JACKSONVILLE, FLA. — Watercrest Senior Living has opened Watercrest of San Jose, a 90-unit assisted living and memory care community in Jacksonville. The 79,000-square-foot, resort-style property offers 66 units of assisted living and 24 memory care apartments. Situated on the banks of Goodby’s Creek, the property features a signature spa (Spa W), wine bistro and multiple dining venues. Watercrest of San Jose will be co-owned by Starling Senior Living.
CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …
HOMESTEAD, FLA. — Meridian Design Build has begun construction on a 237,000-square-foot package sortation and distribution center in South Florida. The property will be located on a 40.5-acre lot at the intersection of S.W. 127th Avenue and S.W. 272nd Street in Homestead. The project will be developed by SunCap Property Group as a build-to-suit for an unnamed provider of global shipping and information services. The property will feature 63 loading docks, seven drive-in doors, a freestanding gateway building, 180 interior van loading positions, 431 parking spaces, a 125-stall trailer storage yard and 8,270 square feet of office space. The design team includes architect Ware Malcomb and civil engineer Langan.
LARGO, FLA. — NorthMarq Capital has arranged the $35 million refinancing of The Boulevard Apartments, a 260-unit apartment community located at 2098 Seminole Blvd. in Largo, a city in the Tampa Bay area. Larry Curry of NorthMarq Capital’s Tampa office arranged the 10-year loan with four years of interest-only payments followed by a 30-year amortization schedule through an unnamed life insurance company.
SOUTH MIAMI, FLA. — TREO Group plans to build an eight-story office building at the corner of US 1 and Sunset Drive in South Miami. The Class A, transit-oriented project will connect directly to the Metrorail at the South Miami station. TREO Group has selected Tony Puente and Jose Juncadella of Fairchild Partners to handle leasing the building, known as SoMi Station. Perkins + Will designed the property to feature ground-floor shops and restaurants. TREO Group plans to deliver the office building in the fall of 2018.
ORLANDO, FLA. — Pembrook Capital Management LLC has closed $20.5 million in acquisition financing for Silver Oak Apartments, a 320-unit apartment community in Orlando. The financing includes a $17 million bridge loan and a $3.5 million preferred equity investment. The unnamed borrower plans to use the financing to purchase the property and renovate 115 units over the next two years. The borrower will also upgrade the community’s exterior, swimming pools, clubhouse and fitness center.
JACKSONVILLE, FLA. — Berkadia has arranged the $13.1 million sale of Deer Meadow, a 200-unit affordable housing community located at 8859 Old Kings Road South. Built in 2000, Deer Meadow includes one-, two- and three-bedroom floor plans with walk-in laundry rooms, bonus rooms, solariums and kitchen appliances. Community amenities include lake views, a fitness center, clubhouse and a swimming and wading pool. Cole Whitaker of Berkadia’s Orlando office, Greg Rainey of the firm’s Jacksonville office and Jason Stanton of the firm’s Tampa office brokered the sale. Springfield, Mass.-based Aspen Square Management Inc. purchased the property from Rockville, Md.-based Deer Meadow Associates Ltd.
ORLANDO, FLA. — KeyBank Real Estate Capital has provided $116.6 million in loans to Sentio Healthcare Properties, a REIT based in Orlando. Sentio will use the money to recapitalize its portfolio of eight seniors housing properties throughout the United States. The financing was structured as a $62 million in direct (balance sheet) loan and a series of Fannie Mae loans totaling $54.6 million. The specific eight properties involved in the financing were not disclosed. Grant Saunders and Sarah Belmont of KeyBank Real Estate Capital’s Healthcare Group originated the bank term loan, while Charlie Shoop of Key’s Healthcare Mortgage Banking Group arranged the Fannie Mae financing. Sentio is a public, non-traded REIT established in 2006. The company primarily invests in seniors housing and healthcare communities with investments in 34 properties across 16 states.
CLEARWATER AND LONGWOOD, FLA. — Alexander Investments International has begun construction on The Alexander at Countryside in Clearwater and The Alexander at Sabal Point in Longwood. The $102 million investment will total 616 apartment units featuring one-, two- and three-bedroom layouts with nine-foot ceilings, 42-inch cabinets, quartz or granite countertops, wood-style plank flooring and screened verandas. Both projects will feature clubhouses with fitness centers, game rooms, bar areas, resort-style pools with gazebos, fire pits and grilling stations. The 330-unit Alexander at Countryside will rent from $1,100 to $2,000 per month, and the 286-unit Alexander at Sabal Point will rent from $980 to $1,800 per month. Alexander Investments plans to deliver both assets by the end of 2017.
FORT LAUDERDALE, FLA. — Gladstone Commercial Corp. has purchased Park Center, a five-story, 119,224-square-foot office building located at 6363 N.W. 6th Way in Fort Lauderdale’s Cypress Creek submarket. Gladstone Commercial purchased the office building from RFP Mainstreet Park/Cypress LLC, a joint venture between Mainstreet Capital Partners and Realty Financial Partners, for $23.9 million free and clear of debt. The asset is fully leased to Citrix Systems, a digital app and data systems solutions provider with annual revenue exceeding $3 billion. Hermen Rodriguez, Jorge Portela and Ike Ojala of HFF represented the seller and procured the buyer in the transaction.
