NEW YORK CITY — StepStone Group Real Estate, a real estate investment firm, has entered into an agreement to acquire Cleveland, Ohio-based Courtland Partners, a real estate advisors group. The transaction is expected to close by the end of March, subject to customary closing conditions. Following the integration of Courtland, StepStone Real Estate (SRE) will be among the world’s largest and most active real estate solutions providers, managing approximately $100 billion of capital allocations from institutional investors, including more than $2 billion of assets under management and deploying over $10 billion per year to real estate investments through primary fund investments, co-investments, secondaries and recapitalizations. The combined real estate group will have more than 50 professionals working from offices in the United States, Europe and Asia. SRE is part of StepStone Group, a global private markets firm providing customized investment, portfolio monitoring and advisory solutions. StepStone is a global firm with 15 offices in 11 countries around the world, including New York City; Beijing; Dublin, Ireland; Hong Kong; La Jolla, Calif.; London; Luxembourg; Perth; San Francisco; Sao Paulo, Brazil; Seoul, South Korea; Sydney, Australia; Tokyo; Toronto; and Zurich, Switzerland.
LAFAYETTE HILL, PA. — HJ Sims has completed an $88.1 million bond refinancing for Presby’s Inspired Life, a nonprofit seniors housing operator based in Lafayette Hill. The company owns and operates four market-rate seniors housing communities in the Philadelphia area: Rydal Park in Jenkintown, Rosemont Presbyterian Village in Bryn Mawr, Spring Mill Presbyterian Village in Lafayette Hill, and Broomall Presbyterian Village in Broomall. Presby has worked with HJ Sims since 2009, with the investment banking firm providing four financings totaling more than $183 million during the relationship. The current bonds will refinance bank debt and bonds from 2010 and 2013, with a maturity on the new bonds of 2048. Presby previously purchased land adjacent to its Rydal Park campus for a new independent living project: Rydal Waters. Refinancing the outstanding bank debt freed up capacity among Presby’s existing bank relationships to finance the Rydal Waters project once it completes its pre-development and pre-marketing process. The 2017 bonds eliminated Presby’s variable rate interest exposure, provided annual cash flow savings, boosted debt service coverage and leveled out and extended future debt service on a fixed-rate basis.
NEW YORK CITY — Square Mile Capital Management has acquired a $31.8 million mezzanine loan in face value for financing the development of Moxy Hotel, located at 105-109 W. 28th St. in the Chelsea/NoMad neighborhood of Manhattan. A subsidiary of Marriott International, which originated the mezzanine debt in December 2016, was the seller. The completed property will consist of a 37-story building with 349 guest rooms and will be flagged under Marriott’s Moxy brand. The hotel will feature a ground-floor market restaurant, lobby bar, lounge and a rooftop sky bar with panoramic views of the Manhattan skyline. Designed by Stonehill Taylor, the hotel is slated to open this year. The Lightstone Group purchased the site in July 2014 and broke ground in April 2016. Bank of the Ozarks and a subsidiary of Marriott International provided $101.8 million in construction financing, including the mezzanine debt. Lightstone is an experienced hotel owner and developer, with two other Moxy projects under development in Manhattan.
NEW YORK CITY — A joint venture between Fort Schuyler Housing Development Co., Smith & Henzy Advisory Group Inc., MDG Design + Construction LLC, Concord Management of New York and partners has unveiled a $52.7 million renovation and refinancing plan for Fort Schuyler House, a 139-unit affordable seniors housing development in the Bronx. In addition to $15.5 million in capital repairs, the project will preserve the affordability of 138 of the units. The 139th unit is reserved for the property manager. Fort Schuyler House was built in 1973 to offer independent living opportunities for low-income seniors age 62 and over. The eight-story building features 118 studio units, 20 one-bedroom units and one two-bedroom unit. The project will provide apartment improvements including the conversion of antiquated Dwyer units to fully functioning kitchens. The apartments will also receive new flooring; new electrical risers and CB panels; new emergency pull cords; and energy-saving appliances, radiator control valves, bath and kitchen fixtures, and LED lighting throughout. The renovations will be done with tenants remaining in their homes to minimize the disturbance to residents. The shared spaces and overall property will also receive upgrades including new flooring and finishes; new security and energy efficiency measures; …
BOSTON — NAI Hunneman has arranged the sale of a brownstone apartment building located at 90 Saint Botolph St. in Boston’s Back Bay. 16 Pinckney Street LLC acquired the property from 90 St. Botolph LLC for $5 million. The 10-unit property features eight one-bedroom apartments and two studio apartments. At the time of sale, the building was fully occupied. Carl Christie and Dan McGee of NAI Hunneman represented the seller and procured the buyer in the deal.
ARLINGTON, TEXAS — KWA Construction is nearing completion of Phase I of Arlington Commons, a 1,300-unit multifamily redevelopment project in Arlington valued at approximately $350 million. Developed in four phases by The Nehemiah Co. and designed by JHP Architecture/Urban Design, the project is redeveloping complexes that were built in the 1970s. The first phase will deliver 353 units. The project is being financed in part by $10.5 million in economic incentives from the City of Arlington.
AUSTIN, TEXAS — Walker & Dunlop has structured a $100 million Freddie Mac revolving credit facility for Presidium Group LLC, a multifamily investment firm with offices in Austin and Dallas. The credit facility was initially secured by Presidium’s acquisition of Solaris and The Violet, two garden-style multifamily properties in Austin totaling 722 units. Solaris totals 562 units and is located roughly three miles southeast of the CBD, while The Violet features 160 units and is located about six miles south of downtown. The credit facility includes an additional $50 million in excess capacity for a potential of $150 million in total financing. Alex Inman of Walker & Dunlop structured the five-year, non-recourse line of credit, which features a full term of interest-only payments.
STAFFORD, TEXAS — Berkadia has brokered the sale of Estates at Fountain Lake, a 306-unit multifamily community in the southwestern Houston metro of Stafford. The property was built in 1998 and offers one- and two-bedroom units with full-size washers and dryers and private terraces or balconies. Illinois-based Prime Property Investors Ltd. sold the asset to Missouri City, Texas-based GPI Investments LLC. Ryan Epstein, Cutt Ableson, Jennifer Ray and Scott Bray of Berkadia represented Prime Property Investors in the sale and arranged an undisclosed amount of Fannie Mae acquisition financing on behalf of GPI Investments.
CEDAR HILL, TEXAS — CBRE has arranged the sale of Primrose at Cedar Hill, a 132-unit seniors housing community located in the southwestern Dallas metro of Cedar Hill. Built in 2003, the property was 98 percent occupied at the time of sale. Amenities include a pool, fitness center, business center and an on-site laundry facility. Chris Deuillet and Chandler Sims of CBRE represented the seller, Cedar Hill Seniors Housing LLC, in the transaction. Kaufman Investments purchased the asset for an undisclosed price.
DALLAS AND DESOTO, TEXAS — Greystone has secured the $19 million refinancing of two undisclosed seniors housing assets located in Dallas and nearby suburb DeSoto. The properties, which total 500 units, represent affordable housing options for seniors earning 60 percent or less of the area median income (AMI). Both loans were secured through Freddie Mac’s Targeted Affordable Housing (TAH) Express program.