NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 30 Huntington St. in Brooklyn. The six-unit property sold for $1.4 million. Shaun Riley, Derek Bestreich and Adam Lobel of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both limited liability companies, in the transaction.
CHICAGO — Evans Senior Investments (ESI), a Chicago-based investment banking firm, has arranged the sale of 13 Agapé Senior Living communities in South Carolina for $153.9 million. The portfolio includes 10 independent living and assisted living communities totaling 856 units, plus three skilled nursing facilities totaling 294 beds. The oldest building in the portfolio was constructed in 1990 and the smallest facility is 58 units. A private equity firm, the name of which was not released, purchased the portfolio at a cost of $156,424 per unit for the independent and assisted living communities, and $68,027 per bed for the skilled nursing facilities.
RALEIGH, N.C. — CBRE Capital Markets’ debt and structured finance team has arranged a $75 million loan for the Stanhope Student Apartments, a five-story, 300-unit, 822-bed, mixed-use student housing facility located adjacent to North Carolina State University’s main campus in Raleigh. A joint venture led by managing partner Kane Realty Corp. developed the project. The property features 9-foot ceilings, a saltwater pool, two-story health club, cyber-lounge, art studio, tanning beds, two-story game room and ground-floor retail space. Deck parking is provided for tenants on the same floor as their unit. Apartments contain a full washer/dryer, en-suite full bathrooms in each bedroom, granite kitchen counters, large-screen TVs and wood floors. Mark Fisher and Alex Furnary of CBRE’s midtown Manhattan office, along with David Meese and Tom Kobus of CBRE’s Pittsburgh office, facilitated the financing on behalf of the borrower. The CBRE team secured a 20-year, fixed-rate, non-recourse loan from one of its correspondent lenders, AIG Investments. The loan was committed without any tenants in occupancy and closed with retail space still to-be-leased (half of the retail space is leased to CVS).
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.
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.
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.
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.
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.
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.
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.