WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has sold two skilled nursing centers in New Mexico. The two centers, totaling 235 beds, were sold for $21.3 million, generating proceeds of $20.8 million. The proceeds will be used to pay down the company’s unsecured revolving line of credit. LTC anticipates recording a gain on sale of approximately $15 million in first-quarter 2023. As a result of the sale, the two properties were removed from the operator’s master lease, and LTC provided a rent decrease of 7.5 percent of the net proceeds, or approximately $1.5 million of cash rent, to the operator. The centers were built in 1975 and 1985. “As part of our active asset management program, we identify opportunities to reduce the age of our portfolio and provide us with capital that can be better deployed through new investments or deleveraging our balance sheet,” says Wendy Simpson, LTC’s chairman and CEO. “This sale was in the best interest of LTC and the operator, and we look forward to continue working with them through the four skilled nursing centers and one behavioral hospital they continue to operate under the master lease.”
ALBUQUERQUE — JLL Capital Markets has arranged $51.8 million in construction financing for the development of Ativo of Albuquerque, a three-story, 144-unit senior living community in Albuquerque. JLL represented the borrower, Link Senior Development LLC, in securing the financing through an undisclosed lender. Once completed, Ativo of Albuquerque will offer a mix of independent living, assisted living and memory care units ranging from studio to two-bedroom units. Situated on 6.5 acres, the community will be adjacent to a new ambulatory urgent care center and a medical office building. The community will benefit from the nearby Rio Grande River and Recreation Area, which offers an expansive network of walking trails and various parks along with the Petroglyph National Monument and an 18-hole golf course. Alanna Ellis led the JLL Capital Markets debt advisory team.
ALBUQUERQUE, N.M. — Northmarq has arranged the sale of two apartment communities in Albuquerque for an undisclosed price. ABQ Encore LLC and Uptown Horizon Apartments LLC sold the assets to CS ABQ Encore and CA ABQ Uptown, ownership entities of New York-based Crescent Sky Real Estate Partners, with loan assumptions and no new debt. The properties are the first acquisitions in Albuquerque by Crescent Sky Real Estate Partners. Located at 810 Eubank Blvd. NE, ABQ Encore features 129 residences split between 331-square-foot studio units and 551-square-foot one-bedroom units. The property was built in 1971 and converted from a hotel to a multifamily community in 2017. Community amenities include a laundry facility, 24-hour fitness center and pet park. Built in 1961, Uptown Horizon features 79 apartments, including 55 studio units and 24 one-bedroom units. The property’s roof was replaced in 2018, and 25 of the units underwent light upgrades with new kitchen appliance packages. Onsite amenities include a swimming pool, laundry facilities, outdoor grills and picnic areas. Uptown Horizon is located at 7601 Lomas Blvd. NE. Cynthia Meister, Trevor Koskovich and Jesse Hudson of Northmarq represented the sellers in the deal.
ALBUQUERQUE, N.M. — Hunt Capital Partners (HCP), in partnership with Palindrome Properties, has provided $19.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Trailhead at Chamizal, a 204-unit multifamily community in Albuquerque. Total development cost for Trailhead at Chamizal is $58.6 million. Situated on six acres, Trailhead at Chamizal will feature 116 one-bedroom/one-bath units, 36 two-bedroom/one-bath units, 32 two-bedroom/two-bath units and 20 three-bedroom/two-bath units. The residences are designated for families earning up to 60 percent of area median income. Each unit will feature modern amenities, including balconies/patios, central air conditioning, dishwashers, disposals, exterior storage, hardwood flooring, microwaves, walk-in closets and washers/dryers. Palindrome’s development team includes PacifiCap Construction as general contractor and Dekker Perich Sabathi as architect. PacifiCap Management will manage the new development, which is slated for completion in late 2024. HCP facilitated the federal LIHTCs through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 48. Lenders include Bank of the West, which is providing a taxable $9.8 million construction loan, and Boston Capital, which is providing a $29.5 million tax-exempt construction loan as well as a $25.3 million tax-exempt permanent loan. An additional $8 million soft loan is bring provided by the …
LOS LUNAS, N.M. — Hawkins Cos. has completed the disposition of Valencia Y Shopping Center, a retail center located at 2150-2520 Main St. NE in Los Lunas. Arizona MSK LLC and Garvin Holdings LLC have acquired the asset for $7.5 million in an all-cash 1031 exchange. Valencia Y Shopping Center features 51,892 square feet of retail space. Current tenants include Smith’s Food and Drug, Ace Hardware, Pizza Hut, TitleMax Title Loans and Anytime Fitness. Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark, along with Perry Kesler of Sotheby Realty, represented the seller and buyer in the deal.
