NEW YORK CITY — Monticello Asset Management LLC has provided $34.1 million in financing to Elener Associates LLC and W Management Group, which will use the funds to acquire a 256-bed skilled nursing facility in New York. The four-story building was constructed in 1961 and features 120 resident rooms. It totals 35,525 square feet on 0.82 acres. The name of the facility was not disclosed. The borrowers plan to make improvements to the physical building as well as the operations. Renovations, which will require closing an entire floor at a time, will include addition of a kitchenette, changes to the telecommunication systems and improvements to the fire sprinkler system.
WEEHAWKEN, N.J. — Gebroe-Hammer Associates has arranged the sale of two apartment properties, located at 10-12 48th St. and 4614-16 Park Ave. in Weehawken. A local private investor acquired the properties, which total 38 units, for $6.3 million. The properties were owned by a single seller under the entity names of 10-12 48th St LLC and 4614-4616 Park Avenue LLC. The four-story building on 48th Street features 13 two-bedroom units and four three-bedroom units, while the five-story Park Avenue building features 21 units in a mix of studio, one-, two- and three-bedroom layouts. Nicholas Nicolaou of Gebroe-Hammer represented the seller and procured the buyer in the deal.
CHARLOTTE, N.C. — Novare Group and Batson-Cook Development Co. (BCDC) will open its second SkyHouse property in Uptown Charlotte, SkyHouse Uptown South Tower, tomorrow. The 24-story apartment tower sits adjacent to the first tower, and combined, the two nearly identical buildings total 672 studio, one-, two- and three-bedroom units. Amenities include the signature SkyHouse on the top floor, complete with a clubhouse, fitness facilities, swimming pool and an outdoor kitchen all with 360-degree views of the city. The properties adjoin SkyPark, a 0.9-acre open park on top of the parking deck featuring a regulation-size tennis court, athletic field, two regulation bocce ball courts, grilling area, fire pits, putting green and a walking trail. The project marks the 17th SkyHouse tower delivered by the Novare Group and BCDC partnership. Other project team members include general contractor Batson-Cook Construction; architect Smallwood, Reynolds, Stewart, Stewart; and lenders BBVA Compass and SMBC.
CHARLESTON, S.C. — Middle Street Partners, a Charleston-based development and investment firm, has broken ground on The Atlantic at Grand Oaks, a 316-unit apartment community located along Ashley Gardens Boulevard in Charleston. Total project costs are estimated at $48 million. The property will feature 16 two- and three-story walk-up residential buildings and a 7,000–square-foot clubhouse overlooking a resort-style pool. Other amenities will include a fitness studio, business cafe and community kitchen. The Jacksonville, Fla. -based general contractor Live Oak Contracting expects to complete the property in October 2018.
ORLANDO, FLA. — Berkadia has arranged a $32 million loan for the acquisition of Courtney at Lake Shadow, a Class A, 244-unit apartment community located at 545 S. Keller Road in Orlando. Berkadia’s Charles Foschini and Christopher Apone arranged the seven-year, floating-rate loan with three years of interest-only payments through Freddie Mac on behalf of the borrower, Harbor Group International. Built in 2016, the lakefront community features one-, two-, and three-bedroom units, a fitness center, game room, pet washing station, internet cafe and on-site management offices.
ATLANTA — KeyBank Real Estate Capital has provided a $20.8 million Freddie Mac acquisition loan for Village on the Green, a 216-unit multifamily property located at 2975 Continental Colony Parkway in Atlanta. KeyBank’s Timothy Weldon and Irena Edwards structured the fixed-rate financing with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Property amenities include a fitness center, resort-style pool, playground and a tennis court.
BEAVERCREEK, OHIO — Confluent Development and Harbor Retirement Associates (HRA) are developing HarborChase of Beavercreek, a 110-unit assisted living and memory care community in Beavercreek, a suburb of Dayton. Slated to open in summer 2018, the 122,000-square-foot community will be located at 4175 Indian Ripple Road on a seven-acre site. The property will feature 24-hour staff, full-service dining, a barber and beauty salon, library, fitness center, game room, walking path and gardens and transportation and housekeeping services. Confluent Development will own HarborChase of Beavercreek, while HRA will manage the property. This is the second partnership for the two companies.
INDIANAPOLIS — CBRE has arranged a $6.6 million loan for the refinancing of Beech Grove Village Apartments in Indianapolis. The 10-year loan includes a 20-year amortization schedule. Jason Brown and Dan Gable of CBRE arranged the Freddie Mac loan on behalf of Community Reinvestment Foundation Inc., an Indianapolis-based non-profit group that focuses on providing affordable housing options.
SACRAMENTO, CALIF. — Avanath Capital Management LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired a three-property affordable housing portfolio in Sacramento for $56.5 million. The properties total 468 units and offer a mix of seniors housing, family housing and mixed-income housing. The acquisition nearly doubles Avanath’s footprint in Sacramento, which it cites as one of the hottest real estate markets in the country. The properties include: • Sierra Creek, a 144-unit property with all units reserved for seniors earning 50 to 60 percent of area median income (AMI). The property has a 200-person wait list and offers educational classes, transportation services and activities. • Lincoln Creek, a 172-unit community with 95 affordable family units, 48 affordable seniors housing units and 29 market-rate units. • Geneva Pointe, a 152-unit community reserved for families earning between 50 and 60 percent of AMI. There are no age restrictions on the property. Built in 2005 and 2006 under the Low Income Housing Tax Credit program, the three-building portfolio was 98.5 percent occupied at the time of acquisition. Units average 922 square feet. Planned renovations include upgrading exterior paint, installing LED lighting throughout the portfolio to optimize energy …
MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community.” Both communities were built between 2002 and 2003 and were approximately 90 percent occupied at closing. The properties offer a combined 111 units of assisted living and memory care. Care and Inspirit plan to spend approximately $850,000 to refurbish the communities. Affiliates of Inspirit will operate and manage the communities. Care Investment Trust is a seniors housing real estate investor and wholly owned subsidiary of Tiptree Inc. (NASDAQ: TIPT). Inspirit is a seniors housing owner-operator that, following this acquisition, now operates four communities in Tennessee, Virginia and Pennsylvania. The company was founded in 2015.