DESOTO, TEXAS — Madison Marquette, which recently merged with PMRG, has broken ground on DeSoto Transitional Rehabilitation Center, a 55,000-square-foot skilled nursing facility in DeSoto, a southern suburb of Dallas. HMG Healthcare will operate the 100-bed facility, which is being developed in partnership with Global Health LLC and an associated group of multidisciplinary physicians and operation specialists. Completion is slated for the fourth quarter of 2019.
NEWNAN, GA. — The Praedium Group has acquired Trees of Newnan, a multifamily property located in Newnan, for $79.5 million, or $159,000 per unit. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer plans to rebrand the 500-unit property as The Willows at Ashley Park. On-site amenities include a fitness facility, resort-style pool, bark park pet playground and walking/jogging paths with natural wooded areas.
SKOKIE, ILL. — W.E. O’Neil Construction is underway on the construction of 8000 North, a 153-unit apartment project in Skokie. The 12-story, 318,000-square-foot property will include 15,000 square feet of retail space as well as a top-floor amenity space and rooftop garden. Units will range in size from 535 square feet for studios to 1,614 square feet for penthouse units. Monthly rents are projected to start at $1,400. The development team, including architect Lucien Lagrange Studio, worked with the village of Skokie to utilize $5.9 million in tax-increment financing for environmental remediation and site preparation of the property. The first residents are expected to move into the property by December 2019.
FARIBAULT, MINN. — Dougherty Mortgage has provided a $9.3 million Fannie Mae loan for the refinancing of Faribault Senior Living. The 90-unit senior living property is located in Faribault, about 50 miles south of Minneapolis. Built in 2011, the four-story property includes independent living, assisted living and memory care units. Property amenities include an outdoor patio with resident gardens, a hair salon, fitness room, game room, activity room, library, dining hall and lounge areas. The 12-year loan is amortized over 30 years. Faribault Senior Living LLC was the borrower.
TIGARD, ORE. — Los Angeles-based Watt Cos. has purchased Sygnii, a multifamily property located at 13285 SW Hawks Beard St. in Tigard, a suburb of Portland. Vancouver, Wash.-based Holland Partner Group sold the property for $75.2 million. Built in 2017, the property features 240 units in a mix of one-, two- and three-bedroom layouts. The property offers parking for 409 vehicles in 74 garages, 99 carport stalls and 236 surface spaces. Mark Washington, David Young and Corey Marx of JLL represented the seller, which developed the property.
CHATTANOOGA, TENN. — Dougherty Mortgage has closed a $27 million Fannie Mae loan for the acquisition of Elements of Chattanooga, a market-rate multifamily property located at 7310 Standifer Gap Road in Chattanooga. Bentley Place Residential is the borrower. The property features 340 units in a mix of one-, two- and three-bedroom layouts, and community amenities include a fire pit, outdoor kitchen, pool, clubhouse and fitness center. Dougherty Mortgage’s Brentwood, Tenn., office originated the 12-year loan, which utilizes Green Rewards and features a 30-year amortization schedule.
With the demand for apartments in Chicago rising, many real estate developers have discovered a previously untapped supply of potential acquisition targets — residential condominium buildings. This includes older condominium properties plagued by large deferred maintenance obligations and stagnating or declining unit sales prices. While the process for converting condominium buildings into rental properties can be more time consuming and labor-intensive than acquiring an existing apartment building, patient investors often see hidden value opportunities. They are able to capitalize on the spread between a building’s higher value as a rental property versus its lower value as an owner-occupied condominium building. Purchasing all of the condominium units in an existing building is not your typical real estate purchase. Because of the unique issues involved and the potential voluminous amount of documents involved, both the condominium association (the Association) and the buyer should be represented by experienced counsel with the bandwidth to handle the simultaneous closing of potentially hundreds of units. The counsel should also have a deep familiarity with condominium law, and in particular, Section 15 of the Illinois Condominium Property Act (the Act). Statutory overview Deconversion is the term that has become widely used in the real estate industry to …
NEW YORK CITY — JLL Capital Markets has secured a $26 million loan for the refinancing of a three-property multifamily portfolio in the Bushwick neighborhood of Brooklyn. The properties are located at 184 Noll St., 286 Stanhope St. and 324 Melrose St. Aaron Appel, Keith Kurland, Jonathan Schwartz, Michael Diaz, Adam Schwartz and Matt Fagella of JLL secured the interest-only loan for borrower Cayuga Capital Management through lender Citigroup Global Markets. The 62,000-square-foot portfolio consists of 63 residential units and six commercial units with a combined 5,650 square feet of office space.
NEW YORK CITY — The Dermot Company has acquired the Kestrel, an eight-story, 126-unit multifamily building in Brooklyn’s Windsor Terrace neighborhood. Located at 33 Caton Place, the property was constructed in 2014. Amenities include a resident lounge, children’s playroom, fitness center, yoga room, sauna, pet spa and a landscaped roof deck with grilling areas and private cabanas. HFF represented The Dermot Company in the transaction. The seller was undisclosed.
NEW YORK CITY — Brax Realty has brokered the $12.2M sale of a two multifamily buildings on the Upper East Side of Manhattan. The properties, which were built in 1910, are located at 432-434 E. 89th St. and contain 41 residential units. Alan Stenson of Brax Realty represented the buyer, S.W. Management, in the transaction. The seller was H S Realty Associates.
