Dallas-based Holt Lunsford Commercial has negotiated a 70,400-square-foot industrial lease at Miller Road Business Center in Garland, a northeastern suburb of Dallas. According to commercialcafé.com, the Class A property was built in 2002 and totals 382,000 square feet. Josh Barnes and Ben Wallace of Holt Lunsford represented the landlord, Boston-based TA Realty. John Hendricks of CBRE represented the tenant, J&C Warehousing LLC.

April 24, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 136-Unit Apartment Community in Fort Worth

by Taylor Williams April 24, 2019

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Cobble Hill, a 136-unit multifamily community located at 6050 Oakland Hills Drive in Fort Worth. The property was built in 1983. Al Silva of Marcus & Millichap represented the seller, a Dallas-based partnership, in the transaction. Silva also procured the buyer, a Texas-based private investment firm that will implement a capital improvements program to the property’s unit interiors and amenity spaces.

April 24, 2019

Acquisitions Healthcare Indiana Midwest

JLL Arranges Sale of 143,499 SF Outpatient Facility in Indianapolis

by Kristin Harlow April 24, 2019

INDIANAPOLIS — JLL’s Healthcare Capital Markets division has arranged the sale of a 143,499-square-foot Class A outpatient facility on the campus of Indiana University Health Methodist Hospital in Indianapolis. It is the largest hospital complex in Indiana with 1,411 staffed beds. Known as Methodist Professional Center II, the facility is fully occupied by Indiana University Health and its affiliates. Built in 1992, the four-story property sits on 1.4 acres. Mindy Berman, Justin Hill and Bruce Gordon of JLL advised the seller, Sanders Trust. Healthcare Realty Trust purchased the property for an undisclosed price.

April 24, 2019

Development Midwest Minnesota Multifamily Seniors Housing

Opus Finishes Development of its First Senior Living Community in Twin Cities

by Kristin Harlow April 24, 2019

MINNETONKA, MINN. — The Opus Group has completed its first senior living community in the Twin Cities known as Orchards of Minnetonka. The 147-unit development offers independent living, assisted living and memory care. Amenities include a salon, chapel space, clubroom, community room and two dining areas. Outdoor areas include a putting green, gardening beds and orchard. Ebenezer Management will operate the property. Sperides Reiners Architects and Consilium Home made up the project team.

April 24, 2019

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