VIDALIA, GA. — Love Funding has secured a $74.4 million loan through HUD’s 242/223(a)(7) loan insurance program for the refinancing of Meadows Regional Medical Center, a 22-acre hospital in Vidalia. The hospital’s owners, Toombs County Hospital Authority, used the refinancing to cut the interest rate by more than half, saving more than $1.5 million a year in debt-service costs, or more than $30 million over the life of the loan. Originally constructed in 1963, the hospital was expanded in 2011 to include a 194,000-square-foot healthcare facility. Meadows Regional offers 64 private patient suites, 20 emergency treatment rooms and six surgical suites, along with a cardiovascular lab. In the past five years, HUD’s 242 program has insured financing for $2.2 billion of hospital projects across the country.
COLUMBIA, MD. — NorthMarq Capital has arranged a $72 million loan for the refinancing of Columbia Corporate Park, a 495,000-square-foot office park located at 8825, 8830, 8840 and 8850 Stanford Blvd. and 8890 McGaw Road in Columbia. Joseph Burke of NorthMarq Capital’s Baltimore office arranged the 12-year loan through an unnamed life insurance company on behalf of the borrower. The loan features four years of interest-only payments followed by a 30-year amortization schedule.
WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables, a newly built, 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Estate Investments Group, Fortune Capital Partners and Mattoni Group for $57.4 million, or $278,000 per unit. The group’s other projects in the area include the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. Soleste West Gables began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.
NORTH MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $19.5 million loan for the refinancing of Aventura Oaks Apartments, a 204-unit multifamily community located at 1572 N.E. 191st St. in North Miami Beach. The three-story property features a swimming pool, lounge and fitness center. Jonathan Zilber and Steven Halpert of Meridian Capital Group arranged the three-year loan with a fixed 3.1 percent interest rate and one year of interest-only payments through an unnamed balance sheet lender. The unnamed borrower is currently remodeling 75 percent of Aventura Oaks’ apartment units.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $11 million sale of Harbour Pointe, a 34-unit luxury apartment building located at 2201 S.E. 18th St. in Fort Lauderdale’s Harbour Inlet neighborhood. Situated south of the 17th Street Causeway, the property features 350 of water frontage with rental boat slips. Marcus & Millichap brokered the sale of Harbour Pointe in 2010 for $8.1 million and again in 2013 for $9.2 million. The property was renovated by a previous owner in 2010. Joseph Thomas, Adam Duncan and Derek Soven of Marcus & Millichap represented the undisclosed seller and procured the buyer, a joint venture between entities based in New York and California.
MINNEAPOLIS — A joint venture between CA Residential LLC and Harlem Irving Cos. has broken ground on RISE at Prospect Park, a 530,842-square-foot, mixed-use development in Minneapolis. The project will include a seven-story structure with 150 apartments; an adjacent 13-story tower with an additional 186 units; and 40,000 square feet of street-level retail. A 30,000-square-foot Fresh Thyme will anchor the development. The project will be located at 2929 University Ave. SE and is scheduled to be delivered in March 2018. Residences at RISE at Prospect Park will offer a mix of studio, one-, two-, three- and four-bedroom floor plans ranging in size from 470 to 1,423 square feet. Each unit will feature 9-foot ceilings, hardwood-style flooring, quartz countertops, stainless steel appliances, USB outlets and in-unit washers and dryers. Building amenities will include a rooftop deck with lounges, fire pits and grilling stations; a dog run; coffee bar; fitness center with locker rooms, a yoga/barre studio, a sauna and a tanning room; an entertainment suite with demonstration kitchen; a golf simulator room; private theater; music rehearsal space; game room; bike storage; and dry cleaning service. Chicago-based Habitat Cos. will manage RISE at Prospect Park. Tushie Montgomery Architects is the architect of …
OLATHE, KAN. — The Opus Group has unveiled plans for a 205,000-square-foot speculative industrial facility in Olathe, approximately 30 miles southwest of Kansas City. 56 Commerce Center is the first phase of a 505,000-square-foot master-planned project. The building, located on 53 acres at the southeast corner of Old 56 Highway and Loan Elm Road, is slated to be completed in January 2017. The multi-tenant facility will feature office space, 32-foot clear heights and a truck court. Opus will provide development, construction and architectural services for the project, and Joe Orscheln and Mike Mitchelson of CBRE will market the property for lease.
DULUTH, MINN. — Marcus & Millichap has arranged the sale of a 141-unit apartment community in Duluth for $19.7 million, or $140,000 per unit. A Minneapolis-based private investor and development company sold Les Chateaux, which was built in 1973, to a Colorado-based investment group. Amenities at Les Chateaux include heated underground parking, on-site laundry facilities and views of Lake Superior. The property is located at 3800 London Road. Marcus & Millichap represented the seller and procured the buyer.
MILWAUKEE — Stan Johnson Co. has brokered the $9.3 million sale of a 67,866-square-foot retail building in Milwaukee. Lark Creek purchased the property, which is fully occupied by grocer Pick ‘n Save. Outlook Development sold the property located at 2355 N. 35th St. Camille Renshaw and Scott Scurich of Stan Johnson Co. represented the seller in the transaction.
TOLEDO, OHIO — Welltower Inc. (NYSE: HCN), a seniors housing and healthcare facility REIT, has entered into a definitive agreement to acquire a portfolio of properties on the West Coast operated by Vintage Senior Living for $1.15 billion. The transaction spans 2,590 units in 19 independent living, assisted living and memory care communities concentrated in Southern and Northern California and in the state of Washington. Welltower will transition management of these communities to Senior Resource Group (11 properties), Sunrise Senior Living (seven properties) and Silverado (one property), once the acquisition has been completed. “This acquisition reinforces our high-quality healthcare real estate portfolio and leading presence in two of the top U.S. metro markets,” says Tom DeRosa, CEO of Welltower. “Together with our operating partners, we are excited about the opportunities to provide the best senior care with a focus on wellness and innovation.” Vintage Senior Living will continue to operate its communities until the purchase has been completed. The transaction is expected to close in tranches beginning in September and will be subject to lenders’ approvals and customary regulatory approvals. “These properties are in attractive markets, including irreplaceable locations near San Francisco’s Golden Gate Park and Nob Hill, with a …