NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, a seniors housing facility in Manhattan. The assisted living facility specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
ALLEN, TEXAS — Cronheim Mortgage has arranged a construction financing syndicate package totaling $55.5 million for the second phase of Dolce Twin Creeks, a multifamily community in Allen. Phase II will be a midrise, garden-style apartment community totaling 366 units, bringing the entire Dolce Twin Creeks unit count to 740. The second phase will also feature 15,000 square feet of commercial space that will house at least one medical office tenant. Community amenities will include a two-story clubhouse, fitness center, resort-style pool with outdoor grilling stations and cabanas, elevators, large corridors and a dog park. The borrower was not disclosed. Cottonwood Communities provided a mezzanine portion of the construction loan that was included in the syndication package. BridgeInvest and JLJ Capital hold the senior loan portion. Cronheim Mortgage will act as servicer and correspondent and is handling approval and disbursement of all construction draws.
ROCKVILLE, MD. — JLL Capital Markets has arranged a $62 million loan for the refinancing of The Daley at Shady Grove, a 333-unit apartment community in Rockville with nearly 15,000 square feet of ground-floor retail space. Jamie Leachman, Eric Tupler and Josh Simon of JLL arranged the seven-year loan on behalf of the borrower, Denver-based Black Creek Group, through a life company lender. The loan features interest-only payments for half of the term and a fixed 3.2 percent interest rate. The Daley at Shady Grove is located at 8010 Gramercy Blvd. within EYA’s Westside at Shady Grove master-planned community, which is less than one mile from the Shady Grove Metro Station. Built in 2017, the apartment community’s amenities include a pool, grilling station and a fitness center. Starbucks anchors the community’s retail portion.
BENTONVILLE, ARK. — KeyBank Real Estate Capital has provided a $24 million Fannie Mae acquisition loan for The Glen at Polo Park, a 356-unit, garden-style apartment complex in Bentonville. Caleb Marten and Chris Neil of KeyBank originated the fixed-rate loan on behalf of the borrower, an undisclosed private equity investment company. Built in 2006, Glen at Polo Park features 29 three-story residential buildings situated on 18.5 acres.
ISSAQUAH, WASH. — National Health Investors (NHI) has formed a joint venture with an affiliate of Life Care Services (LCS) to acquire and operate Timber Ridge at Talus, a continuing care retirement community (CCRC) in Issaquah. The buyers will acquire Timber Ridge from a joint venture between Westminster Capital and LCS for $133 million, exclusive of closing costs that are estimated to be approximately $2 million. Originally built in 2008 and expanded in 2017, the property features 401 units, including 330 independent living apartments, 14 assisted living apartments, 12 memory care apartments and 45 skilled nursing beds. At the time of sale, the property was more than 95 percent occupied. The joint venture consists of two parts: the property company and an operating company. The operating company will be capitalized with $3.2 million initially. NHI will own an 80 percent ownership interest in the property company and LCS will own the remaining 20 percent; NHI will own a 25 percent interest in the operating company and LCS will own 75 percent. Additionally, NHI is contributing $43.2 million to the property company and $800,000 to the operating company for working capital. NHI has also agreed to provide financing to the property …
MERCED, CALIF. — Shamrock Acquisitions has received $68.8 million in construction financing for the development of Merced Station, an 885-bed student housing community located near the University of California, Merced. Scott Meredith of George Smith Partners secured the financing from an affiliate of Mosaic Real Estate Credit on behalf of the borrower. The community will offer two-, three- and four-bedroom units. Shared amenities will include retail space, a state-of-the-art clubhouse, swimming pool, spa, basketball court, fitness room and study lounge. Construction is scheduled for completion in summer 2021.
LITTLETON, COLO. — Resort Lifestyle Communities has opened Sky Pointe, an independent living community in the Denver suburb of Littleton. Sky Pointe offers 128 apartments for rent in studio, one-, two- and three-bedroom options. “From our research, we found that Denver’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities. Based in Lincoln, Neb., Resort Lifestyle Communities has 45 independent living communities either open or under construction throughout the country.
LAWRENCEBURG, IND. — Evans Senior Investments (ESI) has negotiated the sale of Shady Nook Care Center, a 94-bed skilled nursing facility in Lawrenceburg, located along the Ohio River near the Kentucky and Ohio borders. An independent owner-operator was the seller. A national owner-operator group bought the property for $9 million, or $96,000 per bed. Built in 1983, Shady Nook Care Center is located in a tertiary submarket of Cincinnati. The facility was 79 percent occupied at the time of sale.
ISSAQUAH, WASH — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Anthology, a 398-unit new construction multifamily property in Issaquah for $163.3 million. Located at 1610 Anthology Ave. NW, Anthology is situated 14 miles southeast of Seattle in the Puget Sound region. Anthology offers studio, one-, two- and three-bedroom apartments. Amenities include a two-story clubhouse featuring a game room with shuffleboard and billiards, conference room and community kitchen. The complex also features a fitness center with yoga studio and bike room, a pool, barbecues, package access, bicycle storage and repair station, a park and easy access to nature trails. Security Properties Residential, an affiliate of Security Properties, will manage the property. The Issaquah Reporternotes that Anthology is one of three similar residential projects along Newport Way NW. The Puget Sound area as whole has experienced a housing crisis with growth of tech companies and Amazon creating a booming population and a scarcity of affordable housing. Bisected by Interstate 90, Issaquah allows commuters access to downtown Seattle and nearby employers, including Microsoft, Amazon and Costco. The Issaquah suburb has grown rapidly since 2000, nearly quadrupling its population, which is now almost 40,000. The area is affluent, …
STAMFORD, CT. — AJH Management has acquired Infinity Harbor Point, a 242-unit high-rise apartment building in Stamford, for $90 million. Completed in 2012, the building features one- and two-bedroom floor plans with amenities including a fitness center with Peloton cycles and an outdoor area with a fire pit and barbecue grills. Jeffrey Dunne, Gene Pride, Jeremy Neuer led a CBRE team that procured AJH Management as the buyer. The CBRE team also represented the seller, an undisclosed institutional owner.