MILWAUKEE, WIS. — Hammes Partners has closed on Hammes Partners II LP, a U.S. healthcare real estate private equity fund. Milwaukee-based Hammes Partners received $430 million in capital commitments, significantly over its original target of $300 million. The Hammes platform is focused exclusively on U.S. outpatient healthcare real estate, including investments in existing assets, entitled development projects and adaptive reuse opportunities. Institutional investors that committed capital to the fund include endowments, foundations, pension funds, insurance companies, fund of funds and family offices.
ST. PAUL, MINN — Oak Grove Capital has closed on 12 loans totaling $70.3 million since late May. The properties ranged from affordable and market-rate housing to senior living communities. The most significant closing for the St. Paul-based firm —an $18.2 million FHA loan modification for TowerLight Senior Living — occurred June 30. The 113-unit senior community complex is located in St. Louis Park, Minn. The loan modification was facilitated by Ken Dayton of Oak Grove Capital. Amenities at TowerLight include an intergenerational child and elderly care program, fitness center, beauty salon, library and game room, gourmet kitchen, reflection room, clubroom, theater and an arts and craft room.
GRAND RAPIDS, MICH. — Cocke Finkelstein has acquired Ramblewood Apartments in Grand Rapids for $100.4 million. The 1,170-unit complex was built in phases from 1972 to 1985 and sits on two campuses that stretch across 188 tree-covered acres. The property offers wooded grounds and a pond, a community center with year-round indoor pool, a business office center, a 55,000-square-foot tennis and health club facility, and a number of other amenities. The property was 98 percent occupied upon acquisition. CFLane, the apartment management subsidiary of CFI, will manage the community. Berkadia arranged the transaction for the undisclosed seller.
BEVERLY HILLS, MO. — Kwame Building Group Inc. (KWAME) is serving as project manager for a new $5.7 million firehouse, located at 7100 Natural Bridge Road in Beverly Hills, a city in St. Louis County. The Northeast Ambulance and Fire Protection District (NEAFPD) has contracted with KWAME on the project. The architect is JEMA. The 27,500-square-foot, two-story brick and stone firehouse will include five vehicle bays and a two-story structure for the District headquarters office. The facility will also house training and community classroom space. Built to resist seismic and high-wind events, the facility will serve as a natural disaster relief center for local residents. An employee-owned company, St. Louis-based KWAME provides estimating, scheduling, project planning, value engineering and other project management services as an independent advocate for owners and developers.
DALLAS — Hunton & Williams, a corporate law firm, has signed a long-term lease extension at the downtown Dallas skyscraper known as Fountain Place, according to Goddard Investment Group. The 58-story glass building is located in the Dallas Arts District, a hub of performing arts, dining and entertainment venues. Johnny Johnson and Lauren Napper of DTZ represented the landlord in the transaction. Larry Toon, Elizabeth Cooper, Jeremy McGowan and Brad Selner of JLL represented the tenant in the 88,000-square-foot lease.
PLANO, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Ruisseau Village, a 124,567-square-foot shopping center. The property is located at the northwest corner of West Parker Road and North Central Expressway in Plano. PRA represented the seller, West Plano Retail LLC, in the transaction. A California-based buyer purchased the asset for an undisclosed price. Jennifer Pierson and Beth Pierson of PRA’s Dallas office arranged the sale.
DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million acquisition loan for a 55-unit multifamily property located in Denton. The loan featured an 80 percent loan-to-value ratio, a seven-year term, 4.75 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
DALLAS — NAIOP has selected Majestic Realty Co. as its 2015 Developer of the Year. Headquartered in Southern California, with regional offices throughout the United States, Majestic is the largest privately held industrial developer in the country. Majestic completed nine new buildings in the past year, adding more than 6 million square feet and increasing its ownership portfolio to 78 million square feet. Majestic also recently completed a 2,000-acre land acquisition in Laredo, Texas. Majestic’s services include land acquisition, entitlement, design/construction, finance, leasing and property management.
WACO, TEXAS — Marcus & Millichap has arranged the sale of The Retreat at Central Texas Marketplace, a 216-unit apartment community in Waco. Joe James and Kent Myers of Marcus & Millichap’s Austin office represented the seller and procured the buyer. The property is located at 2500 Marketplace Drive at the intersection of Interstate 35 and Loop 340/Highway 6. The Retreat at Central Texas Marketplace features amenities including controlled-access gates, perimeter fencing, a fitness center, business center, swimming pool, car wash facility, covered parking and garages. Apartments amenities include crown molding, built-in desks, wood-burning fireplaces, nine-foot ceilings, private patios/balconies and full-size washer and dryer connections.
NEW YORK CITY — Capital One has completed the syndication of a $180 million senior loan for an office-to-multifamily conversion in Lower Manhattan. The borrowers, VANBARTON GROUP and Metro Loft Management, plan to convert the 508,000-square-foot tower at 180 Water St. into multifamily apartments. The redeveloped property will feature 360,000 square feet of residential space and 10,000 square feet of street-level retail space. Additionally, the redevelopment plans include increasing the property’s height to 29 stories. Redevelopment is slated to begin in July, with all residential units scheduled for delivery by the beginning of 2017. Capital One provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing. Participating lenders in the syndication include the CIT Group and Santander Bank, a joint lead arranger.