UNION CITY, N.J. — A joint venture between New York City-based Maya Capital Partners and Norfolk, Virginia-based Harbor Group International has acquired One23 Apartments, an 80-unit building in Union City, located across from Upper Manhattan. The sales price was $31 million. The property, which was fully occupied at the time of sale, offers one- and two-bedroom units, a fitness center and an outdoor sundeck. The seller was not disclosed.
STAFFORD, TEXAS — HFF has arranged two loan of undisclosed amounts for the refinancing of two multifamily communities totaling 552 units in Stafford, a southwestern suburb of Houston. Shadowbrooke, built in 2003, features 240 units and was 92 percent occupied at the time of loan closing. Silverbrooke, completed in 2007, totals 312 units and was 93 percent occupied. A private park adjoins the two properties, providing shared amenities such as a jogging trail, sand volleyball court, playground and putting green. Each community also houses its own resort-style swimming pool, hot tubs, clubhouse and fitness center. Cortney Cole and John Williamson of HFF worked on behalf of the borrower, Venterra Realty, to secure the loans, both of which were structured with 10-year terms and fixed interest rates.
TEXAS — Lancaster Pollard Mortgage Co. has placed two bridge loans totaling $42 million for the recapitalization of a five-property portfolio of skilled nursing facilities located throughout Texas. In the first transaction, Lancaster Pollard provided a $12 million loan with a 12-month term for two facilities in South Texas. The transaction refinanced existing debt and provided equity-out proceeds. In the second transaction, Lancaster Pollard worked with syndicate partner MB Financial Bank to secure a $30 million, 30-month bridge loan for three facilities in South Texas. Scott Blount, Chris Mauger and Eric Sengpiel of Lancaster Pollard placed the debt on behalf of the borrower, Arboretum Group. The specific names and locations of the properties were not disclosed.
IRVING, TEXAS — Hunt Capital Partners, in partnership with Saigebrook Development and O-SDA Industries, has obtained $8.4 million in federal low-income housing tax credits for the development of Canova Palms, an affordable seniors housing project in Irving. The three-story property will feature 58 units. Of those, 50 will be reserved for seniors who earn up to 30, 50 and 60 percent of the area median income. Maker Bros. is the general contractor, and Miller Slayton Architects Inc. is the architect for the project. Construction began in mid-May and is slated for completion in May 2020.
ST. LOUIS PARK, MINN. — Dekel Capital has arranged a $41 million bridge loan for Central Park West, a 199-unit multifamily property in St. Louis Park. Ares Real Estate Group, which manages debt funds, provided the financing that will be used to retire the existing construction loan and provide for the continued lease-up and stabilization of the property. The community is currently 81 percent leased. Central Park West features a mix of studio, one-, two- and three-bedroom units. Property amenities include a clubhouse, business center, pool, fitness room and outdoor seating areas.
MILWAUKEE — Evergreen Real Estate Group and Legacy Midwest Renewal Corp. (LMRC) have opened Legacy Lofts in Milwaukee’s Lindsay Heights neighborhood. The 64-unit, mixed-income rental community, located at 1500 W. North Ave., is partially housed in the former Blommer Ice Cream Factory, a three-story structure that was built in 1928 and sat vacant for nearly two decades. The developers preserved the original building in accordance with National Park Service guidelines and converted it into 38 apartment units. A three-story addition to the factory houses another 26 units. Of the 64 units, 54 are affordable to households earning less than 60 percent of the area median income. Continuum Architects + Planners was the architect for the $13.9 million project. U.S. Bank, Associated Bank, the city of Milwaukee, the Wisconsin Housing and Economic Development Authority and IFF provided additional financial support. In addition to the residences, the project includes 1,565 square feet of street-level commercial space that houses the new offices of LMRC.
STUART, FLA. — Confluent Senior Living and Harbor Retirement Associates (HRA) have broken ground on HarborChase of Stuart, a 128,000-square-foot assisted living and memory care facility located at 786 N.W. Federal Highway in Stuart. HarborChase of Stuart will offer 96 assisted living and 38 memory care apartments available in one- and two-bedroom units. Confluent Senior Living, a subsidiary of the Denver-based real estate investment and development firm Confluent Development, serves as the project owner. HRA will manage HarborChase of Stuart. The project is anticipated to open in summer 2020. Confluent Senior Living and HRA previously co-developed and opened their first Florida seniors housing community in Wildwood in 2018.
WINSTON-SALEM, N.C. — Eller Capital Partners has purchased Ashton Oaks, a 288-unit apartment community in Winston-Salem, for $16.4 million. The seller was not disclosed. Built in 1988, the property offers one- and two-bedroom layouts and is situated within one mile of Wake Forest University’s campus. Chapel Hill, N.C.-based Eller Capital plans to renovate Ashton Oak’s exteriors, build new amenities and upgrade the interior finishes. Affiliate firm Eller Residential Living will manage the property and oversee the construction project.
GRANITE BAY, CALIF. — WellQuest Living has broken ground on WellQuest of Granite Bay, a seniors housing community in Granite Bay, approximately 25 miles northeast of Sacramento. Once complete, the property will offer independent living, assisted living and memory care. The project is set for completion in summer 2020. WellQuest will have over 1,000 senior living apartments in operation or under construction by the end of 2019 throughout California and Nevada. The Salt Lake City-based company currently has three communities opened.
CHICAGO — General contractor Skender has launched modular building production at its advanced manufacturing facility on Chicago’s Southwest Side at 3348 S. Pulaski St. Modular building, which is completed onsite, reduces both price and delivery schedule. A ribbon-cutting ceremony took place on Tuesday, May 28. Chicago Mayor Lori Lightfoot, who attended the event, said that the project will help generate job growth and advance a creative solution to address the affordable housing shortage. The first modular building project will be 10 affordable apartment buildings from developer Sterling Bay. The three-flat buildings will be completed and ready for occupancy in a nine-week production schedule, 80 percent faster than conventional construction methods, according to Skender. At full capacity in about 18 months, Skender’s facility will employ 150 workers.
