BRICK, N.J. — Brick-based Tryko Partners LLC has added five skilled nursing facilities, totaling 470 beds, to its Massachusetts portfolio. The company has acquired two properties from Ventas Inc. and entered into a lease contract to operate three additional assets that Ventas will continue to own. Tryko acquired the 88-bed Hammersmith House Nursing Care Center, which will be renamed Chestnut Woods Rehabilitation and Healthcare Center, in Saugus, Mass.; and the 87-bed Hillcrest Nursing and Rehabilitation Center, which will be renamed Valley Stream Rehabilitation and Healthcare Center, in Fitchburg, Mass. The Ventas-owned properties to be operated by Tryko include the 132-bed Blueberry Hill Skilled Nursing and Rehabilitation Center in Beverly, Mass.; the 82-bed River Terrace Rehabilitation and Healthcare in Lancaster, Mass.; and the 81-bed Oak Wood Rehabilitation and Nursing Center, which will be renamed Brookside Rehabilitation and Healthcare Center, in Webster, Mass. Financing for the two acquisition was provided by The PrivateBank, and Tryko is financing working capital for the three Ventas-owned properties through a regional bank with extensive healthcare lending experience.
Property Type
CHELSEA, MASS. — NorthMarq Capital’s Boston office has secured a $34.4 million refinance for Parkside Commons Apartments located at 100 Stockton St. in Chelsea. The 238-unit multifamily property is owned by John M. Corcoran & Co. and Guardian Life Insurance Company and managed by Corcoran Management Company Inc. James Murphy of NorthMarq arranged the transaction, which is structured with a 7-year term with five years of interest only payments.
HANOVER, N.J. — Fairfield, N.J.-based Woodmont Properties has opened Woodmont Knolls at Hanover, a luxury apartment community situated on a 15-acre former industrial site along Cedar Knolls Road in Hanover. The property, which is more than 60 percent preleased, features 126 one- and two-bedroom flats and carriage homes. Community amenities include a clubhouse with sports bar and gaming system, strength and cardio center, billiards room, cyber café, dog park, picnic and barbeque area, and a swimming pool with a sundeck. Additionally, the community’s 15-acre setting includes walking paths and green space that runs along the Whippany River and has direct access to the historic Patriots Path, a 35-mile multi-use nature trail operated by Morris County, N.J.
NEW YORK CITY — Friedman-Roth Realty Services has brokered the sale of two adjacent four-story buildings in Midtown East for $11.1 million. Located at 988 and 990 Second Avenue, the 9,180-square-foot, triple-net leased properties feature five residential apartments and a sushi restaurant. Jim Mann and Lily Ren of Friedman-Roth represented the buyer, a private investor, and Richard Libbey of M.A. Salazar represented the seller, a long-time family investor, in the transaction.
DALLAS — Wood Partners LLC has begun construction on Alta Farmers Market, a 313-unit apartment community located near the Dallas Farmers Market in downtown Dallas. Wood Partners expects to deliver the property in late 2015, with pre-leasing to begin in the second quarter of 2015. The four-story community will feature a rooftop deck and lounge, parking garage, club room, fitness center, a swimming pool, two courtyards with water features, a grilling area, fire pit and covered lounge between the two courtyards. Good, Fulton & Farrell designed the apartment complex, which offers one-, two- and three-bedroom units with stainless steel appliances, recycled glass countertops, faux wood flooring and new fixtures and lighting.
McALLEN, TEXAS — Lockard Cos., a Cedar Falls, Iowa-based real estate firm, has sold a 7.2-acre land parcel in its Dove Town Square shopping center to Wal-Mart Stores Inc. The site, located at the northeast corner of North 23rd Street and West Dove Avenue in McAllen, will house a 41,117-square-foot Walmart Neighborhood Market.
TULSA, OKLA. — Johnson Capital has arranged a $13.3 million loan for Coppermill Apartments, a 544-unit multifamily community at 7110 S. Granite Ave. in Tulsa. The apartment complex, built in 1978, features a swimming pool, two tennis courts and a sand volleyball court. Brett Patrick of Johnson Capital arranged the 10-year loan with a 30-year amortization schedule through Fannie Mae on behalf of the borrower, a California-based investment group.
FORT WORTH, DALLAS AND HOUSTON — Love Funding has closed $12.6 million in loans to refinance a group of affordable seniors housing facilities in Texas. The properties include Park Meadow Apartments in Fort Worth, Prairie Creek Apartments in Dallas and Lakeview Place Apartments in Houston. A nonprofit subsidiary of Volunteers of America (VOA) owns and manages all three communities. Tammy Tate of Love Funding’s Knoxville, Tenn., office arranged the loans through HUD’s 223(f) program, replacing the former HUD 202 loans. The VOA has the option to use the loan proceeds to fund extensive upgrades to the three properties.
CARSON, CALIF. – A 50,078-square-foot flex/office property in Carson has sold to a private investor for $7.3 million. The property is located at 16941 Keegan Ave. It was built in 1972 and renovated in 2002, 2009 and 2012. The building is fully leased to Timec Company and guaranteed by the Parent company, Transfield Services. The buyer was represented by Ryan Campbell of NAI Capital’s San Gabriel Valley East office and Tony Naples of Lee & Associates. The unnamed seller was represented by Colliers.
MISSION VIEJO, CALIF. — HighPark Corporate Center, a 37,579-square-foot office building in the Orange County submarket of Mission Viejo, has sold to CK HighPark LLC for $6.6 million. The building is located at 23351-23361 Madero. It is 93 percent leased to four tenants, including Holt Integrated Circuits. CK HighPark was represented by Bratun Real Estate. The seller, Madero LLC & Wyocal LLC, was represented by Dan Vittoneand Alan Pekarcik of Avison Young and Trent Walker of Voit Real Estate Services.