CATHEDRAL CITY, CALIF. — Community Preservation Partners (CPP) has acquired Mountain View Apartments, a 280-unit affordable seniors housing community in Cathedral City, approximately 100 miles east of Los Angeles. A private trust sold the property for an undisclosed price. In conjunction with the sale, CPP has unveiled plans for $11.3 million in renovations to the community, which includes 70 buildings of four one-bedroom units each on a 20-acre plot. The community was built in 1984, and renovations are slated for completion by late 2017. Planned renovations include replacing all windows and doors, new paint, water efficiency upgrades, new exterior lighting and landscaping, cable television and wireless internet installation, new appliances, and fully remodeled bathrooms. The cost of the upgrades equates to approximately $40,000 per unit. Irvine-based CPP is an affordable housing rehabilitation company that owns more than 4,500 units across the United States.
ATLANTA — A joint venture between Wingate Cos. and Columbia Residential has opened City Lights Apartment Homes, an 80-unit affordable seniors housing community in the Old Fourth Ward neighborhood of Atlanta. The units, all one-bedroom, are reserved for residents over the age of 62. Prudential Mortgage Capital Co. provided construction financing for City Lights, which comprises a four-story building spanning 93,333 square feet. Financial partners on City Lights included Community Affordable Housing Equity Corp., Sugar Creek Capital, Georgia Department of Community Affairs, The City of Atlanta, InvestAtlanta and the U.S. Department of Housing and Urban Development (HUD). The design team included architect JHP Architecture/Urban Design and general contractor Agile Construction. The project is part of a redevelopment plan for Village of Bedford Pine, and Wingate has announced Phase II of the redevelopment, a 96-unit affordable community called Station 464, which will not have any age restrictions. Four existing buildings will be torn down to make way for construction of the five-story Station 464. Wingate plans to start construction of that project as early as 2017.
BEAVER DAM AND WAUPUN, WIS. — KeyBank Real Estate Capital has provided $12.8 million in refinancing for a two-property assisted living portfolio in Wisconsin. Prairie Ridge at Beaver Dam consists of 27 assisted living units and is located in Beaver Dam, about 40 miles northeast of Madison. The property was built in 1998 and renovated in 2010. Prairie Ridge at Waupun consists of 47 assisted living units and is located in Waupun, 20 miles north of Beaver Dam. The property was built in 1999 with an addition constructed in 2008. The FHA loan was used to pay off existing debt on the property. Michael Eisenga, owner of Prairie Ridge Facilities, was the borrower. John Randolph of KeyBank arranged the loan.
CALUMET, MICH. — Dougherty Funding LLC has provided a $9.2 million bridge loan for the refinancing of Gardenview Assisted Living and Memory Care in Calumet in the Upper Peninsula. The 39-unit senior living facility is located at 26096 Elm St. Calumet Facility LLC and Calumet Operating LLC was the borrower. Dougherty Funding served as lead lender and servicer for the loan.
PRINCETON, TEXAS — Pioneer Realty Capital has closed a $7.2 million loan to refinance Villa Asuncion Assisted Living Facility, located at 830 Princeton Drive in Princeton. The firm used the 504 Debt Refinance Program, which the Obama Administration reinstated in December 2015, to refinance the property for the undisclosed borrower. The program is intended to help small business owners obtain access to capital and create liquidity.
WINTER SPRINGS, FLA. — Watermark Retirement Communities has started construction of The Watermark at Vistawilla, an 89-unit memory care community in the Orlando suburb of Winter Springs. Watermark, The Freshwater Group and development partners Rookis Investment Partners and Gulf Coastal Development Inc. broke ground on the community earlier in December. The project is slated for completion in the fourth quarter of 2017. Tampa-based Chancey Design Partnership designed the project. Watermark will both own and operate the community. Watermark Retirement Communities, based in Tucson, Ariz., is the 13th largest operator of seniors housing communities in the United States, managing 6,713 units across 36 communities, according to the American Seniors Housing Association’s 2016 calculations.
CROTON-ON-HUDSON, N.Y. — NorthMarq Capital has arranged $16 million in refinancing for Springvale Apartments, an age-restricted multifamily property located on Skytop Drive in Croton-on-Hudson. The property features 524 units for residents age 55 or older. The transaction was structured with a 15-year term on a 30-year amortization schedule. Robert Ranieri of NorthMarq arranged the financing for the undisclosed borrower through NorthMarq’s seller/servicer relationship with Freddie Mac.
LUBBOCK, TEXAS. — Walker & Dunlop Inc. has arranged a $15.5 million loan for Crown Point Health Suites in Lubbock. The Class A skilled nursing facility was built in 2011, with additions made in 2013. The property has achieved an average occupancy of 89 percent occupancy from January 2015 to mid-year 2016, and features 108 private units. The loan represents 74.8 percent of value and provided the owners with cash for capital improvements and expansion. Walker & Dunlop’s Kevin Giusti and Michael Vaughn led the origination team.
LOS ANGELES — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $30 million bridge-to-HUD refinancing for a 133-bed skilled nursing facility in the Los Angeles submarket of Van Nuys. The loan features a floating rate above LIBOR with 24 months of interest-only payments. Following that 24-month period, the loan will have a 25-year amortization and two-year term with one-year extension options. The refinancing provides the undisclosed borrower with $12 million in cash-out proceeds. Harborview’s Eli Kutner, senior originator, Ephraim Kutner and Jonathan Kutner, principals, arranged the financing.
ATLANTIC CITY, N.J. — Starkman Realty Group has arranged the sale of Best of Life Park Apartments, a seniors housing property located in Atlantic City. Radiant Property Management acquired the property from a non-profit entity for $5 million. The 14-story building features 208 units and 73 parking spaces. Jason Starkman of Starkman Realty Group represented the seller in the transaction.