EL CAJON, CALIF.; GRANTS, N.M.; AND GLENDALE, ARIZ. — Community Preservation Partners (CPP) has purchased three multifamily properties in California, New Mexico and Arizona. CPP acquired Park Villa, a two-story garden-style apartment building in El Cajon, for $9 million. Built in 1959, Park Villa features 38 studio, one- and two-bedroom units designated at 30 percent to 60 percent of area median income (AMI). The project has a total redevelopment cost of approximately $18 million. Renovation is underway, with completion slated for December. The company bought Vista Mesa Villa, a 100-unit property with one- and two-bedroom layouts in Grants, for $6.5 million. CPP plans to invest $4.7 million, or $45,000 per unit, in renovations. Construction is underway and completion is scheduled for spring 2023. The residences at Vista Mesa Villa are set at 60 percent AMI. CPP also purchased Bethany Glen, a 25-building residential property in Glendale, for $33.2 million. The company plans to invest $58,000 per unit in renovations at the 150-unit community. Bethany Glen features one-, two- and three-bedroom units, as well as two additional buildings containing an employee unit and an office building. Project funding for all the properties leveraged Low-Income Housing Tax Credits and tax-exempt bonds and …
ALBUQUERQUE, N.M. — Northmarq has brokered the sale of Villas Esperanza, an affordable apartment property located at 3901 Lafayette Drive in Albuquerque. Aspen, Colo.-based Copper Street Capital sold the asset to Los Angeles-based Element Property Group for an undisclosed price. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s investment sales team represented the seller in the transaction. Griffin Martin, Brandon Harrington, Bryan Mumman and Tyler Woodard of the Northmarq debt & equity team arranged financing for the buyer through its relationship with Freddie Mac. Built in 1972 on 10.5 acres, Villas Esperanza features 188 apartments in a mix of one-, two-, three- and four-bedroom layouts spread across 24 two-story residential buildings. The units offer either one or two bathrooms and range in size from 602 square feet to 1,128 square feet. The gated community features onsite laundry facilities, a children’s playground, barbecue grills and a picnic area. All units at the property are designated for residents earning 60 percent or less of the area median income with the project’s Land Use Restrictive Agreement (LURA) expiring in 2037. Additionally, 40 percent of the units, a total of 75, are project-based Section 8 housing with additional rent restrictions as …
FARMINGTON, N.M. — Newmark has brokered the sale of a single-tenant retail building located at 5200 E. Main St. in Farmington. Johnston Real Estate Farmington sold the asset to an undisclosed public REIT for $6.5 million. Matt Berres, Samer Khalil and Karick Brown of Newmark’s Net Lease Capital Markets group, along with John Ransom of Colliers, represented the seller in the deal. Ashley HomeStore occupies the property on a long-term, passive double net-lease basis. The retail furniture store has more than 2,000 locations in 60 countries.
ALBUQUERQUE, N.M. — Kennedy Wilson has purchased Cantata at the Trails, a multifamily property in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released. Constructed in 2013, the garden-style community features 260 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a clubhouse, swimming pool, business center and fitness center, as well as communal grilling and lounging areas. Kennedy Wilson will immediately implement its management program, including physical improvements to the property and operational upgrades. The value-add strategy includes an investment in renovating unit interiors, refreshing common areas throughout the community and upgrading resident amenities to enhance the outdoor-oriented living environment at the property.
RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s Investment Sales team represented the seller in the deal. The transaction marks Tailwind Investment Group’s first purchase in New Mexico.