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Atria at Villages of Windsor Lake Worth
FloridaSeniors HousingSoutheast

Big Rock to Build New Seniors Housing Property in South Florida

by John Nelson

LAKE WORTH, FLA. — Big Rock Partners, a national real estate management and development firm, will begin construction this month on Atria at Villages of Windsor, a Class A seniors housing community in southern Palm Beach County. Big Rock is developing the community on a 22.5-acre site in the Villages of Windsor development. The new community will offer a total of 186 independent living units, 78 assisted living apartments and a 54-unit memory care building. Ventas Inc., one of the largest REITs in seniors housing, will provide equity capital and be the principal owner of the community when finished. Wells Fargo will provide construction financing. The finance advisor is Walker & Dunlop. Gensler is providing architectural services, and Moss & Associates is the construction manager. Atria Senior Living, which operates 180 senior living communities throughout the U.S. and Canada, will operate and market the community. Big Rock expects the community to open in the summer of 2017.

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Elan Towne Center Sanford
FloridaLoansMultifamilySoutheast

Walker & Dunlop Originates $41.2M Loan for Apartment Community in Metro Orlando

by John Nelson

SANFORD, FLA. — Walker & Dunlop has closed a $41.2 million loan for Elan Towne Center, a 360-unit luxury apartment community in Sanford, roughly 24 miles north of Orlando. Built in 2014, the Class A property features a cyber café, coffee bar, valet door-to-door trash pickup, club room with billiards, private detached garages and a dog park. The community was more than 90 percent occupied at the time of financing. Paul Ahmed led Walker & Dunlop’s team to originate the 15-year loan on behalf of the undisclosed borrower.

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Northwest Plaza Tampa LA Fitness
FloridaRetailSoutheast

HFF Arranges $14.4M Sale of Two Tampa-Area Shopping Centers

by John Nelson

TAMPA, FLA. — HFF has arranged the $7.7 million sale of Northwest Plaza, a 46,904-square-foot shopping center located in Tampa’s Citrus Park area; and the $6.7 million sale of Suncoast Crossing, a 29,289-square-foot shopping center located in the Tampa suburb of Odessa. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, Redstone Investments, in the transaction. Cole Credit Property Trust IV Inc. (CCPT IV) acquired Northwest Plaza and APTT Investments LLC acquired Suncoast Crossing in two separate transactions. VEREIT Inc. worked on behalf of CCPT IV in the purchase of Northwest Plaza. Both centers were fully occupied at the time of sale.

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CaliforniaLoansMultifamilyWestern

Landmark Arranges $100M Financing for Multifamily Community in California

by Nellie Day

LAKE FOREST, CALIF. — Landmark Capital Advisors has arranged $100 million in financing for Portola Center South, a 626-building multifamily community in Lake Forest. The owner, SunRanch Capital Partners, began improving the land this past June. It plans to begin selling the lots to builders by early 2016. The site contains five planning areas. The improvements will commence in one phase, which will take seven to nine months to complete. Portola Center South will eventually include 569 for-sale units and 57 affordable units. Adam Deermount and Terry Ruckle of Landmark Capital Advisors structured the financing.

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ColoradoMultifamilyWestern

TruAmerica, Investcorp Buy Apartment Community in Denver for $71M

by Nellie Day

DENVER — TruAmerica Multifamily and institutional capital partner Investcorp have acquired a 561-unit apartment home community in Denver for $71 million. The community is located in the Cherry Creek submarket. TruAmerica plans to complete improvements to the buildings’ exteriors and common areas. This plan was initially undertaken by the previous owner. The units will also receive multimillion-dollar renovations. Brian Eisendrath, Annie Rice and Brandon Smith of CBRE Capital Markets arranged the financing. CBRE’s David Potarf, Dan Woodward and Matt Barnett represented the unnamed seller.

