GILBERT, ARIZ. — Greystone has arranged $25.8 million in financing for the construction of a seniors housing community in Gilbert. The borrower was Fort Worth, Texas-based developer Aspens Senior Living. A publicly traded bank provided the loan for the construction of The Aspens at Mariposa Point in the Phoenix suburb of Gilbert. The community is restricted to residents age 55 and older, and will feature 204 units. The project is a joint venture between Aspens Senior Living, McFarlin Group and Pennybacker Capital. Construction began on the community in May 2017.
PHOENIX — MIG Real Estate has purchased the 176-unit Bayside Apartments in Phoenix for an undisclosed sum. The community is located at 20245 N. 32nd Drive. Bayside Apartments was built in 1999. The complex features nine-foot ceilings, walk-in closets, private balconies and patios, dishwashers, and full-size washer and dryer units. The gated community also offers an outdoor resort-style swimming pool, spa and covered picnic areas with barbeque grills. Complimentary WiFi is provided in the office and pool lounge areas. Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller. Bayside Apartments will undergo enhancements as MIG repositions the asset.
YUMA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 151-unit assisted living community in Yuma for $3.1 million. The name of the community was not disclosed. The property was originally built as a limited-service hotel before the nonprofit owner began converting it to assisted living. The owner ran into financial trouble and was unable to complete the conversion. Blueprint was tasked with the sale by a court-appointed receiver and positioned the community as a turnaround opportunity. A Phoenix-based investor purchased the property, marking its first entry into the seniors housing space. Jacob Gehl, Amy Sitzman, and Giancarlo Riso of Blueprint were the lead advisors on the transaction.
TEMPE, ARIZ. — A joint venture between Transwestern Investment Group (TIG) and JDM Partners has acquired a 2 million-square-foot office property in Tempe in a sale-leaseback with State Farm Automobile Insurance. The Class A campus, called Marina Heights, is located at 300-600 Rio Salado Parkway. The price was not disclosed. The five-building campus includes ground-floor retail, restaurants and other amenities. It is situated between Arizona State University and Tempe Town Lake. Marina Heights will be a future stop for the Tempe Streetcar, directly connecting the campus to the airport, downtown and central Phoenix, as well as west Mesa via the Valley Metro Light Rail. A wholly owned subsidiary of TIG will manage the investments. Transwestern will also provide management services. The firm’s legal adviser was King & Spalding, while Eastdil Secured was the debt capital adviser.
TUCSON, ARIZ. — CBRE has arranged $75.4 million in supplemental financing for a seven-property portfolio of continuing care retirement communities owned by a joint venture that includes The Freshwater Group and Watermark Retirement Communities. The group of properties is spread across six states and comprises of 1,308 independent living beds, 541 assisted living beds, 97 memory care beds and 373 skilled nursing beds. The financing, arranged by Aron Will of CBRE National Senior Housing, will supplement a $410 million financing that CBRE arranged for the joint venture in 2015. That overall financing is for a larger portfolio totaling 15 properties and 3,804 beds, including the seven properties included in the supplemental financing. The use of the funds was not disclosed. Tucson-based Watermark, which is the wholly owned management arm of The Freshwater Group, will continue to operate the properties.
TEMPE, ARIZ. — 29th Street Management II LLC has acquired the 306-unit Mission Springs apartment complex in Tempe for $33.8 million. The community is located at 1311 W. Baseline Road. Mission Springs was built in 1987. Each unit includes modern appliances, hardwood flooring, washer and dryer, oversized closets, private balcony or patio, and vaulted ceilings. The community offers a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered parking. Jim Crews of Cushman & Wakefield represented the seller, Gelt Baseline Holdings LLC, in this transaction.
PHOENIX — Lee & Associates has arranged the $11 million sale of Pueblo Point Shopping Center, a 54,430-square-foot retail center in Phoenix. Jan Fincham, Patrick Dempsey and Andrew Lundahl of Lee & Associates arranged the transaction on behalf of the seller, Arneil Pueblo LLC, and the buyer, Paradise Valley Ventures LLC. Pueblo Point Shopping Center is home to Smart & Final Extra, Domino’s Pizza, The UPS Store and an Ace Hardware store, which was not included in the sale.
SCOTTSDALE, ARIZ. — ICON Builders and Multi-Family Renovation Group (MFRG) have merged to form a new company called MFRG-ICON Construction. The new company will focus on affordable housing renovation. Justin Krueger is the owner and will act as president of the new company. Allen “Kelly” Sands will be his partner. The new firm will draw from nearly three decades of experience to push this now $100 million annual construction business to raise the standard in occupied affordable housing renovations. ICON began building and renovating affordable housing in 1992. The company specialized in the renovation of tax credit, bond and HUD projects. The combined companies have completed more than 28,000 affordable housing units and more than $1.7 billion in construction. MFRG-ICON has offices in Scottsdale and Los Angeles. The company has projects in Arizona, California, Nevada and some Eastern states.
PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.
SURPRISE, ARIZ. — Koelsch Communities has acquired Rock Creek Memory Care Community in the Phoenix suburb of Surprise. JEA Senior Living sold the community for an undisclosed price. The 31,372-square-foot community currently houses 66 residents. JEA opened the property in 2011. The Rock Creek acquisition is part of a larger plan in the area for Koelsch. The company recently purchased Park Wood Assisted Living Community, located next door to Rock Creek, from Sunshine Retirement Living. Koelsch is planning a $500,000 renovation for that community. The company has also started construction of The Park at Surprise, a 155-unit independent living community also next door to Rock Creek. The three neighboring communities will be combined into one campus, offering a larger continuum of care. Koelsch Communities operates 27 communities in eight states and has eight more under construction.