SMITHTOWN, N.Y. — Benchmark has opened Whisper Woods of Smithtown, an assisted living and memory care community in Smithtown, located on Long Island. Whisper Woods is a three-story, 88,500-square-foot building that sits on 12.6 acres. The property, Benchmark’s first in New York, features 101 units that can serve up to 136 residents. “There has been a need for high-quality seniors housing on Long Island, where the 75-plus population has grown by 20 percent in the last eight years,” says Tom Grape, Benchmark’s chairman and CEO. “Whisper Woods is in an ideal location — close to downtown Smithtown and St. Catherine of Siena Medical Center.” Desiree Krajnyak-Baker is the community’s executive director, overseeing a team of 85. Based in Waltham, Mass., Benchmark operates 58 senior living communities offering independent living, assisted living, memory care and continuing care in Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont.
SAN DIEGO — San Diego-based Parallel Capital Partners has completed the disposition of a 12-building office and lab portfolio, known as the Inspire Portfolio. Boston-based Longfellow Real Estate Partners acquired the asset for $112 million. Situated in the Sorrento Valley area of San Diego, the 318,969-square-foot portfolio was 95 percent occupied at the time of sale. The tenant roster includes 81 life science, technology, and research and development tenants. The properties are: 11535-11585 Sorrento Valley Road (127,991 square feet) 11772 Sorrento Valley Road (19,193 square feet) 11760 Sorrento Valley Road (35,731 square feet) 11750 Sorrento Valley Road (19,921 square feet) 11558-11588 Sorrento Valley Road (85,121 square feet) 11494 Sorrento Valley Road (31,012 square feet) Longfellow Real Estate Partners plans to continue the life science conversion plan started by the seller, adding value by repositioning the remaining 50 percent of the portfolio. Nick Frasco, Nick Psyllos and Michael Leggett of HFF represented the seller in the deal.
WINDSOR, VT. — Marcus & Millichap has brokered the $2.3 million sale of Price Chopper Plaza, a 30,674-square-foot, grocery-anchored shopping center in Windsor. Located at 2781 US Route 5, the center is occupied by three service-based tenants, including Price Chopper, a regional grocery operator that has been at the site since 1998. The other tenants at the property include Dollar General and Aubuchon Hardware. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller, Gary Richetelli of Commercial Development Co., in the transaction. The buyer was a real estate investment firm based in Pittsburgh.
LOS ANGELES — Meridian Capital Group has secured a $16.5 million refinancing for Kingsley Drive Apartments, a multifamily property in Los Angeles. Decron Properties is the borrower. Seth Grossman and Jackie Tran of Meridian arranged the seven-year loan featuring full-term interest-only payments. A life insurance company provided the capital. Located at 737 S. Kingsley Drive in Los Angeles’ Koreatown neighborhood, the five-story complex consists of 83 one- and two-bedroom apartments. Originally built in 1988, a portion of the apartments were renovated in 2016 and 2017 and feature quartz countertops, stainless steel appliances, wine coolers, tile flooring and updated fixtures. Community amenities include a pool, spa, fitness center, putting green and driving range.
DUMFRIES, VA. — HREC Investment Advisors has arranged the sale of Holiday Inn Dumfries-Quantico Center, a 107-room hotel located at 3901 Fettler Park Drive in Dumfries, approximately 30 miles from downtown Washington, D.C. Nabria Capital sold the property for an undisclosed price. The name of the buyer was not released. Kevin Hanley and Ketan Patel of HREC’s Washington, D.C., office represented the seller in the transaction. Situated 6.4 miles from Marine Corps Base Quantico, the hotel features complimentary wired and wireless internet access and 32-inch TVs with cable programming. On-site amenities include an outdoor pool, 24-hour fitness center and the Quantico Bar and Grill.
SAN CLEMENTE, CALIF. — CBRE has negotiated the sale of Seacrest Apartment Homes, a multifamily property located at 240 Avenida Vista Montana in San Clemente. Newport Beach, Calif.-based TA Realty acquired the property from Western National Group, on behalf of Western National Realty Fund II, for an undisclosed price. Built in 1988, Seacrest Apartment Homes feature 368 units in a mix of one- and two-bedroom floor plans, ocean views, resort-style swimming pools and spas, a resident clubhouse with kitchen, barbecue and picnic areas, a business center, laundry facilities, and an open-air fitness center. Stewart Weston, Dean Zander and John Montakab of CBRE represented the seller. The buyer was self-represented in the transaction, which according to CBRE is the largest Orange County multifamily sale this year.
DENVER — Knighthead Funding has originated a $10 million non-recourse loan for the construction of The Condor, a 28-unit townhome development in Denver’s Berkeley neighborhood. First Stone Development is the borrower. Located at 4469 Tennyson St., the three-level townhomes will range in size from 1,100 square feet to 1,800 square feet and will include an attached single-car garage and rooftop deck. This is the second loan Knighthead has funded for the borrower.
LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of Vintage Park at San Martín, a 30-unit memory care community in Las Vegas. A publicly traded company sold the property to a private equity firm with a Nevada footprint for $2.1 million, or $70,000 per unit. Built in 2010, Vintage Park at San Martín features both one- and two-bedroom units with a total of 60 beds. The community is located five miles southwest of downtown Las Vegas. At the time of listing, the community was 61 percent occupied. “Vintage Park at San Martín’s low occupancy will provide the opportunity for the new buyer to generate value-add type returns and allowed the seller to exit a legacy acquisition,” says Jason Stroiman, president of ESI.
DEARBORN, MICH. — Beaumont Health and Universal Health Services (UHS) have formed a joint venture to develop a new $40 million mental health hospital in Dearborn. The partnership also plans to implement Beaumont graduate medical education programs in psychiatry, psychopharmacology and other clinical training opportunities, and expand intensive day programs and outpatient care. Construction is slated to begin in early 2019 on the 150-bed hospital, which will be located across the street from Beaumont Hospital. The facility is expected to open in early to mid-2021. Inpatient mental health services across Beaumont Health will be consolidated into the one location, which will serve adult, pediatric and geriatric patients. Over time, Beaumont plans to implement a comprehensive telemedicine program that will support its nine emergency rooms and other patient care settings across the system.
SKOKIE, ILL. — Meridian Capital Group has arranged a $6.3 million loan for the refinancing of Fairway Executive Building, a 64,000-square-foot office building in Skokie. Located at 8707 Skokie Blvd., the Class A property rises four stories. Features include an indoor parking garage, a redesigned lobby and a conference room. Weiss Properties purchased the asset as a distressed property in 2010 and invested significant funds to remodel and re-tenant the property. Gershon Friedman of Meridian arranged the 10-year CMBS loan, which features a 4.84 percent rate.