LAKE WORTH, FLA. — CBRE has arranged the sale and financing of Palm Club Apartments, a 160-unit townhome community located at 2425 Second Ave. N. in Lake Worth. Palm Club Investments LLC purchased the property from Palm Club Townhouses LLC for $12.9 million. Built in 1993, the property features a swimming pool with a sundeck, clubhouse, fitness center and sand volleyball court. Richard Tarquinio and Calum Weaver of CBRE represented the seller in the transaction. Charles Foschini, Chris Apone and Christian Lee of CBRE arranged a 10-year, $9.8 million Freddie Mac loan on behalf of the borrower to acquire the property.
Southeast
ORLANDO, FLA. — NXT Capital has provided a $26.3 million first mortgage loan to refinance a Class B, 386-unit multifamily community in Orlando. The property features one- to three-bedroom layouts and includes two swimming pools, a fitness center, playground, sauna and spa. The borrower will use the loan proceeds to repay existing debt, repurchase units within the complex previously sold as condominium units, return the property to a rental structure and implement capital improvements.
LYNCHBURG, VA. — Inland Real Estate Income Trust Inc. has acquired the 66,906-square-foot Lakeside Crossing Shopping Center in Lynchburg for approximately $19.8 million. The newly constructed property is located between Old Forest Road, Whitehall Road and Lakeside Drive. The asset is 98.5 percent leased to 14 tenants, including a 20,900-square-foot Fresh Market grocery store, Panera Bread, U.S. Cellular, Massage Envy and Zoe’s Kitchen. Lou Quilici of IREIT Business Manager & Advisor Inc. assisted Mark Cosenza of Inland Real Estate Acquisitions Inc. in the transaction.
VIERA, FLA. — Greystone Healthcare Management Corp. has purchased Wuesthoff Progressive Care Center, a 114-bed, 51,000-square-foot skilled nursing and rehabilitation facility in Viera. As part of the acquisition, the asset has been renamed to Viera Health and Rehabilitation Center. The facility was built in 1995 and provides sub-acute care, rehabilitation care and skilled nursing in both short- and long-term settings.
KING OF PRUSSIA, PA. — A joint venture between Morgan Properties and The Olayan Group has acquired a 2,671-unit multifamily portfolio from Berkshire Property Advisors for $309 million. The portfolio consists of nine apartment communities in the Maryland-Washington, D.C., corridor and Newport News, Va. The largest community in the transaction is the 606-unit Harbor Place in Fort Washington, Md. CBRE represented the seller in the transaction. The buyers plan to implement a portfolio-wide renovation program and amenity upgrades. Morgan Properties also plans to hire a number of Berkshire employees in the near future. This is the second transaction this year between Morgan Properties and Berkshire.
BOCA RATON, FLA. — HJ Sims has raised roughly $214 million for a start-up continuing care retirement community (CCRC) in Boca Raton known as Sinai Residences of Boca Raton. The property is located on the campus of the Jewish Federation of South Palm Beach County. The resort-style CCRC features 237 independent living units, 48 assisted living units, 24 memory care units and 60 skilled nursing suites. Federation CCRC Operations Corp. is the property’s developer, owner and manager. HJ Sims structured $120.7 million of tax-exempt fixed-rate bonds, $69 million of Entrance Fee Principal Redemption Bonds and $24.1 million of Draw Down Bonds. Sinai Residences of Boca Raton is slated to open in 2015. The project team includes development and marketing consultant Greenbrier Development, manager Life Care Services and architect Perkins Eastman.
WASHINGTON, D.C. — HFF has advised on the equity and debt capitalization totaling $39.4 million for the acquisition of Wingate Apartments, a 714-unit apartment community located at 4660 Martin Luther King Jr. Ave. S.W. in southwest Washington, D.C. The property consists of two components: the 385-unit Vista at Wingate, which is composed of three high-rise buildings, and the 329-unit Gardens at Wingate, a garden-style community. Brenden Flood, Cary Abod, Alan Davis, Dave Nachison and Bret Thompson of HFF arranged the debt and equity financing on behalf of the borrower, CIH Ventures Inc. HFF arranged a $27.6 million, 10-year Fannie Mae loan through M&T Bank, along with $8.5 million in equity through The Zitelman Group, $1.8 million from CIH principals and $1.5 million from a CIH private syndicate.
MYRTLE BEACH, S.C. — United Realty Trust Inc., a non-traded REIT, has purchased a triple-net leased medical office building at 945 82nd Parkway in Myrtle Beach for $15.7 million. The property is located adjacent to the Grand Strand Regional Medical Center, an acute care hospital. United Realty purchased the two-story, 44,323-square-foot property in an off-market transaction. The medical office facility is fully leased to three tenants: Carolina Health Specialists, The Cardiology/Gastroenterology Associates and Grand Strand Regional Diagnostic and Women’s Center.
ALEXANDRIA, VA. — The Greysteel Co. has brokered the sale of Mount Vernon Apartments, a boutique apartment property in Alexandria’s Del Ray neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying of Greysteel represented the seller, Latitude 38 Realty LLC, in the transaction. The buyer was 3310 Mt Vernon Ave LLC.
FORT LAUDERDALE, FLA. — Stiles Construction has topped off construction on Elan 16Forty, a 261-unit luxury apartment community at 1640 E. Sunrise Blvd. in downtown Fort Lauderdale. Greystar owns the project and will operate it upon completion in September. Elan 16Forty will feature one-, two- and three-bedroom units ranging in size from 686 to 1,599 square feet. The community will feature 2,300 square feet of ground-level retail space, a gourmet demonstration kitchen, community room, business center, game room, resort-style swimming pool, sun deck with cabanas, outdoor grilling stations and a rooftop terrace.