NEW YORK CITY — Amerant Bank has provided a $47 million acquisition loan for a 15-story multifamily and retail building in Manhattan. The residential portion of the property offers a mix of one- and two-bedroom apartments, while the retail portion is leased to boutique tenants. The loan was provided to a partnership between Ashkenazy Acquisition Corp, and Black Spruce Management. Additional terms of the loan were undisclosed.
COLUMBUS, IND. — Leo Brown Group has started construction of Traditions of Columbus, a 129-unit independent living, assisted living and memory care community. Located in Columbus, about 45 miles south of Indianapolis, the community will sit on 17 acres. Traditions Management, a wholly owned management company of Leo Brown Group, will run the operations. Leo Brown Group is headquartered in Indianapolis and has developed more than 15 seniors housing communities in the Midwest totaling more than 2,000 units.
RENO, NEV. — Propero Seniors Housing Equity Fund III has partnered with Mission Senior Living to fund the construction of Mission Mountain Vista, a 130-unit independent living community in Reno. A combination of equity provided by Propero and a bank loan funded the $22 million construction project. The Propero structure offered Mission Senior Living an equity solution that minimized the amount of upfront capital and provided a clear path to ownership. Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital.
SAN DIMAS, CALIF. — Advocacy Development Partners has broken ground on The Terraces at Via Verde, a 32-unit memory care community in San Dimas, a city in the San Gabriel Valley of Los Angeles County. The project is scheduled to open in early fall 2020. Upon opening it will be the only standalone memory care community in the San Dimas area, according to the developers. The community will be split into two 15,000-square-foot neighborhoods with 16 suites each, all located on 1.2 acres near parks and shopping centers. Frontier Management will operate the community upon completion. Irwin Partners Architects designed the project, with PacifiCore Construction serving as general contractor and Conley Design handling interiors. Fremont Bank, which recently announced an expansion of its seniors housing lending platform, is providing the construction and bridge financing for the project.
MIAMI — Avison Young has arranged the $46 million sale of seven contiguous parcels in Miami’s Wynwood neighborhood. An affiliate of PMG Acquisitions LLC purchased the land and plans to build multifamily units up to six stories high above the existing single-story retail buildings. Six of the seven parcels have retail buildings already in place. The land is located at the corner of Second Avenue and 24th Street, three miles north of downtown Miami. Details for construction were not disclosed. John Crotty, Michael Fay, David Duckworth, Brian de la Fé and Myles Stepner of Avison Young represented the seller, a private family trust, in the sales transaction. Peter Desiderio of Stearns Weaver Miller Weissler Alhadeff & Sitterson P.A., and Laura Bourne Burkhalter of Laura Bourne Burkhalter P.A., provided legal representation on behalf of the seller.
DAVENPORT, FLA. — KeyBank Real Estate Capital has provided a $39 million Fannie Mae acquisition loan on behalf of Bluerock Real Estate for The Meadows at ChampionsGate. The Meadows at ChampionsGate is a 304-unit apartment community located in Davenport, adjacent to ChampionsGate Country Club and about 30 miles southwest of downtown Orlando. The property comprises nine three-story buildings on 17 acres. Communal amenities include a resident lounge with game room, 24-hour fitness center, swimming pool, bark park, clubhouse and a car care station. The seller was not disclosed.
HOUSTON — CBRE has arranged a $55.5 million loan for the refinancing of The Village of River Oaks, a Class A, 198-unit continuing care retirement community (CCRC) in Houston. The borrower was a joint venture between Bridgewood Property Co. and Harrison Street. A national bank provided the loan, which features a four-year term, floating interest rate and 30 months of interest-only payments. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the transaction. CBRE also arranged the development financing for the property in 2015. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will continue to operate the property.
MORRIS PLAINS, N.J. — JLL has arranged $43 million for the refinancing for Signature Place, a 197-unit multifamily community in Morris Plains, a city located about 30 miles east of New York City. Nationwide Life Insurance Co. provided the loan, which carries a fixed interest rate and a five-year term. Loan proceeds retired the existing construction loan. Signature Place offers one-, two- and three-bedroom units, with amenities including a fitness center, walking trail and tennis courts. Jon Mikula, Greg Nalbandian, Andrew Zilenziger and Carlos Silva of JLL arranged the loan on behalf of the borrower, New Jersey-based developer Roseland Residential Trust.
MANSFIELD, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for 300 North Main, a multifamily development in Mansfield, a city located about 25 miles south of Boston. Two undisclosed, Massachusetts-based financial institutions provided a total of $19 million, and a group of private investors provided and additional $1.5 million. The property will offer one- and two-bedroom apartments, including 15 affordable units, as well as 11,674 square feet of retail space. A joint venture between two Massachusetts-based developers, Arista Development LLC and Crugnale Properties LLC, will develop the project. Massachusetts-based Annino Inc. is the architect. Construction is slated for completion in mid-2020.
RANCHO CUCAMONGA AND CAMARILLO, CALIF. — Fore Property has completed the development and construction of two multifamily communities in Southern California: Arte in Rancho Cucamonga and Las Positas in Camarillo. Located on Foothill Boulevard, the mixed-use, transit-oriented Arte features 182 apartments on an infill site. Designed by California-based Architects Orange, the property features a contemporary design with a bold color palette and articulated architectural details. On-site amenities include the region’s first rooftop lounge, a swimming pool, spa, two-story fitness center, dog park, karaoke room, outdoor grilling areas and entertainment patio with an outdoor fireplace. Situated in Camarillo’s Spanish Hills neighborhood, Las Positas was designed by Architects Orange to pay homage to the region’s Spanish-design history. The 213-unit community features a mix of one- and two-bedroom apartments, a two-story clubhouse, billiard room, large fitness center, yoga and spin rooms, resort-style pool, community garden and dog park. Additionally, the commuter-friendly Las Positas is close to more than 1.2 million square feet of retail in Camarillo Premium Outlets. Both Arte and Las Positas are seeking LEED Silver certification.