HOBOKEN, N.J. — Monrovia, Calif.-based Trader Joe’s has signed a lease to open a new location at Harlow Hoboken at the southeast corner of Willow Avenue and 14th Street in Hoboken. The 11,700-square-foot location is slated to open in the first half of 2017. Trader Joe’s carries an extensive array of domestic and imported foods and beverages.
HOUSTON and FORT WORTH, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured $51.2 million in loans to refinance four mixed-income apartment communities in Texas, three of which are age-restricted. The four properties being refinanced are Villas in the Pines, Villas at Pine Lake and Villas on Woodforest in Houston; and Villas by the Lake in Fort Worth. The properties offer a total of 908 apartment units built between 1998 and 2001 with the assistance of low-income housing tax credits (LIHTCs). All four communities are owned by related entities of The Wentwood Cos. and managed by Westlake Housing, both based in Austin. Love Funding’s Jonathan Camps secured the financing for the Villas portfolio through the U.S. Department of Housing and Urban Development’s 223(f) loan insurance program, which helps preserve affordable multifamily housing.
Drever Capital, Alder Group Begin Construction on Alders at Twin Creeks Apartment Community in Allen
ALLEN, TEXAS — Drever Capital Management and The Alder Group have begun construction on a new multifamily project in Allen. Named Alders at Twin Creeks, the jointly developed, 243-unit retiree residential community is located off Highway 75 in the master-planned community of Twin Creeks. The development is aimed at the Baby Boomer generation, the largest demographic group in the U.S, which began turning 70 years old this year. The location is adjacent to a six-acre park and within a half mile of both the Twin Creeks Hospital and Texas Health Presbyterian Hospital Allen. Completion is set for December 2017. Alders at Twin Creeks will occupy eight acres and will feature an 18,000-square-foot recreational area with an oversized pool, cabanas and commercial outdoor grill kitchen. Additional community amenities include a seniors fitness spa, movie theater, arts and crafts studio, pet park, café and complementary shuttle service. Each unit has its own balcony and comes with granite countertops, stainless steel appliances, side-by-side washer/dryers and energy-efficient lighting. Rental rates will start near $1,400 per month. Units range in size from 730-square-foot one-bedrooms to 1,280-square-foot two-bedroom, two-bath units. KWA Construction Co. of Dallas is the general contractor for Alders at Twin Creeks. Architect Frank …
HOUSTON — Jamie Safier of LMI Capital has placed permanent financing for the acquisition and refinance of two separate garden-style apartment complexes totaling $34 million. In the first transaction, Safier obtained a $2 million Freddie Mac loan for the refinance of a 50-unit asset in Houston’s Spring Branch submarket. The loan was a cash-out refinance featuring a 4.5 percent interest rate fixed for the first five years of the 20-year loan term, step down prepayment structure and a one-year interest-only period. The borrower will use a portion of the excess proceeds toward interior and exterior upgrades to the property. The second transaction was an acquisition loan for a 550-unit asset also located in the Spring Branch submarket. The $32 million non-recourse loan featured a fixed interest rate of 4 percent for 10 years and two years of interest-only payments. The proceeds included a rehab component for the borrower to draw upon their planned renovations.
LOCKHART, TEXAS — Colliers International has arranged the $2 million sale of a single-tenant, net-leased retail building located on at 700 S. Colorado St. in Lockhart. Advance Auto Parts has a remaining 15-year lease on the newly constructed, 6,912-square-foot building. Jon Busse of Colliers International represented the buyer, The Douglas and Diane Paulson Family Trust ,an Austin-based private investor that purchased the property in an all-cash transaction. Brad Motley of KW Net Lease represented the seller and property developer, LG Lockhart LLC.
SEATTLE — CBRE has arranged $60 million in acquisition financing for a joint venture between Capitol Seniors Housing and the Carlyle Group. The JV will use the funds to purchase a four-property seniors housing portfolio throughout the Seattle metro area. The four communities total 368 units of assisted living and independent living. Following the acquisition, MBK Senior Living will operate all the properties. The seller and the names of the four properties were not disclosed. The non-recourse, floating-rate loan includes a five-year term with 36 months of interest-only payments. Total loan proceeds include a loan of $51.9 million for the acquisition of the property along with $8 million for planned capital improvements. Aron Will of CBRE National Senior Housing arranged the financing.
SACRAMENTO, CALIF. — Marcus & Millichap has arranged the sale of Gramercy Court, an 87,526-square-foot assisted living and skilled nursing facility in Sacramento, for $15.6 million. The eight-building community sits on a 5.4-acre campus. It features 71 assisted living units and 120 skilled nursing beds. Max McCabe and Krone Weidler both in Marcus & Millichap’s Tampa office represented both the buyer, a fund manager, and the seller, an individual trust, in the transaction.
YORBA LINDA, CALIF. — Savi Ranch Property Holdings has purchased Savi Tech Center, a 376,808-square-foot office/technology campus in Yorba Linda, for an undisclosed sum. The campus is located within the Savi Ranch business park at 22705-22745 Savi Ranch Parkway, about 40 miles south of downtown Los Angeles. The campus is fully leased to five tenants within the technology, healthcare and housing sectors. The seller, a joint venture between Hines and Oaktree Capital Management, previously invested $13 million to update the campus’ common areas, roof, HVAC systems, and interiors and exteriors. Jeffrey Cole, Jeff Chiate, Ed Hernandez and Rick Ellison of Cushman & Wakefield represented the sellers in the transaction.
CARLSBAD, CALIF. — Badiee Development has acquired two land parcels totaling 8.4 acres in the Carlsbad Oaks North Business Park for $6 million. The development firm plans to build a speculative flex industrial campus named Carlsbad Oaks Innovation Park on the lots. The two-building campus will contain a total of 102,937 square feet offering a mix of office and functional warehouse space. Badiee will break ground on the campus in the first quarter of 2017, with an expected completion date in the fourth quarter of that year. Tucker Hohenstein and Mike Erwin of Colliers International represented both Badiee and the seller, Kilroy Realty, in this transaction. The team also serves as the project’s listing brokers, along with Conor Boyle.
FORT COLLINS, COLO. — Drever Capital Management has unveiled plans for a new Windsong-branded memory care community in Fort Collins, about 60 miles north of Denver. Vista Pointe Development will assist in the development of the project. Construction is slated to begin in September. Rental rates are expected to range between $4,900 and $5,200, well below the market’s average, according to Drever. Based in California, Drever Capital Management acquires, manages and develops commercial real estate properties.