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CaliforniaMultifamilySeniors HousingWestern

City of Hayward Breaks Ground on Three New Multifamily Communities

by Nellie Day

HAYWARD, CALIF. — The City of Hayward recently broke ground on three new multifamily communities. The properties are situated on the site of the former South Hayward BART overflow parking lots. Eden Housing is developing two affordable communities off Mission Boulevard that will provide a total of 151 affordable apartments near the South Hayward BART station. AMCAL Equities is developing a market-rate community of 206 luxury apartments off Dixon Street, adjacent to the BART station. Both developments received transit-oriented development grants from the California Department of Housing and Community Development. The Eden Housing development is known as the South Hayward BART Family & Seniors Communities. The two affordable rental communities will be composed of adjacent five-story, standalone buildings that share a common courtyard. They will provide 87 affordable rental apartments for families and 64 affordable rental apartments for seniors, aged 62 or older. AMCAL’s development is known as Cadence. The community will feature one- and two-bedroom, market-rate apartments. Amenities will include a state-of-the-art fitness center with separate yoga room, a resident lounge, pool and spa deck, clubhouse, business center, pet spa, self-service bike parking and repair, and package concierge service.

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IndustrialLoansWestern

HFF Arranges $42M Financing for Perris Circle Industrial Park Project

by Nellie Day

PERRIS, CALIF. — HFF has arranged $42 million in joint venture equity and construction financing for Perris Circle Industrial Park. The Class A industrial facility will contain two buildings totaling 594,000 square feet. The new project is situated on a 31-acre site at 278-290 Markham St., near Harley Knox Boulevard and Interstate 215. Perris Circle Industrial Park will be complete in early 2016. HFF worked on behalf of the developer, Circle Industrial, to arrange the joint venture equity partnership with Cigna Realty Investors. The firm also secured the construction financing for the partnership with Wells Fargo Bank. Anthony Brent, Kevin Mackenzie and Ryan Martin led HFF’s equity placement team. Todd Sugimoto and Mark Wintner led the debt placement team.

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CaliforniaRetailWestern

Grocery Outlet Bargain Market to Open 14 Locations in Los Angeles

by Nellie Day

LOS ANGELES — Grocery Outlet Bargain Market plans to open 14 stores throughout the Los Angeles area beginning in December and continuing through 2016. According to the company, shoppers have saved more than $1 billion on products purchased at Grocery Outlet as compared to traditional grocery stores this year alone. The company’s buyers negotiate directly with manufacturers to buy overstock and surplus products at discounts.

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IndustrialLoansMichiganMidwest

BGL Arranges $22.3M of Financing for Industrial Property Near Detroit

by Christina Cannon

GIBRALTAR, MICH. — Brown Gibbons Lang (BGL) Real Estate Advisors has arranged a $22.3 million financing for an industrial property for Ferragon Corp. The multi-phased financing will support improvements to create a continuous annealing toll processing operation in Gibraltar, which is approximately 30 miles south of Detroit. The processing center will become operational in late 2016. Once complete, the project will bring a largely vacant 550,000 square foot industrial complex back into EPA compliant condition. The $22.3 million financing consisted of a $10 million building improvement loan, an $8.2 million Brownfield Tax Increment Financing (TIF) and job creation grant from the Michigan Economic Development Corporation and the Michigan Department of Environmental Quality, and $4.1 million for building and property acquisition. BGL was the exclusive real estate advisor for the borrower, Ferragon in the transaction. BGL Real Estate Advisors provides comprehensive real estate investment banking services to the middle market, which includes real estate advisory, debt and equity placements, financial restructuring, and asset acquisition and disposition. Ferragon Corporation is a provider of comprehensive toll processing services for hot rolled and cold rolled steel that operates four other facilities in the Midwest and Southern regions.

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IllinoisLoansMidwestMultifamilySeniors Housing

CBRE Finances $21.7M Acquisition of Seniors Housing Community in Chicago MSA

by Christina Cannon

PARK RIDGE, Ill. — CBRE National Senior Housing has arranged financing on behalf of Capitol Seniors Housing (CSH) for the acquisition of The Summit of Uptown, a 147-unit independent living and assisted living community located in Park Ridge, a suburb of Chicago. CBRE secured a $27.9 million, non-recourse, floating-rate bridge loan that includes a five-year term with 36 months of interest-only payments from a regional bank. Total proceeds includes a loan of $21.7 million for the acquisition of the property along with a loan of $4.2 million for planned capital improvements and a $2 million earnout feature. CSH, a seniors housing investment company, plans to convert 28 independent living units to assisted living and add 21 memory care units. Once complete, the community will feature a fortified memory care wing and can provide its residents with a full continuum of care. CSH will lease the community to Atlanta-based operator The Arbor Company.

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