EASTON AND ASHLAND, MASS. — Cushman & Wakefield’s Senior Housing Capital Markets group has arranged $48.2 million in senior construction financing and joint venture capital for the construction and development of two senior housing projects for LCB Senior Living. Situated approximately 30 miles south of Boston in Easton, The Residence at Five Corners will be an 84-unit, 90-bed senior living facility. Located in Ashland, The Residence at Valley Farm will be an 80-unit, 83-bed senior housing facility. Situated on Pond Road, the three-story, 72,000-square-foot building is located in a heavily trafficked retail corridor. Both projects will offer independent and assisted living, as well as memory care units. PNC Bank provided construction financing for the Easton project, while M&T Bank provided the construction financing for the Ashland project. An institutional investor provided the joint venture equity on both projects. Construction on both projects is slated to begin in June, with the properties opening in late summer/early fall 2015.
Property Type
ELMSFORD, N.Y. — HKS Capital Partners has brokered $66 million in permanent financing for Ridgeview Apartments in Elmsford. Located at 32 Nob Hill Dr., the 416-unit property is owned by Ridgeview Partners LLC, which is led by Stephen Reitano. The seven-year loan, provided by Cantor Commercial Real Estate, features a three-year interest-only period. Ayush Kapahi of HKS brokered the transaction. The owners purchased the property in 2010 for $58 million, assuming $50 million in debt, and this mortgage allows the owners to take out equity on the property.
PHOENIXVILLE, PA. — Rittenhouse Realty Advisors (RRA) has brokered the sale of Maison Ridge Apartments in Phoenixville. The 16-unit property features six two-bedroom/one-bathroom units and ten one-bedroom/one-bathroom units. Historically, the property has remained 95 percent occupied or better. The property offers off-street parking, on-site laundry facilities and individual storage units. Steve Miceli and Corey Lonberger of RRA arranged the transaction. The seller was a long-term owner who had the property for more than 20 years and the buyers were undisclosed principal partners.
NEW YORK CITY — Meridian Capital Group has arranged $10.5 million in permanent financing to refinance a mixed-use property in Manhattan’s Lower East Side neighborhood. Located at 139 Essex Street, the five-story property features 18 apartments and 1,200 square feet of retail space. The property was purchased by the sponsor 14 months ago and has undergone significant renovation and was at 100 percent occupancy at the time of financing. The seven-year loan, provided by a regional balance sheet lender, features a 4.07 percent fixed rate and two years of interest-only payments. Judah Hammer and David Bollag of Meridian’s New York City office negotiated the transaction.
MAHWAH, N.J. — HREC Investment Advisors has brokered the sale of a Sheraton in Mahwah. Located in the Crossroads Corporate Center, the 225-room hotel is on the border of New York and New Jersey. Ketan Patel, Geoff Davis and Scott Stephens of HREC represented the seller in the transaction.
DALLAS — Goddard Investment Group LLC has acquired the 58-story Fountain Place office tower, located at 1445 Ross Ave. in Dallas. The 1.2 million-square-foot building is 88 percent occupied. The purchase of Fountain Place was completed through the Goddard Value-Add Office Fund I LP. Cassidy Turley has been retained to oversee leasing at the property. Goddard plans to renovate the building to re-establish it as a Class A asset. Specific property improvements include refurbishing the lobby and elevator banks and enhancing the exterior fountains and landscaping. In addition, Goddard plans to build a new parking garage adjacent to the building. Fountain Place was built in 1986 and designed by I.M. Pei.
EL PASO, TEXAS — CBRE has sold the 10/375 Industrial Portfolio, which totals nearly 1.1 million square feet. IndCor Properties purchased the assets for an undisclosed sum. The CBRE National Partners team of Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni, along with Anthony Mash of CBRE in El Paso, represented an institutional seller. The 10/375 Industrial Portfolio includes seven Class A bulk distribution buildings that are 83 percent occupied. Tenants include ProTrans International Inc., Electrical Components International and Handgards Inc. CBRE retains the leasing and property management assignments for the assets.
HOUSTON — Stream Realty Partners has negotiated a lease extension and expansion on behalf of attorneys Doyen Sebesta Ltd. LLP at Paragon Center One, located at 450 Gears Road. Doyen Sebesta now leases 5,694 rentable square feet in the building. Anthony Squillante and Greg Marconi of Stream Realty Partners represented Doyen Sebesta. Carrie Powledge, leasing director of Rosemont Realty, negotiated on behalf of the landlord, Paragon Operating Associates LP.
HOUSTON AND FORT WORTH, TEXAS — BMC Capital has arranged loans for several multifamily properties in Texas. The properties that received refinance loans include the 72-unit Court of Charleston in Houston, which received $2.2 million; the 22-unit Melrose Place in Houston, which received $1.1 million; and Brentwood Apartments in Fort Worth, which received $2.4 million. The terms of the loans featured, respectively, a five-year fixed rate at 3.5 percent and a 30-year amortization; a seven-year fixed rate at 5.2 percent and a 25-year amortization; and a five-year fixed rate at 4.7 percent and a 25-year amortization.
GRAND PRAIRIE, TEXAS — The Kislak Organization has purchased The Fairways Apartments, a 348-unit multifamily community located at 1450 N State Highway 360 in Grand Prairie. The Fairways is a garden-style apartment community that offers a mix of one- and two-bedroom apartment homes and townhomes with fireplaces, walk-in closets and private patios and balconies. The community was built in 1984. Kislak plans to upgrade the property’s clubhouse and recreational facilities. Nearby attractions to the community include Six Flags Over Texas theme park, the Texas Rangers’ Globe Life Park stadium and the Dallas Cowboys’ AT&T Stadium.