CUMMING, GA. — Senior Living Investment Brokerage (SLIB) has arranged a sale-leaseback deal for The Oaks at Hampton, an 84-unit assisted living facility in Cumming about 40 miles north of Atlanta, for $18.3 million. Senior Housing Properties Trust, a publicly traded seniors housing REIT, purchased the property and will keep Oaks Senior Living, the seller, as the operator. Bradley Clousing and Jeff Binder of SLIB handled the transaction.
KNOXVILLE, TENN. — Rockport Mortgage Corp. has provided $17 million for the acquisition and rehabilitation of Pinnacle Park Apartments, a 200-unit low- and moderate-income multifamily property in Knoxville. The community was originally developed under the Section 236 Program in the early 1970s. In 1994, the property was preserved as affordable housing under The Low-Income Housing Preservation and Resident Homeownership Act (LIHPRHA) for a term of 50 years, and was recapitalized in 2004 using Low Income Housing Tax Credits (LIHTCs). Dan Lyons of Rockport Mortgage utilized the HUD 221(d)(4) program for the loan, which was structured using 4 percent LIHTCs, short-term tax-exempt bonds and multiple tranche financing. Working with Rockport and HUD, the borrower was able to obtain a Section 8 rent increase and approval of the creative financing structure under the Section 221(d)(4) Substantial Rehabilitation Program.
NEW YORK CITY — A partnership between Jeff Sutton and Aurora Capital has entered into a 99-year triple net lease for 511 Fifth Avenue, a 160,000-square-foot Class A building on the southeast corner of 43rd Street in Midtown Manhattan. The 17-story building serves as the New York headquarters for Israel Discount Bank and offers 20,000 square feet of retail space. The partnership will operate the property during the lease term, as well as undertake renovations and assume responsibility for leasing. Bruce Mosler, David Green, Louis Wolfowitz, Peyton Horn, Josh Kuriloff and Nat Rockett of Cushman & Wakefield represented the building’s owner, a group of family trusts, in the transaction. Raymond Sanseverino and Richard Nardi of Loeb & Loeb LLP provided legal representation for the owners, while Chris Smith and Lisa Brill of Shearman & Sterling represented the lessee.
NEW YORK CITY — A limited liability company has acquired an apartment property located at 2325 Foster Ave. in Brooklyn. The 27-unit property sold for $4.8 million. Derek Bestreich, Lucien Sproviero and Erik Rodriguez of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged three multifamily property sales in the Bronx totaling $4.7 million. In the first transaction, a private investor acquired a four-story, 21-unit apartment building located at 868 Faile St. for $2.7 million, or $150 per square foot. The property consists of 15 two-bedroom units and six three-bedroom apartments. In the second deal, a 7,912-square-foot multifamily property located at 614 E. 168th St. sold for $1.2 million, or $160 per square foot. The building features eight two-bedroom apartment units. In the final transaction, a three-story, walk-up building located at 1744 Merrill St. sold for $830,000, or $165 per square foot. The building features three one-bedroom units, four two-bedroom units and a two-car garage. The names of the sellers and buyers in the transactions were not released. Jason Gold, Scot Hirschfield, Michael Tortorici and Marko Agbaba of Ariel Properties Advisors represented the buyers and sellers in the transactions.
NEW YORK CITY — Alpha Realty has brokered the sales of two multifamily properties located in Brooklyn. In the first transaction, Glenn Raff and Jacob Aronov of Alpha Realty negotiated the sale of a property located at 105 Boerum Place in Boerum Hill. The 4,376-square-foot building sold for $2 million, or $457 per square foot. In the second deal, Lev Mavashev and Scott Schwartz of Alpha Realty represented the buyer and seller in the sale of a property located at 145 Somers St. in Ocean Hill. The 7,211-square-foot building sold for $1.1 million, or $208 per square foot.
WORCESTER, MASS. — Liberty Properties has executed a 74,000-square-foot lease with A. Schulman Inc. at New Bond Business Park at 10 New Bond St. in Worcester. The international supplier of high-performance plastic compounds and resins will use the facility as a warehouse supporting its primary operation located on Millbrook Street in Worcester. The building is in the process of undergoing a complete renovation of the existing 225,000 square feet of remaining space. The renovation includes new HVAC systems, roof, flooring and façade, as well as renovated loading areas. Construction is underway, with phased occupancy beginning in September 2015. James Umphrey and David Cohen of Kelleher & Sadowsky Associates represented both the landlord and tenant in the transaction.
SAN MARCOS, TEXAS — Amazon has acquired a 100-acre site on McCarty Lane in San Marcos to develop an 855,000-square-foot fulfillment center. This will be Amazon’s fifth fulfillment location in Texas. Kit Corbin of Endura Advisory Group represented the undisclosed seller, and Ed Cross of San Antonio Commercial Advisors represented the buyer in the transaction. The city of San Marcos and the Texas Department of Transportation will cooperate with the developer of the Amazon facility to provide road improvements. Atlanta-based Seefried Industrial Properties Inc. is overseeing the project, alongside Houston-based engineering firm Jones & Carter Inc., according to reports by the Austin Business Journal. The fulfillment center will be completed in early 2017 and is expected to create more than 1,000 permanent jobs when fully staffed.
PLANO, TEXAS — Phillips Edison Grocery Center REIT II Inc. has acquired Plano Market Street, a 169,624-square-foot grocery-anchored shopping center located in Plano, for an undisclosed amount. Doug Hazelbaker and Ryan Shore of HFF represented the seller, Lionstone Investments, in the transaction. The center is 94.2 percent occupied by tenants including Market Street, Zoë’s Kitchen, World of Beer, Toni & Guy Academy, Café Izmir and Hyena’s Comedy Club. Plano Market Street is situated on 17.74-acres at 1901 to 1941 Preston Road.
EL PASO, TEXAS — Holliday Fenoglio Fowler (HFF) has secured $14.4 million in first mortgage financing for Hilton Garden Inn El Paso/University, a 153-room, full-service hotel in El Paso. Jason Bond and Michael Cosby worked on behalf of the borrower, TVO Groupe, to place the 10-year, fixed-rate loan with Cantor Commercial Real Estate. Loan proceeds will be used to refinance existing debt and fund future property improvement plans. The hotel is located at 111 West University Ave. adjacent to the University of Texas at El Paso.