CONNECTICUT — Carnegie Capital has arranged an $8 million loan for the refinancing of a 90-bed skilled nursing facility in Connecticut. The loan includes funding for a capital expenditure project that will add 10 assisted living beds at the community. Further details on the name and location of the facility, as well as the lender, were not disclosed. J.D. Stettin of Carnegie Capital sourced and structured the loan with an interest rate of approximately 5.5 percent, a five-year term and flexible exit options. The transaction represents a loan-to-value ratio of 75 percent.
NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Cambridge Oxford Apartments, an 84-unit multifamily asset in New Haven. The property was originally built between 1860 and 1926 and fully renovated in 2001 to feature hardwood floors, high ceilings and contemporary amenities. The location puts Cambridge Oxford Apartments close to Yale University’s campus and an array of retail and restaurant destinations. The buyer is an affiliate of Paredim Partners LLC. Additional terms of sale were not disclosed.
DANVILLE, CALIF. — Trammell Crow Residential (TCR) and Barings Real Estate Advisers are co-developing Alexan Downtown Danville, an apartment community located in Danville’s historic downtown district. Framing has commenced at the $90 million project, located at 375 Diablo Road, and completion is scheduled for summer 2020. Situated on 3.75 acres about 22 miles west of downtown Oakland, Alexan Downtown Danville will feature 144 apartments in a mix of one-, two- and three-bedroom apartments and townhomes, ranging in size from 500 square feet to 1,600 square feet. Community amenities will include a clubhouse with a lounge, conference room, business center, fitness center and package concierge. Outdoor amenities will include a resort-style swimming pool and spa, fire pit, outdoor kitchen, grill stations and dining area, a children’s play area, pet park and a vista overlooking the adjacent San Ramon Creek. Additionally, the property will feature private, gated subterranean parking with electric vehicle charging stations. The project team includes Wells Fargo as construction lender, LCA Architects as architect, Gates + Associates as landscape designer and Carlson, Barbee & Gibson as civil engineer.
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance based in New York City, equity and advisory firm, has arranged a $51.9 million bridge-to-HUD loan for the acquisition of six skilled nursing facilities across California. The portfolio totals 678 beds, and the borrower is a national private investment group. Further details regarding the properties were not disclosed. The financing is a three-year bridge loan at 90 percent leverage. Harborview’s Jonathan Kutner and Eli Kutner originated the loan, which Robert Kellerman negotiated.
ROCKWALL, TEXAS — SWBC Real Estate, a multifamily developer with offices in Dallas and San Antonio, has begun construction of The Royalton at Rockwall Downes, a 295-unit multifamily community in Rockwall, a northeastern suburb of Dallas. The Class A property will be situated on 21 acres adjacent to Rockwall’s Technology Business Park near Interstate 30. Floor plans will consist of one-, two- and three-bedroom units averaging 1,006 square feet. Units will feature hardwood-style flooring, stainless steel appliances, walk-in showers and granite countertops in kitchens and bathrooms. Residents can enjoy amenities such as a pool and spa, fitness center with a spin studio, jogging trails, a dog park and a clubhouse. Construction is expected to last 20 months, and leasing is scheduled to begin in June 2020. Plano-based Cross Architects is the project architect. G&A Consultants is the civil engineer, and Jordan Foster Construction is the general contractor.
SAN FRANCISCO — A joint venture between Related Cos. and Atria Senior Living, along with funding support from Welltower, has acquired the former KRON-TV headquarters in San Francisco, with plans to convert the property to seniors housing. Onyx Partners sold the property for an undisclosed price. Located one block from the new Sutter California Pacific Van Ness Medical Center and along the Van Ness Bus Rapid Transit (BRT) line now under construction, the community will be at the center of the city’s Cathedral Hill neighborhood. In April, the San Francisco Planning Commission unanimously approved the plans to transform the vacant building site into one of the city’s first modern senior living communities in over a decade. Groundbreaking is scheduled for late 2019, with a planned completion by the end of 2021. When completed, the building will total 13 stories and 270,000 square feet, including 7,000 square feet of ground-floor retail. The Related-Atria joint venture was announced in October 2018, with a $3 billion planned pipeline of new seniors housing development. At that time, San Francisco was specifically cited as a high-barrier-to-entry market the venture was interested in, along with New York City, Boston, Los Angeles, Miami and Washington D.C. Welltower …
WOODBURN, ORE. — Portland-based Norris & Stevens has arranged the sale of Springhaven Apartments, a duplex and townhome project in Woodburn. An investment group led by Portland-based Russell Hosner LLC acquired the asset for $6.7 million as part of a 1031 tax-deferred exchange. The sellers were The James A. Halter Revocable Living Trust and David L. & Gaylene M. Lund. Located at 1108-1196 Park Circle and 1625-1667 Park Ave., the property consists of 19 buildings on 45 separate tax lots offering a total of 44 duplex and townhome rental units, all with attached garages. At the time of sale, the property was 95 percent occupied. The complex was completed in phases from 1983 to 1992. David Chatfield of Norris & Stevens represented both parties in the transaction.
OVERLAND PARK, KAN. — Tutera Senior Living & Health Care is underway on a $1.5 million renovation of its senior living community in Overland Park known as The Atriums. This month, Tutera expects to complete Phase I of the project, which includes renovation of the first-floor common living areas. Tutera will also begin Phase II, an expected $1 million remodel of the property’s 203 units. Amenities within the 50,000-square-foot common living area include a dining area, pub, billiards room, reading corner and community lounges. The property features 168 independent living units and 35 assisted living units. The residences will be updated with new lighting, flooring, paint and other upscale finishes. Phase II is slated for completion in the next 12 to 18 months.
DALLAS — CBRE has negotiated the sale of Treymore Eastfield, a 196-unit apartment community located at 2631 John West Road in East Dallas. Utah-based Peak Capital Partners purchased the property from Dallas-based developer Carlton Laprada Ltd. for an undisclosed price. Chris Deuillet and Chandler Sims of CBRE’s Dallas office, along with Jeff Kunitz and Alex Medeiros of CBRE’s Seattle office, brokered the deal on behalf of the seller. According to apartments.com, Treymore Eastfield, which was built in 2001 and was 93 percent occupied at the time of sale, includes amenities such as a pool, fitness center, resident clubhouse and a playground.
BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Oak Forest Mobile Home Park, a 77-unit manufactured housing property located in the East Texas city of Beaumont. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer in the deal, both of which were private investors. Additional terms of sale were not disclosed.