SCOTTSDALE, ARIZ., AND NEWPORT BEACH, CALIF. — Cadence Senior Living, a Scottsdale-based owner, developer and operator, and Emerald Real Estate Partners LLC, an investment management firm based in Newport Beach, have formed a strategic partnership for investing in seniors housing. According to the companies, the partnership will allow Cadence to expand its portfolio of boutique senior living. Emerald will provide additional acquisition capital, working capital and expertise in increasing scale, due to the company’s experience in other real estate sectors. Emerald principal Josh Martin stated that Emerald “had been searching for a senior living operator with which to grow a platform in this sector.” The Cadence and Emerald partnership is seeking opportunities to acquire existing senior housing communities, develop new communities and leverage Cadence’s management team by operating senior living communities for third-party owners.
PAOLI, PA. — KeyBank Real Estate Capital has arranged a $28.5 million Freddie Mac floating-rate mortgage loan for Daylesford Crossing in Paoli, a northwest suburb of Philadelphia. Built in 2015, the Class A property features 64 assisted living and 14 memory care units, as well as commercial space occupied by Ciao Bella Salon and Spa. Carolyn Nazdin of Key’s Healthcare Group arranged the financing, which features a seven-year term, three-year interest-only period and a 30-year amortization schedule.
SEASIDE HEIGHTS, N.J. — The Walters Group has started construction of Cornerstone at Seaside, an age- and income-restricted apartment community in Seaside Heights, a coastal borough southeast of Trenton. The 91-unit property will be restricted to residents over the age of 55 and making less than 60 percent of the county’s median income. The community is a redevelopment of an area that formerly featured a motel, lumber yard, hardware store and small apartment building, all of which were demolished in March. The property is slated for completion in November 2018. The Walters Group has several planned and ongoing income-restricted housing developments throughout the state of New Jersey.
NEW YORK CITY — Ready Capital Structured Finance has closed a $4.7 million loan for a retail condo located in Manhattan’s Financial District for an undisclosed borrower. The borrower plans to renovate the ground floor and basement space of the 4,900-square-foot property and re-lease the property at market rental rates. The non-recourse, interest-only loan features a 24-month term with one extension option and flexible pre-payment. Additionally, the loan is inclusive of a facility to provide for capital expenditures, leasing costs, interest and carry reserves, as well as an equity earn out if certain performance metrics are achieved.
EAST GRANBY, CONN. — Sentry Commercial has brokered the sale of a multi-tenant industrial complex located at 25-27 and 29 Kripes Road in East Granby. Torrington, Conn.-based Gen IV LLC acquired the property from Airport Business Center III. Situated on 8.3 acres, the 65,691-square-foot property is a portion of Airport Business Center, a five-building industrial park developed by the seller in 1984. Sentry Commercial was the sole broker in the transaction.
ARLINGTON, TEXAS — SunTrust Banks Inc. has closed $600 million in financing for the Texas Rangers to fund the team’s share of construction costs for its new ballpark, known as Globe Life Field. Set to open for the 2020 season, the stadium will feature a retractable roof and typical ballpark amenities. The professional baseball team is building Globe Life Field in a public/private partnership with the City of Arlington. The Rangers transaction was a partnership between several of SunTrust’s business units, including the Southwest Corporate Banking office of SunTrust Robinson Humphrey (STRH); the SunTrust Sports and Entertainment Group, which raises capital and provides financing to professional sports franchises; and the STRH Leveraged Finance Group. MUFG and US Bank served as lead arrangers of the Rangers loan.
ATLANTA — North American Properties (NAP) has unveiled plans to develop a 28,000-square-foot food hall at Colony Square, a mixed-use destination at the corner of 14th and Peachtree streets in Atlanta’s Midtown district. Dubbed Main & Main, the food hall will include indoor and outdoor dining space and a staging area designed for a variety of event programming. The area will host Colony Square’s more than 200 signature and seasonal events annually. Restaurant designer and architect David Thompson is leading the project’s design, and restaurateur Steve Palmer will be the food hall’s chef curator. Main & Main will feature approximately 12 to 15 culinary concepts, as well as complementary vendors such as flower, chocolate and pastry pop-ups and an incubator space to host nonprofits. In addition, the project will include The Grove, a green space outfitted with soft seating, Spanish steps and a beer garden, that will serve as the gateway to Main & Main. NAP will break ground on Main & Main this fall, with the first phase of development slated to open in 2018.
COLUMBIA, S.C. — CBRE has brokered the $28.1 million sale of Tower at 1301 Gervais, a 298,926-square-foot office building in Columbia. Greenville, S.C.-based RealOp Investments acquired the property from Florida-based Morning Calm Management. Patrick Gildea, Aaron Dupree, Martin Moore and Matt Smith of CBRE represented the seller in the transaction. The 20-story Tower at 1301 Gervais recently underwent a $2 million renovation, including upgrades to the fitness center, common areas, restrooms and tenant spaces offering open floor plans. At the time of sale, the building was 80 percent leased to tenants including the University of South Carolina, South Carolina Chamber of Commerce, Cumulus Media, TM Floyd & Co., IT-oLogy and Merrill Lynch.
VIRGINIA BEACH, VA. — The Franklin Johnston Group has unveiled plans to develop Coastal 61 at Oxford Village, a 248-unit multifamily community in Virginia Beach that will be located next to Virginia Wesleyan University and the Norfolk Premium Outlets. Coastal 61 will feature one-, two- and three-bedroom units ranging in size from 833 to 1,395 square feet. Individual units will include stainless steel appliances, granite countertops, walk-in closets and in-unit washers and dryers. Community amenities will include a rooftop sky park, two-story clubhouse, fitness center, outdoor recreation center and a resort-style swimming pool.
CLEMSON, S.C. — A partnership between Campus Apartments and Collegiate Development Group has opened 114 Earle, a 706-bed student housing development located near the Clemson University campus in South Carolina. The property offers fully furnished studio, two-, three-, four- and five-bedroom units. Community amenities include a two-story clubhouse with an internal playground-style stairway slide; fitness center; resort-style swimming pool with a jumbo TV; and a variety of study spaces.