SPARTANBURG, S.C. — Berkadia Commercial Mortgage LLC has arranged a $5.6 million acquisition loan for Dillon Pointe Assisted Living and Memory Care in Spartanburg. Lisa Lautner of Berkadia’s seniors housing and healthcare group arranged the loan through Freddie Mac on behalf of the borrower, Capital Senior Living Corp., a national seniors housing operator.
INDIANA— Berkadia Commercial Mortgage LLC has arranged three acquisition loans totaling $43.7 million through Fannie Mae for Capital Senior Living Corp. Lisa Lautner, senior vice president of Berkadia’s Seniors Housing and Healthcare group, originated the loans for seniors housing properties located throughout Indiana. Each 10-year, fixed-rate loan includes 30-year amortization schedule and features a loan-to-value ratio in the low- to mid-70 percent range. Properties include Sugar Grove Senior Living ($21 million), Woodview ($12.4 million) and River Crossing Independent & Assisted Living Community ($10.3 million). The communities total 388 units, including 48 independent living units, 257 assisted living units and 83 memory care units. Average occupancy for the properties was more than 95 percent at the time of the transaction.
CINCINNATI — Marcus & Millichap has arranged the $30 million sale of a 12-property, 7-Eleven store and gas station portfolio located throughout Ohio. Glen Kunofsky and Russell Wachtler in Marcus & Millichap’s Manhattan office represented the buyer and seller, both large institutions, in the transaction. Michael Glass, vice president and regional manager of the firm’s Cincinnati, Cleveland and Columbus offices, is Marcus & Millichap’s broker of record in Ohio. 7-Eleven operates, franchises and licenses 8,600 stores in the United States and Canada. Of the approximately 7,600 stores the company operates and franchises in the U.S., close to 5,700 are franchised.
MISSOURI — Housing & Healthcare Finance LLC has closed $22.5 million HUD loan for the refinancing of four skilled nursing facilities totaling 596 beds in Missouri. The loan includes a fixed interest rate of 4.39 percent, and the loan-to-value ratio was 66 percent. The borrower plans to use the loan to consolidate the existing mortgage debt and fund approximately $123,000 in repairs and capital improvements. With the new HUD loan, the borrower will save an estimated $335,000 in annual debt service savings, according to Housing & Healthcare Finance.
MILWAUKEE — Briohn Building Corp. has begun construction on a 50,000-square-foot industrial facility for Rishi Tea in Milwaukee's Menomonee Valley Industrial Center. The $4.9 million facility is slated for a spring completion, according to the Milwaukee-Wisconsin Journal Sentinel. Rishi, which blends, packages and distributes high-end teas, currently leases 38,000 square feet at the former Louis Allis Co. factory, located at 427 E. Stewart St. in the Bay View neighborhood.
EAST CAMBRIDGE, MASS. — Rockwood Capital and Related Beal have completed the sale of One Kendall Square in East Cambridge to Divco West. Terms of the transaction were not disclosed. Rockwood and Related Beal acquired the property from Lincoln Property Co. and JER Partners for $211 million in 2006. One Kendall Square is a nine-building portfolio including approximately 670,000 square feet of office, laboratory and retail space. The property also features a 1,574-car parking garage, a nine-screen cinema and a development site. The 7.9-acre, transit-oriented campus includes six full-service restaurants, a variety of shops, daycare center, new fitness center and easy access to public transportation.
LAWRENCEVILLE, N.J. — Cronheim Mortgage has arranged $3.8 million in financing for Westgate Apartments, a 72-unit multifamily property located in Lawrenceville. Dev Morris and Andrew Stewart of Cronheim Mortgage arranged the seven-year loan for Westgate Management LLC. Constructed in the mid-1960s, Westgate Apartment consists of nine, two-story apartment buildings. The community features 36 one-bedroom and 36 two-bedroom units, ranging in size from 775 square feet to 900 square feet. The property is located near Interstates 95 and 295 and U.S. Route 1 within the Greater Princeton area.
NEW YORK CITY — Marcus & Millichap has arranged the $2.6 million sale of 567 Vanderbilt Ave., a 4,864-square-foot mixed-use property in Brooklyn. The sales price equates to $535 per square foot. Derek Bestreich and Shaun Riney from Marcus & Millichap’s Brooklyn office represented the buyer and the seller, both limited liability companies. The property features seven apartments and a 450-square-foot store.
TENAFLY, N.J. — Hammer Associates has arranged the $10.5 million sale of Stonegarth Apartments, a 49-unit, four-building multifamily complex at 30 Engle St. in Tenafly. The sales price equates to more than $214,000 per unit. Stonegarth features slate roofs, parking garages and a laundry room. The seller had acquired the complex 10 years ago from its original owners. David Jarvis, executive vice president, and Greg Pine, senior vice president, represented the seller and procured the buyer in the transaction.
WILLIMANTIC, CONN. — Chozick Realty Inc. has arranged the $1.7 million sale of Oakridge Apartments, a 36-unit multifamily property located on Roanoak Avenue in Willimantic. Constructed in 1965, the multifamily property includes 24 one- and 12 two-bedroom units. Recent improvements to the property include new gas furnaces and hot water systems, remodeling of all common areas, plus the renovation of many apartment units. Rick Chozick of Chozick Realty’s Hartford office marketed the property on behalf of the seller, 157-35 OAP Holdings LLC.